MGA Growth Is Reshaping the Market
Through our work placing senior underwriters into Managing General Agents (MGAs), it is clear that this model is becoming one of the defining forces of the current market cycle.
While MGAs have traditionally focused on narrow niches such as specific products, geographies, or distribution models, we are now seeing a new wave of platforms entering with broader ambitions. These businesses aim to scale faster while retaining the agility that sets them apart from traditional syndicates or carriers.
Many leaders we speak to recognise that the market will continue to soften. Yet there is growing conviction that the MGA route is where real opportunity lies, both for investors seeking growth and for underwriters seeking ownership.
Shifting Perceptions: From Short-Term to Sustainable
There is still a perception among some underwriting leaders that MGAs expect unrealistic first-year income targets, prioritising top-line growth over portfolio maturity.
What we are hearing, especially from MGA CEOs and capacity providers, is that the most attractive entrants are those built with patient capital and structured to support a portfolio that will naturally take time to mature.
The standout MGAs are the ones signalling long-term commitment and discipline rather than chasing aggressive numbers. For senior underwriters, that shift in mindset has been critical in making the leap feel less risky and far more strategic.
The New Rewards: Equity and Upside
One of the most striking trends we are seeing in our search work is how far MGA compensation models have evolved.
• Equity has become a major pull. It is no longer just notional paper; seven-figure equity events are becoming increasingly common for underwriting leaders who successfully build out portfolios.
• Cash packages are now competing with and often surpassing traditional syndicate remuneration. Base salaries are at parity, and bonuses are frequently more generous, especially when linked to portfolio profitability.
• When combined, total compensation at the top MGA level can significantly exceed traditional models while offering genuine ownership of the value created.
This is transforming how senior underwriters evaluate their options. The idea of building something and sharing directly in its success resonates more strongly than ever.
What Is Making MGAs Attractive to Talent
Alongside financial upside, the platforms winning the best underwriting talent share common traits:
• Technology-enabled operating models that free underwriters from legacy constraints and allow them to move at speed.
• Lean infrastructure that keeps costs down and productivity high, which is especially important as rates soften.
• Clarity of vision. A defined specialism or distribution edge, combined with capacity backers who understand the journey to profitability.
These are the elements candidates consistently tell us they are looking for when considering leaving established syndicates.
A Competitive Talent Landscape
As the MGA model matures, demand for senior underwriting leaders is accelerating. We are seeing:
• Intense competition for individuals with established broker relationships and proven portfolio-building experience.
• A rise in discreet approaches from MGAs looking to pre-emptively hire potential founders or divisional leads before launching new lines.
• Candidates becoming more selective, often speaking to multiple MGA platforms at once and scrutinising cap tables, technology stacks, and equity structures carefully.
It is a high-stakes, fast-moving space where the quality of the hire can determine whether a new portfolio succeeds or stalls.
Closing Thoughts: Why Equity City
For senior underwriters, the MGA route has become a credible path to ownership, influence, and long term reward. For founders and capacity providers, winning the right leaders will decide whether a platform scales or stalls.
At Equity City, we sit at the intersection of underwriting and entrepreneurship. Our network spans MGA founders, capacity providers, and senior leaders, and our insights come directly from the conversations and placements we deliver.
We know what today’s top underwriters are looking for and what MGAs must offer to attract them. If you are exploring your next move or building a new platform, we can help you stand out in what has become the most dynamic MGA market in years.
By Junior Garba, CEO & Co-Founder, Equity City