THREE TEXAS AGENCIES MAKE '50 BEST COMPANIES' LIST
Three independent insurance agencies were among the "50 Best companies to work for in Texas" honored at a luncheon hosted by the Texas Assosiation of Business, Texas Monthly magazine and the Society for Human Resource Management-Texas State Council.
Higginbotham & Associates (ranked 10), Insurance & Bonds of Texas (23) and McQueary Henry Bowles Troy (27) are among the 50 companies selected by this new-to-Texas program managed by Best Companies Group.
The multi-year initiative is designed to motivate companies to focus, measure and move their workplace environments towards excellence. Its goal is to raise the bar among the state's employers and create excellence and employee satisfaction in the workplace that will attract talented people for years to come.
The selection process was based on an assessment of the company's employee policies and procedures and the results of an internal employee survey. All participants receive an Assessment Findings Report to help them develop and implement plans to create a great workplace and continue to improve the performance of their business.
Winners are featured in the February issue of Texas Monthly and can be viewed online at www.texasmonthly.com/sections/bestcompanies/22.
WHAT E&S BROKERS PAY
More than three-quarters (77%) of wholesalers and brokers said that firm salaries increased in 2005 compared to 2004. Nearly half (49%) of all E & S firms answering Insurance Journal's survey reported paying their producers a combination of salary plus commission.
The majority of firms (80%) reported that commission rates stayed right where they were in 2005 compared to 2004.
Most firms (50%) received 16% to 20% for new policy commission from insurers in 2005 for small commercial, while 20% of those who responded to the survey receive 11% to 15% in commission. A third (33%) said they received 11% to 15% in commission for new large commercial, while another 31% receive 16% to 20% in commission. On average, renewal policy commission rates remained the same.
The majority of firms paid retail agents 6% to 10% commission for new and renewal commercial policies in 2005, both small commercial and large commercial.
Nearly all (92%) of the E&S wholesale firms and brokerages have plans to acquire another firm in 2006, which could turn out to be a challenge since only 13% plan to sell.
