{"id":47578,"date":"2026-05-20T09:50:55","date_gmt":"2026-05-20T13:50:55","guid":{"rendered":"https:\/\/www.marshberry.com\/?post_type=to_the_point&p=47578"},"modified":"2026-08-18T17:16:30","modified_gmt":"2026-08-18T21:16:30","slug":"should-independent-mgas-take-underwriting-risk-what-the-market-is-really-saying","status":"publish","type":"to_the_point","link":"https:\/\/www.marshberry.com\/nl\/resource\/to-the-point\/should-independent-mgas-take-underwriting-risk-what-the-market-is-really-saying\/","title":{"rendered":"Underwriting Risk & MGA Valuation: George Bucur on What Buyers Really Want"},"content":{"rendered":"\n
<\/div>\n\n\n\n

Over the past several years, a clear trend has emerged in the specialty insurance marketplace: the largest delegated authority platforms are increasingly assuming underwriting risk. <\/strong><\/p>\n\n\n\n

But does that strategy make sense for independent MGAs<\/strong>? <\/p>\n\n\n\n

Despite what large platforms are doing, risk participation often works against independent MGAs that are looking to sell. What works for billion dollar platforms does not necessarily work for independent MGAs. <\/p>\n\n\n\n

Why Large Platforms Can Take Risk <\/h2>\n\n\n\n

The biggest delegated authority platforms are uniquely positioned to retain underwriting risk because they typically have:<\/p>\n\n\n\n

    \n
  • Private equity backing<\/strong> that can fund and support dedicated risk vehicles<\/li>\n\n\n\n
  • Significant premium volume<\/strong>, often hundreds of millions or billions of dollars<\/li>\n\n\n\n
  • Diversified portfolios<\/strong>, with 20\u201330 programs and long underwriting track records<\/li>\n\n\n\n
  • Advanced actuarial insight<\/strong>, allowing them to manage risk through sidecars, or captive structures, etc. <\/li>\n<\/ul>\n\n\n\n

    For these platforms, retaining a sliver of underwriting risk can generate additional cash flow and enhance carrier returns. <\/p>\n\n\n\n

    The Critical Question for Independent MGAs <\/h2>\n\n\n\n

    The question MarshBerry hears most often is: Should an independent MGA participate in the underwriting risk of its book of business? From a valuation perspective, MarshBerry\u2019s answer is clear: Try to avoid it if you can<\/strong>. <\/p>\n\n\n\n

    What Buyers Actually Value<\/h2>\n\n\n\n

    Based on a broad spectrum of completed transactions, MarshBerry consistently sees that:<\/p>\n\n\n\n

      \n
    • Buyers do not place value on underwriting risk<\/strong> held by independent MGAs <\/li>\n\n\n\n
    • In situations where MGAs participate in risk taking, the risk taking component is often carved out of the transaction entirely <\/strong><\/li>\n\n\n\n
    • Conversely, the services side (i.e. commissions and fees) of the MGA commands premium valuations<\/strong> <\/li>\n<\/ul>\n\n\n\n

      Why? Because service revenue is recurring, scalable, and predictable<\/strong>, which are the exact characteristics investors are looking for, as it translates to predictable, growing cash flows. <\/p>\n\n\n\n

      While there may be strategic reasons an independent MGA considers taking underwriting risk, it\u2019s critical to understand how that decision impacts future valuation and transaction outcomes.<\/p>\n","protected":false},"featured_media":35253,"template":"","categories":[149,89,143],"tags":[],"tvp_industry":[158],"class_list":["post-47578","to_the_point","type-to_the_point","status-publish","has-post-thumbnail","hentry","category-business-planning","category-specialty-distribution","category-valuations","tvp_industry-specialty"],"yoast_head":"\nUnderwriting Risk & MGA Valuation: George Bucur on What Buyers Really Want - MarshBerry<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marshberry.com\/nl\/resource\/to-the-point\/should-independent-mgas-take-underwriting-risk-what-the-market-is-really-saying\/\" \/>\n<meta property=\"og:locale\" content=\"nl_NL\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Underwriting Risk & MGA Valuation: George Bucur on What Buyers Really Want\" \/>\n<meta property=\"og:description\" content=\"Over the past several years, a clear trend has emerged in the specialty insurance marketplace: the largest delegated authority platforms are increasingly assuming underwriting risk. 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