Investment in MGA Sector Might Have Peaked

7 November 2025 alastair walker Insurance Brokers 0

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There’s been a large tranche of capital into the MGA sector over the last few years, but this new report suggests the rate of investment might be slowing;

The QualRisk Cyber Insurance Center (QCC) released its 2026 Cyber MGA Periscope, which tracks capital flow, geographic expansion, and consolidation across the global MGA market.

“MGAs remain pivotal in the cyber insurance sector, but our 2026 Cyber MGA Periscope reveals a clear trend towards consolidation, typified by Zurich’s acquisition of Canadian MGA BOXX Insurance,” said Daniel Kasper, CEO of QCC. “With ransomware resurgent, competition intensifying between MGAs and legacy carriers, and Asian MGAs on the rise, we anticipate the recent wave of US MGA expansion into Europe will continue into Asia in 2026. In this changing landscape, carriers, investors, and MGA leaders must reevaluate their strategies and regional priorities to maintain a competitive edge.”

Key insights from the 2026 MGA Periscope:

• Financing continued to soften: Fewer deals and smaller average rounds underscored a more selective funding environment. Publicly disclosed funding in 2025 sits at $49M compared to $87M in 2024.

• Consolidation accelerated: Strategic acquisitions and roll-ups increased as sponsors and carriers prioritized scale, diversification, and operating leverage.

• Europe in focus: Leading MGAs moved aggressively into Germany and France to capture mid-market and specialty lines.

• Preparing for Asia: Market participants are laying groundwork in key hubs, positioning for growth as capacity, distribution, and data infrastructure rapidly develop.

• 2025 updates: The MGA Periscope adds enhanced financing and M&A tracking, a refined competitive matrix, and improved graphic visualization.

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