Insurance Journal West 2026-09-07 by Insurance Journal

Competitive Advantage. What makes us different? Workers Compensation Insurance Coverage in most states

844-761-8400 • omahanational.com

What a Soft Market Means for Older Frame Habitational Risks

s the multifamily and habitational insurance market softens, competition for older frame construction with strong maintenance profiles and stable loss history has increased significantly. After years of rising deductibles, tighter underwriting standards and reduced carrier appetite, capacity is returning to the market and pricing momentum has moderated. For retail agents and wholesale brokers, that creates new opportunities—along with increased retention pressure. Brokers who understand the mechanics behind the changing market environment will be better positioned to retain accounts, improve submissions and secure favorable outcomes for their clients. “Underwriting scrutiny on older frame construction still remains—it is simply more nuanced,” AIU writes in a recent white paper outlining the market shift. “Risk differentiation now drives pricing more than market momentum.”

What Are the Markets Targeting?

Amalgamated Insurance Underwriters (AIU) is seeing renewed appetite for risks with “proactive ownership, modern systems and clean, consistent loss experience,” said Aaron Lowenthal, the MGA’s senior sales director. AIU specializes in underwriting multifamily and habitational risks with a focus on older frame construction and complex property portfolios. According to them, carriers are increasingly targeting: • Properties with modernized plumbing and electrical

• Smaller portfolios with lower per-location TIVs • Sprinklered risks or central station alarms • Value-add projects with documented capital expenditures. Competition remains strongest on accounts with clean three- to five-year loss histories.

What Does This Mean for Brokers Working with AIU?

Agents and brokers should expect modest renewal decreases on stronger risks, rapid quote turnaround times, a streamlined renewal process, and clear direction every step of the way. Older frame multifamily properties remain challenging exposures, but underwriting quality now plays a larger role in pricing and coverage terms as competition increases.

How Can Brokers Stand Out?

Don’t treat your book as one homogeneous portfolio anymore. AIU advises agents and brokers with significant pre-1980s wood frame construction portfolios to segment their books into three tiers—institutional quality, mid-tier and lower tier—based on maintenance quality, system updates and loss history. Doing so helps identify which accounts deserve premium positioning and which risks require more proactive management. Brokers can strengthen submissions and reduce underwriting uncertainty through thorough documentation. AIU recommends completed SOVs with full COPE information, five-year loss runs with narrative commentary and datestamped roof documentation.

Underwriters also emphasized the importance of starting the renewal process early. According to AIU, a proactive renewal strategy beginning 60 days before renewal is one of the most effective retention tools available in a soft market. “Waiting until 30 days out cedes narrative control to competitors,” AIU said. “Early engagement is the single most effective retention strategy in a softening cycle.”

The Bottom Line

Many insureds do not fully understand how replacement cost modeling, CAT exposure and reinsurance trends influence pricing. Explaining these factors positions brokers as advisors—not shoppers. Underwriting discipline still matters. Brokers who understand risk differentiation, segment portfolios strategically and engage markets early will be best positioned to retain business and secure stronger outcomes for clients.

About AIU

AIU continues deploying capacity selectively on older frame habitational risks with strong underwriting fundamentals. While remaining disciplined on aging, under-maintained properties with systemic loss concerns, they continue supporting complex older frame portfolios backed by proactive ownership and sound risk management. Visit aiu-usa.com to learn more.

AIU places the commercial properties that demand real expertise — older frame construction, multifamily, hotel or healthcare accounts — with E&S coverage built to hold up, not hollow out. We lead with underwriting intelligence, uncanny turnaround speed, and unparalleled coverage. Because your clients deserve more than just another market.

SPEAK TO A REP: AIU-USA.COM HELLO@AIU-USA.COM 800.613.2600

ZURECH 347.765.7824

Soft market. Same board. Different game.

September 7, 2026 • Vol. 104 No. 13

Contents News & Markets

Special Report

Idea Exchange

New AIG CEO Andersen Talks Marketplace ‘PassThroughs,’ Opportunity

Nuclear Verdicts Go Boom, Increase 40.7% in 2025

Homeowners Insurance Market Reaches ‘Fragmented Phase,’ Says S&P GMI

Willis Towers Watson Accuses Lockton of ‘Smash and Grab’ of Construction Team

Workers’ Comp in an AI Era: Report

Spotlight: Can Reinsurers Maintain Underwriting Discipline or Will ‘Irrational’ Competition Return?

Spotlight: Munich Re, Lloyd’s Top List of 50 Largest Global Reinsurers: AM Best

Special Report: Best Agencies to Work For 29 Overall Best Agency to Work For: Higginbotham 30 GOLD Best Agency to Work For – East: Bell & Hudson Insurance 31 GOLD Best Agency to Work For – Midwest: The Bulow Group 32 GOLD Best Agency to Work For – South Central: Swingle Collins & Associates 33 GOLD Best Agency to Work For – Southeast: Oakbridge Insurance 34 GOLD Best Agency to Work For – West: The Mahoney Group

Is It Covered?: Beware These Commercial Property Endorsements!

The Competitive Advantage: Craftspeople and Money People

Insurance Innovation That Actually Solves Problems: How to Avoid Building Tech No One Uses

Why Coverage Clarity Is the New Competitive Advantage

Insurer Viewpoint: Why Insurance Must Move Beyond AI Pilots to RealWorld Adoption

Minding Your Business: How to Find Your Why

Closing Quote: Why Organic Mentorship Is Insurance Industry’s Best Retention Tool

Spotlight: Hotels, Restaurants See Favorable Property Market But Casualty Still Challenging

Departments 6 Opening Note 4 | INSURANCE JOURNAL | SEPTEMBER 7, 2026

16 Business Moves

18 People

20 Figures

21 Declarations

27 My New Markets

INSURANCEJOURNAL.COM

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Build equity value while remaining 100% independent. Increase profit-sharing revenue with enhanced incentives for profitable growth. Win more new business through optimized markets. Grow top-line commission revenue.

Opening Note Write the Editor: awells@insurancejournal.com

ADMINISTRATION / CIRCULATION

Small Business Satisfaction

Chief Financial Officer Terry Freeburg | tfreeburg@wellsmedia.com Circulation Manager Elizabeth Duffy | eduffy@wellsmedia.com Staff Accountant Sarah Kersbergen | skersbergen@wellsmedia.com

