2022 Year In Review

2022 REPORT

A NOTE FROM FAIA’S PRESIDENT & CEO

In many ways, 2022 was a return to normal for FAIA events following the pandemic, but it also proved to be another challenging year for Florida’s insurance market. As market conditions continued to deteriorate for personal and commercial lines and seven homeowners carriers became insolvent, agents had fewer options for your customers. Much like our members, our team sometimes felt hopeless, not having all the answers and solutions you have come to expect from FAIA. Which leaves you with no option but to persevere and know brighter days are ahead.

FAIA remained focused on our mission and the strategic plan our Board of Directors adopted to provide EVERY member with a meaningful value proposition. Just a few examples include:

• FAIA Education created a 10-hour continuing education course catalog that is free to every agency member and their employees.

• FAIA Member Services (FMS) added many new preferred providers and insurance markets to help members thrive and grow.

• FAIA Government Affairs played a pivotal role during two special sessions that led to historic property insurance reform that will lead to market stability in the years to come.

A year in review wouldn’t be complete without mentioning the devastating impacts of Hurricane Ian. Once the total losses are accounted for, Ian is likely to be one of the costliest storms in US history. FAIA is proud of the work done on behalf of our members in the aftermath of Ian. From delivering essential supplies in the days after landfall to the legal and regulatory advice still being provided to members and their clients, FAIA was a resource to members during their greatest time of need.

Hurricane Ian also stressed a very fragile homeowners market. While it is currently unknown whether losses from Ian will lead to

additional insolvencies, the Florida Legislature took bold action in December. It passed the most aggressive and meaningful property insurance reform in the last 30 years. Those reforms won’t change the market immediately, but capital markets across the globe have taken note and will hopefully lead to additional capacity in the years to come.

This report is a collection of highlights, accomplishments, and successes from 2022. I am proud to say there were many. Your association is as strong as ever because of our members and the contributions of our volunteer leaders and Board of Directors. Thank you for your membership, and we look forward to continuing to serve as your trusted business partner.

KYLE ULRICH, CAE PRESIDENT & CEO

THE BIG PICTURE

The Florida Association of Insurance Agents is a nonprofit state trade association of insurance agencies affiliated with the Independent Insurance Agents and Brokers of America, Inc. The association’s wholly-owned subsidiary, FAIA Member Services, provides products and services to agencies as a benefit of membership. Our mission is to serve the needs of Florida insurance agents and consumers by promoting a healthy and competitive insurance environment. This year, we served our members through advocacy in the Legislature, continuing education, professional development, networking, and exclusive member benefits.

In 2022, FAIA saw continued growth in its member count and a surge in participation in popular events like Convention, the YAC Sales and Leadership Conference, and Capitol Days. FAIA remains among the largest agent associations in the U.S., and we are proud to serve members as strong advocates and vital business partners.

Working for Florida’s independent agents since

1904

While there are many ways to measure the financial health of an organization, the growth of FAIA’s total reserves over the last decade speaks volumes. For more detail, read our 2022 Condensed Consolidated Financial Statement.

MEMBERSHIP

Our organization is strong because our membership is strong. In 2022, we maintained the largest agency membership count among all Big “I” state associations.

This year, we added new agency members to our growing roster of member agencies for an annual total of 2,169 members. The association is also home to 273 associate members. This year, we retained 95 percent of our members, and over the past seven years, we have maintained a retention rate above 90 percent.

