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News & Markets 10 Settlements Eclipse $40 Billion in 2024 as PFAS, Reverse Discrimination Claims Emerge 16
Commercial Property Market Stabilizing, With Ample Capacity: USI
Special Report
Special Report: Insured Losses From Natural Disasters Hit $140B as Climate Change ‘Shows Its Claws’ 28
Special Report: Reinsurance Buyers With Good Portfolio Stories See Better Renewal Outcomes: Brokers 32
2025 Specialty Markets Directory –Winter Edition
Idea Exchange 24
Strategies for Brokers as M&A Slows and Insurance Rates Soften 26
Minding Your Business: Industry Trends to Exploit for 2025 – Part Two 60
Ask the Insurance Recruiter: Big Recruiting Challenges Ahead for Insurance Agencies in 2025 62
Closing Quote: Lessons From 2024’s Extreme Weather Events
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Opening Note
2025 Begins W
hat a start to the new year for the insurance industry.
January 1 saw two separate incidents that drew attention from the insurance industry as the threat of increasing political and terror risk continues to affect individuals and businesses worldwide.
A terror attack in the early morning hours of New Year’s Day killed 15 people in New Orleans when Shamsud-Din Jabbar drove a pickup truck into a crowd on Bourbon Street. In a separate incident that same day, Matthew Alan Livelsberger was killed when his truck exploded at the entrance of Trump Las Vegas hotel. The blast caused minor injuries to surrounding people but no damage to the hotel. Both vehicles were rentals through the car-sharing app Turo.
An increase in terror-related events could lead to more triggered coverage in commercial property terrorism endorsements, terrorism insurance, or active shooter policies, said Sridhar Manyem, director, industry research and analytics at AM Best, in an Insurance Journal article. Manyem added that demand could rise for solutions to cover these risks as risk managers and businesses look over their own policy terms and conditions. Standard business policies do not cover losses from terrorism.
The effects of these incidents can be substantial and involve multiple coverage areas, including workers’ compensation, event cancellations, business interruption claims due to business closures, and other potential liability issues, Manyem noted.
But property risks aside, the real risk is in liability, with “some unexpected new exposures for insurance companies,” wrote Ian Gutterman in a recent article on Carrier Management, Insurance Journal’s sister publication.
“We’re not used to thinking of terror as a liability risk, but in our nuclear verdict culture, there are some significant exposures here and much less cover is bought,” he writes. For example, a victim of a car chase in Chicago was recently awarded an $80 million judgment because the Chicago Police were found to be negligent for initiating the chase. “So, if one death is an $80 million judgment, what is the cost of ten deaths caused by a terrorist?” Gutterman wrote.
“We’re not used to thinking of terror as a liability risk, but in our nuclear verdict culture, there are some significant exposures…”
Then on January 7, another event brought the spotlight on insurance again when five different wildfires fueled by unprecedented Santa Ana winds scorched the Los Angeles area. To date, the fires have caused the deaths of at least 25 people and destroyed more than 12,000 structures. The destruction left from this wildfire event is likely to end up as the most expensive wildfire insured loss in US history, with estimates of total losses at roughly $40 billion as of press time.
At least early hurricane predictions for 2025 seem “normal” as the first Atlantic hurricane season forecast predicts only 15 tropical storms, with 7 named storms, according to Tropical Storm Risk (TSR). The forecast is better than 2024, which saw 18 named tropical systems, 11 of which were hurricanes, including five that intensified to major hurricanes (Category 3 or higher).
Needless to say, it’s been a busy start to the new year for insurance professionals.
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News & Markets
The number of billion-dollar settlements in 2024 surpassed the number in 2023, falling short only of the number of billion-dollar settlements in 2022. In 2023, parties resolved nine class actions for $1 billion or more. In 2022, parties resolved 15 class actions for $1 billion or more in settlement dollars. Together, corporations have seen 34 settlements of one billion dollars or more in three years. This string of settlements marks the most extensive set of billion-dollar class action settlements in the history of the American court system.
Settlements Eclipse $40 Billion in 2024 as PFAS, Reverse Discrimination Claims Emerge
In 2024, rich settlement numbers spanned nearly every area of class action litigation. The following shows the cumulative value of the ten highest settlements in each key area of class action litigation:
Products Liability Class Actions:$23.40 billion (down from $25.82 billion in 2023)
By Chad Hemenway
Antitrust Class Actions: $8.412 billion (down from $11.14 billion in 2023)
Securities Fraud Class Actions:$2.55 billion (down from $5.40 billion in 2023)
Once again, settlements from class-action litigation topped $40 billion in 2024, according to an extensive analysis of more than 1,400 cases by law firm Duane Morris.
Gerald L. Maatman, partner at the firm and co-author of its 650-page report, said class-action settlements in 2024 were “like a gold rush, with plaintiffs mining the courts for massive payouts.”
Settlements in 2024 across all areas of litigation totaled about $42 billion in 2024. It was the third year in a row settlements eclipsed $40 billion and the third-highest total value of the last 20 years, according to Duane Morris. Maatman said the last three years of settlements of more than $157 billion “shows the enduring power of class actions as a tool for redistribution of wealth on an extraordinary basis.”
There may not be a reprieve coming soon. Jennifer A. Riley, vice chair of Duane Morris’ class-action defense team and
co-author of the report, said the “decreased role for government enforcement” and the “increasingly active and influential pace of Supreme Court decisions will continue to loom over the class-action landscape.”
Consumer Fraud Class Actions:$2.44 billion (down from $3.29 billion in 2023)
Duane Morris said plaintiffs’ attorneys are “clamoring to find the next ‘tort of the day,’” which looks to have been found with PFAS (per- and polyfluoroalkyl substances). Record-setting settlements involving these so-called “forever chemicals” include two of the highest settlements of the year totaling more than $11 billion, including $956 million in attorneys’ fees.
“These numbers are going to inspire a continued wave of PFAS class actions, as the plaintiffs’ class-action bar targets more companies with claims that their products or packaging contained PFAS, and those companies, in turn, search for claims against their material suppliers,” Duane Morris said.
Also making headlines in 2024 and noted by Duane Morris were the attacks on companies’ diversity, equity and
inclusion (DEI) and environmental, social, governance (ESG) initiatives. The Supreme Court’s ruling regarding Harvard’s admission policies was “like a lightning strike that set off a storm of challenges against [DEI] programs,” said Riley, adding that claims have “poured in” over the last year from employees or job applicants accusing companies of putting diversity over merit. Watch for more potential lawsuits once the Supreme Court rules in a case on whether members of a majority group that allege reverse discrimination need to meet a higher burden of proof.
Class actions involving privacy and data breaches also generated many filings in 2024. Privacy, according to Duane Morris, is one of the “hottest areas of growth in terms of activity by the plaintiffs’ classaction bar,” and as technology advances, the trend is not predicted to slow. Suits involving biometrics were plentiful in 2024, with 427 lawsuits. Website advertising technology is another area of privacy class-action growth, the firm said.
The percentage that laser pointer hazard reports from pilots rose, according to the Federal Aviation Administration (FAA), rising to 59 incidents reported in the first half of December alone, compared with eight in the same period last year. The FAA received dozens of new laser reports from pilots in New Jersey, New York, and Pennsylvania airspace. The rise is attributed in part to people aiming laser pointers at suspected drones and instead impacting manned aircraft.
9
The number of insurance commissioners as of December looking to the new Department of Government Efficiency (DOGE) to do away with the Federal Insurance Office (FIO). In a letter addressed to DOGE heads Elon Musk and Vivek Ramaswamy, the commissioners said the FIO’s mission of monitoring the insurance industry is “already effectively fulfilled by state regulators.”
$5.5 Billion
Is the amount that Georgia farmers suffered from Hurricane Helene losses, according to an analysis by the University of Georgia. In North Carolina, a state agency calculated farmers suffered $3.1 billion in crop losses and recovery costs. A separate economic analysis of farm damage tallied losses of up to $630 million in Virginia, $452 million in South Carolina, and $162 million in Florida.
1 Million
The number of registered drones flying 42 million flights annually. Drone flights are generally legal up to 400 feet unless over restricted areas such as airports.
Declarations
Secrets to Success
“We really look for people that are good at service. Sometimes not even in the insurance application, but often times, we interact with service-minded people throughout their interactions outside of the company, and we’ll recruit those kinds of people, and we attract those kinds of people.”
— Said Cody Cook, senior vice president of claims, Erie Insurance. Erie searches for employees who share the company’s commitment to service first, knowing the insurer can train for the technical aspects of claims handling, Cook said. He began in 2020 after experience as an actuary led him to a decade-long leadership role in personal lines.
Costs of Climate Change
“From rising temperatures to extreme weather events, climate change is altering natural landscapes and threatening a range of industries that depend on healthy and stable natural systems. Witnesses testified that climate-related droughts, rising temperatures, and severe weather events are harming crop yields and food production; and that climate change is damaging outdoor recreation and oceanbased economies.”
— According to a Senate Budget Committee Staff report that details findings from more than a dozen committee hearings with witnesses that included economists, bankers, insurance industry analysts, scientists and others.
Pro-Business
“I think there is a general sense that there is going to be obviously a pro-business administration on the regulatory side. But there could be some nuances specifically on, say, workplace or labor rules. But that’s still to be determined.”
— Said Karen Kerrigan, President and CEO of the Small Business & Entrepreneurship Council, an advocacy group. For small businesses, the biggest change in the new year will be the arrival of a presumably more business-friendly administration in Washington. But there are other shifts owners should keep on their radar. Among them: changes to state-level overtime and minimum wage rules, the delayed federal FinCEN registration, taxes on payments from third-party providers and tariffs.
Beyond Traditional Risk Transfer
“The role of the insurance industry in society is to protect more people when they really need help the most, and that purpose is as true today as ever before. Amid geopolitical uncertainties and territorial tensions, risks are becoming more severe. ... As uncertainty rises, so does the need for protection. In this environment, insurers need support from reinsurers beyond traditional risk transfer: providing insights, knowledge and tools that improve risk awareness and inform effective risk management.”
— Said Urs Baertschi, CEO P&C Reinsurance, at Swiss Re. Swiss Re’s business unit CEOs shared their views on the key themes of concern for 2025.
Terrorism Coverage
“The effects of these incidents can be substantial to insurers and involve payments related to workers’ compensation for injured company employees, event cancellations, business interruption claims due to business closures and other potential liability issues that commercial entities may face related to claims of insufficient security to prevent a terrorist event resulting in injuries and/or casualties,”
— Said Sridhar Manyem, director, industry research and analytics at AM Best, regarding events such as the recent truck attack in New Orleans on New Year’s Day as well as the same-day truck explosion outside a hotel in Las Vegas. An increase in events could lead to more triggered coverage in commercial property terrorism endorsements, he said.
Proposed Cutbacks
“NOAA’s analyses on hurricanes and other storms provide extremely valuable services to the public, state and local governments, property insurers and emergency response organizations of every sort, including the government itself. The notion that we as a nation will be better served by no longer funding catastrophic hurricane, tornado and hail forecasts is greatly mistaken.”
— Said Economist Robert Hartwig, clinical associate professor of finance and insurance at the University of South Carolina, and head of the Risk and Uncertainty Management Center, on the Department of Government Efficiency (DOGE) proposed cutbacks, specifically to FEMA, NOAA, USGS and the NFIP.
American Integrity Appoints Jon Ritchie as President: A Visionary Step Toward Growth and Innovation in 2025
Pioneering Innovation, Culture, and Leadership for the Future
By Toni Logan
Tampa, FL – American Integrity Insurance
Group, a leading Southeast property insurer, is proud to announce the promotion of Jon Ritchie to President. With a proven track record as COO since 2019, Ritchie has been instrumental in driving operational excellence, implementing cutting-edge technology, and strengthening a culture of innovation and collaboration across the organization. This leadership transition reflects the company’s dedication to delivering unparalleled value to its policyholders and agents while positioning itself for long-term growth.
Reinforcing Leadership and Technology-Driven Excellence
Under Ritchie’s leadership as COO, American Integrity spearheaded several technology advancements that differentiate it within the competitive property insurance landscape. From adopting proprietary risk modeling tools to leveraging AI-powered underwriting and claims processing systems, the company has redefined what it means to serve customers and agents efficiently and effectively. These innovations have not only enhanced policyholder experiences but also helped mitigate risks, making American Integrity a preferred partner for agents and a trusted ally for customers navigating increasingly complex insurance needs.