EDITORIAL

echnology is helping to improve satisfaction levels overall for small business owners, according to JD Powers’ recent 2026 U.S. Small Commercial Insurance Study The survey showed that small businesses’ overall satisfaction with small commercial insurers rose 15 points (to 713 on a 1,000-point scale), primarily driven by improvements in digital support and rates. The biggest gains resulted from improved digital channels (+29 points), price for coverage (+16 points), problem resolution (+16 points), and product/coverage offerings (+16 points), according to the study which surveyed 2,900 customers earlier this year, reviewing overall satisfaction levels among small commercial insurance customers with 50 or fewer employees. Seven core dimensions are examined on a poor-to-perfect rating scale (in order of importance: trust; price for coverage; product/coverage offerings; ease of doing business; people; problem resolution; and digital channels). Erie Insurance ranked highest in customer satisfaction among small commercial insurers, with a score of 760. Chubb (746) ranked second and Allstate (732) ranked third. One-third (33%) of small commercial insurance customers experienced a rate increase this year, down one percentage point from last year. Among those who experienced a rate increase, 52% were attributable to insurer-initiated rate taking, as opposed to a change in coverage or exposure. That number is down four percentage points from last year. Insurer-initiated rate increases are tightly correlated with declines in customer satisfaction, noted the study—now in its 14th year. The boost comes as insurers continue to invest in digital tools to aid customers in managing policies without having to speak with an agent. The improvement in satisfaction is most noticeable among micro businesses with less than five employees that now have access that was not previously available because of such investment, the study outlined. Overall customer satisfaction scores are highest (750) when both the insurer and agent completely understand the customer’s business, vs. 547 when neither does. This 203-point gap underscores the critical importance of business understanding, the report stated. “The fact that fewer businesses are experiencing insurer-initiated rate increases is certainly helping to improve customer satisfaction, but the real story here is the trend toward significantly improved satisfaction with insurers’ digital channels,” said Stephen Crewdson, Managing Director of Global Insurance Intelligence at JD Power. “Insurers have spent heavily on improved digital tools that make it easier for customers to engage and manage their polices any time, day or night, and those efforts are paying off in the form of higher levels of overall satisfaction. The trend is most significant among the smallest small businesses, which are now able to access a level of service that was not previously available to them.” V.P. of Content

Overall customer satisfaction scores are highest (750) when both the insurer and agent completely understand the customer’s business, vs. 547 when neither does.

Andrea Wells

6 | INSURANCE JOURNAL | SEPTEMBER 7, 2026

Chairman of the Board Mark Wells | mwells@wellsmedia.com Chief Executive Officer Joshua Carlson | jcarlson@insurancejournal.com

V.P. of Content Andrea Wells | awells@insurancejournal.com Executive Editor Emeritus Andrew Simpson | asimpson@wellsmedia.com National Editor Chad Hemenway | chemenway@insurancejournal.com Southeast Editor William Rabb | wrabb@insurancejournal.com South Central Editor/Midwest Editor Ezra Amacher | eamacher@insurancejournal.com West Editor Don Jergler | djergler@insurancejournal.com International Editor L.S. Howard | lhoward@insurancejournal.com Assistant Editors Jahna Jacobson | jjacobson@insurancejournal.com Kimberly Tallon | ktallon@carriermanagement.com Columnists & Contributors Contributors: Daniel C. Halsey, Abrianne Harmon, Kyle Ramsay, Mary Rimbeyl Columnists: Chris Burand, Catherine Oak, Bill Wilson

SALES / MARKETING

Chief Marketing Officer Julie Tinney | jtinney@insurancejournal.com West Sales Dena Kaplan | dkaplan@insurancejournal.com Romeo Valdez | rvaldez@insurancejournal.com Kelly DeLaMora | kdelamora@wellsmedia.com South Central Sales Mindy Trammell | mtrammell@insurancejournal.com Southeast and East Sales (except for NY, PA, CT) Howard Simkin | hsimkin@insurancejournal.com Midwest Sales Lisa Whalen | (800) 897-9965 x180 East Sales (NY, PA and CT only) Dave Molchan | (800) 897-9965 x145 Advertising Coordinator Erin Burns | eburns@insurancejournal.com Insurance Markets Manager Kristine Honey | khoney@insurancejournal.com Sr. Sales & Marketing Coordinator Laura Roy | lroy@insurancejournal.com Marketing Director Derence Walk | dwalk@insurancejournal.com

DESIGN / WEB / VIDEO

Graphic Designer Chris Johnson Web Team Lead Josh Whitlow | jwhitlow@insurancejournal.com Ad Ops Specialist Jeff Cardrant | jcardrant@insurancejournal.com Web Developer Terrance Woest | twoest@wellsmedia.com Web Developer Jason Chipp | jchipp@wellsmedia.com V.P. of New Media Ashley Cochrane | acochrane@insurancejournal.com Senior New Media Strategist Ashley Waldrop | awaldrop@insurancejournal.com

ACADEMY OF INSURANCE

Director Patrick Wraight | pwraight@ijacademy.com Online Training Coordinator George Jack | gjack@ijacademy.com

SUBSCRIPTIONS:

Call (800) 897-9965

or visit ijmag.com/subscribe Insurance Journal, The National Property/Casualty Magazine (ISSN: 00204714) is published 18 times annually by Wells Media Group, Inc., 3570 Camino del Rio North, Suite 100, San Diego, CA 92108-1747. Periodicals Postage Paid at San Diego, CA and at additional mailing offices. SUBSCRIPTION RATES: $17.95 per copy, $27.95 per special issue copy, $195 per year in the U.S., $295 per year all other countries. DISCLAIMER: While the information in this publication is derived from sources believed reliable and is subject to reasonable care in preparation and editing, it is not intended to be legal, accounting, tax, technical or other professional advice. Readers are advised to consult competent professionals for application to their particular situation. Copyright 2026 Wells Media Group, Inc. All Rights Reserved. Content may not be photocopied, reproduced or redistributed without written permission. Insurance Journal is a publication of Wells Media Group, Inc. POSTMASTER: Send change of address form to Insurance Journal, Circulation Dept, PO Box 708, Northbrook, IL 60065-9967 ARTICLE REPRINTS: Contact (800) 897-9965 x125 or visit insurancejournal.com/reprints

When it comes to risk, nothing happening is something to talk about.

Fewer disruptions. More steady progress. That’s the value of a risk management program designed to keep things calm. Proactive prevention, tailored coverage solutions, responsive underwriting and strong claims service. All working to keep risk in check and business on track. TheHartford.com/riskmitigation

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News & Markets

New AIG CEO Andersen Talks Marketplace ‘Pass-Throughs,’ Opportunity By Chad Hemenway

ric Andersen, new CEO of American International Group (AIG), offered an in-depth view of the company during his first earnings call at the helm, referring to opportunities within current marketplace conditions. Andersen said the market is going through a “transition from an extended phase of broad positive pricing into a more selective environment where profitability and growth are increasingly dependent on line-specific dynamics.” The dynamics include an influx of capacity in some spots, from excess & surplus lines carriers, delegated underwriting authority structures, and other sources, he told analysts. While these entrants have increased competition and put pressure on pricing—particularly in property—they have also created opportunities, Andersen added. “Clients tend to become more 8 | INSURANCE JOURNAL | SEPTEMBER 7, 2026

