To be fair, there have been literally hundreds of these E&S brokers pop up all over the country. They mostly sprouted when the market was hard around 15 years ago and got big in a hurry because of the high rates and low supply of certain kinds of insurance i.e. catastrophic property. They have been suffering these last 10 years with the eroding and softening market price and lower deman.
As an agency manager, they are as abundant as cockroaches and frankly, about as useful. I feel for them as many of the E&S crowd are really good underwriters. But supply and demand has taken a wicked bite from their ranks and we, like so many other agencies, have consolidated our MGA’s, mostly to leverage one or two more points of commission.
I have 3-5 calls a week from E&S Brokers wanting my excess business. Most, I have never heard of. We just do business with the very established brokers with the widest array of markets and the most responsive service.
With the misinformation I see you spreading on here fairly regularly it’s a real miracle you have an established book of business. Your poor customers don’t know how bad they have it.
To be fair, there have been literally hundreds of these E&S brokers pop up all over the country. They mostly sprouted when the market was hard around 15 years ago and got big in a hurry because of the high rates and low supply of certain kinds of insurance i.e. catastrophic property. They have been suffering these last 10 years with the eroding and softening market price and lower deman.
As an agency manager, they are as abundant as cockroaches and frankly, about as useful. I feel for them as many of the E&S crowd are really good underwriters. But supply and demand has taken a wicked bite from their ranks and we, like so many other agencies, have consolidated our MGA’s, mostly to leverage one or two more points of commission.
This is my experience, as well. Rates are unsustainably low for wholesalers doing anything except niche exposures.
I have 3-5 calls a week from E&S Brokers wanting my excess business. Most, I have never heard of. We just do business with the very established brokers with the widest array of markets and the most responsive service.
With the misinformation I see you spreading on here fairly regularly it’s a real miracle you have an established book of business. Your poor customers don’t know how bad they have it.