Howden Re has released an industry-first report titled "Agents of Change," which focuses on the European Managing General Agent (MGA) market. The report aims to provide a comprehensive view of the MGA landscape in Europe, addressing a gap in industry data by using public and in-house datasets.
The European MGA ecosystem is reported to be growing at a compound annual growth rate of approximately 23% over five years, surpassing both US and global benchmarks. With over 650 MGAs across Europe generating around €18 billion in gross written premiums in 2024, the market shows significant untapped potential.
Stephen Greener, CEO of Howden Re Programs, stated, “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.” He added that the findings confirm MGAs as a central force in insurance distribution and product development across Europe.
The report provides detailed regional analyses within Europe:
- Benelux hosts more than 180 MGAs with a total premium estimated at €3.5 billion.
- Italy's market includes over 100 MGAs specializing in financial lines and digital distribution with €2.6 billion in GWP.
- Germany's 60–70 MGAs focus on speed and niche innovation with around €950 million in GWP.
- France has approximately 80–85 MGAs operating primarily domestically with circa €900 million in GWP.
- The Nordics have about 60–70 MGAs led by mature markets like Sweden and Denmark with €750 million in GWP.
- Iberia, including Spain and Portugal, hosts around 80–85 MGAs focusing increasingly on financial lines with €320 million in GWP.
These findings highlight diverse regional characteristics within Europe's MGA landscape.