AIG CEO Eric Andersen discerning about the origin of capacity,” he explained. “They distinguish among providers that are simply pass-throughs for third-party paper or focused solely on excess coverage from those that offer holistic solutions along with underwriting

excellence, client service, and responsive claims handling.” In property, Andersen said, AIG’s diverse global property portfolio is an advantage. And in North America, where E&S competition is dropping rates, AIG has decided to intentionally shrink its property portfolio at its surplus lines insurer Lexington “in targeted areas,” resulting in a nine-point reduction in premium retention at Lexington during Q2. Meanwhile, AIG focuses on growing the overall property book where profit can be had, in places such as its renewal rights transaction with Everest. “We are offering terms that reflect our view of the risks,” Andersen said. “As a result, we are retaining business where we can achieve acceptable terms while walking away from business that does not meet out underwriting standards.” Strategically deploying capital toward the highest returns is one leg of a fivepoint plan Andersen laid out for growth at AIG. The company will also use reinsurance efficiently, expand capabilities of artificial intelligence, maintain expenses, and invest in talent. On AI, Andersen said AIG has used it to scale underwriting and claims via AIG Assist. “Where deployed, our underwriters are reviewing more submissions and generating quotes significantly faster, improving productivity,” Andersen said. The insight gained in underwriting can be used to “analyze broker-level results to gain greater visibility into their performance and distribution trends, including where we see the most success.” “We’re able to learn pretty quickly where we’re seeing better opportunities,” said Andersen, adding that the outcome was “derivative” to the work put into Underwriting by AIG Assist. “We think we’ll make it more efficient. It may not be more submissions, but it might be better submissions—submission that match our appetite with partners and clients that want to use our organization.” Later, Andersen said the AI strategy “is not to have less colleagues but to have our colleagues become more efficient and work with more clients.” INSURANCEJOURNAL.COM

News & Markets

Nuclear Verdicts Go Boom, Increase 40.7% in 2025 By Chad Hemenway

o-called “nuclear” verdicts did not subside in 2025. In fact, it was quite the opposite. According to a new report from strategic communications and research firm Marathon Strategies, there were nearly 200 verdicts resulting in an award of at least $10 million in 2025. Verdicts like this against corporate defendants have come to be known as nuclear verdicts, and the total from 2025—a 40.7% increase over 2024—is the highest Marathon has seen since 2009. The total sum of the identified nuclear verdicts was about $25.6 billion, Marathon said, with 40 cases reaching what the firm described as “thermonuclear” level, or verdicts of $100 million or more. Four verdicts eclipsed $1 billion. “While many factors have influenced this growth, Marathon’s research identified corporate mistrust, social pessimism, erosion of tort reform, and public desensitization to large numbers as among the most important,” Marathon said in the 42-page report, adding that more Millennials and Gen Z people are showing up on juries. The firm said Millennials have 10 | INSURANCE JOURNAL | SEPTEMBER 7, 2026

proved to be pro-plaintiff, prioritize ethics, and are less trusting of companies. Last year included the first ever federal nuclear verdict against a marijuana company, another from an antitrust case from basketball great Michael Jordan against NASCAR, and a $40 million RICO award against an internet troll posing as a government spy, Marathon observed.

‘While many factors have influenced this growth, Marathon’s research identified corporate mistrust, social pessimism, erosion of tort reform, and public desensitization to large numbers as among the most important.’ Overall, 68 industries were affected by a nuclear verdict in 2026 compared with 55 in 2024 and 48 in 2023. Among the most familiar with nuclear verdicts are beverage companies, pharmaceuticals, auto manufacturers, hotels and restaurants, agricultural chemical manufacturers,

banks, and oil and gas. Insurance had five nuclear verdicts for a sum of $390 million. Product liability cases resulted in 29 nuclear verdicts totaling $12 billion in 2025. Trade-secret disputes, intellectual-property cases, and workplace negligence also had a large share of nuclear cases. New possible areas of risk are emerging such as PFAS, AI liability, deepfakes, and climate attribution, among others. Marathon said eight states in 2025 enacted tort reform laws, including establishing caps and increasing disclosure for third-party litigation funders. Those eight states were Arkansas, Georgia, Kansas, Louisiana, Missouri, Montana, Oklahoma, and South Carolina. Texas, California, Florida, and Maryland ranked highest for nuclear verdicts. Florida’s tort reform in 2023 did result in a drop-off in 2024, to 10th in nuclear verdicts. However, the Sunshine State returned to nuclear-verdict prominence in 2025 with a total of $2.5 billion awarded. “These developments suggest that while a state can change rules in the courtroom, the court of public opinion is another matter entirely,” Marathon said. INSURANCEJOURNAL.COM

SOLUTIONS BUILT ON RELATIONSHIPS

At Safety National®, we believe insurance is more than a set of transactions. It’s about trust. Our approach is based on the notion that real solutions start with relationships. That’s why brokers and clients alike turn to us for insurance solutions shaped by real connection. By listening and collaborating, we draw upon our deep expertise to build tailored commercial insurance programs that address specific organizational challenges.

Discover partnership beyond the policy at SafetyNational.com.

Workers’ Compensation | General Liability | Public Entity Liability Auto Liability | Excess Cyber

News & Markets

Homeowners Insurance Market Reaches ‘Fragmented Phase,’ Says S&P GMI By Chad Hemenway

ew research from S&P Global Market Intelligence looks to suggest that homeowners insurers are reaching rate adequacy, but certain marketplace factors are creating what it called a “fragmented phase.” Nationally, the U.S. effective approved homeowners rate change declined from about 13.6% in 2024, to about 6.3% in 2025, to now about 1.8% through July 2026. “This downward trend suggests carriers have largely completed the national adequacy reset and are now looking for price change as needed or as necessitated by jurisdiction, peril mix, and regulatory timing,” said S&P GMI. S&P GMI said rates in some high-loss exposure areas are rising. The overall slowdown is not a reflection of declining risk, but it is a signal that prior rate filings are being earned and allowing home insurers to pause rate increases in those regions. S&P GMI also said the rate-change decline “reflects the byproduct of broad-based, non-rate actions” like higher deductibles, rate tiering based on property age and condition, and better risk selection. Meanwhile, using its Capital IQ Pro RateWatch application, S&P noticed the rate-increase heat map shifted in certain 12 | INSURANCE JOURNAL | SEPTEMBER 7, 2026

regions where there may be timing issues due to regulatory approvals. “That helps explain stabilization in headline figures alongside continued

pressure where underlying loss patterns have not normalized,” S&P said. “The rate changes across some states and peril classes have already absorbed enough rate to catch up, while others still sit behind adequacy.” So, while states like Minnesota and Colorado may have seen rate changes of about 17.8% and 16.6% in 2025, respectively, drop to about 1.6% and 0.8% so far in 2026, other states like North Carolina have experienced rate increases. Homeowners insurers have posted profitable underwriting results thanks to some lighter catastrophe losses, which may reduce the need for rate changes. But they still faced risk linked to rate changes they filed in 2025. “The 2026 cycle, therefore, belongs to a fragmented, state by-state answer set built on localized catastrophe experience, regulatory realization, underwriting appetite, and earned performance rather than on a uniform national resolution,” said S&P GMI.