“Jon has a deep understanding of our industry’s challenges and the innovative spirit required to address them,” said Bob Ritchie, CEO of American Integrity. “His ability to combine cutting-edge technology with a people-first approach positions us to lead the market in ways that align with our core mission of service, trust, and long-term sustainability. As
CEO, I am deeply involved and committed to working closely with Jon to shape the future of our company and continue delivering on our promises to policyholders, agents, and employees alike.”
A Culture That Inspires and Earns Recognition
American Integrity has consistently been recognized as one of the “Top Workplaces” in Tampa Bay and in the USA, as well as a “Best Place to Work” by Business Insurance, a testament to its dedication to fostering a workplace environment rooted in trust, collaboration, and growth. The company’s investment in professional development, diversity initiatives, and employee well-being has created a culture where individuals feel valued and empowered to succeed. This achievement reflects American Integrity’s commitment to not only protecting homes but also building fulfilling careers for its team members.
I am excited to lead a company that not only values operational excellence but also prioritizes culture and collaboration at every level.
-Jon Ritchie
“Joining American Integrity means becoming part of a team dedicated to innovation, teamwork, and protecting the lives and homes of our policyholders,” said Jon Ritchie. “I am excited to lead a company that not only values operational excellence but also prioritizes culture and collaboration at every level.”
Poised for Growth and Future Opportunities
As the insurance market continues to evolve, American Integrity remains at the forefront, delivering reliable solutions tailored to its policyholders and agent partners. With nearly 360,000 policyholders across Florida, Georgia, and South Carolina, and partnerships with over 1,000 independent agents, the company is poised to expand its reach and impact. Its forward-thinking approach to innovation, combined with a commitment to building trust and delivering value, sets the stage for an exciting future.
American Integrity’s leadership team is committed to building on this momentum, exploring new opportunities to enhance its service offerings, and solidifying its position as one of the Southeast’s most trusted insurance providers.
For more information about American Integrity Insurance Group, visit www.AIIFLORIDA.com.
News & Markets
Commercial Property Market Stabilizing, With Ample Capacity: USI
The commercial property market is showing signs of stabilization, and buyers with favorable risk profiles will see rate decreases or low-single-digit increases this year, according to USI Insurance Services’ 2025 Commercial Property & Casualty Market Outlook.
Accounts with unfavorable loss experience will likely see rates increase by 5-15% in the first half of 2025 compared to 10-20% increases in the second half of 2024, USI said.
USI also predicts ample capacity will be available following favorable underwriting results for insurers and reinsurers.
“With natural catastrophe insured losses around $135 billion globally in 2024, according to Swiss Re, policyholders can expect insurers to remain vigilant in risk selection and deductible levels, although some rate relief is expected for favorable risk profiles,” USI said. However, USI noted that risks such as senior housing, frame apartments, vacant properties, and those in foreclosure or receivership remain dif-
ficult to place, while exposure to wildfires and severe convective storms continues to impact available capacity.
Lithium batteries from electric vehicles (EVs) are creating new hazards, USI said. Lithium battery fires generate intense heat and can be difficult to extinguish, risking uncontrolled spread that can cause severe damage to property. In addition, EVs often weigh 30% more than gas-powered internal combustion vehicles due to their lithium battery weight, which leads to increased risk of parking structures collapsing.
Interest in alternative risk transfer continues to be in high demand, USI said, and utilization of parametric insurance products is expected to increase in 2025.
Other highlights from USI’s report: Commercial auto: Smaller fleets (fewer than 200 vehicles) with good loss histories are expected to see rates that are flat to around a 5% increase. Larger fleets and those with poor loss histories can expect rate increases up to 30%.
Workers’ comp: Workers’ compensation rates and premiums are expected to decline overall, but at a much slower pace than prior years. USI said that workers’ comp remains profitable for most insurers that write on both a guaranteed-cost and loss-sensitive basis, thanks to declining claims frequency and moderate loss severity trends. The average rate in most states has decreased YOY, and the supply of capacity remains high. This has resulted in premium reductions in most cases, despite increasing payrolls.
Umbrella/Excess: Rates for middlemarket buyers are expected to be flat to up 10%, and larger buyers can expect flat to up 15%, depending on prior loss history and class of business.
Directors and Officers Liability (D&O): Public company D&O rates are expected to be flat to down 5% in the first half of 2025, while private company and not-for-profit rates will be flat to down 7.5%. USI noted an increase in securities class-action litigation and deceptive claims related to artificial intelligence.
Employment Practices Liability (EPL): Rates are expected to range from down 5% to up 10%. USI cited increased “privacy exposures from more genetic and biometric data collection, and a charged atmosphere around political and ideological affiliation.”
Professional Liability/Errors and Omissions (E&O): Rates are expected to range from down 5% to up 10%. USI noted that “overreliance on AI could result in erroneous counsel given to clients and other alleged wrongful acts like copyright infringement or invasion of privacy.”
Environmental: The environmental insurance market is stable, with new entrant carriers potentially bringing creative coverage solutions in 2025. As regulatory scrutiny grows, securing coverage for per- and polyfluoroalkyl substances (PFAS), or “forever chemicals,” has become more difficult. Environmental regulations worldwide are tightening, which is driving demand for pollution liability insurance and coverage for emerging risks in areas like construction and M&A.
Special Report: Natural Catastrophes
Insured Losses From Natural Disasters Hit $140B as Climate Change ‘Shows Its Claws’
By L.S. Howard
Insurers saw the third most expensive year for natural catastrophe losses in 2024 — reaching a total of $140 billion — as climate change “is showing its claws,” according to Munich Re.
Overall economic losses from natural disasters worldwide reached $320 billion in 2024, compared to $268 billion in 2023 when adjusted for inflation, Munich Re said in its report, titled “Climate change is showing its claws: The world is getting hotter, resulting in severe hurricanes, thunderstorms and floods.”
Munich Re’s insured loss estimate topped Swiss Re’s nat-cat estimate of $135 billion issued in December. Swiss Re noted that insured losses in 2024 surpassed $100 billion for the fifth consecutive year.
The overall losses and, even more so, the insured losses in 2024 were much higher than the inflation-adjusted averages of the past 10 and 30 years, said the Munich Re report, pointing to the fact that total 10- and 30-year economic losses were $236 billion and $181 billion, respectively, while insured loss averages were $94 billion and $61 billion, respectively.
Losses from non-peak perils — also known as secondary perils — such as floods, wildfires, and severe thunderstorms, were again substantial, producing total losses of $136 billion, of which approximately $67 billion were insured.
This is slightly below the figures from 2023, when overall economic losses totaled $143 billion and insured losses reached a record $82 billion. However, economic and insured losses from these non-peak perils were well above the average figures of the past 10 years of $110 billion and $48 billion, respectively (adjusted for inflation).
“It is striking that, from a long-term perspective, non-peak perils are increasingly fueling the trend of rising losses, while peak risks like tropical cyclones and earthquakes continue to be a source of loss volatility,” Munich Re said.
In 2024, tropical cyclones alone contributed $135 billion to the total losses and $52
billion to insured losses, said the report, noting that the majority of these losses were caused by major US hurricanes with overall losses of more than $105 billion, of which $47 billion were insured.
Severe Convective Storms
In addition to hurricanes, severe thunderstorms (also known as severe convective storms) also caused enormous damage.
In just the US, these storms were responsible for $57 billion in overall losses, of which $41 billion were insured, said the report, which noted that the sums are only slightly below the previous year’s record figures of $66 billion and $51 billion, making 2024 the second costliest year for this kind of storm.
“One record-breaking high after another — the consequences are devastating. The destructive forces of climate change are becoming increasingly evident, as backed up by science. Societies need to prepare for more severe weather catastrophes,” said Thomas Blunck, member of the Board of Management, in a statement.
Climate Change Shows Its Claws
Describing climate change as “showing its claws” and “taking the gloves off,”
Munich Re said that weather-related catastrophes were the dominant natural catastrophe in 2024 — responsible for 93% of overall losses and 97% of insured losses. “The world is getting hotter, resulting in severe hurricanes, thunderstorms, and floods.”
Last year’s losses made the consequences of global warming very clear, Munich Re said, pointing to the fact that annual average temperatures reached around 1.5°C above pre-industrial levels for the first time, which surpassed the previous record from 2023. “This makes the past 11 years the warmest since the beginning of systematic record-keeping.” (Editor’s note: The goal of the 2015 Paris Agreement was to limit global warming to 1.5 degrees Celsius, or 2.7 degrees Fahrenheit, above pre-industrial levels, in order to prevent the potentially irreversible effects of climate change.)
“[I]n many regions, severe thunderstorms and heavy rainfall are becoming more frequent and more extreme,” the report said. “Although tropical cyclones are not generally increasing in number, the proportion of extreme cyclones is growing. They, in turn, are rapidly intensifying and bringing extreme precipitation with them.”
Increased Storm Severity
This was the case with Hurricanes Helene and Milton, which studies have shown “were significantly more severe and brought much more extreme rainfall than in a hypothetical world without climate change,” said Munich Re, quoting two reports from World Weather Attribution.
Munich Re also cited another study from World Weather Attribution which found that climate change made the flash floods in the Valencia region of Spain twice as likely to occur.
“The physics are clear: The higher the temperature, the more water vapour and therefore energy is released into the atmosphere. Our planet’s weather machine is shifting to a higher gear,” said Chief Climate Scientist Tobias Grimm, in the report.
Other findings from the report include:
Hurricanes Helene and Milton, which struck the US in September and October, respectively, were the most destructive disasters of 2024. Helene resulted in the largest overall losses from natural disasters in 2024 at $56 billion, $16 billion of which were borne by insurers. Hurricane Milton produced the highest insured losses of the year, totaling $25 billion with an overall loss figure of $38 billion.
The third costliest natural disaster of the year in terms of overall losses was the magnitude 7.5 earthquake in Japan, which shook the country’s west coast on New Year’s Day 2024. Overall losses were estimated at $15 billion, with insured losses totaling around $2.5 billion.
North America (including Central America and the Caribbean) once again reported the highest share of global natural catastrophe losses, and a higher proportion than usual (about 60% of total losses, 10-year average 54%). In total, losses amounted to around $190 billion, of which around $108 billion were insured.
In Europe, natural disasters destroyed assets worth $31 billion last year, of which $14 billion were insured. The most serious catastrophe was extreme flooding in Spain near the provincial capital of Valencia. At least 200 people lost their lives, making it the deadliest natural disaster Spain has seen in 50 years. Total damage amounted to around $11 billion, $4.2 billion of which
were insured.
In the Asia-Pacific region and Africa, total losses of around $91 billion were higher than in the previous year ($66 billion) and also higher than the 10-year average of $66 billion. At around $16 billion, insured losses were significantly higher than the previous year ($10 billion).
Around 11,000 people lost their lives as a result of natural disasters in 2024, significantly fewer than the average. Included in the total number of lives lost were more than 200 people during Hurricane Helene, more than 200 during Japan’s New Year’s Day earthquake, and least 200 people in the Valencia floods.
Just like Nautilus.
National
Matt McHatten, president and chief executive officer at MMG Insurance, is the new chair of the Insurance Information Institute’s (Triple-I) Executive Leadership Committee (ELC). McHatten succeeds Jennifer Kyung, CEO and founder of NextGen Underwriting and former P&C chief underwriting officer at USAA.
McHatten joined MMG in 2001 and previously served as executive vice president and chief operating officer. McHatten is past chair and member of the NAMIC Management Conference Board, as well as a past member of the Hartford Steam Boiler Advisory Board.
years of experience in risk management and insurance programs, most recently serving as Marsh’s managing director and government contracting practice leader. Kirby has over a decade of experience and most recently served as a senior account executive at Marsh.
Westchester, A Chubb Company, and Chubb’s Excess and Surplus Lines division, headquartered in Whitehouse Station, New Jersey, named Nick Gatt, previously chief operating officer (COO) for Westchester Programs, as head of Westchester Programs. Gatt succeeds Franklin Sanders, who has been appointed head of global underwriting for Chubb Group. Shawn Parker, former senior vice president, Westchester Program Services, succeeds Gatt as COO.
hired Aaron Rieth as vice president of excess and surplus (E&S). In this newly created position, Rieth leads the development of CIG’s direct-to-agent E&S solution. Rieth has 20 years of experience and most recently served as product director at Blitz Insurance.
