In an industry built on risk, there’s an irony that rarely gets talked about: the riskiest move a senior underwriter can make right now… is staying still.

Over the last 18 months, I’ve noticed a distinct pattern emerging in the conversations I’m having with top-tier underwriting talent. To preface this: I’m not talking about disgruntled, underperforming individuals, but the ones with loyal brokers, healthy books and outstanding reputations. On paper, these underwriters have every reason to stay exactly where they are.

But behind the scenes, they’re fielding calls, taking coffees, quietly exploring what else is out there. And when firms ask why this is, what I have to say surprises them: this talent isn’t running from failure, or toward a better paycheck. They’re walking away from boredom.

Why underwriters are leaving and what they’re moving toward

The underwriters making moves today are well-respected, highly networked and rarely “on the market” in any traditional sense. Their exits happen under the radar, which is exactly why firms fail to see the pattern until it starts to hurt.

And it is starting to hurt: many insurers are now reporting double-digit turnover rates in their underwriting ranks, evidence that this quiet migration is more widespread than many realize.

I’m seeing four recurring drivers behind these moves:

1. Bureaucracy fatigue: Legacy carriers move slowly, dragging out decisions and stifling innovation. For high-performers used to pace and progress, this is very demotivating.
2. Autonomy: Underwriters want to feel trusted, and to have space to run their portfolios like business units, to shape strategy and make decisions without waiting for sign-off.
3. Equity and upside: Equity used to be a tech company thing. But with the rise of Managing General Agents (MGAs) and agile platforms offering genuine upside – not just more money, but more meaningful commitment – equity is now an expectation.
4. Purpose and narrative: For many, the goal is no longer just “head of X by 45.” It’s about creating a legacy, not just inheriting one.

What’s important to understand is that top underwriters aren’t leaving out of disloyalty. Many have spent years building something meaningful where they are. But eventually, even the most committed professionals start to question whether the rules they’re working under still make sense for who they are and what they want to achieve.

It’s not about chasing titles. It’s about wanting more control over their careers, and more say in how they operate, what they build and what they’re a part of.

The MGA effect

Much of this shift is being accelerated by the rise of modern MGAs. These are lean, data-led, investor-backed, built for speed – and they’re hiring with more intention than most legacy firms.

Also, MGAs offer a kind of creative freedom that many underwriters have never experienced. I’ve had candidates tell me it’s the first time they’ve been encouraged to challenge assumptions, take a niche idea to market, or feel like their contribution actually evolves the business.

That sense of ownership is magnetic, particularly when paired with:

• Agile, non-hierarchical teams
• Faster product development cycles
• Real entrepreneurial exposure
• A culture of trust over control

To be clear, MGA life isn’t for everyone. It requires hustle, accountability, a different kind of resilience. But for the high-achievers who’ve spent a decade or more inside large carriers, it’s a breath of fresh air.

How legacy firms can keep top underwriting talent

If you’re a traditional carrier reading this, here’s the quiet part out loud: you’re not losing underwriting talent because of comp, or because they aren’t loyal enough. You’re losing them because they feel like cogs. The best people in your business want to be seen, heard and trusted. Right now, many don’t feel that way.

If you don’t take the time to fix your retention strategy, the cost of replacing these individuals, let alone the IP and client relationships that walk out with them, is significant.

Let me offer some practical thoughts based on what I see working:

Rethink control

High-achieving underwriters don’t want to be micromanaged. I’ve seen firms dramatically increase retention just by giving experienced talent more say in pricing, risk appetite or regional strategy. If someone’s consistently delivering results, show them you trust their judgment.

Flatten the hierarchy

Top underwriters also want proximity to influence. Titles mean little if they come without access. In fact, many of the underwriters I’ve placed stay at their firms not because of pay or perks, but because they feel close to decision-makers and involved in shaping strategy.

Even symbolic shifts, like breaking down internal silos or involving senior talent in leadership discussions, can signal that their voice matters. Make them feel like stakeholders, not subordinates.

Speed up decision making

Three-week approval cycles kill ambition. What high-performers want is pace, progress and the sense that they’re part of an adaptable, market-leading business. So delegate more sign-off authority, reduce unnecessary checkpoints and empower your teams to act with confidence. It isn’t just operationally efficient, it’s culturally essential.

Build entrepreneurial pathways

You don’t need to become an MGA to borrow from the model. Think about how you can create intrapreneurial environments inside your business. Could you create innovation pods? Offer profit share models tied to performance? Even just involving top underwriters in new product development can go a long way.

Modernize your value proposition

Established underwriters aren’t just weighing salaries. They’re comparing cultures, narratives, opportunities. Ask yourself: What’s the story you’re inviting them into? If your pitch is “stability and scale,” you’re a bit behind. What about personal brand building? Innovation access? Flexibility? Those are the levers that move (and keep) talent today.

Stay close, even when they’re quiet

This one matters most. The underwriters I see leave are rarely the noisy ones with a raft of complaints. They’re loyal, steady and excellent at what they do. But silence doesn’t mean satisfaction. Too many leaders only engage when someone resigns. By then, it’s too late.

Stay close. Ask better questions. Have real conversations, not just performance reviews.

Don’t wait for your best underwriters to walk

There’s a broader story unfolding here. MGAs have raised the bar for what underwriting careers can look like, leaving legacy carriers with a choice: evolve or be slowly hollowed out.

At Hanover, we spend a lot of time helping firms see around corners. We spot these patterns early, understand the push and pull factors behind movement, and design strategies to retain, attract and empower the right people before they become someone else’s success story.

To have a conversation about attracting and keeping high-achieving underwriters, contact me directly.