Macroeconomic factors and the marketplace have created favorable conditions for the insurance industry (as a whole) leading to strong, consistent profitability. While the industry continues to offer benefits like stability, recurring revenue and a robust secondary market, new challenges have emerged that can impact the insurance business negatively and create additional risk.
A client asked me, “Did I wait too long to sell?” Since the number of deals has generally been in decline since mid-2022, some agency owners may wonder if they missed the boat. They haven’t. In the second quarter of 2022, there were 1,206 deals announced for the prior...
Vertical specialization—where insurance producers focus on specific industry sectors, niches or lines of business—is quickly gaining ground as an approach for accelerating growth. It has proven to enhance client retention, build efficiency and foster...
If you’re an independent insurance agent, today’s clients—like those of, well, any service provider—expect handcrafted personalized solutions tailored to their specific needs—whether it’s their industry, niche or unique circumstances. The best thing about this...
Amid growing concerns about the financial health and stability of the insurance marketplace, the personal-lines sector has experienced significant disruption, driven by carrier withdrawals and a rise in insolvencies. These developments are further constricting an...
In today’s challenging insurance landscape, managing errors-and-omissions risk is crucial. The hard market has brought with it unprecedented operational challenges—from staffing shortages, to shifting carrier appetites—and insurance agents must adapt quickly to avoid...
All homeowners should brace themselves for sticker shock next time their homeowners policy is up for renewal. Inflation’s effects on the construction industry and the broader economy extend to premiums charged on insurance policies. While it may cost more now, the...
The hard market has been a recurring topic of conversation over the last several months as something impacting insurance producers nationwide significantly. Diving further into the topic, the recent pattern of carrier withdrawals from various markets has become rather...
Dear PIANY members, I’m writing to you to discuss the recent announcements from Adirondack Insurance Exchange and AmGuard Insurance Co., regarding their decisions to withdrawal from specific insurance marketplaces. When the announcement was made, an email was sent to...
In the 2023 E&S edition of PIA Magazine, I wrote about the perils and pitfalls that insurance producers face when placing business in the nonadmitted—or excess & surplus lines—marketplace through the lens of Lord of the Rings. [EDITOR’S NOTE: You can access...
