Managing General Agents - Managing Through the Storm
The MGA Sector is Prepared to Manage through the Crisis According to Conning’s Latest Strategic Study -
Strong Growth Continues in the MGA Channel
Hartford, CT – July 16, 2020 —The Managing General Agent and Program market continues to grow ahead of the total market, but confronts headwinds as a result of the dual health/financial crisis, according to a new study by Conning.
“The MGA market continued its strong growth in 2019 and into early 2020, outpacing growth in the overall property-casualty market,” said Jerry Theodorou, a Director in Insurance Research at Conning. “The adverse effects of the COVID-19 crisis, however, are putting a number of programs under stress.”
The Conning study, “Managing General Agents: Managing Through the Storm” presents MGA marketplace dynamics, trends, players and outlook. It includes analysis of the growing fronting market, and findings from Conning’s 2020 proprietary survey of MGA executives. The survey uncovered valuable insights into the challenges and opportunities facing program business today. This year’s survey reached respondents during the height of the pandemic, thus capturing information on how MGAs are managing through the crisis.
“Insurers and intermediaries, including those in the program markets, are confronting multiple challenges, but also see opportunities in the current environment,” said Steve Webersen, Head of Insurance Research at Conning. “The MGA and program administrator community have demonstrated resilience in the face of the crisis thus far. Continued uncertainty in key sectors and significant rate increases across many classes of business are testing agency leadership.”
“Managing General Agents: Managing Through the Storm” is available for purchase from Conning by calling (888) 707-1177 or by visiting www.conningresearch.com.
Conning (www.conning.com) is a leading investment management firm with a long history of serving the insurance industry. Conning supports institutional investors, including pension plans, with investment solutions and asset management offerings, risk modeling software, and industry research. Founded in 1912, Conning has investment centers in Asia, Europe and North America.
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