CRC Wholesale Group
I believe the single biggest
challenge for the wholesale
and specialty insurance industry is also our biggest collective
opportunity: delivering to the
needs of clients in a fast-changing
While there is a lot of focus
on the potential disruptions from
insurtech, the reality is that more
meaningful immediate changes
are already happening every day
in our industry. Look at the distribution side of our industry in particular. If you think about it, it was not long ago that the best wholesale brokers and underwriters were individuals with strong domain
expertise, transactional capabilities and strong client and carrier
relationships. Those same characteristics remain critical — but now
these “best of the best” wholesale brokers and underwriters are found
at firms that can provide a robust, nationwide platform with the
resources to meet the needs of retail clients.
As retail firms themselves are forced to up their game to win and
retain business, they are increasingly expecting their wholesale partners to not only excel in transacting business but also be able to offer
It’s a new day.
Want to simplify your job?
We do. Colony Specialty's Contract P&C underwriters
are here to help you write tougher risks. We provide
broader, easier-to-understand guidelines, all with greater
underwriting authority and improved rating systems.
Learn more: argolimited.com/contract
SAN DIEGO | WWW.WSIA.ORG
Senior Vice President
ln my opinion, the greatest
challenge facing those of us in
the insurance industry today —
in total, not just the Excess and
Surplus lines segment — is the
prolonged soft market we are
experiencing. Capacity, i.e.,
competition, in our market is
readily available and because
of this, insurance rates and
premiums for Property and
Casualty have been stagnant, at best (Casualty) and in many cases
facing significant downward pressure (Property).
This competition puts tremendous pressure on pricing, and in
turn more importance is placed upon the risk-selection process. At
the same time, this creates great opportunity as virtually everything is
being shopped. Submission activity continues to be through the roof.
We view this as getting many “at-bats.”
That is the beauty of our segment of the industry: It is in the soft
portions of the insurance cycle that we truly get to shine. This is
when our underwriting (risk selection) is sharpest, and we are at our
creative best. This is when new products are developed, and when
new approaches to the business are created. This is our time.
WSIA Board Members weigh in on what they consider the most pressing
issues for their business in the year to come
E&S’ GREATEST CHALLENGES (AND
BIGGEST OPPORTUNITIES) AHEAD
CONTINUED ON PAGE 14