The Wholesale & Specialty Insurance Association (WSIA) recently engaged Reagan Consulting to conduct a Membership Performance and Benchmarking Study aimed at providing insights into the surplus lines insurance business.
"This was the first year of this study, but it will be updated annually moving forward," WSIA Executive Director Brady Kelly said in response to questions about the research posed by PropertyCasualty360.com.
Kelly said the value of the research is that it provides excess and surplus (E&S) lines insurance firms with concrete business-performance data by which they can evaluate their financial standing and adjust processes as needed. The study looked at such factors as:
- Organic growth
- Profitability
- Expense ratios
- Operating margin
- Compensation per employee
- Distribution approaches
- Retention rate
"There is no other information like it for wholesale, specialty and surplus lines distributors," Kelly said. "This tool will allow participating firms to track those benchmarks over time."
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Elana Ashanti Jefferson
Elana Ashanti Jefferson is ALM PropertyCasualty360's Editor in Chief. She is a veteran journalist and communications professional. Reach her by sending an e-mail to [email protected].