Zurich North America, headquartered in Schaumburg, Illinois, promoted Stan Bernard to head of industry practices for U.S. Middle Market. Bernard succeeds Lynn Zeitler, who retired in December after 31 years with Zurich. Bernard, who is based in Maryland, has been with Zurich since 2021. He previously served as assistant vice president and commercial officer at CNA and as a financial institutions underwriter with Chubb.
Commercial property insurer FM, based in Johnston, Rhode Island, appointed Randy Hodge as chief operating officer (COO). Hodge will take over the role from Bret Ahnell, who will retire in March. Hodge joined FM in 1990 and most recently served as executive vice president, staff insurance operations.
Alliant Insurance Services, headquartered in Irvine, California, named senior vice presidents Bryan Salek and Angela Kirby to lead its new government contractors-focused segment within Alliant Specialty.
Salek has over 25
East
B. F. Saul Insurance, headquartered in Bethesda, Maryland, appointed John Horcher, Jr. commercial lines producer. Horcher, based in Philadelphia, previously served in vice president positions at Marsh, HUB International and Arthur J. Gallagher.
Midwest
Players Health, headquartered in Minneapolis, hired Brian McDowell, Tate Gillespie and Jordan Poydras to its leadership team. McDowell joins Players Health as chief revenue officer, Gillespie joins as the director of NIL strategy and partnerships, Poydras joins as Players Health’s NIL division as a risk advisor.
Omaha National Group, Inc., based in Omaha, appointed Joan Klucarich as its chief actuary. Klucarich most recently served as actuarial manager with Risk & Regulatory Consulting.
Columbia Insurance Group (CIG), headquartered in Columbia, Missouri,
Great American Insurance Group, headquartered in Cincinnati, promoted Todd D. Gambrell to divisional president, excess liability. Gambrell succeeds John V. Bracca, who retired in January after over 30 years of service. Gambrell joined the company in 1994 and most recently served as divisional senior vice president.
Cincinnati Financial Corporation, headquartered in Cincinnati, promoted several leaders in its commercial/life operations and personal/specialty operations.
Sean M. Givler, senior vice president, commercial lines, leads the commercial/ life insurance operations, oversees commercial lines, management liability and surety, sales and marketing, and The Cincinnati Life Insurance Company. Will Van Den Heuvel, senior vice president, personal lines, leads the personal/specialty insurance operations and oversees Cincinnati Re and Cincinnati Global Underwriters Ltd. Teresa C. Cracas, chief risk officer, oversees executive responsibility for corporate marketing and communications, human resources and policyholder experience. Chet H. Swisher was named vice president, commercial lines, and Scott A. Schuler, vice president, personal lines.
South Central
Larry Chim joined Alliant Insurance Services, based in Irvine, Californa, as senior vice president within its employee benefits group. Chim, based in
Matt McHatten
Stan Bernard
Nick Gatt
Bryan Salek
John Horcher
Aaron Rieth
Todd Gambrell
Larry Chim
Dallas, spent over 13 years at Mercer, most recently serving as a partner and Dallas office health practice leader.
Spot Insurance, headquartered in Austin, Texas, appointed Joel Hamann as CEO. Hamann joined Spot in 2021 and most recently served as vice president of finance. He previously served as director of finance, technology and several other roles at Kohl’s Corporation. Hamann began his career in sell-side equity research with Robert W. Baird & Co.
Alliant Insurance Services, headquartered in Irvine, California, named Ben Guttenberger as vice president within its Alliant Americas division. Based in Houston, he most recently served as a risk advisor at USI Insurance Services. He previously worked as a risk advisor at Brady, Chapman, Holland & Associates and as a sales agent at State Farm.
Southeast
After serving as president of Lockton’s Southeast region for 20 years, Neil Metzheiser has been named CEO of the region, based in Atlanta. Metzheiser became president of Lockton Southeast in 2004 and was a producer. Before that, he worked with the Hobbs Group and AIG.
Matt Kennedy joined Alliant Insurance Services, headquartered in Irvine, California, as vice president within its employee benefits group. Based in South Carolina, Kennedy will work across the Southeast region. Kennedy has over 15 years of experience, most recently as senior vice president and head of national sales at Health Plans, Inc.
business development department. Pointer has over 25 years of experience, including 20 years at Aflac as district sales coordinator and independent agent.
Alliant Insurance Services hired Johnny Osborne as senior vice president within its Alliant Americas division. Based in Huntsville, Alabama, Osborne has over 10 years of experience and most recently served as senior vice president at Marsh McLennan Agency.
West
LP Insurance Services LLC, headquartered in Reno, Nevada, named David Drach director of information technology. Drach has more than 25 years of experience, most recently as director of IT SaaS operations at eTrigue Corp.
Delos Insurance Solutions, headquartered in San Francisco, named Gloria Hendrickson as its new head of reinsurance. Hendrickson most recently chief operating officer and chief underwriting officer at NormanMax Insurance Holdings and New Paradigm Underwriters.
CompScience, headquartered in San Francisco, hired Jeremy Silver as senior vice president of client service and success. Silver is a founding limited partner at Success Venture Partners and most recently served as vice president of customer success and services at Aquant.
Symphony Risk Solutions, headquartered in San Francisco, named Corey Tobin director of Symphony Grow, its specialty business focused on the cannabis industry. Tobin has more than 15 years of experience in the cannabis and insurance industries. He most recently served as senior vice president at IMA Financial Group.
of experience, most recently serving as a principal at Mercer.
EPIC Insurance Brokers & Consultants hired Charlie Rosson as Northern California growth leader. Rosson previously spent nearly nine years as Woodruff Sawyer’s CEO and most recently was the Bay Area practice leader for USI.
Boston Mutual Life Insurance Company, headquartered in Canton, Massachusetts, appointed Jonathon Eric Pointer as regional sales director for the Southeastern region in its distribution and
Mark Petruziello joined Alliant Insurance Services as vice president within its employee benefits group. Based in California, he works with clients across the West Region. Petruziello has over a decade
Neil Metzheiser
Matt Kennedy
Jonathon Eric Pointer
Business Moves
National
Arthur J. Gallagher, Assured Partners
Arthur J. Gallagher will acquire AssuredPartners for $13.45 billion cash with a deal expected to close during the first quarter 2025, pending regulatory approvals. Orlando, Florida-based AssuredPartners' 10,900 employees will join Gallagher.
Amynta Group, Crum & Forster
Insurer Crum & Forster, a subsidiary of Fairfax Financial Holdings Limited, sold its C&F Credit Division to Amynta Group, headquartered in New York. The C&F Credit Division underwrites and manages credit insurance products, including mortgage credit and alternative credit risk solutions, primarily for financial institutions and mortgage insurers. The acquired business will operate as a full-service managing general underwriter (MGU) under Amynta Risk Solutions and the continued leadership of Daniel L. Sussman. C&F will remain a partner for the business.
East
World Insurance Associates, United Counties Insurance Group, NorthStar Insurance Services
World Insurance Associates acquired the business of United Counties Insurance Group of Old Bridge, New Jersey in August 2024. United Counties sells home, auto, business and health insurance. In addition, the agency has a focus on serving construction and real estate businesses.
Richard Yaeger and Dale Stevens, Jr. are co-owners of United Counties Insurance.
World Insurance Associates LLC also acquired NorthStar Insurance Services of Needham, Massachusetts. NorthStar was founded in 1995 and provides business and personal insurance. Edward B. Pierce, Jr. is founder and president, and Gregory G. Pierce, is senior vice president of NorthStar.
NFP, EBA Services
Global insurance broker NFP acquired certain assets of EBA Services LLC, which does business as AnchorGroup, an employee benefits brokerage and consultancy located in Skaneateles, New York.
AnchorGroup’s Kiehl Hutchings will join NFP as vice president, benefits, and report to Kelly Smith, senior vice president, benefits. Since 1971, AnchorGroup has provided group employee benefits to small and mid-market clients.
AnchorGroup is a member of Benefits Partners, one of NFP’s member organizations and a national corporate benefits producer group.
Afore Insurance Services, BCA Insurance Group
Afore Insurance Services LLC added BCA Insurance Group of New Jersey to its platform as a partner in the Mid-Atlantic region. All employees will remain with the company in their current roles and continue to serve clients from BCA’s Northfield and Marlton, New Jersey offices. BCA sells commercial and personal property/casualty insurance, surety bonds, and consulting.
Afore Insurance Services is an insurance brokerage acquisition platform with more than 20 offices nationwide.
HUB International, Fairfield County Bank Insurance Services
Global insurance broker Hub International Limited acquired the assets of Fairfield County Bank Insurance Services, LLC. Headquartered in Ridgefield, Connecticut, Fairfield County Bank Insurance Services is an independent insurance agency providing commercial and personal insurance and employee benefits services.
Mark Connelly, president and chief executive officer, along with the Fairfield County Bank Insurance Services team will join Hub New England. Going forward, the agency will be referred to as Fairfield County Insurance Services, a Hub International company.
Trucordia, Archibald Insurance
Utah-based insurance broker Trucordia, formerly PCF Insurance Services, has acquired the insurance business of Archibald Insurance, an agency with offices in Richmond, Midlothian and North Chesterfield, Virginia. Archibald Insurance offers personal and commercial insurance.
Midwest
ALKEME, Relion Insurance Solutions
ALKEME acquired Relion Insurance Solutions, one of Iowa's largest insurance agencies with over 140 years of history serving Iowa and surrounding areas. Relion Insurance Solutions provides personal and business insurance, employee benefits and claims and loss control. Relion operates across seven cities in Iowa and is licensed in 13 states.
World Insurance Associates, First International Insurance
World Insurance Associates LLC acquired the business of First International Insurance (FI Insurance), a division of First International Bank & Trust of Watford City, North Dakota. FI Insurance has 12 locations across North Dakota, Minnesota, and Arizona.
Risk Strategies acquired the assets of Ohio-based employee benefits specialty organization Cornerstone Broker Insurance Services Agency Inc., an Ohio-based national provider of employee benefits solutions. The sale also included the assets of ARC Benefit Solutions, which provides ongoing support to employee benefit clients.
AG Specialty, First Agency TPA
A-G Specialty acquired First Agency TPA, A Gallagher Company. First Agency TPA specializes in student and athletic accident coverage at both the interscholastic and intercollegiate levels, as well as special - risk programs such as summer camp insurance, sports camp insurance, clinic insurance and little leagues.
Kalamzoo, Michigan-based First Agency TPA was previously acquired by Arthur J. Gallagher & Co. in 2019.
Southeast
SageSure, Auros Reciprocal Insurance Exchange
SageSure, a managing general underwriter for catastrophe-exposed markets, joined with Auros Reciprocal Insurance Exchange, a property insurance company domiciled in Mississippi.
Truliant,
Atkins & Associates
Truliant Federal Credit Union and its Truliant Insurance subsidiary acquired Atkins & Associates Insurance Agency in Greenville, South Carolina. Atkins has been in operation for 16 years. Truliant Insurance, based in Winston-Salem, North Carolina, offers business and personal lines coverage products. The acquisition further expands the firm’s footprint in the Carolinas, Georgia, Tennessee and Virginia. Atkins Insurance will now be Truliant Insurance of Greenville.
Higginbotham,
Fitts Agency
Higginbotham joined with Fitts Agency in Tuscaloosa, Alabama. The Alabama agency was founded almost 150 years ago by J.H. Fitts and is considered one of the
largest independently owned agencies in western Alabama.
Higginbotham has headquarters in Fort Worth, Texas, and has operations around the country.
South Central
NFP, Capstone Strategies
NFP acquired Capstone Strategies, LLC, a P&C and benefits broker located in Midland, Texas.
Capstone Strategies founders Blake Johnston and Brandon Sheppard will join NFP as senior vice presidents, reporting to Amanda Ruback, P&C managing director in NFP's Central region.
Capstone serves the benefits and P&C needs of clients across West Texas with a specialty in commercial P&C solutions for oil and gas extraction companies.
Hub International Limited, Hadfield Agency
Hub International Limited acquired the assets of Hadfield Agency Inc. Terms of the transaction were not disclosed.
