Premiums written through MGAs more than doubled between 2020 and 2024, according to Moody’s. Coverholders now account for around 40% of Lloyd’s gross written premium, which grew from approximately £36 billion in 2020 to £58 billion in 2025. Seven of the ten largest London brokers now operate active facility or follow-platform arrangements, with named examples, including Aon Client Treaty, Marsh Fast Track, and WTW Gemini. These are not niche developments. They mark a broad structural shift in how commercial risks are sourced, priced, and placed.
