Howden Re publishes Filtered for quality: a refined view of Europe's MGA market
Howden Re has released Filtered for quality, its latest European MGA report, following last year's Agents of change. Building on the foundations of the inaugural report, Filtered for quality refines the underlying analysis, highlighting independent MGA activity to provide a clearer view of how the market is evolving as carriers increasingly look to MGAs as an efficient route to growth.
European MGA gross written premium reached approximately US$23 billion in 2025, up 15% year-on-year and outpacing both the US (+7%) and the wider US P&C market (+5%). Within this, growth is uneven across regions and increasingly concentrated amongst a smaller group of established platforms.
"The European MGA market continues to expand at pace, and the runway for further expansion is significant. In an increasingly volatile world, the specialist underwriting expertise that MGAs are uniquely placed to deliver is in greater demand than ever, and we are seeing a new wave of high-quality businesses emerging to meet that need. Filtered for quality is intended to help clients and capacity providers cut through complexity and identify where the real opportunities and constraints lie," said Eloise Hurley Wellington, Director, Bowood Europe.
A more concentrated market than headline figures suggest
While the total number of MGAs operating across Europe has remained broadly stable year-on-year, the market is more concentrated than top-line numbers indicate. Howden Re estimates that ‘scale-ready and established’ MGAs, defined as independent businesses with €25 million or more in gross written premium and a demonstrable track record, represent around 30% of the European market by entity count but generate between 70% and 85% of total premium. The remaining ~400 MGAs tend to operate at smaller scale or sit within carrier or broker structures but continue to play an important role in originating risks through local networks that would otherwise be difficult to access.
Regional growth is uneven
The UK remains the largest market, with MGA premium estimated at approximately £7.2 billion in 2025 on a like-for-like basis, up around 20% year-on-year. Benelux, Germany and Italy remain the most established markets, with growth more moderate at 5–7% as MGAs are long embedded within local insurance ecosystems. Italy has been revised upwards to approximately €3.2 billion in 2025, from €3 billion (restated), reflecting both market feedback and improved visibility. France has expanded more rapidly at approximately 9%, supported by a well-developed Insurtech ecosystem, while Iberia stands out as the fastest-growing region, with premiums nearly doubling to €460 million as MGAs respond to gaps.
"Continental Europe continues to demonstrate the strength and adaptability of the MGA model. Europe is local by design, and that is its strength. The locally-embedded, relationship-driven businesses that originate risk through long-standing networks are integral to how the market functions. Carriers are increasingly using MGAs to deploy capacity into specialised segments, and the relationship between agents, brokers and MGAs is evolving in ways that will shape distribution across the region for years to come," said Tobias Andersson, Head of Continental Europe, Howden Re.
Consolidation, new entrants and a more selective valuation environment
Two themes are reshaping the M&A landscape. Consolidation at the top of the market is accelerating, with platform players acquiring MGAs to expand their pan-European footprint, enter new lines of business and access established distribution networks. At the same time, more than 10 to 15 new MGAs of quality have been established since 2024, supported by available capital, carrier appetite and a gradual shift in underwriting talent towards the flexibility and ownership inherent in the MGA model. Examined against the backdrop of relative market size, the runway for further growth is significant: while the European MGA market is approximately five times smaller than the US, the underlying European P&C market is only around 40% smaller, suggesting meaningful headroom as carriers continue to lean on specialist platforms and as a more volatile risk environment drives demand for the niche underwriting expertise that MGAs are uniquely placed to deliver.
Valuation outcomes are becoming increasingly asset-specific. Diversified global specialty MGA platforms have recently cleared in the ~15–16x EBITDA range, while more focussed or monoline businesses tend to price one to two turns lower, with many deals for smaller businesses occurring at lower still, but typically undisclosed, multiples. As a result, valuation outcomes are becoming increasingly asset-specific, with greater dispersion across the market.
"What we are seeing in the M&A market is a clear shift in how buyers are valuing MGAs. Strong top-line growth is no longer sufficient on its own; buyers are placing far greater weight on quality, sustainability of earnings and depth of capability. Diversified, multiline platforms with established track records and pan-European reach remain limited in number, which is sustaining competitive tension at the top of the market. At the same time, monoline businesses are seeing greater dispersion in outcomes as buyers scrutinise whether growth is sustainable through the cycle," said Camila Trejo, Vice President, Howden Capital Markets & Advisory.
David Flandro, Head of Industry Analysis and Strategic Advisory, Howden Re, concluded: "The European MGA market is undergoing a shift in its growth dynamics. Growth remains strong, but the dynamics underpinning it are changing. Capacity is more abundant, buyer behaviour is more discerning and the gap between high-quality, diversified platforms and the long tail of smaller or more specialised businesses is widening. Filtered for quality is designed to help market participants understand these shifts and make informed decisions about where and how to engage. As the market matures, success will be defined less by scale alone and more by the underlying quality, resilience and strategic positioning of the platform."
