Inaugural WSIA Benchmarking Study tracks E&S insurance business
Association member firms provided 2020 premium data that comprised 65% of the U.S. surplus lines business.
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.”
The study also furthers WSIA’s mission of representing the interests of its members through networking, education, talent recruitment and regulatory and legislative advocacy. “It’s important that we know as much as possible about member firms in order to do that effectively,” Kelly said.
The graphic below assembled by WSIA and Reagan Consulting summarizes the results of the 2021 Performance Benchmarking Study.
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