Howden Re publishes industry-first Agents of Change report on Europe’s fast-growing, tech-enabled MGA ecosystem
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Howden Re, the global reinsurance, capital markets and strategic advisory arm of Howden, the global insurance intermediary group, today launches a European Managing General Agent (MGA) industry-first report, Agents of Change. The report fills a critical industry gap, leveraging public and in-house datasets to provide a pan-European view of the market. The report aims to demystify the European model, shedding light on MGAs’ market position and investment potential for the first time.
While MGA performance in the US is well-charted, Europe has historically lacked similar clarity due to variations in definitions, diverse regulatory approaches and a complex operating landscape that reflects the region’s breadth and dynamic market conditions. Howden Re’s report uncovers a European MGA ecosystem growing at a five-year CAGR of ~23%, outpacing both US and global benchmarks. With 650+ MGAs across Europe and approximately €18 billion in gross written premium in 2024 alone, the market represents substantial yet largely untapped potential.
The report demonstrates how Europe’s MGA model has emerged as a high-performance, technology-led channel for underwriting complex and underserved risks, particularly in an environment where local platforms have become critical for markets, including London, to gain distribution access.
“We are proud to release this first-of-its kind report which democratises data and insights across European MGAs for the benefit of the wider sector,” said Stephen Greener, CEO, Howden Re Programs. “The market has evolved dramatically over the past two decades with all signs pointing to continued growth and innovation. Our findings confirm that MGAs are a central force in insurance distribution and product development across Europe. This report is designed to equip both carriers and MGAs with the insight needed to navigate and lead that transformation.”
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Key Report Findings
Regional breakdown of the MGA market
From rapid specialisation in Italy to digitally-enabled Nordic platforms and the pan-European hubs of Benelux, the analysis provides a comprehensive overview of key regional characteristics across the European MGA landscape.
- Benelux: With more than 180 MGAs, Benelux is one of Europe's most established MGA markets, supported by strong regulatory frameworks and data transparency, particularly in the Netherlands. Regional total premium is estimated at €3.5 billion of which €1.17 billion is estimated as first-party MGA business.
- Italy: Italy’s mature MGA market includes 100+ players and €2.6 billion in GWP, driven by specialisation in financial lines, surety and specie, and digital distribution, despite the absence of dedicated MGA regulatory definition. The top 20 MGAs hold significant market share.
- Germany: Germany’s 60–70 MGAs are valued for speed and niche innovation, with around €950 million in GWP. Yet, some long-established German marine specialist MGAs in Northern Germany are more difficult to capture, likely dispersing premium estimates across a broader MGA ecosystem.
- France: There are approximately 80–85 MGAs operating in the French market with circa. €900 million in GWP. Many emerge from insurtechs and are focussed on affinity and embedded models – primarily domestically. However, French MGAs are not recognised in the national regulatory framework as a standalone category.
- Nordics: Around 60–70 MGAs operate in the Nordics with €750 million in GWP, led by mature markets in Sweden and Denmark. Others, like Finland and Norway, are smaller, but gradually gaining traction, with particular focus on niche specialty lines.
- Iberia: Spain and Portugal host around 80–85 MGAs with €320 million in GWP, increasingly focussing on financial and specialty lines. Spain is making strides in moving past historical regulatory constraints; for those MGAs headquartered in Portugal, this offers more flexibility including operating more broadly throughout the European Economic Area ‘EEA’.
Technology and talent
The report reveals MGAs are deploying AI-based triage, proprietary pricing engines and API-integrated claims to unlock risk selection at scale. Top-tier underwriting talent is migrating to these models, drawn by high-autonomy ventures and entrepreneurial upside.
These next-generation MGAs are reshaping product portfolios across cyber, ESG, financial lines and parametric risk. They are creating scalable, profitable books with loss ratios outperforming traditional carriers.
Capital and capacity
As the report details, investors, reinsurers and carriers are actively seeking exposure to MGA opportunities and partnerships. Valuation multiples (9–18x EBITDA) reflect the ‘software as a service’-like efficiency of capital-light, data-rich platforms. At the same time, capacity demand is driving a material opportunity for potential fronting carriers, as reinsurer appetite outpaces insurance paper supply, opening the door for hybrid capital structures and cross-border scaling.
Despite the clear opportunity, success ultimately depends on local execution, with regional regulatory knowledge, localised distribution networks, and underwriting discipline as crucial differentiators.
As the MGA market in Europe continues to mature, growth will hinge on long-term partnerships, regulatory adaptability, and access to scalable capacity solutions. Success will increasingly depend on the ability of carriers and MGAs to align around data-led underwriting, regional expertise, and flexible capital structures that can respond to a rapidly evolving risk landscape.