You don't have to be a big firm in a big market to do big niche business.
According to Big I and Reagan Consulting's Best Practices study, conducted every 3 years and based on the previous year's financial results, agencies across all sizes and locations have experienced steady growth in specialization. Even in the economic dark days of 2009, agencies dedicated more resources to niches.
A major contributor to growth since then, beyond a better economy and a harder market, was the specialization trend, said Shirley Lukens, senior vice president VP at Reagan. Of the agencies with less than $1.25 million in revenues, 40% had at least one specialty line in 2013—up from 25% in 2010. For agencies with more than $25 million in revenues, that number was 80%.
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