States with most positive or negative year-over-year change in effective approved rate change (%) U.S. total Minnesota Colorado lowa Illinois Kentucky North Carolina Montana West Virginia Texas New Mexico

2025

6.24 17.84 16.63 14.93 13.81 10.27 6.14 0.40 0.88 1.67 2.57

2026*

1.78 1.56 0.82 0.50 1.28 1.12 10.47 2.78 2.40 2.93 3.43

Change (bps) 8.12 16.27 15.80 14.42 12.52 9.15 -4.33 -2.38 -1.51 -1.26 -0.86

• Data compiled Aug. 6, 2026. • bps = basis points. • *Year-to-date through July 17, 2026. • Includes homeowners filings made to regulators in 2025 and through July 17, 2026. Excludes residual markets. • One effective approved rate change for State Farm entity in California is considered manually outside RateWatch application data results. • Effective rate change is calculated as the average of approved rate percentage changes for each period, weighted by the affected written premium of each filing and divided by annual total direct premiums written reported within the National Association of Insurance Commissioners (NAIC) property and casualty regulatory statements. • Rate filing information is sourced from System for Electronic Rate and Form Filing documents. Source: S&P Global Market Intelligence. ©2026 S&P Global INSURANCEJOURNAL.COM

CITY OF HOPE’S NATIONAL INSURANCE INDUSTRY COUNCIL PRESENTS THE 2026

Honoring

Michael Kerner Member of the Munich Re Board of Management

Raise a glass and join 300+ insurance industry leaders and colleagues for a special evening of connection, celebration, and commitment to advancing cancer research—an industry event you won’t want to miss. To sponsor the gala or reserve your seats, visit: cityofhope.org/NIIC.

September 29, 2026

Cipriani

110 E. 42nd St. New York, NY

Scan the QR code to hear why Michael Kerner is teaming up with City of Hope in support of its lifesaving mission to end cancer for all.

News & Markets Willis Towers Watson Accuses Lockton of ‘Smash and Grab’ of Construction Team By Andrew G. Simpson

nsurance broker Willis Towers Watson (WTW) is accusing rival Lockton Companies and 18 former employees of WTW’s Northeast construction insurance team of engineering a “smash and grab” operation that began on August 19. On that day, 18 members of WTW’s Northeast construction team, including senior leadership, resigned between 8:02 am and 8:46 am, according to the WTW complaint filed in Superior Court in Boston on August 24. Also, according to the WTW complaint, within 48 hours the departed employees had taken 13 WTW clients worth more than $5 million in annual revenue with them to Lockton, along with confidential business information. WTW alleges that the departed employees have violated non-solicitation and confidentiality agreements and that Lockton aided and abetted them in the execution of the “smash and grab” operation. WTW argues that its restrictive covenants are reasonable and common in the insurance brokerage industry, and maintains that Lockton requires its employees to sign very similar non-solicitation covenants.

WTW is seeking a temporary restraining order and preliminary injunction to block further Lockton contact with its clients, enforcement of its employment agreements, invalidation of the policies written with the new Lockton employees, and disgorgement of any gains and relationships Lockton has realized from the former WTW clients, as well as damages. “Lockton should be required to disgorge the client relationships that it wrongfully obtained from WTW—relief that Lockton itself requested and obtained in the context of a comparably extreme raid. In other words, the clients Lockton stole should be told that they need to go back to WTW or another competitor. Lockton should not be allowed to profit from its unlawful conduct. Again, this is the same relief Lockton asked for when it was raided by a competitor,” WTW told the court.

The former WTW senior leaders cited in the complaint are Michael Scott and Thomas Grandmaison. Most of the 18 employees worked in the Boston office, although several worked with the Boston team from Pennsylvania and one did so from Alabama. Lockton said it does not comment on litigation.

USI Sues 3 Former Producers After They Allegedly Moved Clients to Howden US By Chad Hemenway

SI Insurance Services has sued three former producers, who “reneged on their contractual obligations” in a move to competitor Howden US, the brokerage alleged. According to an August lawsuit filed in U.S. District Court for the Eastern District of Virginia, producers Peter Dunst, William Seidler, and Jacob Spencer resigned on June 1 to join Howden US Specialty who, in the words of USI, is a “known raider of insurance brokers.” Multiple brokers have suits filed against former employees and Howden. Allegations include violations of employ14 | INSURANCE JOURNAL | SEPTEMBER 7, 2026

ees contracts, taking clients, and stealing confidential information. In the USI suit, the broker claims Dunst, Seidler, and Spencer—who each reside in Alexandria, Virginia—all signed employee agreements preventing them from soliciting USI clients for two years or prospective clients for one year if they were to leave USI. Though the trio submitted 60-day notice as required by their contracts, shortly after this time period several clients managed and serviced by the defendants submitted broker-of-record letters showing Howden as their new broker, USI said. The clients generated nearly $330,000 in annual revenue to USI, according to the

suit. Dunst, Seidler, and Spencer presided over business for USI that brought in about $2.3 million in annual revenue. “Upon information and belief, defendants have breached, are breaching, and intend to further breach the covenants of their employment agreements requiring them to refrain from soliciting clients and accepting or servicing USI client accounts and/or active prospective clients,” said USI, which seeks damages and injunctive relief. USI claims that even if Dunst, Seidler, and Spencer did not directly solicit the accounts, a different clause in their employment agreements prohibits them from accepting or providing services to these accounts. INSURANCEJOURNAL.COM

INSURANCE INDUSTRY CHARITABLE FOUNDATION

Strengthening communities, together.

The Insurance Industry Charitable Foundation (IICF) is a unique nonprofit that unites the collective strengths of the insurance industry to help communities and enrich lives through grants and volunteer service. IICF has awarded more than $55 million in community grants and contributed over $13 million in volunteer service value over the past 30+ years. Join us for the IICF Month of Giving Register as a team or individual volunteer and find projects near you at: volunteer.iicf.org

IICF Month of Giving October 2026 Since 1998, IICF has hosted the largest ongoing volunteer initiative in the insurance industry. This tradition continues with our month-long celebration of industry volunteerism in October. IICF also offers year-round volunteering for sustained community involvement and impact. Join with thousands of your insurance industry colleagues as we come together and give back to our neighbors in need. Midwest Division Kelly Hartweg Phone: (773) 991-2149 khartweg@iicf.org

Northeast Division Betsy Myatt Phone: (917) 544-0895 emyatt@iicf.org

Southeast Division Sarah Conway Phone: (214) 228-2910 sconway@iicf.org

Western Division Sarah Conway sconway@iicf.org or Kelly Hartweg khartweg@iicf.org

IICF Canada Sarah Gladki Phone: (647) 704-1550 sgladki@iicf.org

IICF UK Wendy Wilder Phone: +44 (0) 7469 392 453 wwilder@iicf.org

Business Moves Insurance in Farmington. Davis & Towle is a third-generation, family-owned, independent insurance agency founded in 1954 that has expanded to 14 affiliated agencies throughout the state.

FM, FortressFire

National

Munich Re Group, At-Bay Inc.

Munich Re Group agreed to acquire cyber insurtech At-Bay Inc. for $575 million. The cyber insurance and managed detection and response (MDR) provider primarily serving small- to medium-sized enterprises in the U.S. will be overseen by Hartford Steam Boiler (HSB), part of Munich Re’s Global Specialty Insurance business. HSB has been a partner of At-Bay since its founding in 2017. The transaction is expected to close in Q1 2027. At-Bay currently employs approximately 280 employees in the U.S. and Israel and has gross written premiums totaling $278 million.