Headquartered in Little Rock, Arkansas, Hadfield Agency is an independent, multi-line insurance agency providing commercial and personal insurance, including auto and home insurance.
Chuck Hadfield, president, Charlie Hadfield, operations manager, and the Hadfield Agency team will join HUB MidAmerica. Hadfield Agency will be referred to as Hadfield Agency, a Hub International company.
Inzone, Southerland and Associates, Commercial Insurance of Texas
Inszone Insurance Services acquired Southerland and Associates Inc., an agency based in Austin, Texas.
Southerland and Associates focuses both property & casualty and life and health insurance. The agency has specialized in serving small to medium-sized businesses, particularly young entrepreneurs in Austin's startup community.
Inszone Insurance Services also acquired Commercial Insurance of Texas Agency Services.
Commercial Insurance of Texas special-
izes in all facets related to automobiles, heavy truck and equipment.
West
Arthur J. Gallagher, Altadena
Arthur J. Gallagher & Co. acquired Altadena, California-based American Matar International Inc., dba Statewide Commercial Insurance Brokers.
Lana Matar and her team will remain in their current location under the direction of Scott Firestone, head of Gallagher’s Southwest region retail property/casualty brokerage operations.
Statewide Commercial Insurance Brokers is a retail property/casualty insurance agency specializing in construction contractors for commercial clients in California and several other U.S. states.
Leavitt Inland Pacific, Troy Insurance Agency
Leavitt Inland Pacific is merging with Troy Insurance Agency in Idaho. Both agencies are locally owned and affiliates of Leavitt Group, a network of insurance brokers. This partnership enables Leavitt Inland Pacific to offer service team support and use the resources of Troy Insurance Agency’s two Idaho locations in Moscow and Lewiston. The combined agencies will serve Moscow, and the Quad City region.
Alliant, Union First
Alliant Insurance Services acquired Union First in Irvine, California. Union First will join Alliant's Employee Benefits Group – West Region. Union First is a benefits consulting and third-party administration firm serving public safety labor associations, including police, firefighters and deputy sheriffs.
World Insurance Associates, Sprague Israel Giles Inc.
World Insurance Associates LLC acquired the business of Sprague Israel Giles Inc. in Seattle, Washington. Sprague Israel Giles was founded in 1958 and offers commercial property/casualty, employee benefits and personal insurance products. World Insurance Associates is headquartered in Iselin, New Jersey.
Idea Exchange: Growth Strategies
Strategies for Brokers as M&A Slows and Insurance Rates Soften
The brokerage industry is adapting to a changing landscape as macroeconomic conditions temper the tailwinds that have driven growth in recent years. High interest rates, historical valuations, and tighter access to capital have slowed M&A activity, with deal flow declining nearly 20% in the first nine months of 2024 compared to the same period in 2023. Meanwhile, moderating renewal rate increases in the property and casualty market — a reliable driver of organic revenue growth — are further pressuring brokers to adopt new strategies. While these shifts create new challenges, they also present opportunities for brokerages to focus on margin expansion,
By Robert Held
activate new sources of growth, and invest in new capabilities and talent to navigate the evolving environment.
Opportunities in a Shifting Market
While still a highly favorable macroeconomic market for brokerage, M&A activity that flourished previously was fueled by easy access to affordable capital and robust cash flows. Simultaneously, organic growth was supported by a hardening rate environment and inflation-driven exposure increases, contributing to strong financial performance. Shareholder value, including that of financial sponsors and employees, benefited from more liquid capital markets and historically high valuation multiples, driving record transaction volumes.
As these conditions moderate, brokers are navigating a more complex landscape.
Organic growth, which averaged 8-9% in recent years due to rate and exposure growth, is beginning to soften as property and casualty insurance rate increases level off in certain areas. Meanwhile, the revenue of the top 100 brokers and agencies owned by private equity firms has nearly doubled over the past four years, underscoring the increasing complexity and resource demands of executing recapitalizations or other liquidity events involving new private equity or alternative investments.
As macroeconomic conditions shift, insurance brokers must explore new ways to adapt their strategies, capitalizing on opportunities to usher in a new phase of profitable growth.
While longer-term responses will require focused coordination by the C-Suite, here are four initial steps brokerage leaders can
take to address the immediate challenges in the brokerage industry:
Identify priority areas for standardization and centralization. For more fragmented brokers, it is important to standardize level-one, data-entry processes, such as agency management services (AMS) standard operating procedures, to begin to move toward common technologies and work toward centralizing common low-risk activities to show success and build buy-in for future centralization (including vendor payables, data processing, policy certifications, claims handling etc.).
Re-evaluate M&A agenda. Update enterprise M&A appetite to be more selective; each transaction should support a longterm growth agenda and be complementary to the core business. Explore divesting areas of the business that are non-core to generate new sources of capital and allow the enterprise to focus on what will enable the business to be an operating company, not a holding company.
Assess business reporting and data gaps. While management can generate financial overviews and operational reports, the fragmented nature of AMS and accounting systems often requires extensive data cleansing to fulfill these fundamental reporting requirements. It’s important to understand the technology/ systems landscape (for example, how AMS systems connect to accounting/ finance source of truth) and operating models across the organization to map how data flows and identify opportunities for greater data hygiene, integrity, and availability. Brokers should first prioritize standard ways of completing financial and operational management reporting to set the foundation for deeper insights.
Determine priority talent gaps. Decisions to act on the levers discussed above are highly strategic and likely necessary for brokerages to withstand changes in the market, but executing these decisions requires talent not typically found in today’s brokerages. Identify core talent gaps (such as transformational leadership, business operators, data expertise, industry specialization) to pave the road ahead and develop a plan for acquiring or outsourcing this talent.
Long-term Solutions for Sustained Growth and Profitability
To address the challenges facing the brokerage industry, longer-term solutions will require substantial focus and coordination by the C-Suite. The following levers are key to creating and sustaining profitable growth over the long-term.
Drive a greater degree of standardization and integration. Brokerages that operate with a highly federated model or function more as a holding company rather than an operating company often allow their underlying agencies to operate independently. While this approach offers flexibility and can promote an entrepreneurial spirit, it also leads to operational inconsistencies, disconnected technology systems, disparate data sources, and challenges with governance and controls.
As the market evolves, brokerages are increasingly seeking to standardize ways of working and introduce a higher degree of integration in their operating models. This
shift involves adopting a global redesign to establish uniform definitions and rethinking how enterprise-wide processes should be managed to enhance quality and controls.
Further, process standardization and agency integration must be anchored by an integrated technology ecosystem spanning business segments and functional groups to enable traceable data flow throughout the organization and create a single source of truth for managing the business. Tighter integration and standardization form the foundation for improved efficiencies and the ability to generate greater insights, which will enable brokers to maximize the following value levers:
• Greater enterprise leverage and margin preservation: Standard operating procedures and tighter integration enable brokers to better consolidate non-client-facing activities. Back-office functions such as accounting, IT and HR can be shifted out continued on page 30
Idea Exchange: Minding Your Business
Industry Trends to Exploit for 2025 –
Part Two
This article follows Part One from last month and covers group benefits and health insurance, the effects of natural disasters on insurance, insurtech and technology, and market conditions.
By Catherine Oak and
Group Benefits and Health Insurance
Today’s younger employees expect benefits packages to be tailored to their unique needs and life stages, leading to a surge in personalized benefits offerings.
Employers are increasingly offering flexible benefits plans that allow employees to choose from a menu of options. These include traditional health insurance, dental and vision coverage, wellness programs, and financial planning services. There is also a growing trend toward voluntary benefits, where employees can select additional coverage options such as critical illness insurance, pet insurance, or identity theft protection, often at a group rate. One of our clients even pays for homeowners insurance for all employees.
Online portals and mobile apps make it easier for employees to manage their benefits, access information, and submit claims. These platforms provide real-time access to benefits information and streamline
administrative processes. Many group benefit plans now include telehealth services, which allow employees to consult with healthcare providers remotely, increasing access to care and adding convenience.
Comprehensive wellness programs that address physical, mental, and financial well-being are increasingly popular because employers recognize the importance of maintaining a productive and engaged workforce. These programs may include gym memberships, mindfulness training, stress management workshops, and financial wellness seminars. Employee Assistance Programs (EAPs) offer confidential counseling and support services for personal and work-related issues. Incentives such as reduced insurance premiums, gift cards, or additional paid time off are used to encourage healthier lifestyles and behaviors.
Addressing financial stress is a key component of comprehensive benefits packages. Financial education programs can help employees manage their finances, plan for retirement, and reduce debt. These programs can include workshops, online resources, and one-on-one counseling. Some employers provide student loan repayment assistance to ease the burden of student debt on younger employees.
Natural Disasters
Due to the increasing population and growth in previously unoccupied lands, insurance claims for natural disasters, including hurricanes, wildfires, floods, and earthquakes, are surging. This trend is putting considerable pressure on insurers’ financial stability and profitability. To mitigate these financial impacts, insurers raise premiums to cover the increased risk and potential losses.
natural disasters. These tools help them understand patterns and predict future events more accurately. By integrating data from various sources, including historical weather data, climate models, and IoT devices, insurers can refine their risk assessment and pricing strategies.
The insurance industry actively promotes the use of resilient building materials and infrastructure improvements. USAA offers up to a 5% discount on homeowners insurance premiums for policyholders living in recognized Firewise communities in several states to encourage wildfire mitigation efforts. Some insurers also provide discounts for homes built to meet FORTIFIED standards developed by the Insurance Institute for Business & Home Safety (IBHS), which improve resilience against hurricanes and high winds.
Insurers offer more customized policies that cater to specific needs and risks associated with different geographical areas. New insurance products are emerging to address the changing risk landscape, such as parametric insurance policies. These policies can pay out based on predefined parameters, such as the magnitude of an earthquake or wind speed of a hurricane, allowing for faster claims processing.
“Microinsurance” is designed to protect low-income individuals and communities; in this case, it provides affordable coverage for natural disaster risks. Governments and regulatory bodies are implementing stricter regulations to ensure insurers maintain adequate reserves and adopt sound risk management practices. Publicprivate partnerships are also becoming more common in addressing the financial challenges of natural disasters.
Insurers are leveraging advanced risk modeling and predictive analytics to better assess the potential impact of
The insurance industry has embraced new technologies to enhance risk management, including IoT and sensors that monitor environmental conditions and provide real-time data, helping in early detection and warning systems.
Insurtech and Technology
Technological advancements are reshaping traditional insurance practices and ushering in a new era of efficiency, personalization, and enhanced customer continued on page 27
Bill Schoeffler
News & Markets
Cal/OSHA Says Safeway Exposed Workers to Serious Hazards at Largest Warehouse
The California Division of Occupational Safety and Health cited Safeway $182,000 in proposed penalties for safety violations that
reportedly put roughly 1,700 workers at risk of serious injuries at the company’s warehouse in Tracy, their largest facility in the nation.
Cal/OSHA issued citations for 27 violations, including eight that were serious, after completing an inspection at Safeway’s Northern California Tracy Distribution Center.
Issues identified during the inspection Include:
• Safeway failed to identify and fix issues related to lifting, carrying, and moving heavy items; and did not provide effective training to supervisors or workers on these hazards.
• The employer failed to ensure the accuracy of annual employee injury and illness summaries, and failed to timely provide injury and illness recordkeeping documents to Cal/ OSHA.
• Safeway failed to establish and maintain procedures to address indoor heat hazards in the warehouse’s dry building, which is not temperature controlled, and failed to train employees on the hazards of indoor heat.
• The employer provided inadequate ventilation or exhaust systems for employees welding in two buildings, risking exposure to toxic substances.
• The worksite had multiple damaged electrical cords and unsafe electrical panelboards.
• Safeway failed to provide effective refresher training and evaluations for industrial truck operators.
Employers have the right to appeal any citation and notification of penalty by filing an appeal with the Occupational Safety and Health Appeals Board within 15 working days from the receipt of notification.
continued from page 26
experiences. This revolution, encapsulated by the term “insurtech,” redefines how insurance companies operate and interact with their clients.
Integrating artificial intelligence (AI) and machine learning (ML) into core insurance processes is at the forefront of this transformation. These technologies are revolutionizing underwriting, enabling insurers to develop more accurate and personalized pricing models based on individual risk profiles. Machine learning algorithms enhance risk assessment capabilities by leveraging vast amounts of data, including historical claims, weather patterns, and geographic information, leading to more informed decision-making.