2,169

P.A., Melbourne

• Blanchard Insurance, Inc., Altamonte Springs

• Bob McMullen Insurance Agency, Inc., Bonita Springs

• Brandon Insurance Agency, Inc. dba Brandon Insurance, Brandon

• Brown Insurance & Financial, Seminole

• Buhl Insurance Agency, Inc., Tampa

• Business Insurance Center, Inc. dba Newsome and Associates, Orlando

• Carla Klein Insurance Services, Vero Beach

• Charlotte Insurance Agency, LLC, Port Charlotte

• CLC Insurance Agency, Inc., Safety Harbor Coastal Insurance Services, Naples

• Corkhill Insurance Agency, LLC, Orlando

• Dees Insurance Group, Sarasota

• Douglas M. Croley, Inc., Tallahassee

• Equinoks dba Behar Insurance, Boca Raton

• Frank H. Furman, Inc., Pompano Beach

• Great South Insurance Agency, LLC, St. Petersburg

• Gulf Harbor Insurance, Cape Coral

• Harvey E. Oyer, Jr., Inc. dba Oyer, Macoviak, and Associates, Boynton Beach

• HH Insurance Group, LLC, St. Petersburg

• Insurance Group of Central Florida, Inc., Winter Park

• Insurance Solutions Amie Alexander, Vero Beach

• Jack Rice Insurance, LLC, St. Petersburg

• Kretschmer Insurance Agency, Inc., Ft. Pierce

• Locklin Insurance Agency, Inc., Milton

• Marker Insurance, Hollywood

• Masi Insurance, Inc., Seminole

• Massey, Clark, Fischer, Inc., West Palm Beach

• MDS Insurance Services, Inc., Coral Springs

• O’Neil, Lee & West, Inc., Orlando

• Palmer Insurance Agency, Inc., Bartow

• Parker Price Insurance Agency, LLC, Gulf Breeze

• Peace River Insurance, LLC, Arcadia

• Regan Insurance Agency, Inc. dba Regan Roth Insurance, Tavernier

• Responsive Insurance, Inc., Naples

• Robert Nichols Insurance Group, Inc., Tequesta

• Rowley Insurance Agency, Inc., Englewood

• Aegis Insurance Group, LLC, Clearwater

• All Insurance Source, Inc., Vero Beach

• Ameriwide Insurance Solutions, LLC, Tampa

• Ashford Group and Associates, Inc., Riverview

• Assured Insurance Services, LLC, Stuart

• Bellken Insurance Group, Coral Springs

• Bill & Sheila Gaylor Insurance Professionals,

• Sikora & Moore Insurance, PLLC, Venice

• Strong Tower Insurance, Inc., Plant City

• Tanya Grubii Insurance Agency, Inc., Naples

• The Beacon Group, Inc., Boca Raton

• The Insurance Center of NW FL, Mary Esther

• The Peeples Insurance Agency, Sarasota

• Vista Insurance Alliance, LLC, St. Petersburg

agency member locations

associate members

HURRICANE IAN

FAIA always strives to be a trusted partner and advocate for Florida’s agents, but that becomes especially evident for many members when disaster strikes. When forecasts about what would later become Hurricane Ian began to circulate, FAIA implemented our disaster communication plan with resources to help members prepare for the storm. After the storm passed, our Member Advocates reached out to every member agency who was potentially impacted to find out how we could best serve them.

over time and FAIA made sure that members were receiving the supplies they needed to most efficiently serve their customers. From technology needs like hotspots, to food, ice, hygiene products, and a semi-trailer for agencies, their employees, and consumers to store items. FAIA delivered when our members needed us the most. Concurrently, FAIA worked to ensure members had access to the latest regulatory guidance from the Office of Insurance Regulation (OIR) and the Florida Department of Financial Services (DFS).

In the days following the storm, Member Advocates and other team members made nearly 600 outbound calls and sent emails to all member agencies in heavily affected areas. Based on the feedback we received, FAIA sent teams each week for a month with needed supplies. Anyone who has been through a hurricane knows that needs change

The Trusted Choice Disaster Relief Fund, which was created and administered by the Big “I,” began accepting donations and grant applications within days after Ian made landfall. The fund was established to provide financial assistance to agency owners and their employees who experience hardship due to uninsured losses caused by a disaster. Nearly every other Big “I” state association made significant contributions to the fund totaling more than $150,000 to help support Florida agents.

ADVOCACY

Following a year where the Capitol was closed and FAIA’s annual Capitol Days was canceled, the excitement for 2022 couldn’t have been higher. More than 150 agents from across the state attended Capitol Days to reconnect with other members in person and advocate for meaningful legislative reforms.

• Repeals one-way attorney fee statutes for first- and third-party lawsuits;

• Establishes standards for attorney fee multipliers and bad faith actions;

• Prohibits assignment of benefits for property insurance claims;

• Provides short-term reinsurance options to Florida’s insurers;

• Strengthens requirements for insurer claims handling practices;

• Provides consumer options for insureds with older roofs;

• Grants discretion to the OIR to extend the cancellation period for policies of an insolvent insurance company to provide more time to agents to replace the policy; and,

• Funds the My Safe Florida Home grant program.

During the 2022 election cycle (2020–2022), FAIA’s political action committees, through your generosity, collectively raised over one million dollars. These critical resources allow the association to develop relationships with and support candidates willing to fight for a stable and competitive insurance marketplace.

There is no doubt that 2022 will be considered one of the most impactful years for the association’s legislative advocacy efforts in recent memory. A legislative stalemate during this year’s regularly scheduled Legislative Session led to the untimely demise of insurance reforms, including many of FAIA’s top priorities. However, the story didn’t end there. The Legislature returned for not one but two Special Sessions to address Florida’s failing property insurance marketplace.