Willis Re, BMS Re

To establish an operational presence in the U.S., reinsurance broker Willis Re is acquiring BMS Re, US. The deal includes BMS Intermediaries Inc. and BMS Capital Advisory LLC, as well as the associated U.S. reinsurance broking team based in London. Terms were not disclosed. Independent reinsurance platform BMS Re, US, part of BMS Group, is focused on property/casualty, with expertise in complex lines including property catastrophe, medical malpractice and workers’ compensation. It offers reinsurance and capital solutions with local market expertise, and a strong client base across regional and super regional carriers, and MGA and programs. BMS Group said 16 | INSURANCE JOURNAL | SEPTEMBER 7, 2026

the agreement excludes the U.K., Latin America, Bermuda, and Global Facultative business, which remain a core component of the brokerage.

Lockton Launches US Aviation Practice

Brokerage Lockton launched a U.S. Aviation Practice to help aviation and aerospace organizations navigate increasingly complex operational, regulatory, geopolitical, and insurance market challenges. Taylor Anderson has been appointed to lead the practice. The promotion follows seven years as Lockton’s senior vice president, defense & aerospace for the southeastern U.S. Lockton said the new aviation practice strengthens coordination among Lockton’s aviation specialists and industry resources—including aligning with the firm’s global network—to deliver tailored risk advisory, insurance placement, and strategic risk management solutions for clients across the global aviation and aerospace ecosystem.

East

Davis & Towle Insurance Group, Allied Insurance Agency

New Hampshire-based Davis & Towle Insurance Group acquired Allied Insurance Agency in Bow, New Hampshire. As a result of the merger, Allied Insurance will assume the Davis & Towle name and move to Davis & Towle’s Concord location. The deal comes just three months after Davis & Towle acquired Turner Liberty

Commercial property insurer FM acquired FortressFire, a provider of wildfire intelligence solutions for homes, businesses and communities. FortressFire will operate as an independent, wholly owned division of Johnston, Rhode Island-based FM and will continue its work to quantify ignition risk through fire physics, leading to verifiable mitigation recommendations and monitoring. Terms of the deal were not disclosed. San Mateo, California-based FortressFire enables insurers and property owners to better understand and manage wildfire risk down to an individual property level. Its wildfire intelligence solutions include aerial wildfire reports, monitoring, analytics, ground inspections and mitigation assessments to provide actionable, structure-specific insights and mitigation recommendations.

DOXA, LimitFi

Specialty insurance platform DOXA acquired LimitFi, a platform for capital and credit-risk insurance products. Connecticut-based LimitFi specializes in default-risk transfer and alternative credit products including non-payment insurance. The platform connects banks and lenders seeking capital relief and risk transfer with insurance and reinsurance capital providers, with a focus on higher-value specialty transactions in often underserved markets. Terms were not disclosed. LimitFi brings credit insurance, private capital and structured finance expertise to DOXA and is supported by specialists in credit, analytics, and portfolio management. Following the acquisition, LimitFi co-founders Adam Budnick and Zach Smith will continue to lead LimitFi, as co-presidents of the business. LimitFi employees will also remain in place. INSURANCEJOURNAL.COM

Seltzer Group, Trego Insurance Agency

Seltzer Group Partners acquired Trego Insurance Agency in Wyomissing, Pennsylvania. Founded as an independent agency in 2020 and led by Steve Trego, Trego serves commercial and personal lines clients across Pennsylvania and in several surrounding states. Trego joined the Keystone Insurance Group agency network as a partner in 2020. By joining Keystone, the agency gains access to more than 80 commercial lines and 25 personal lines carriers and is able to offer its commercial clients employee benefits, including group health insurance. Seltzer is one of the original three agencies that joined resources to form Keystone in 1983. The acquisition gives Seltzer a physical presence in Berks County, a market the agency already serves. Founded in 1948 in Orwigsburg, Seltzer now has 11 other locations in eastern Pennsylvania and one in Florida.

Midwest

Sunstar Insurance Group, RJR Faribo Insurance Agency

Sunstar Insurance Group announced it has acquired RJR Faribo Insurance Agency, an independent agency serving clients in Minnesota. The collaboration marks Sunstar’s entry into Minnesota. With locations in Eden Prairie and Faribault, RJR Faribo traces its roots to the 1930s, with the present company formed in 1986. RJR’s 22 employees will join Sunstar.

Marsh McLennan Agency, Accel Holdings Inc.

Marsh McLennan Agency (MMA) reached an agreement to acquire Accel Holdings Inc., a leading diversified independent insurance and advisory firm headquartered in Waverly, Iowa. Terms of the acquisition, which is expected to close in the third quarter, were not disclosed. The Accel Group was founded in 1936 and operates seven offices across Iowa, Illinois, Missouri, and Kansas, and has over 130 employees, all of whom are expected to join MMA from their current locations. INSURANCEJOURNAL.COM

South Central

OpenRoad Expands to 40 States

Dallas, Texas-based OpenRoad Insurance, a provider of specialized insurance for classic and collector vehicles and related coverages, said it is now licensed in 40 U.S. states, up from 35 since March. OpenRoad launched two years ago. The latest states added to OpenRoad Insurance's portfolio include: New York; New Hampshire; Vermont; North Carolina; and Delaware. Texas remains its largest state by insured volume. The company plans to expand into 48 continental states.

Southeast

Oakbridge Partners with Valentine

Oakbridge Insurance, ranked as one of the 50 largest independent U.S. brokerages, has signed an agreement with Valentine Insurance in Memphis. The deal is a strategic partnership/joint venture, not a true acquisition. The Memphis agency will be known as “Valentine Insurance, an Oakbridge Partner.” The move will expand the firms’ integrated advisory and risk management approach. Valentine, which also has an office in Nashville, provides property/ casualty and employee benefits solutions across the Mid-South, specializing in habitational, hospitality, and dealer open-lot insurance. Henry Lindeman is CEO.

Thoma Bravo to Take Accelerant Private

Accelerant announced that the private equity firm Thoma Bravo will take the insurance marketplace platform private in an all-cash deal worth more than $4 billion, just over a year after its New York listing. Founded in 2018 by a group of industry veterans, Accelerant operates as an insurance marketplace connecting niche underwriters with institutional investors, using data to make the process faster and cheaper.

Mangrove Property Insurance Launches Reinsurance Sidecar

St. Petersburg, Florida-based Mangrove Property Insurance, launched two years ago, has created its own reinsurance

sidecar, the company announced. Grove Re Ltd., domiciled in Bermuda, will be a Class 3A insurer, designed to support Mangrove’s risk management and underwriting.

King Risk, The Roberts Agency Inc.

Florida-based King Risk Partners has acquired The Roberts Agency Inc., an independent insurance agency based in Bloomfield, Connecticut. The Roberts Agency provides construction insurance and a range of commercial insurance, specialty coverage, benefits, and homebuilders programs. King Risk Partners now has more than 50 locations on the Eastern seaboard from New Hampshire to Florida, including six in Massachusetts, six in Connecticut, two in New Hampshire and one in Rhode Island.

West

Inszone Insurance Services, Two Fong’s Inc.

