Europe’s MGA market rises as tech-driven growth channel, says Howden Re

The firm’s Agents of Change report, published today, claims to be the first industry-wide study of the European MGA ecosystem, providing new clarity on a previously opaque and fragmented market.

Drawing on public and proprietary data, it estimates that European MGAs wrote approximately €18bn in gross written premium (GWP) in 2024—representing a five-year compound annual growth rate (CAGR) of around 23%.

That pace of growth outstrips both the US and global MGA markets, making Europe “a sleeping giant” of opportunity for carriers, reinsurers and investors, the report argues.

“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 of 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,” Greener added.

Regional complexity, strategic value

The report outlines major variations across the European landscape, with more than 650 MGAs operating on the continent and notable clusters in Benelux, Italy, France, Germany and the Nordics.

Benelux, for example, is described as one of the most mature markets, with an estimated €3.5bn in premium, supported by transparent regulation and multilingual platforms.

Italy’s 100-plus MGAs are highly specialised, with a strong focus on financial lines, surety and digital distribution. Meanwhile, France’s MGAs are largely domestically oriented and often rooted in insurtech models, despite lacking formal regulatory recognition as standalone entities.

Nordic MGAs—particularly in Sweden and Denmark—are leading on digital enablement and cross-border expansion through EU passporting rights.

Howden Re notes that the absence of a unified regulatory definition or framework across Europe complicates measurement, but argues this does not diminish the MGA model’s relevance.

“What was once peripheral is now central,” the report concludes. “Carriers that focus on underwriting the underwriter – measuring discipline, loss ratios and market traction, not geography – are seeing the strongest returns.”

Capital appetite and technology

Beyond distribution reach, MGAs are drawing attention for their data capabilities, operational agility and cost-efficiency.

The report highlights the growing use of AI triage, proprietary pricing engines and API-integrated claims processing.

These attributes, combined with nimble organisational structures, make MGAs attractive vehicles for addressing complex or underserved risks—such as cyber, ESG exposures and specialty financial lines.

Capital providers are responding. Private equity firms and reinsurers are actively seeking MGA partnerships, with valuation multiples ranging from 9 to 18 times EBITDA.

Fronting carriers, meanwhile, are finding opportunity in a region where reinsurance appetite often exceeds available insurance paper—creating demand for scalable, cross-border structures.

“European MGAs provide the capability, capacity and distribution that insurers either do not have or do not want to build themselves. Their disciplined underwriting can generate loss ratios which outperform generalist carriers and create attractive risk portfolios for capital providers,” the report said.

As investor interest and regulatory sophistication increase, Howden Re suggests that successful MGA strategies will depend on local execution, regional knowledge, and alignment around data-driven underwriting practices. The firm’s specialist division, Bowood, is positioned to act as an enabler for both carriers and MGAs.

“Europe’s MGA ecosystem is still evolving. But the direction of travel is clear—and those who move first, with the right partners, will be best positioned to write the future,” added the broker’s report.