Over the past decade, MGAs have surged to an estimated $110bn dollars of premium in US, cementing their status as the fastest‑growing part of the insurance ecosystem. But that growth is now colliding with softer market conditions, selective capacity, compressed commissions and tougher questions about governance, data transparency and true underwriting discipline.​ This session will probe the central tension: does a soft market and abundant capacity supercharge MGA program growth, or does it expose over‑extended economics and over‑reliance on reinsurance and fronting paper? Panellists will discuss whether MGAs’ niche focus, fee‑driven models and “all‑weather” positioning genuinely insulate them from the cycle, or whether the combination of moderating growth and tightening oversight heralds a shake‑out in which only the most disciplined programs keep the pen.​