The impact of AI extends beyond risk assessment, significantly improving customer service. AI-powered chatbots and natural language processing (NLP) streamline communication, provide quick query resolution, and enhance customer satisfaction. This shift toward AI-driven customer interaction improves efficiency and sets new industry responsiveness standards.
Integrating Internet of Things (IoT) devices and telematics is gaining significant traction, offering innovative risk management and assessment approaches.
Usage-based insurance (UBI) models are becoming increasingly popular, particularly in auto insurance. These models utilize telematics devices to track driving behavior, allowing insurers to offer personalized policies based on individual driving habits. In the commercial sector, telematics improves risk assessment, reduces claims, and lowers premiums by enabling real-time monitoring and proactive risk management.
Embedded insurance is transforming how insurance products are offered and accessed. This innovative approach integrates insurance seamlessly into non-insurance platforms, simplifying access and making insurance a natural part of other products or services. By embedding insurance into everyday transactions, companies are creating more seamless and convenient customer experiences, reducing friction and broadening the
accessibility of insurance products.
AI algorithms enable insurers to create customizable coverage options based on individual risk factors and preferences. Data collected from telematics and IoT devices allows for personalized pricing and coverage options, ensuring that premiums are fair and reflect actual risk.
Market Conditions
A mixed bag of market conditions will continue in 2025.
The US commercial insurance sector saw a composite rate increase of 3.8% in Q3 2024, with property insurance up 5.7% and commercial auto and transportation risks experiencing the highest rise at 7.3%, according to MarketScout. General liability and umbrella/excess both reported a rise of 4.3%, whereas workers’ compensation remained flat. The lowest rate increases were reported in the crime, employment practices liability insurance, fiduciary, and surety segments, all in the 1-2%
range. In personal lines, the composite rate increased by 6.75% for the quarter. However, the full impact of recent natural catastrophes in 2024, such as Hurricane Helene (September 26-27, 2024) and Hurricane Milton (October 9-10, 2024), has yet to be reflected.
MarketScout warned that the current composite rate hike underscores the insurance industry’s resilience in responding to evolving risks but raises questions about future stability, particularly in regions prone to extreme weather events.
Oak is the founder of the international consulting firm, Oak & Associates, based in Bend, Oregon and Sonoma, California. Schoeffler is an associate of the firm. Oak & Associates specializes in financial and management consulting for national and international insurance agencies, including valuations, mergers and acquisitions, clusters, sales and marketing planning, as well as perpetuation planning. Phone: 707-935-6565. Email: catoak@gmail.com. Website: www.oakandassociates.com.
Special Report: Reinsurance
Reinsurance Buyers With Good Portfolio Stories See Better Renewal Outcomes: Brokers
By L.S. Howard
Reinsurance buyers generally found ample capacity during January renewals as well as increased reinsurer appetite, which led to risk-adjusted rate reductions and improved terms and conditions for clients that could demonstrate differentiated strategies, reinsurance brokers Aon, Gallagher Re, and Howden confirm in their renewal reports.
“Overall, capacity was more than adequate for the majority of lines and regions, leading to improved reinsurance pricing and terms for most placements,” according to Aon in its renewal report titled “Reinsurance Market Dynamics – January 2025 Renewal.”
“January 1 renewal activity saw differentiated outcomes for clients. Reinsurers have been able to refine solutions as a result of more effective use of detailed cedent data, a clearer understanding of strategy, evolving views of risk, and application of external data sources,” said Gallagher Re in its report titled “1st View: Differentiation Rewarded.”
“Renewal outcomes are not one size fits all but specific to class of business, geography, performance, strategy, and scale,” Gallagher Re continued.
There were wide ranges of outcomes for ceding companies during the renewals, which was helpful to buyers with “decent stories” who were able to achieve some improvements in rates or terms and conditions, said James Vickers, chairman of Gallagher Re International, in an interview. “To be honest,
during the last two years, some of them felt quite hard done by because they were getting blanket rate increases.”
Previously, buyers found “it difficult to get reinsurers to listen to their stories and the good things that they were doing,” he said, referring to the repricing and re-underwriting of primary carriers’ portfolios that has occurred over the last few years.
Howden’s renewal report also pointed to ceding company differentiation as an important factor affecting renewal outcomes. “Client-level differentiation was a key feature of renewals, underlining the need for data transparency and relationships,” said the report titled “Past the Pricing Peak.”
Risk-Adjusted Rate Cuts
After an extended period of rate increases across the re/insurance sector, the Jan. 1 reinsurance renewals saw rate reductions overall, which reflected “a desire for growth
on the part of reinsurers” and heralded “a new phase in the cycle,” Howden said.
“With pricing now falling from a high base, structural changes imposed during the hard market are likely to be more enduring. Higher earnings volatility for insurers looks set to remain a feature in 2025 as they continue to absorb the lion’s share of (elevated) catastrophe losses due to higher attachment points,” Howden added.
In the property catastrophe segment, Aon said, “Ample capacity and healthy competition led to more flexibility on pricing and terms for property catastrophe at 1/1…”
Aon described the January renewals as “orderly” for property reinsurance business, with rate reductions achieved across the board and in most regions. Reinsurers “were generally more responsive to the needs of insurers and willing to expand their offering,” said Aon, noting that
the largest reductions were achieved by global and large US national insurers, while US regional insurers, which faced challenging conditions in 2023 and 2024, found a more stable market for the 2025 renewals.
“Loss-free programs typically experienced risk-adjusted single-digit decreases on average, compared with single-digit increases in 2024,” according to Gallagher Re. Loss-hit programs were more dependent on the circumstances of individual accounts and therefore experienced a wider range of outcomes, Gallagher said. Lossaffected programs, on average, renewed with increases in the low teens, compared with +35% to +40% during the January 2024 renewals.
Howden said global property catastrophe rates dropped on average by 8%, by 13.5% for property recession business, and by 12.5% for global direct and facultative.
In its recently released renewal report, Guy Carpenter
said property catastrophe renewals saw reinsurance rate reductions of 5-15% for lossfree accounts, but there was a range of pricing outcomes that varied by region, attachment point, and reinsurer views of price adequacy. In a separate renewal report, Carpenter said average global and regional property catastrophe rates-online decreased during January 2025 renewals in amounts ranging from 5.3% to 7.2%.
Hurricanes Milton and Helene
Although Hurricanes Milton and Helene were significant natural catastrophes, they were not of sufficient magnitude “to dampen reinsurer appetite for property reinsurance at the 1/1 renewal,” Aon said. “Ample capacity resulted in risk-adjusted price reductions, with reinsurers demonstrating increased flexibility and a willingness to meet the needs of individual insurers.”
“Whilst a sizable portion of losses from Milton was ceded to the reinsurance market, claims elsewhere in the United States were mostly retained by primary carriers. Large natural catastrophe losses in Canada, Europe, Brazil, the Middle East, Caribbean, and Asia also had a meaningful impact on local markets,” Howden said.
Holding the Line
“Crucially reinsurers basically held the line on [maintaining higher] attachment points. Yes, the buyers want a lot more in frequency, low level covers, and there are a few more reinsurers who are prepared to provide some sort of solution there,” said Vickers.
But generally, he emphasized, the market has held the line. “They’ve learned the
lesson of the last couple of years — that having retentions at a proper level is what is actually driving their profitability,” Vickers said. “So, a few points or even 10 points of risk adjusted rate reduction is modest compared to the impact of the change in deductibles.”
Both insurers and reinsurers have benefited from repricing of primary portfolios, the Gallagher Re report indicated.
“Underpinning reinsurance renewal discussions, the nonlife primary insurance market has enjoyed the results of several years of improved pricing in the property, casualty, and specialty areas,” Gallagher said. “That repricing of risk, coupled with an elevated interest rate environment, has put the sector in a healthy financial position (some regionals, impacted by frequency losses, being the exception).”
Reinsurers have seen even greater benefits with the increase in primary market pricing “augmented by higher reinsurance prices, tighter terms and conditions, and the major reset in catastrophe attachment points.” Higher attachment points helped shield reinsurers from 2024’s elevated catastrophe losses, mostly brought by the higher-frequency losses of smaller and mid-sized events, Gallagher Re went on to say.
Casualty Reinsurance
“Despite adverse litigation trends and further loss development on soft market years, conditions for casualty reinsurance at 1/1 were stable, supported by ample capacity, high interest rates, and a robust underlying rating environment,” said Aon, noting that many excess casualty
clients saw an improvement in risk-adjusted margins.
“Renewals for US-exposed international liability and regional US insurers, however, were relatively more challenged, yet capacity was sufficient. With ongoing regulatory and legal developments, forever chemicals were an area of scrutiny, yet reinsurers are willing to work with brokers to avoid blanket exclusions,” Aon added.
“[I]f you actually look at the underwriting results of the primary companies, the gap between the top quartile and the bottom quartile is large.”
“Casualty renewals were marked by differentiation, with outcomes reflecting performance, reserve development, and portfolio mix,” said Howden’s renewal report. “Cedent-specific data on pricing, loss cost trends, claims, and settlement patterns informed capacity deployments.”
In the US, buyers saw heightened scrutiny of litigation risks and loss cost trends, “with outcomes largely driven by individual portfolios’ loss experience, underlying rate changes, and reserve development,” according to a press release that accompanied the report.
Cedents that were able to satisfy reinsurers’ criteria around claims development and underwriting performance achieved as expiring or even improved terms, Howden said, noting that renewals proceeded in a relatively orderly manner, with supply and demand dynamics fairly balanced.
“International casualty programs continue to perform well and were rewarded with favorable renewals.”
Vickers explained that reinsurers’ opinions on the adequacy of pricing of US casualty varied significantly, both by class and by individual ceding company. “And whilst overall there was enough capacity available and all buyers got their programs filled, within that space of US casualty, there’s a huge variation.”
The renewals saw a detailed analytical and underwriting approach where brokers and their clients worked extremely hard with reinsurers to explain what has been happening with their underlying portfolios, how they’re handling claims, how they’re managing nuclear verdicts, and how they’re managing social inflation, he said.
Ceding companies that do a good job of detailing their casualty portfolio strategies “were rewarded with better terms, and others got a bit worse,” Vickers said. “But there’s no sign that that market as a whole is settling on an overall consensus of view. And, to be fair, I think that’s to be expected because if you actually look at the underwriting results of the primary companies, the gap between the top quartile and the bottom quartile is large,” he stated.
“The reinsurers are getting into the nitty gritty of that and understanding who are the top-quartile companies and how they are achieving these top-quartile results quarter after quarter; they are rewarding those insurers and being a little bit more wary of the companies who don’t seem to be able to improve their underwriting,” he said.
Idea Exchange: Growth Strategies
continued from page 25
of the agency office to create efficiencies and enable greater focus on sales and service initiatives.
• Optimized procurement and indirect spend: Acquired agencies typically come with their host of technology licenses and third-party vendors; a greater degree of integration allows consolidation of fragmented vendor and licensing agreements, gaining economies of scale with a targeted vendor list. Additionally, efforts to drive operational standardization will introduce opportunities to normalize discretionary spending, such as reducing side tech projects or solution workarounds.
• Improved data-driven decisions and accountability: With accurate, available data, operators can govern their business on a distinct set of insights with a clear understanding of what, how, and why each insight is measured, including how frontline colleagues, who operate much of the business, impact enterprise performance. The shift to fact-based decision-making creates focus and enables leaders to take calculated actions with measurable results, reducing the need for broad, ill-defined moves that often negatively impact margins — and also creates clear accountability for what information needs to be captured in a consistent fashion, enabling the enterprise to harness the insights useful to the enterprise and the field. Activate new sources of growth. With
more restrictive M&A conditions and moderating tailwinds from renewal pricing increases, brokers need to be strategic about where to invest in growth. Driving organic growth through data is essential, deploying strategies and tools like generative AI to gain deeper insights for revenue-generating roles (such as leveraging GenAI to identify cross-sell/up-sell opportunities across the brokerage book of business). Activating synergistic revenue streams by prioritizing investments in new capabilities (such as focusing on M&A that brings new products or geographic coverage), enhancing scale within existing markets, or exploring vertical integration opportunities should be key areas of focus moving forward. Brokerages can also differentiate themselves through industry niches and specialization, tying these to MGAs or affinity partnerships to become go-to distributors for specific industries. Lastly, as the E&S market continues to grow, brokerages have a significant opportunity to expand their scope to include wholesale business, capturing multiple revenue streams, especially in challenging exposure areas and coverage lines.
