Definition:Evolve MGA

🏢 Evolve MGA is a California-incorporated managing general agent specializing in cyber liability and technology E&O for SMEs with cyber risk exposures up to $250 million, distributing through over 3,000 retail broking partners across all 50 U.S. states. Founded in 2015 by brothers Michael and Patrick Costello, the firm was acquired by Nexus Underwriting in July 2023 and subsequently became part of Brown & Brown, Inc. through the Kentro Capital acquisition in October 2023. At acquisition, the company reported approximately 6,000 policyholders and a team of around 30 cyber specialists.

🛡️ Product breadth. The post-acquisition Evolved NexGen cyber policy, backed by Lloyd's of London, covers first-party breach response, cybercrime and social engineering, business interruption, network security and privacy liability, and media liability. Historical policy specimens evidence a co-insurance panel including Lloyd's syndicates, Zurich Insurance, HDI Global Specialty, XL Catlin (AXA XL), and Fidelis Underwriting, alongside a managed claims ecosystem featuring designated panel firms and CFC Underwriting as incident manager.

📱 Insurtech service layer. Evolve supplements its underwriting with a proprietary mobile app offering dark web monitoring, network scanning, and phishing simulation, complemented by vendor partnerships with Upfort, eSentire, BlackFog, Coro, and others. Key risk factors include Lloyd's capacity concentration, operational dependency on third-party claims ecosystems, systemic cyber aggregation exposure, and founder key-person risk following Patrick Costello's departure in late 2025.

Related concepts:

• Definition:Managing general agent (MGA)
• Definition:Cyber liability insurance
• Definition:Lloyd's of London
• Definition:Delegated authority
• Definition:Insurtech
• Definition:Cyber aggregation risk