Clark still remembers how, in the late 1990s and early 2000s, the largest writer of E&S programs personified that imbalance. “The first thing this dominant player would dictate when they did a new program was: ‘We never pay a profit share,’” he said. That posture no longer works in a marketplace where MGAs bring capital, data, distribution, experience and specialist product design to the table. Their voices are no longer hidden behind carrier brands.