Inszone Insurance Services acquired Two Fong’s Inc. in California. Founded in 1982 and acquired by its current leadership, Al and Pete Fong, in 2000, Two Fong’s has maintained a presence across the Bay Area, specializing in commercial property and lessor’s risk. Sacramento, California-based Inszone is an insurance brokerage firm offering a range of property/ casualty and employee benefits services.

Bolt Launches Connected Distribution

Insurtech bolt launched Connected Distribution, an AI-powered insurance distribution platform enabling access across all lines for distribution partners. The new operating model combines customer data, workflows and integrated market access into a single AI-powered connected system. The platform is designed to help distribution partners like independent agencies, brokerages, carriers and consumers reduce manual work, move faster, and connect the distribution lifecycle. Conversational AI is designed to engage customers across voice, SMS, chat and email, capturing structured data from interactions, and combining it with customer, risk and account history. SEPTEMBER 7, 2026 | INSURANCE JOURNAL | 17

People National

AXIS Capital Holdings Limited appointed Jim Rhyner

head of North America financial lines, programs, and Canada. Rhyner Jim Rhyner reports to Head of North America Mike McKenna. He will work out of the company’s Short Hills, New Jersey, office. Rhyner joins AXIS from The Hartford, where he most recently served as global head of financial lines with previous leadership roles across Navigators, Chubb, Avreco and AIG. He succeeds John Van Decker, following a planned leadership transition with Van Decker retiring from AXIS following a career that spanned more than four decades, including 15 years with AXIS.

Guy Carpenter, a business of Marsh, appointed David Duffy as global property leader and Chris Ross

as global casualty leader. Both newly created roles are based in New David Duffy York. Duffy and Ross will mobilize Guy Carpenter’s best practices to deliver risk transfer solutions for clients in the property and casualty (re)insurance market. Duffy and Ross each Chris Ross have more than 25 years of experience across a range of macroeconomic and (re) insurance market conditions

and have led some of Guy Carpenter’s largest global client relationships. Duffy joined Guy Carpenter in 1992 and most recently served as co-president, global clients. Ross joined Guy Carpenter in 1999 and previously led the New York-based casualty team.

East

The MEMIC Group, headquartered in Portland, Maine, added Megan Vernon and Nikko Severson to its loss control team. Vernon rejoins MEMIC as a loss control consultant serving Maine policyholders and brings six years of experience in workplace safety Megan Vernon and risk management. She previously served as a health and safety content specialist at Safesite and as an operations specialist at Foresight Commercial Insurance. Severson joins MEMIC as a loss control consultant. Based in Connecticut, he will work with policyholders across Connecticut, Nikko Severson Rhode Island, and Massachusetts. Prior to joining MEMIC, Severson served as an environmental health and safety specialist and project manager. Odyssey Group Holdings Inc., based in Stamford,

Connecticut, made several leadership changes at its U.S. insurance subsidiary, Hudson Insurance Group, based in

18 | INSURANCE JOURNAL | SEPTEMBER 7, 2026

New York City. After more than 20 years with the company, Chris Gallagher will retire from Hudson, effective October 1, to pursue other career opportunities. Odyssey Group’s CEO Carl Overy will assume the role of president and CEO of Hudson in addition to his current responsibilities. Trevor Howard will be appointed chief underwriting officer, and Andre Virgilio will assume the role of chief operating officer for Hudson Crop & Livestock. Howard joined Hudson in 2018 and currently serves as the head of HudsonPro, with the additional responsibility of overseeing Hudson’s commercial auto, surety, subcontractor default insurance and ceded re departments. Virgilio joined Hudson in 2012 and is currently the head of Hudson Crop & Livestock.

Intact Insurance appointed Rory Meleniclis as chief

information officer. Meleniclis joins Intact Insurance with over 20 years of experience leading large-scale technology teams within highly regulated financial institutions. Most recently, he held senior leadership roles at Royal Bank of Canada, where he led global, multi-disciplinary teams responsible for core platforms across payments, data and cybersecurity, supporting large-scale operations and transformation initiatives across North America and international markets.

Southeast

King Risk Partners, based in Gainesville, Florida, named M&A specialist Colton Houseman as executive vice

president over mergers and acquisitions. Houseman has more than a decade of experience in mergers and acquisition matters for a global investColton Houseman ment bank and private equity firms. At King, Houseman will identify and evaluate prospective agency partners, build an expansion team and execute transactions.

Tower MSA Partners, the workers’ compensation Medicare set-aside specialist firm based in Delray Beach, Florida, has joined with Louis Porrazzo Claimify, a benefits validation service, to hire Louis Porrazzo as their chief legal officer. Porrazzo, a licensed attorney in Massachusetts, has more than two decades of experience in Medicare secondary-payer and disability compliance. He previously served as vice president of national accounts at ExamWorks Compliance Solutions.

South Central

The Texas Surplus Lines Association named Manpreet Sandhu as their incoming executive director. Sandhu replaces Jean Patterson, who will be retiring at the end of 2026 with more than 45 years of service to TSLA. Manpreet brings more than 15 years of operational and executive governance expertise, backed by a strong track record of leading industry-specific associations. She most

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recently served as director of education and industry affairs with the National Health Industry Distributors Association.

West

The Baldwin Group appointed Phil Pierce as west regional

president for its Insurance Advisory Solutions (IAS) segment. With 20 years of industry experience, Pierce is responsible for the strategic direction, growth, and operational excellence of Baldwin’s IAS business across the West Region.

Arrowhead Programs

promoted Mark Kaufman to senior vice president and chief actuary. Kaufman will oversee the actuarial, data science and catastrophe modeling teams that support Arrowhead’s program business. Kaufman joined Arrowhead Programs in 2023 and has over 30 years of experience in specialty insurance, including leadership roles overseeing actuarial and finance functions at national carriers.

Vouch Insurance made three appointments to its leadership team. Steve Kenning joins as chief operating officer, Jim Loughlin joins as head of client management, and Tyson Stevenson has been promoted to chief revenue officer. Vouch is headquartered in San Francisco, California. Kenning has more than 15 years of experience, joining Vouch from Airbnb, where he was director of strategy and operations. He previously spent five years at DoorDash, serving as vice president and global head of customer experience. INSURANCEJOURNAL.COM

California Insurance Commissioner Ricardo Lara

made several appointments and reappointments to the California Department of Insurance’s statewide governing boards. Lara named newly appointed members Andrea Hecht and Jim Taylor to the California Insurance Guarantee Association (CIGA) Board of Governors and Don Hofer to the California Workers’ Compensation Insurance Rating Bureau (WCIRB) Governing Committee. The reappointed members include Nona Tirre to the California Automobile Assigned Risk Plan Advisory Committee; Thomas Connell (T.C.) Wilson and Ophir Bruck to the California Organized Investment Network Advisory Board; Janise Graham to the Curriculum Board; and

Alycia Anderson, Kelly Huang, Pradip Khemani, Jose Plascencia, Vikita Poindexter, and Marquita Thomas to the

Insurance Diversity Task Force.