During the three legislative sessions, FAIA successfully advocated for the legislative priorities established by the association’s Board of Directors and Legislative and Regulatory Advocacy Council. The association’s advocacy efforts contributed to the passage of property insurance legislation Including, but not limited to:

Read about all the reforms passed this year on our website.

Just as Florida’s property insurance did not collapse overnight, the relief from legislative reforms will not be felt overnight. However, the reforms send a strong message that Florida is serious about stabilizing the property insurance market and creating an environment to attract capital and create more options for Florida’s insurance consumers.

YOUNG AGENTS COUNCIL

FAIA’s Young Agents Council is dedicated to fostering a supportive environment for young insurance professionals committed to growing their careers and communities. Building on lessons learned the year before, YAC hosted 25 in-person and virtual events in 2022. Continuing its successful trend of YAC members ascending to FAIA volunteer leadership, several former and current YAC members will serve on FAIA’s 2022–2023 Board of Directors, including Mary Katharine Lawler and Patricia Clawson Hamilton.

This year, Trey Sinclair received the YAC of the Year Award, which recognizes an individual who has achieved a successful career in the independent agency space, has made innovative contributions to the Young Agents Council, and has distinguished themselves as a future leader within the industry. Trey, who first served as the YAC chair-elect and then chair in 2022, has been a passionate voice for both YAC and the insurance industry since attending his first FAIA convention in 2018. Since becoming a YAC member, Trey has volunteered on the YAC Task Force each year, graduated from the FFIL program, hosted YAC events in Jacksonville, and attended nearly every statewide YAC event.

Amwins was recognized as the 2022 YAC Company of the Year. The award is given to company partners that make significant strides

Amwins

to contribute to the success of YAC and the insurance industry. Amwins not only supported YAC with participation in events, but they also added 20 members to the YAC roster this year and have been platinum sponsors for three years in a row.

As part of its community outreach, FAIA’s YAC partners with four non-profit organizations across the state each July for a school-supply drive.

Last year, YAC collected nearly $10,000 in school supplies and donated them to underprivileged children across Florida. Items collected ranged from scissors and crayons to backpacks and math supplies.

FAIA’s YAC also raised more than $13,000 for Folds of Honor last year and, in total, has donated more than $188,000 to Folds of Honor since 2010.

Trey Sinclair named 2022 YAC of the Year

$10,000 in school supplies collected and donated to underprivileged children in Florida

was named YAC Company of the Year

CONVENTION 2022

In 2022, FAIA’s annual Convention and Education Symposium welcomed 1,577 registrants. Each year, FAIA’s chair helps to select the theme for our Convention. Reflecting on the challenges we all overcame during the COVID-19 pandemic and the lessons learned in the aftermath, Chair Steve Clein chose the theme “Navigate the Present, Prepare for the Future.” All told, more than 2,600 people, including 306 exhibitors, attended last year’s Convention. Outpacing the previous year’s attendance by more than 200.

Sam Rogers, Jr. was this year’s recipient of the Mitchell Stallings Award, FAIA’s most prestigious award. Presented with the award at Convention, Rogers was recognized for his lifetime of leadership, integrity, and service to the industry.

Rogers has spent nearly 40 years in the industry and grew up in the business with his dad. A Tallahassee native and Florida State University graduate, Rogers started his career

in 1982 as a Surety Bond Underwriter in New Orleans before returning to Tallahassee to work with Rogers-Atkins Insurance (now Hub International Florida dba Rogers, Gunter, Vaughn Insurance, Inc.) in 1986, where he later assumed the role of Chief Executive Officer in 2008.

He has spent more than 13 years serving FAIA in various positions, including serving as a member of the FAIA Board of Directors, chair of the FAIA Education Council, chair of the FAIA Finance Committee, chair of the FAIA Insurance Programs Committee, chair of the FAIA Member Services Board, past president of the Independent Insurance Agents of Tallahassee, and chair of FAIA in 2013.

With service at the cornerstone of his personal and professional life, Rogers has also served in volunteer leadership positions in several local organizations including the the Tallahassee Chamber of Commerce, the Tallahassee/ Leon County Economic Development Council, United Way of the Big Bend, National Seminole Boosters, and the Leon County Schools Foundation among others.

EDUCATION

Education is one of the founding pillars of FAIA. The association’s goal to deliver the best professional training for independent agents is always top of mind, and we strive to introduce new content in the best way possible. While most of that content is delivered virtually, in 2022, we resumed in-person classes for The National Alliance.