Invest in foundational capabilities and new talent. As brokerages drive greater levels of integration, the focus is shifting toward agencies with strong operators rather than those solely led by savvy (sales) entrepreneurs. This change demands a different leadership profile — one that can manage
operators and lead the transformations required to respond to growing market pressures while continuously delivering shareholder value (such as standardizing integration, enhancing technology, building and attracting new talent). Such skillsets are relatively fresh to brokerage leadership, and earmarking executives to lead these transformations can be challenging in a federated model composed of corporate and regional structures and underlying agencies. The ability to influence and drive transformation across all layers is a distinctive skillset.
Private Equity Investors
Despite a shifting landscape, private equity firms are increasingly focusing on the insurance brokerage sector. The capital-light nature of brokerages, paired with the annuity-like structure of a renewal-based business, makes them an ideal target for investment.
As a compulsory product, insurance demand has yet to go down in the last decade and, as a result, private equity can leverage smart financial engineering of debt leverage with little upfront capital to purchase businesses that have a near certain guarantee of approximately 85% renewal revenue annually.
Additionally, given that insurance brokerage businesses generally have no claim or credit risk exposure, but continue to yield a strong cash flow, they have proven and continue to prove to be attractive investments.
However, as the size of brokerages continue to grow and the multiples commanded at that size continue to stay in the high double digits, the liquidity paths have narrowed. It is critical that brokerages act on long- and short-term actions noted to build a sustainable, long-term business that remains a viable competitor in a crowded market — a seemingly mandatory requirement of any liquidity path.
Held is a senior manager in Accenture’s Insurance Strategy practice with nearly a decade of industry experience. He has functional expertise across business case development, value tracking, operating model strategy and design, and target operating model transition planning and implementation.
There’s a reason you can’t name the second guy who walked on the moon.
It’s not nice, it’s not kind, it’s just an ugly fact: to the winner go the spoils. We think those spoils belong to you. In fact, we’ve built an entire company dedicated to helping you show up first with the best option for your client. Because we all know what happens to the guy who shows up second.
We help you win.
Welcome
to Insurance Journal’s 2025 Specialty Markets Directory, Winter Edition. This exclusive biannual market directory has been designed to assist independent agents and brokers in the task of placing difficult or unusual risks.
For ease-of-use, the directory utilizes a convenient “color-coded legend” to highlight the availability of markets by IJ’s five geographic regions — East, Midwest, Southeast, South Central and West. The corresponding states for each region are listed below.
Inside the directory and underneath each market listing, five distinct colors represent IJ’s five regions. Those colors (Dark Blue ■ East, Light Blue ■ Midwest, Green ■ Southeast, Orange ■ South Central, and Red ■ West) indicate whether or not the market is available in your area of the country. The “color-coded legend” has been placed at the top of every directory page for easy reference.
All market listings have been updated with the most current
Southeast Midwest East
information available provided directly by intermediaries and carriers. As always, the directory lists the markets categorically by broad coverage groups.
Italicized company names represent companies offering binding authority. To find complete contact information for all companies listed in this directory, see page 52.
IJ’s 2025 Specialty Markets Directory, Winter Edition can also be found on our Web site at: www.insurancejournal.com/directories. To submit a listing, visit the online directory, or e-mail Kristine Honey at: khoney@insurancejournal.com.
We hope you find this directory to be a valuable resource when trying to insure hard-to-place accounts. Feel free to send us comments and suggestions, or for additional help using this directory, e-mail: editorial@insurancejournal.com.
South Central
West
Excess
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Occupational
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Performance & Payment Bonds
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■ MexiPass International Insurance Services LLC
Wilkoff Bonds
Surety Bonds - Contractors
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JM Wilson
■ Wilkoff Bonds
Surety Bonds - Misc. and Special Risks
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■ Builders & Tradesmen’s Insurance Services Inc. (BTIS)
JM Wilson
Sports & Fitness Insurance Corporation (SFIC)
Surety Bonds - Prof. Liability
■ ■ ■ ■ ■ ProSurance Group, a Div of One80 Intermediaries
■ ■ ■ ■ ■ U.S. E&O Brokers, a Division of U.S. Risk LLC
■ ■ ■ ■ ■ Wilkoff Bonds
Surety License Bonds
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■ Brownyard Group
Cosmetic Insurance Services, a division of EPIC Brokers
River Valley Underwriters Inc.
U.S. E&O Brokers, a Division of U.S. Risk LLC
Wilkoff Bonds
Third Party Fidelity Coverage
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Brownyard Group
ProSurance Group, a Div of One80 Intermediaries
World Wide Specialty, a Div of Philadelphia Ins. Co’s Business Risks
Amalgamated Insurance Underwriters
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Jimcor Agencies
Professional Governmental Underwriters
Business Owners Policy
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■ Arrowhead General Insurance Agency Inc.
■ Builders & Tradesmen’s Insurance Services Inc. (BTIS)
■ ■ ■ ■ ■ Brownyard Group
■ ■ ■ ■ ■ The Mechanic Group, A Div of Specialty Programs Group
■ ■ ■ ■ ■ World Wide Specialty, a Div of Philadelphia Ins. Co’s
Contingent Liability
■ ■ ■ ■ ■ M&A Insurance Solutions LLC
Corporate Fiduciary Liability
■ ■ ■ ■ ■ Synergy Professional Associates Inc.
■ ■ ■ ■ ■ Wilkoff Bonds
Cyber Risk
■ ■ ■ ■ ■ Bass Underwriters
■ ■ ■ ■ ■ Brooks Insurance Agency
■ ■ ■ ■ ■ Concorde General Agency
■ ■ ■ ■ ■ Donald Gaddis Co. Inc. Insurance Services
■ ■ ■ ■ ■ Erickson-Larsen Inc.
■ ■ ■ ■ ■ FTP Inc.
■ ■ ■ ■ ■ Irwin Siegel Agency
■ ■ ■ ■ ■ Jimcor Agencies
■ ■ ■ ■ ■ Kevin Davis Insurance Services
■ ■ ■ ■ ■ ProWriters
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■ ■ ■ Quadrant Insurance Managers
■ ■ R.E. Chaix & Associates Insurance Brokers
RPS
■ ■ RPS Technology & Cyber
■ ■ ■ ■ ■ Specialty Wholesale Ins Solution (SWIS), a Div of SPG
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Sports & Fitness Insurance Corporation (SFIC)
U.S. E&O Brokers, a Division of U.S. Risk LLC
Concrete
Construction
Foreign Coverages
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Dinner Theaters
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MAXIMUM
■ ■ ■ ■ ■ NeitClem Wholesale Insurance Brokerage Inc.
■ ■ ■ ■ ■ USG Insurance Services Inc.
Hotels/Motels Packages
■ ■ ■ ■ ■ Amalgamated Insurance Underwriters
■ ■ ■ ■ ■ American Management Corporation
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Philadelphia Insurance Companies
ProSurance Group, a Div of One80 Intermediaries
ProWriters
Quadrant Insurance Managers
Quirk & Company
R.E. Chaix & Associates Insurance Brokers ■
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Smart Choice Express Markets
Specialty Wholesale Ins Solution (SWIS), a Div of SPG
■ ■ ■ ■ ■ Synergy Professional Associates Inc.
■ ■ ■ ■ ■ The Hartford
■ ■ ■ ■ ■ The McGowan Companies
■ ■ ■ ■ ■ U.S. E&O Brokers, a Division of U.S. Risk LLC
■ ■ ■ ■ ■ USASIA Insurance Services
■ ■ ■ ■ ■ World Wide Specialty, a Div of Philadelphia Ins. Co’s
■ ■ ■ ■ ■ XPT Specialty
E&S Brokers & MGAs
■ ■ ■ ■ ■ Admiral Insurance Group
■ ■ ■ ■ ■ Anderson & Murison Inc.
■ ■ ■ ■ ■ Lee & Mason
■ ■ ■ ■ ■ ProSurance Group, a Div of One80 Intermediaries
■ ■ ■ ■ ■ Quadrant Insurance Managers
■ ■ ■ ■ ■ Synergy Professional Associates Inc.
■ ■ ■ ■ ■ U.S. E&O Brokers, a Division of U.S. Risk LLC Employment Practices Liability
MGA, A Licensed Surplus Broker, Lloyd’s Correspondent, Managing Underwriter
Brecht & Associates is a managing general agency serving agents in Texas, Oklahoma, and Arkansas specializing in insuring risks with unique characteristics. Independently owned & operated, our goal is to assist retail agents by providing access to a full range of products to meet the needs of their clients.
MGA, A Licensed Surplus Broker, Lloyd’s Correspondent
Euclid Life Science Specialty LLC
234 Spring Lake Drive, Itasca, IL 60143
Phone: (443) 682-0102
E-mail: RElliott@EuclidLSS.com
www.EuclidLSS.com
Managing General Agency, Managing Underwriter
Exceptional Risk Advisors LLC
Park 80 West, Plaza Two, 250 Pehle Ave., Suite 202, Saddle Brook, NJ 07663
Phone: (866) 512-0444, Fax: (201) 512-0221
E-mail: info@exceptionalriskadvisors.com
www.exceptionalriskadvisors.com
A Licensed Surplus Broker, Managing Underwriter
Alphabetical Directory of Intermediaries and Carriers
Executive Insurance Professionals, PLLC
6031 W. Interstate 20, Ste. 249, Arlington, TX 76017
Phone: (800) 779-4095, Fax: (866) 779-4331
E-mail: cheryl@execins.com
www.execins.com
A Licensed Surplus Broker, Lloyd’s Correspondent
First Choice Ins Intermediaries
822 A1A North, Ste. 310, Ponte Vedra Beach, FL 32082
Phone: (866) 821-9572, Fax: (904) 543-4501
E-mail: info@firstchoiceii.com
www.firstchoiceii.com
Managing General Agency, A Licensed Surplus Broker
Flood Risk Solutions Inc.
360 Central Ave., Ste. 1260, St Petersburg, FL 33701
Phone: (727) 256-1991
E-mail: phil@floodsol.com
www.floodsol.com
MGA, A Licensed Surplus Broker, Lloyd’s Correspondent, Managing Underwriter
Flow Insurance Services
548 Market St PMB90420, San Francisco, CA 94104
Phone: (855) 368-5502
E-mail: info@flowinsurance.com
www.flowinsurance.com
MGA, A Licensed Surplus Broker, Lloyd’s Correspondent, Managing Underwriter
Foremost Insurance Group
For more information, check out our ad on page 13 (National).
5600 Beech Tree Ln. SE, Caledonia, MI 49316
Phone: (800) 237-6136
E-mail: acm@foremost.com
www.foremostagent.com
Foremost® – A Farmers Insurance® Company is focused on providing A Better Insurance Experience® to all customers. Foremost has been an industry leader since 1952, and today offers a well-rounded suite of personal lines insurance, including the Foremost Signature(SM) Auto & Home programs and the Foremost Choice® Property & Casualty programs.
Freberg Environmental Inc.
1800 Wazee St., Ste. 300, Denver, CO 80202
Phone: (800) 377-4152, Fax: (303) 623-8101
E-mail: info@feiinsurance.com
www.feiinsurance.com
Managing General Agency, Managing Underwriter
FTP Inc.
131 White Oak Lane, Old Bridge, NJ 08857
Phone: (732) 679-3700
E-mail: hdiamandis@ftpins.com
www.ftpins.com
Managing General Agency, A Licensed Surplus Broker
261 N. University Dr., Ste 510, Plantation, FL 33324
Phone: (954) 331-3000
E-mail: ddemott@gridironins.com
www.gridironins.com
Managing Underwriter
Grundy Insurance
PO Box 1957, Horsham, PA 19044
Phone: (877) 338-4004, Fax: (215) 674-5716
E-mail: clint@grundy.com
www.grundy.com/utility
Managing General Agency
Guardian Insurance Wholesalers Inc.