UCA General Insurance Services Inc. promoted Laurie Eusebio to vice president of

operations. Eusebio started with UCA in 2006 as a marketing assistant. Since then, she has served as inside marketing manager, licensing coordinator and HR manager. UCA is headquartered in Cypress, California.

Elsje Johnson joined Alliant Insurance Services, head-

quartered in Irvine, California, as vice president within its employee benefits group. The Idaho-based consultant has over 25 years of experience in the healthcare industry. Before joining Alliant, Johnson

was a business development executive responsible for large national accounts with Blue Cross of Idaho.

Midwest Lockton

appointed

Tom Knop as yacht practice leader for Tom Knop Lockton Private Risk Solutions. He will develop Lockton Private Risk Solutions’ specialized advisory capabilities for yacht and recreational marine clients. Knop joins Lockton with 30 years of industry experience, most recently serving as AVP, regional agency manager for Chubb Recreational Marine. Encova Insurance Executive Vice President and CEO, Personal Lines, Matt Wilcox, will retire at the end of 2027 after more than 42 years in the insurance industry. Dan McCabe has been hired as a special advisor to the president and CEO and will transition to the role in April 2027. Wilcox will serve in an advisory capacity until his retirement. McCabe has more than 30 years of industry experience, most recently serving as the CEO of Concord Group Insurance Company in New Hampshire. Encova is headquartered in Columbus, Ohio. Cottingham & Butler, a privately held insurance broker based in Dubuque, Iowa, named Mark Roling as executive vice president, property and casualty brokerage leader. Roling oversees C&B’s full P&C business, including its transportation and risk management practices.

Taylor Orton joined Chris Vogel, senior vice president –

transportation, to co-lead the firm’s transportation practice. Ryan Butler has been named to a newly created role as head of corporate strategy, working directly with President Mike Hessling on the firm’s longterm strategic agenda. Butler previously led the firm’s risk management practice.

Matt Kleymeyer joined Shepherd Insurance as the

president of employee benefits. Based out of Shepherd’s headquarters in Carmel, Indiana, Kleymeyer has nearly 20 years of employee benefits experience across both small and large group markets, including sales, client service, operations and leadership.

Frankenmuth Insurance,

headquartered in Frankenmuth, Michigan, promoted Keith MacLean to vice president, head of surety. MacLean has over 20 years of industry experience and most recently served as vice president, commercial surety field operations. MacLean is responsible for setting the division’s strategic direction.

Holmes Murphy named Jay Reavis as president of

Holmes Murphy and HMA Group Holdings. Reavis will continue serving as president of brokerage services, the company’s core property casualty and employee benefits lines of business. Reavis joined Innovative Captive Strategies, a Holmes Murphy subsidiary, as an intern in 2002 and advanced through a variety of leadership positions, transitioning to Holmes Murphy Brokerage Services in 2017.

SEPTEMBER 7, 2026 | INSURANCE JOURNAL | 19

Figures

20%

The amount U.S. energy carbon emissions could increase if 99 proposed plants powering data center infrastructure are approved, according to BloombergNEF. The plants would emit about 318 million metric tons of carbon dioxide annually if run at industry-standard rates, according to a Bloomberg News analysis, compared to the entire U.S. electric power industry emitting about 1,485 million metric tons of carbon in 2025.

1 foot The new Zone Zero distance required to help protect about 2 million California homes from wildfire risk. Zone Zero, mandated in 2020 by state law, was originally a five-foot dwelling perimeter free of vegetation and other combustible material. After years of homeowner backlash over aesthetic and financial impact, the California Board of Forestry and Fire Protection recently reduced the non-combustible zone to a minimum of one foot with other stipulations on vegetation, fencing and structures.

$60,000 The amount one plaintiff says his Hurricane Beryl property claim estimate was shortchanged, as three Texas homeowners filed a federal racketeering lawsuit alleging that the Texas Windstorm Insurance Association (TWIA) fraudulently reduced claim estimates. The suit alleges TWIA partnered with a vendor who made significant alterations to original claims estimates, which TWIA then sent to policyholders under the premise that the estimates were the originals. 20 | INSURANCE JOURNAL | SEPTEMBER 7, 2026

100

million

The amount of a Florida workers’ compensation payroll scheme that was busted after a years-long investigation involving state and local law enforcement teams. The perpetrators allegedly created shell companies that obtained minimal workers’ compensation insurance coverage by underreporting payroll. Additionally, they “rented” their certificates of insurance to subcontractors for a fee and processed and cashed the contractors’ payroll checks—paying workers in cash through an unlicensed money service business.

$2.35 billion The previously planned acquisition price Verisk has been ordered to pay for roofing software maker AccuLynk. A Delaware judge has ordered data analytics firm Verisk to try to complete the planned acquisition, with the order coming more than seven months after Verisk said it pulled the plug on the deal. The deal is subject to FTC approval. INSURANCEJOURNAL.COM

Declarations

Q2 Ups And Downs

AI Project Protections

— The Council of Insurance Agents & Brokers (CIAB)’s market survey, which found premiums decreased an average of 2% across all accounts during Q2 2026. Large account premiums fell by 3.7% following a 2.7% decrease last quarter. Commercial property premiums dropped the most – 6.3% – during Q2.

— Pennsylvania Governor Josh Shapiro, signing an executive order that would require companies setting up AI data centers in the state to meet environmental and transparency safeguards and secure local community approval for the projects, as well as preventing projects from driving up utility bills and protecting clean air and water. The state's abundant natural gas, existing power infrastructure and proximity to major population centers on the East Coast make it appealing to data center builders.

Palisades Aftermath

Cannabis Ban

“Commercial property decreases were at least partially driven by carriers seeking to offset increases they asked for in lines like commercial auto and umbrella. A surplus in property capacity—75% of respondents noted an increase in capacity for the line—also exerted downward pressure on premiums as carriers competed for clients.”

“It’s gonna be more people with more money. At the Chipotle, a guy asked me if he could cut in line because his Lamborghini was double parked.”

— Rich Wilken, 79, a third-generation Palisadian who lost his home of 47 years in the January 2025 California wildfires. The face of the community is changing from its former small-town vibes as residents who lost their homes give up the hope of rebuilding. Meanwhile, those willing to spend big to live in the scenic area are coming in to purchase burned out lots. Fewer than a third of the owners of destroyed homes have received rebuilding permits in the Palisades, and only 1% of houses have been completed.

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“I’m using the full weight of my executive authority to block the objectionable, unwarranted projects and put the nation’s strictest set of protections in place.”

“It’s a pretty big blow, and it’s recriminalizing a lot of cannabis products that have been completely legal and allowable in the state for many years, so we’re taking steps backwards toward prohibition.”

— Sarah Todd, media representative at Texas Cannabis Policy Center. Three members of the hemp industry are suing the Texas Department of State Health Services; Attorney General Ken Paxton; and the Galveston County criminal district attorney and sheriff, arguing that classifying hemp-derived substances, such as THC, as illegal violates the 2018 federal farm bill. A federal judge has denied an emergency motion for a temporary restraining order, so the Texas ban on THC products continues until the case is resolved.

