Mind the Gap: Why the MGA Talent Shortage is the Industry’s Next Big Risk
By Joe Zuk
In an industry centered on assessing and pricing risk, the most noticeable blind spot in today’s MGA boom might actually be the people helping to build it. From Los Angeles to London to Warsaw and to Hong Kong, it’s evident that the MGA and program market is booming like never before. Premiums are climbing, carrier appetite stays strong, and the range of innovations — whether in underwriting automation, risk analytics, or embedded distribution — is wider than ever. But behind this exciting growth, a concern is starting to emerge: we’re quickly outpacing our talent infrastructure. At this year’s TMPAA Mid-Year Meeting, many senior leaders shared the same concern: even though capital flows and deal numbers are rising, our leadership pipeline isn’t quite deep enough to keep up. The numbers tell this story too. Over the past 24 months, dozens of new MGAs have launched. Hybrid-fronting carriers and capacity providers are increasingly turning to MGA strategies. Legacy insurers are spinning out program divisions to find new margins and greater agility. Still, each of these platforms depends on experienced underwriters, actuaries, distribution leaders, compliance experts, and operations specialists who’ve successfully navigated multiple market cycles. Unfortunately, these skilled professionals are in short supply. This isn’t just about recruiting—it’s about managing risk and ensuring long-term success. MGAs thrive not only through innovative product ideas but also through solid infrastructure, disciplined practices, and seasoned leadership capable of thoughtful growth.
We’re seeing three specific pinch points emerge:
- The Boomer Brain Drain: A large cohort of underwriting and program executives is approaching retirement. Much of the underwriting judgment and market memory—particularly in E&S lines—is walking out the door. While internship and emerging leader programs are encouraging, they’re not closing the delta fast enough.
- The Carrier Exodus: There’s a growing trend of talent leaving large insurers for the entrepreneurial promise of MGAs. That’s not inherently negative—in fact, it often injects new energy and vision. But the pace of transitions, especially without mature ecosystems and governance frameworks, creates risk of execution gaps.
- The Capacity-to-Execution Mismatch: Capital and capacity are no longer the bottlenecks. Execution is. Too many MGAs are launching with untested teams, unclear delegation authority, or over-reliance on outsourced infrastructure that erodes underwriting integrity and enterprise value over time.
So what’s the path forward?
We need to shift how we define “MGA readiness.” It’s no longer enough to have a compelling thesis and backing capital. The most durable MGAs are built on three foundations:
- A real talent pipeline—including multi-generational teams that blend underwriting acumen, actuarial horsepower, and entrepreneurial grit.
- Integrated platforms and ecosystem alignment—whether through a partner like Accelerant or through strategic fronts like Hadron that can provide not just paper, but alignment on compliance, reinsurance, and capital structure.
- Equity-oriented mentorship—the industry needs to invest in mentoring its next class of leaders. Not just “sponsors” but real, daily coaches and operating partners who roll up their sleeves to instill rigor and repeatability.
At Altamont and throughout our ecosystem—Accelerant, Mission, Hadron—we’ve seen firsthand how purpose-built support can boost underwriting talent. When you combine strong data, disciplined capital, and aligned incentives around that talent, MGAs can grow not only quickly but also sustainably.
The MGA model isn’t broken. But to prevent it from collapsing under its own weight, we need to treat human capital with the same urgency as we do premium growth and reinsurance structures.
In the long run, talent is the ultimate capacity constraint.