PO Box 119, Leitchfield, KY 42755
Phone: (270) 230-0340, Fax: (270) 230-0344
E-mail: dlhuff@guardian-ins.com
www.guardian-ins.com
Managing General Agency, A Licensed Surplus Broker
HabPro Insurance
555 E. North Lane, Ste. 6060, Conshohocken, PA 19428
Phone: (610) 808-9499
E-mail: nsmmarketing@nsminc.com
habproinsurance.com
Managing General Agency, A Licensed Surplus Broker
Hinterland Insurance
4601 DTC Blvd., Ste. 250, Denver, CO 80237
Phone: (314) 496-7077
E-mail: info@hinterlandins.com
www.hinterlandins.com
MGA, A Licensed Surplus Broker, Managing Underwriter
Hudson Insurance Group / Hudson Pro (TM)
100 William St., 5th Fl, New York, NY 10038
Phone: (212) 978-2800
E-mail: MSutton@HudsonInsGroup.com
www.hudsoninsgroup.com
Hull & Company
www.hullco.com for all locations, Fort Lauderdale, FL 33020
Phone: (954) 527-4855, Fax: (866) 449-8449
www.hullco.com
MGA, A Licensed Surplus Broker, Lloyd’s Correspondent
Ian H. Graham Insurance
15303 Ventura Blvd., 12th Fl, Sherman Oaks, CA 91403
Phone: (800) 621-2324, Fax: (866) 229-3754
E-mail: info@ihginsurance.com
www.ihginsurance.com
Managing General Agency
IAT Insurance Group
4200 Six Forks Road, Raleigh, NC 27609
Phone: (919) 833-1600
E-mail: info@iatinsurance.com
www.iatinsurancegroup.com
Indemnity Excess & Surplus Agency Inc.
1915 NE Stucki Ave., Ste. 450, Hillsboro, OR 97006
Phone: (800) 487-2442, Fax: (503) 526-9700
E-mail: jimh@ies-xs.com
www.ies-xs.com
A Licensed Surplus Broker
InsuranceHelper.com
PO Box 1549, Grass Valley, CA 95945
Phone: (530) 648-1100
E-mail: brokers@insurancehelper.com
www.insurancehelper.com
Managing General Agency, Managing Underwriter
Integrated Specialty Coverages (ISC)
1811 Aston Ave., Ste. 200, Carlsbad, CA 92008
Phone: (908) 723-8559
E-mail: contact@iscmga.com www.iscmga.com
Managing General Agency, Managing Underwriter
ISC has exclusive programs for Construction, Trucking, Property, Hospitality, Excess, Entertainment and more. ISC provides our broker partners best-in-class service, competitive commission, and creative product delivery options to help expand your footprint in any desired line or class of business.
MGA, A Licensed Surplus Broker, Lloyd’s Correspondent, Managing Underwriter
IPC
PO Box 1150, Gardnerville, NV 89410
Phone: (775) 782-6655, Fax: (775) 782-6654
E-mail: tammy@ipc-nv.com www.ipc-nv.com
MGA, A Licensed Surplus Broker, Managing Underwriter
Irwin Siegel
Agency
25 Lake Louise Marie Rd., Rock Hill, NY 12775
Phone: (800) 622-8272, Fax: (845) 796-3661
E-mail: siegel@siegelagency.com
www.siegelagency.com
MGA, A Licensed Surplus Broker, Managing Underwriter
Irwin Siegel Agency is a premier Managing General Underwriter of insurance products and risk management solutions for Human and Social Service Organizations. Our specialties include Intellectual and Developmental Disability Organizations, Addiction Treatment, Behavioral/ Mental Healthcare, and Youth Programs. We also offer high-value homeowners insurance programs.
J.B. Lloyd & Associates, A Member Company of US Risk
14241 Dallas Pkwy, Ste. 850, Dallas, TX 75254
Phone: (972) 248-2433, Fax: (972) 248-7077
E-mail: eboisseau@lloyd-ins.com www.lloyd-ins.com
MGA, A Licensed Surplus Broker, Lloyd’s Correspondent, Managing Underwriter
J.E. Brown & Associates
303 Lennon Ln., Walnut Creek, CA 94598
Phone: (800) 955-8213, Fax: (925) 947-3978
E-mail: marketing@jebrown.net
www.jebrown.net
Managing General Agency, A Licensed Surplus Broker
James Klein Insurance
200 E. Sandpointe Ave., Ste. 510, Santa Ana, CA 92707
Phone: (714) 918-0914, Fax: (714) 918-0922
E-mail: pdavis@jameskleininsurance.com
A Licensed Surplus Broker
James River Insurance Company
6641 W. Broad St., Ste. 300, Richmond, VA 23230
Phone: (804) 289-2700
E-mail: info@jamesriverins.com
www.jamesriverins.com
James River underwrites a wide variety of specialty P&C and Professional risks on an E&S basis in all states. Visit www.jamesriverins.com to find a JRIC-authorized wholesale broker!
MGA, A Licensed Surplus Broker, Lloyd’s Correspondent
JC Wilson Consulting Inc.
9390 W. Maiden Ct, Vero Beach, FL 32963
Phone: (312) 543-9451, Fax: (312) 543-9451
E-mail: jwilson.frs@gmail.com
Managing General Agency, Managing Underwriter
Jencap - Locations Nationwide
See website for all locations, Corporate HQ - New York, NY 10018
Phone: (800) 892-8892
E-mail: info@jencapgroup.com www.jencapgroup.com
MGA, A Licensed Surplus Broker, Lloyd’s Correspondent, Managing Underwriter
Independent agents countrywide rely on our specialty brokers and underwriters to place their most complex and important risks. With over 40 locations nationwide, put Jencap to work for you.
MGA, A Licensed Surplus Broker, Lloyd’s Correspondent, Managing Underwriter
Jimcor Agencies
60 Craig Rd., Montvale, NJ 07645
Phone: (201) 573-8200, Fax: (201) 573-8820
E-mail: marketing@jimcor.com www.jimcor.com
MGA, A Licensed Surplus Broker, Lloyd’s Correspondent, Managing Underwriter
JM Wilson
For more info, check our ads on page 2 (West, Southeast & Midwest). 8036 Moorsbridge Rd., Portage, MI 49024
Phone: (800) 282-8113
E-mail: cbaldwin@jmwilson.com www.jmwilson.com
Managing General Agency, A Licensed Surplus Broker
J.M. Wilson is a third generation, family owned Managing General Agency and Surplus Lines Broker founded in 1920. We provide independent insurance agents access to ‘A’ rated carriers for Commercial Transportation, Property & Casualty, Brokerage, Marine, Personal Lines and Surety. We know insurance agents have choices and It’s our goal to establish relationships and provide the best possible experience for you to place business in the E&S marketplace.
Johnson & Johnson
PO Box 899, Charleston, SC 29402
Phone: (843) 577-1484, Fax: (843) 577-1584
E-mail: peter.burrous@jjins.com www.jjins.com
MGA, A Licensed Surplus Broker, Lloyd’s Correspondent, Managing Underwriter
Joseph Chiarello & Co., Inc.; Firearms Business Insurance Program
Explore the Potential of what Kinsale can do for your hard to insure accounts. Kinsale Insurance Company is a domestic excess and surplus lines insurance company specializing in casualty, professional, property, specialty, and transportation risks.
For more information, check out our ad on page 5 (National).
One Bala Plaza Ste. 100, Bala Cynwyd, PA 19004
Phone: (800) 873-4552, Fax: (610) 617-7940
E-mail: phlysales@phly.com
www.phly.com
A Licensed Surplus Broker
Philadelphia Insurance Companies, a Member of the Tokio Marine Group, designs, markets, and underwrites commercial property/casualty and professional liability insurance products incorporating value added coverages and services for select industries.
Policy Breeze
2112 SE EAST DUNBROOKE CIR, Port Saint Lucie, FL 32826
MGA, A Licensed Surplus Broker, Managing Underwriter
Alphabetical Directory of Intermediaries and Carriers
RT Specialty
540 West Madison Street, 9th Floor, Chicago, IL 60661
Phone: (312) 651-6000, Fax: (312) 651-6096
E-mail: customer.solutions@rtspecialty.com
rtspecialty.com
A Licensed Surplus Broker
Sapphire Blue
155 N Wacker Drive, Chicago, IL 60606
Phone: (312) 784-6007, Fax: (312) 784-6002
E-mail: nancy.mcmahon@sapphireblueuw.com
sapphireblueuw.com
Managing Underwriter
SASSI - Salon & Spa Specialty Insurance
21 Maple Ave., Bay Shore, NY 11706
Phone: (888) 823-9380, Fax: (631) 666-7646
E-mail: info@brownyard.com
www.sassiagency.com
Managing General Agency, Managing Underwriter
School Bus Insurance Solutions (SBIS)
555 E. North Lane, Ste. 6060, Conshohocken, PA 19428
Phone: (504) 217-7776
E-mail: schoolbus@nsminc.com
sbisinsure.com
MGA, A Licensed Surplus Broker, Managing Underwriter
Shield Commercial Insurance Services
43725 Monterey Ave., Ste. A, Palm Desert, CA 92260
Phone: (760) 345-9029, Fax: (800) 345-4851
E-mail: info@shieldins.net www.shieldins.net
MGA, A Licensed Surplus Broker, Managing Underwriter
We have functioned as a program manager providing contractor insurance products to retail brokers and wholesalers since 2004. Rate, quote and bind online. Easily register as a producer today on our website for full program access. We specialize in General Liability, Excess Liability, Inland Marine and Workers’ Compensation.
Signature Specialty, LP
261 N. University Dr., Ste. 510, Plantation, FL 33324
Phone: (416) 413-1167
E-mail: info@sigspecialty.com
www.sigspecialty.com
Managing Underwriter
Smart Choice Express Markets
For more information, check out our ad on page 7 (National). 4121 Beechwood Dr., Greensboro, NC 27410
Phone: (336) 217-4680
E-mail: insidesales@smartchoiceagents.com
www.expressmarkets.com
Managing General Agency, A Licensed Surplus Broker
Southwest Risk
8144 Walnut Hill Ln., Ste. 1400, Dallas, TX 75231
Phone: (214) 206-4900, Fax: (214) 206-4901
E-mail: info@swrisk.com
www.swrisk.com
Managing General Agency, A Licensed Surplus Broker
Sovereign Group Int’l Inc.
1600 Jersey Ave., Ste. 5, North Brunswick, NJ 08902
Phone: (732) 750-2300, Fax: (732) 750-1650
E-mail: bill@sovereignins.com
www.sovereignins.com
MGA, A Licensed Surplus Broker, Lloyd’s Correspondent, Managing Underwriter
Insurance Programs, Brokerage and Risk Management for the Security Officer, Electronic Security-Alarm, Investigation and Background Screening Industry.
At UFG Specialty, best in class service is what we do. We understand response time and decisiveness are key to our broker/partners’ success. Rated A (Excellent) by A.M. Best, we specialize in hard-to-place Excess Casualty, Excess Property, and Inland Marine business.
Ultra Risk Advisors
400 112th Ave. NE, Ste. 325, Bellevue, WA 98004
Phone: (425) 450-1090, Fax: (425) 450-1026
E-mail: info@ultrariskadvisors.com
www.ultrariskadvisors.com
A Licensed Surplus Broker
Unitas Financial Services
6543 Commerce Pkwy, Ste. M, Dublin, OH 43014
Phone: (954) 931-4795, Fax: (866) 847-5565
E-mail: john.watt@unitas360.com
www.unitas360.com
MGA, A Licensed Surplus Broker, Lloyd’s Correspondent, Managing Underwriter
Universal Insurance Programs
1220 E. Osborn Rd., Phoenix, AZ 85014
Phone: (800) 844-2101, Fax: (866) 512-2272
E-mail: info@uiprograms.com www.uiprograms.com
MGA, A Licensed Surplus Broker, Managing Underwriter
USASIA Insurance Services
319 Union Ave., Pomona, CA 91768
Phone: (909) 618-0288, Fax: (909) 618-0289
E-mail: shirley@usasia-ins.com
www.usasia-ins.com
MGA, A Licensed Surplus Broker, Lloyd’s Correspondent
USG Insurance Services Inc.
1000 Town Center Way, Ste. 300, Canonsburg, PA 15317
Phone: (800) 886-3897, Fax: (844) 874-4290
E-mail: getconnected@usgins.com www.usgins.com
MGA, A Licensed Surplus Broker, Lloyd’s Correspondent, Managing Underwriter
MGA, A Licensed Surplus Broker, Lloyd’s Correspondent
Idea Exchange: Ask the Insurance Recruiter
Big Recruiting Challenges Ahead for Insurance Agencies in 2025
Have you felt like hiring and recruiting has been harder lately?
