A program is defined as an insurance product targeted to a particular niche market or class, generally representing a group of similar risks placed with one carrier – Target Markets Program Administrators Association (TMPAA)
Program business premium revenues increased by 7.4 percent reaching $32.3 billion in 2014, up from $30.1 billion in 2013. – TMPAA 2015 “The State of Program Business” study
“Lloyd’s of London, which currently has 89 Syndicates, writes about 20 percent of the U.S. program business market through approximately 1,200 coverholders.” – Glenn Dorr, Lloyd’s Northeast Regional director
The number of insurance programs increased slightly compared to 2013 with approximately 2,100 programs and 1,000 program administrators – TMPAA 2015 “The State of Program Business” study
“The key to programs is knowing your market, knowing your niche. Do you have a competitive advantage? Do you have a better program than anybody else does? Are you marketing it appropriately? I’ve seen more programs fail because they don’t put the horses in. They don’t put the time in to figure out how they’re going to market it.” – Ron Boudreaux, executive vice president, National Accounts, Breckenridge Insurance Services
“The program space is alive and well. [There are] a lot of carriers that understand the program space, and are very eager to get in and learn with different program administrators. As long as you have a track record, a proven record of doing things, then they’re willing to do business with you.” – Chris McGovern, senior vice president at All Risks Ltd.
“The program space continues to be a real positive area for the insurance market as a whole… It’s outpacing the traditional commercial insurance space. I expect that will continue to happen as more programs are developed, as more carriers enter the marketplace.” – Bob Newmarker, head of Sales, Zurich Programs
“Being able to diversify amongst programs but also to be able to define yourself as having a market niche is very important… I think that’s where the key to the future is, really. Everybody wants a professional relative to the industry that they’re in. That means a program administrator and a program manager.” – Lisa Paul, president and CEO, Paul Hanson Partners
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