At nearly 12% of commercial lines premiums, Managing GeneralAgents are a growing distribution channel for insurers, accordingto a new study and survey findings from global managementinvestment firm Conning. MGA-sourced premium exceeded $33 billionin 2014, an increase from the nearly $26 billion Conning reportedfor 2012.
In fact, the study, “Managing General Agents: Superior Growth in SpecialtyMarkets,” says that MGA growth has outpaced that of thecommercial lines sector in 2014, despite softening rates in severallines.
Several factors mitigate rate-induced weakening of premiumgrowth, “including a continued shift by insurers towardspecialization and their demand for alternative distributionsources to access the customer,” says Bill Broomall, assistant vicepresident, Insurance Research.
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