It’s tough to find good candidates. People seem less committed to the process. There’s more competition with offers. With so many ups and downs, I sometimes wonder if the whole world has gone mad.
My January column usually forecasts new year hiring trends. I’ve experienced the challenges mentioned above, as I’m sure you have, too. What insurance recruiting challenges will we face in 2025? How should your agency respond?
Low Unemployment Will Reduce Candidate Engagement
Recruiting is infinitely more difficult when unemployment is low. The candidates you solicit are employed and have less time to focus on a job search. You’ll notice fewer job applications, slower responses on LinkedIn, and higher interview dropout rates.
I don’t believe insurance professionals are less interested in career opportunities; I believe they are overworked with more things competing for their attention. Adjust your process to accommodate a busier job seeker.
• Reduce the steps in your interview process. Candidates lose patience and question the process after the third interview.
• Combine interview steps; for example, turn three one-on-one interviews into a panel interview.
• Share benefits information and pre-close on compensation two steps before the final interview.
• Eliminate due diligence steps (i.e., drug tests, references, or background checks) that aren’t crucial for hiring decisions.
More job openings and fewer applications are a perfect recipe for a flooded job market. The farther down the list your job opening falls, the less effective it is at bringing in qualified applicants.
• See if paying to boost and sponsor your jobs can improve your opening’s position at the top of search results.
• Shorten job ads so candidates get the gist in one scroll. Effective job advertisements are short; load the top section with specifics and tell the reader exactly what makes it unique.
• Convey “Why us?” and “Why now?” information to pique candidate interest. Pair job posting links with videos and testimonials on social media.
Longer Time-To-Hire Leaves Little Margin for Error
Starting last January, I saw many
agencies, large and small, move away from remote hires. The result was a substantial increase in time-to-hire rates. An account manager job went from between 60-90 days to fill to over six months. No $80,000-$100,000 account manager job should be open for that long, and yet that’s exactly what happened in 2024 on all sides (benefits, personal, and commercial lines).
By Mary Newgard
If you restrict openings to one location and one ZIP code, don’t be surprised this year if your job is open for 6-12 months. Time is the most crucial factor in recruitment. The longer it takes you to hire, the more you poison the sourcing well. Candidates wonder what’s wrong with your job. They get sick of messages from multiple recruiters about the same job. The solution to minimizing time and errors is threefold:
1. Recruit much earlier than you think. It’s better to start a full quarter earlier — somewhere four to six months ahead of schedule.
2. Deputize decision makers. Don’t lose time in the process due to uncertainty about what comes next, who takes charge, and who makes the final decision.
3. Make a contingency plan at the start of your search. “At X date, if the job isn’t filled, we will…”
a. Change location parameters
b. Hire fully remote
c. Change the compensation
d. Change experience requirements
e. Shut down the search
f. Promote from within
g. Split the position in two
h. Call a recruiter for help
Newgard is partner and senior search consultant for Capstone Search Group, a national recruiting firm dedicated to the insurance industry. For questions and comments, email: asktherecruiter@csgrecruiting.com.
Advertisers Index
Amalgamated
AmWins
www.amwins.com 31 Applied Underwriters
www.auw.com 2, 3, 64
EPIC Brokers
www.epicbrokers.com 25, 27
Foremost Insurance Group
www.foremoststar.com 13
Ironpeak www.ironpeak.com 8, 9
JM Wilson
www.jmwilson.com W2 , S2, M2
Monarch E&S Insurance Services
www.monarchexcess.com W1
Nationwide Mutual
www.nationwide.com 17
Nautilus Insurance Company
www.nautilusinsgroup.com 19
Omaha National Underwriters
www.omahanational.com 1 Philadelphia Insurance Companies
www.phly.com 5 Smart Choice Agents Program
www.smartchoiceagents.com 7 Texas Mutual
www.texasmutual.com S1
January 27, 2025
Cronus Insurance Company 370 Las Colinas Blvd W., Suite 108 Irving, TX 75039
The above company has made application to the Division of Insurance to obtain a Foreign Company License to transact Property and Casualty Insurance in the Commonwealth of Massachusetts.
Any person having any information regarding the company which relates to its suitability for the license or authority the applicant has requested is asked to notify the Division by personal letter to the Commissioner of Insurance, 1000 Washington Street, Suite 810, Boston, MA 021186200, Attn: Financial Surveillance and Company Licensing within 14 days of the date of this notice.
January 27, 2025
Essent Title Insurance Company
Two Radnor Corporate Center 100 Matsonford Rd Radnor, PA 19087
The above company has made application to the Division of Insurance to obtain a Foreign Company License to transact Title insurance in the Commonwealth of Massachusetts.
Any person having any information regarding the company which relates to its suitability for the license or authority the applicant has requested is asked to notify the Division by personal letter to the Commissioner of Insurance, 1000 Washington Street, Suite 810, Boston, MA 021186200, Attn: Financial Surveillance and Company Licensing within 14 days of the date of this notice.
January 27, 2025
Phenix Mutual Fire Insurance Company 471 E. Broad Street Columbus, OH 43215
The above company has made application to the Division of Insurance to amend their Foreign Company License to transact Property and Casualty Insurance in the Commonwealth of Massachusetts.
Any person having any information regarding the company which relates to its suitability for the license or authority the applicant has requested is asked to notify the Division by personal letter to the Commissioner of Insurance, 1000 Washington Street, Suite 810, Boston, MA 021186200, Attn: Financial Surveillance and Company Licensing within 14 days of the date of this notice.
January 27, 2025
Greenwood Insurance Company c/o CSC 2595 Interstate Drive, Suite 103 Harrisburg, PA 17110
The above company has made application to the Division of Insurance to obtain a Foreign Company License to transact Property and Casualty Insurance in the Commonwealth of Massachusetts.
Any person having any information regarding the company which relates to its suitability for the license or authority the applicant has requested is asked to notify the Division by personal letter to the Commissioner of Insurance, 1000 Washington Street, Suite 810, Boston, MA 021186200, Attn: Financial Surveillance and Company Licensing within 14 days of the date of this notice.
January 27, 2025
Palisades Insurance Company 581 Main Street, Suite 400 Woodbridge, NJ 07095
The above company has made application to the Division of Insurance to obtain a Foreign Company License to transact Property and Casualty Insurance in the Commonwealth of Massachusetts.
Any person having any information regarding the company which relates to its suitability for the license or authority the applicant has requested is asked to notify the Division by personal letter to the Commissioner of Insurance, 1000 Washington Street, Suite 810, Boston, MA 021186200, Attn: Financial Surveillance and Company Licensing within 14 days of the date of this notice.
January 27, 2025 Atlanta
600 Peachtree Street NE, Suite 2350 Atlanta, GA 30308
The above company has made application to the Division of Insurance to obtain a Foreign Company License to transact Life, Accident, and Health Insurance in the Commonwealth of Massachusetts.
Any person having any information regarding the company which relates to its suitability for the license or authority the applicant has requested is asked to notify the Division by personal letter to the Commissioner of Insurance, 1000 Washington Street, Suite 810, Boston, MA 021186200, Attn: Financial Surveillance and Company Licensing within 14 days of the date of this notice.
January 27, 2025
Puritan Life Insurance Company of America 7272 East Indian School Road, Suite 100 Scottsdale, AZ 85251
The above company has made application to the Division of Insurance to obtain a Foreign Company License to transact Life, Accident, and Health Insurance in the Commonwealth of Massachusetts.
Any person having any information regarding the company which relates to its suitability for the license or authority the applicant has requested is asked to notify the Division by personal letter to the Commissioner of Insurance, 1000 Washington Street, Suite 810, Boston, MA 021186200, Attn: Financial Surveillance and Company Licensing within 14 days of the date of this notice.
January 27, 2025
Global Select Insurance Company 161 N. Clark Street, 48th Floor Chicago, IL 60601
The above company has made application to the Division of Insurance to amend their Foreign Company License to transact Property and Casualty Insurance in the Commonwealth of Massachusetts.
Any person having any information regarding the company which relates to its suitability for the license or authority the applicant has requested is asked to notify the Division by personal letter to the Commissioner of Insurance, 1000 Washington Street, Suite 810, Boston, MA 021186200, Attn: Financial Surveillance and Company Licensing within 14 days of the date of this notice.
Closing Quote
Lessons From 2024’s Extreme Weather Events
By Steve Powell
The year 2024 will be remembered as a defining moment in the history of weather-related catastrophes. From unprecedented heatwaves to catastrophic floods, the devastating effects of extreme weather patterns left no corner of the globe untouched.
The year began with an unexpected and prolonged heatwave in Australia, followed by a series of devastating wildfires that displaced thousands of residents and caused extensive property damage.
In Europe, unprecedented rainfall resulted in severe flooding across several countries, including France, Germany, Belgium, and the Netherlands, and brought widespread damages and casualties.
The United States experienced a series of hurricanes that caused widespread destruction, including Hurricanes Beryl, Francine, Helene, and Milton. By November, there were 24 confirmed climate disasters with losses exceeding $1 billion in the US alone, according to the National Centers for Environmental Information.
Asia saw a particularly brutal monsoon season, with countries like India and Bangladesh facing severe flooding and landslides, and China experiencing floods that caused over $15 billion in damages.
Impact on Property Claims
The extreme weather had a profound impact on property claims worldwide. According to data by ValuePenguin, nearly $62 million in weather-related property damage has already been tallied since the start of winter. The sheer volume of claims filed due to weather-related damage has placed immense pressure on insurance companies and their outsourcing claims partners, testing their capacity to manage and process claims efficiently.
The ability to quickly and accurately assess damage, process claims, and provide timely compensation to policyholders became paramount. Florida’s SB 2A law delivered on its promise to reform claims processing in the state, and its influence is predicted to blaze a path for other states and jurisdictions.
Last year highlighted the need for improved risk assessment and mitigation strategies. Insurers have had to re-evaluate their risk models to account for the increasing frequency and severity of extreme weather events. This has led to a greater emphasis on proactive measures, such as lobbying authorities having jurisdiction to implement resilient construction standards
and urging policyholders to invest in protective measures like flood barriers, hurricane shutters, and fire-resistant materials.
Impact on Auto Claims
Floods, hailstorms, and hurricanes resulted in extensive damage to vehicles, leading to surges in claims, as well as the price of coverage. According to E&E News, auto insurance rates climbed 15% in the first half of 2024. One of the key challenges faced by insurers was the need for rapid and accurate damage assessment.
The use of technology, such as AI-powered image recognition, proved invaluable in expediting the assessment process and ensuring accurate evaluations.
Many policyholders were caught off guard by the extent of their coverage limitations, particularly in relation to natural disasters. This has prompted insurers to re-examine their policy offerings and consider the inclusion of more comprehensive coverage options that address the growing risks associated with extreme weather events.
The importance of data analytics and predictive modeling cannot be overstated. By leveraging historical data and
advanced analytics, insurers and their third-party claims management partners can better anticipate and prepare for future weather-related risks. This not only helps in pricing policies more accurately but also in identifying potential areas of risk and implementing targeted mitigation strategies.
Future Implications and Strategies
The extreme weather events of 2024 have undoubtedly reshaped the landscape of the insurance industry, and 2025 is expected to bring similar weather patterns. It is crucial for insurers to take a proactive and adaptive approach to managing weather-related risks. This includes partnering with vendors that are investing in advanced technologies, such as AI and machine learning, to enhance claims processing and risk assessment capabilities. Collaboration and information sharing will play a vital role in the industry’s ability to respond to future challenges. By working together with claims vendors that have voluminous data aggregation strategies, government agencies, meteorological organizations, and other stakeholders, insurers can gain access to valuable data and insights that can inform their risk management strategies. Additionally, insurers can play a pivotal role in promoting and incentivizing the adoption of resilient construction practices and sustainable development.
Powell is president of EFI Global Inc. and executive vice president of Property Americas for Sedgwick.
Risk is everywhere. In everything. With Applied Underwriters by your side, the gears of commerce, innovation, and exploration keep turning. Experience the unrivaled heart and unwavering service that only Applied delivers. Learn more at auw.com or call (877) 234-4450.
