Private investment firm GI Partners has announced the formation of a new managing general agency (MGA) platform in collaboration with insurance executives Brad Emmons (pictured above, left) and Brian Hanuschak (pictured above, right).
This new platform aims to acquire and expand a diversified portfolio of MGAs across a variety of insurance lines.
The initiative will leverage GI Partners’ previous insurance investments, which include Insurity and Patriot Growth Insurance Services. The firm said the new platform will aim for national reach and focus on scalable operations through technology and analytics.
Emmons and Hanuschak bring more than five decades of combined industry experience to the venture. The platform’s strategy will focus on underwriting, technology-based operations, and service delivery to carriers, brokers, and policyholders.
Emmons co-founded Orchid Underwriters in 1998 and led the company through growth initiatives and private equity transactions until its sale to Brown & Brown in 2022. He most recently served as CEO of property reciprocal Forza Insurance Holdings and holds several board and advisory roles in the insurance sector.
Emmons said the collaboration with GI Partners provides a chance to support MGA founders by expanding their businesses, enhancing capabilities through data and technology, and delivering differentiated insurance offerings.
Hanuschak, who previously served as CEO of Victor Insurance Managers, a subsidiary of Marsh & McLennan, also joins the venture. Under his leadership, Victor managed over $3 billion in annual premium, becoming one of the largest underwriting management firms globally.
Steve Johnson, director at GI Partners, said the MGA market presents meaningful opportunities where technology and specialty underwriting can provide competitive advantages.
In the US alone, the sector has demonstrated notable growth through 2024, with projections indicating continued expansion into 2025, albeit at a moderated pace.
In 2023, MGAs in the US generated over $102 billion in direct premiums written (DPW), marking a 13% increase from the previous year. This growth outpaced the overall property and casualty market, which saw a 10% rise during the same period. However, subsequent revisions adjusted the 2023 DPW figure to $77 billion, reflecting an 8.6% year-over-year increase.
Looking ahead to 2025, the MGA sector is expected to maintain its growth trajectory, though at a potentially slower rate. Factors influencing this outlook include increased competition from new entrants, particularly those leveraging advanced technologies for rapid market deployment.
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