MGA Market is still Growing

A recent Conning strategic study and article in Insurance Journal reveals that the Managing General Agent (MGA) Market continues to grow.

Reaching over $80 billion in premiums, with growth of 13% in 2023, the MGA market is estimated to be worth $102.1 billion.

Factors contributing to this growth include:
• The demand for specialized coverage and underwriting expertise.
• The integration of artificial intelligence (AI) technologies to enhance operations and optimize costs.
• The attraction of talent to exciting entrepreneurial environments.
• The flexibility of team members to collaborate in virtual work environments.

MGAs play a vital role in the property and casualty insurance industry.

Insurers are increasingly relying on MGAs like VERVE for their expertise and efficiency.

VERVE was recognized as a top MGA for 2023 and continues to pursue excellence through ongoing innovation, team development, and a dedication to industry growth.

Our scalable technology and distribution platform allows us to:
• Source and mine internal and external data sets from the auto insurance industry.
• Apply predictive analytics to that data.
• Use those analytics to find profitable niches within the $260 billion private passenger auto insurance market.
• Produce underwriting profits that outperform the industry.
• Provide outsized returns to our insurance and reinsurance partners.

For insurance companies and reinsurers that want to achieve outsized and winning returns on their capital, reach out to us at dan.lazarek@verveinsurance.com to learn more about how we can partner together.

Read the full article here:  https://www.insurancejournal.com/news/national/2024/07/12/783480.htm#