At nearly 12% of commercial lines premiums, managing general agents are an ever-growing distribution channel that bears more watching, according to a new study and survey findings from global management investment firm Conning. Part of the proof: MGA-sourced premium exceeded $33 billion in 2014, an increase from the nearly $26 billion for 2012.
In fact, the study, “Managing General Agents: Superior Growth in Specialty Markets,” says that MGA growth has outpaced that of the commercial lines sector in 2014, despite softening rates in several lines.
Several factors mitigate rate-induced weakening of premium growth, including a continued shift by insurers toward specialization and their demand for alternative distribution sources to access the customer, says Bill Broomall, assistant vice president, Insurance Research.
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