This year, the Education Department offered a roster that included 81 unique classes. Collectively, the classes were held a total of 556 times and drew in nearly 8,000 students over the course of the year. For National Alliance classes, 20 CISR classes were offered, along with five CIC Institutes and eight Ruble Graduate Seminars. More than 1,000 students attended our National Alliance classes this year.

Building on the success of previous iterations, our team held a Spring E-Summit in March

2022. Each member who attended the virtual conference was eligible to receive up to 12 hours of complimentary continuing education as part of their membership. More than 1,700 agents took advantage of the event, with attendees earning a total of 4,250 hours of CE.

FAIA’s Education team also continued to offer academies, creating a path to help prepare qualified 4-40 licensees to sit for their 2-20 exam. In addition to the 2-20 Academy, FAIA hosted an Academy to help agents convert their 4-40 license to a 20-44 personal lines license. To date, the Academies have prepared more than 100 applicants to sit for the state exams.

FAIA’s commitment to professional development has been recognized by the Big “I” for the last 15 years, with the association consistently earning the highest education accolades. Continuing our tradition of excellence and commitment to education, FAIA again earned the Diamond Elite recognition in 2022, marking the fourth consecutive year we’ve earned the designation.

WORKFORCE DEVELOPMENT

Closing the talent gap for FAIA members is a top priority for our team. The association believes providing support to the 11-state college risk management programs, along with Florida State University and the University of South Florida, is one of the keys to closing that gap.

This year, 10 insurance companies pledged $38,500 to the Good Works Fund to support workforce development in our state. Thank you to American Integrity, Amwins, Cabrillo, Enterprise Holdings Foundation, Florida Peninsula, Frontline, Liberty Mutual/Safeco, Pure, Tower Hill, and UPC for your donations.

During our Summer Leadership Conference, the Workforce Development and Good Works Fund committees also came together to adopt a

plan of work for the future. Some of those plans included participating in onsite campus events, attending college advisory and faculty meetings, and developing industry-specific videos, to name a few.

FAIA believes providing financial support for these programs is helpful but having boots on the ground is also a crucial part of pushing for the change we want to see.

MEMBER SERVICES

FAIA Member Services adds value to membership by offering best-in-class professional liability coverage, market access, and a suite of exclusive products and services through our Preferred Providers Program. Our goal continues to be our independent agents’ best business partner.

In 2022, FMS rewarded FAIA members who are taking advantage of our products and service offerings with more than $230,000 in utilization bonuses. Utilization bonuses will be paid to more than 550 member agencies across the state. Over the last 12 years, FMS has awarded more than $2 million in utilization bonus money to FAIA members.

$239,706

in utilization bonuses awarded to 561 member agents across the state

As FMS continues to expand its market access programs, FAIA members earn more commission dollars. These competitive programs have returned over $100 million in commission income for agents over the past 12 years.

Our E&O team currently manages a $9.2 million professional liability book of business that includes 1,050 in-force policies. In 2022, the E&O program wrote over $900,000 in new business premium! The FMS/RLI umbrella program team wrote over $3.1 million in new business premium, ranking the RLI program number one within the Big “I” program. The team manages 16,103 policies with $13.5 million in premium volume, ranking the book of business, once again, number one within the Big “I” program.

MARKET ACCESS

We know market access is essential to the success of our members. That’s why we’ve worked to make sure FAIA members have access to options including the following:

IMS

Initially founded in Florida, Independent Market Solutions is now jointly owned by independent agent associations operating in 17 states. Its mission is to perpetuate the independent agency system by providing greater access to competitive insurance markets and creating direct appointments when agents reach an established premium threshold.

BIG “I” MARKETS

Big “I” Markets is an online market access system available exclusively to Big “I” members, featuring no fees, no volume commitments, and competitive commissions. FAIA members have access to a suite of toptier products, including affluent homeowners, bonds, small commercial packages, habitational, and non-standard homeowners.

BIG “I” EAGLE AGENCY

Eagle Agency provides Big “I” members with direct access to preferred personal lines and/ or commercial lines in 49 states and the District of Columbia (not available in HI) with minimal volume commitment. The program strives to fit the member’s personal lines needs by incubating until they qualify for a direct appointment.

Currently, Florida agents have access to the following carrier partners:

Personal Lines: American Traditions Insurance Co., Cypress Property & Casualty Insurance, Foremost Signature Home & Auto, Heritage Insurance, JIBNA, Monarch Insurance, National General, Progressive, Swyfft, Travelers, and Universal North America Insurance Co.

Commercial Lines: Attune, Coterie, National General, Normandy, Insurance Company, Progressive, RentSense, RMS Hospitality, Scottish American, and V3 Insurance

MARKETS .