Key Takeaways from The Insurer’s European MGA Summit 2025
Back in June, many of the great and the good of the re/insurance industry gathered in Amsterdam for The Insurer’s European MGA Summit. The event brought together leading voices including Howden Re executive chairman Elliot Richardson, Scor UK and Scor Syndicate CEO Christopher Beazley, and Stuart McMurdo, president of Accredited UK and Europe, with Lloyd’s represented by Jane Bioletti, head of delegated authorities oversight.
Now, a few months on, the themes discussed at the summit remain highly relevant as the MGA sector continues to navigate softer rates, growing competition, and opportunities for innovation.
With that in mind, here are my key takeaways from the conference.
MGAs are ready for European take-off
The MGA model is growing rapidly in continental Europe, where it has historically lagged markets such as US and Asia.
Howden Re recently found that European MGAs are growing at a five-year compound annual rate of 23%, with previously underserved geographies expanding fast alongside established markets such as the Benelux region and Italy. However, with gross written premiums of over $20 billion last year, the European MGA market remains largely untapped. Howden Re chair Richardson opened the conference by predicting that the European MGA market will reach $50 billion over the next five years.
Fronting carriers are driving growth
Fronting carriers have fuelled MGA growth in the US and will do so in Europe too. However, the nature of fronting has undergone significant positive change in recent years, with many fronting companies now enjoying A- or even stronger ratings and being led by well-respected individuals from the traditional (re)insurance market. Accredited UK and Europe CEO Stuart McMurdo and Bridgehaven founding chairman Erik Matson, the former CEO of Transverse, discussed the growth of the hybrid fronting model, whereby fronting carriers retain some of the risk, rather than ceding it all to reinsurers. Panellists suggested this is allaying concern among some reinsurers about fronting carriers and how they manage their MGA relationships and means that all parties have skin in the game.
European MGAs have a USP for capacity providers
As in other regions, good MGAs offer carriers access to new business and new distribution channels at a lower acquisition cost, top underwriting talent, niche expertise, agility and entrepreneurial flair, and technological know-how. But importantly in the large and diverse European market, MGAs have local and regional knowledge, including relationships with regulators and with insureds, that would take years for capacity providers to replicate. For ambitious (re)insurers, geographical expansion via MGAs eliminates the many risks of “flag planting” across continental Europe.
European MGAs and Lloyd’s Syndicates look set to enjoy a deeper mutually beneficial relationship
Lloyd’s delegated authority premium has roughly doubled in the five years to 2025, as Lloyd’s syndicates look for product and geographical diversification at low risk.
Christopher Beazley, CEO of Scor UK and Scor Syndicate, said that around 40% of Lloyd’s premium came from coverholders last year and Scor Syndicate’s own premium from MGAs was even higher. He cited technology, the expertise of both MGA underwriters, and their managements, as well as distribution as the key factors he is looking for from these partners.
For European MGAs the benefits of being a Lloyd’s coverholder include capacity, particularly for non-standard risks, improved risk management through partnership and data sharing, and the brand value of the marketplace’s 330-year history and the Lloyd’s chain of security. As Scor’s Beazley added, the intellectual capital that comes from having well over 50,000 insurance experts in the half of a square mile that houses most of the London market is another major benefit for MGAs.
Areas flagged that needed more work included building Lloyd’s brand in Europe and the issue of Lloyd’s oversight creating regulatory duplication, especially when an MGA is working for several Lloyd’s carriers. Lloyd’s Bioletti said the Corporation was trying to streamline regulation and garner insights from coverholders that can be used collectively as a market. She called for MGAs working for Lloyd’s carriers to have a common data approach.
Establishing an MGA isn’t as easy as it used to be
Panellists discussed the barriers to entry for MGAs and concluded these are getting higher. For one thing, capacity providers have greater expectations than ever before of MGAs’ investment in rating platforms, data analytics, and real-time bordereaux relayed back to capacity provider. Securing top talent was another challenge discussed, given the heated competition for (re)insurance expertise. MGA start-ups, particularly those insuring emerging risk, or with novel products, often struggle to secure capacity, because of a lack of historic data and track record.
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