Licenses Lost to Lies

“The evidence is clear; these agents don’t live in Mississippi. They applied for a license here under false pretenses. To put it simply, they lied, and lying on the application, misrepresenting the facts, leads to losing your license. It could also bring additional civil and criminal penalties.”

— Mississippi State Insurance Commissioner Mike Chaney in a statement after The Mississippi Insurance Department revoked the licenses of 59 insurance producers who reportedly gave false information about their residences. All 59 agents were summoned to a July 20 hearing, but none of them attended.

Picasso Recovered

“When they called me, I was in disbelief.”

— Art gallery owner Bill DeLind, who thought a Picasso print that was stolen from his Milwaukee, Wisconsin, gallery in 2018 was gone forever. But then police called about an artwork that a local landlord found while cleaning out a vacant apartment. It was DeLind’s stolen “Torero” print, one of 30 known to exist signed by Picasso. The year it was stolen the piece was appraised at between $35,000 and $50,000, DeLind said. He guessed that the value hasn’t changed much since then but now given its story it may be worth closer to $50,000.

SEPTEMBER 7, 2026 | INSURANCE JOURNAL | 21

News & Markets Workers’ Comp in an AI Era: Report

orkers’ compensation has long been one of the most operationally complex lines in the property and casualty insurance industry. “What appears to be a straightforward claims process is, in reality, a highly interconnected ecosystem involving injured workers, employers, insurers, medical providers, regulators, legal stakeholders, and a growing network of technology and service providers.” That’s according to a new white paper by Sollers Consulting, an international business and IT consultancy specializing in the insurance and financial services industries, titled “Orchestrating Workers’ Compensation in the AI Era,” in partnership with Guidewire and CLARA Analytics. The paper examines how AI-driven claims intelligence and connected technology ecosystems are reshaping operations across the U.S. workers’ compensation insurance market. Insurers are investing heavily in AI, analytics, automation, digital engagement, and specialized insurtech solutions to modernize workers’ compensation operations. AI is increasingly helping carriers accelerate documentation-heavy tasks, including improving injured employee triage and decision support, understanding insights earlier in the claims process, and embedding intelligence directly into adjuster workflows. Over the past decade, many workers’ compensation carriers have invested heavily in modernization initiatives, but despite these investments, operational friction often remains deeply embedded within the claims’ life cycle, the report noted. The challenge is that many tech systems operate independently rather than as a part of a coordinated operational framework, the white paper said. According to Soller Consulting, claims still move through fragmented processes that involve multiple handoffs among adjusters, nurse case managers, medical 22 | INSURANCE JOURNAL | SEPTEMBER 7, 2026

providers, bill review vendors, legal teams, payment systems, and external service providers. “Communication gaps, inconsistent workflows, and limited visibility across the life cycle can introduce delays and inefficiencies, ultimately increasing costs and worsening outcomes.” Soller Consulting noted “operational choke points” that include: • Delays in first reports of injury (FROI) • Medical authorization bottlenecks • Fragmented communication • Disputes over compensability • Return-to-work coordination failures • Delays tied to independent medical exams (IMEs) or utilization review processes “The industry is not lacking technology; it is struggling to connect it,” the paper noted.

“Workers’ compensation is no longer a collection of disjointed claims processes operating on different platforms,” said Jeffery Kaczynski, CPCU, Manager and U.S. Workers’ Compensation Leader at Sollers Consulting and co-author of the paper. The white paper highlights how orchestration frameworks can help insurers connect AI intelligence, claims workflows, medical management, payment systems, fraud detection, and return-to-work coordination for all parties involved in a claim’s life cycle. “Workers’ compensation modernization is now more about connecting

the full claims ecosystem,” said Oliver Winkenbach, General Manager, Data Applications at Guidewire. “AI can help insurers in a multitude of ways, but its real value comes when its insights are embedded directly into the workflows claims professionals utilize every day.” The report explores the growing role of generative and agentic AI in workers’ compensation, including predictive triage, claims summarization, fraud detection, and next-best-action recommendations. However, it emphasizes that AI should augment human expertise rather than be expected to replace it. “AI-driven claims intelligence can help carriers identify escalation risks earlier, improve reserve accuracy, and support faster intervention,” said Mubbin Rabbani, Chief Product Officer at CLARA Analytics. “But those insights create the most value when they are embedded directly into connected claims workflows where adjusters and claims professionals can act on them in real time.” The paper concludes that the future of workers’ compensation will be shaped less by individual technologies and more by how effectively insurers coordinate workflows, systems, AI-driven insights, and operational decision-making across the claims life cycle. It argues that, as carriers continue modernizing claims operations, orchestration has emerged as a central competitive advantage, helping insurers reduce fragmentation, improve return-to-work outcomes, enhance operational efficiency, and support more proactive claims management across complex insurance ecosystems. The white paper was authored by Jeffery Kaczynski of Sollers Consulting, Oliver Winkenbach of Guidewire, and Mubbin Rabbani of CLARA Analytics. The full report can be downloaded at sollers. com. INSURANCEJOURNAL.COM

Spotlight: Reinsurance Can Reinsurers Maintain Underwriting Discipline or Will ‘Irrational’ Competition Return? ply, demand, and competition remain remarkably persistent,” the report said.

By L.S. Howard

he reinsurance industry’s robust earnings and abundant capital, evident since 2023, have led to increasing competition and a softening market. “The key question is whether reinsurers can maintain underwriting discipline or will irrational competition emerge, leading to another traditional soft market cycle,” according to AM Best. The ratings agency said the “question is hardly a new one,” given the experience of reinsurance cycles over many years. “The next 12 months may ultimately determine whether the market is entering a new era of sustained underwriting

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Permanent Structural Changes?

discipline or continuing down the path of yet another traditional soft market cycle,” said AM Best in its report titled “Global Reinsurance at an Inflection Point: Can Discipline Survive the Temptation of Record Capital?” published on August 10. If reinsurers can maintain underwriting discipline and

pricing integrity despite record levels of capital, there may be a new market paradigm at work, AM Best indicated. However, time will tell whether the market can buck age-old trends. “If not, history may once again demonstrate that while market structures change, the fundamental dynamics of sup-

“Throughout the past two decades, the reinsurance industry has repeatedly debated whether structural changes would permanently alter the traditional underwriting cycle,” said the ratings agency. However, the resolve to maintain underwriting discipline ultimately faltered for many reinsurers in the face of market competition. AM Best cited the example of the so-called Bermuda “Class of 2005,” when reinsurers formed in the wake of

continued on page 26

SEPTEMBER 7, 2026 | INSURANCE JOURNAL | 23

Spotlight: Reinsurance Munich Re, Lloyd’s Top List of 50 Largest Global Reinsurers: AM Best By L.S. Howard

unich Re has reclaimed its position from Swiss Re as the largest of global reinsurers that use IFRS-17 accounting standards, while Lloyd’s has moved to the top ranking of non-IFRS-17 reinsurers, according to AM Best. Among IFRS-17 reporters, Munich Re is followed by Swiss Re, Hannover Re, and SCOR, at second, third, and fourth places, respectively, while Lloyd’s (in the non-IFRS-17 group of reinsurers) is followed by Berkshire Hathaway at number two, Reinsurance Group of America Inc. (RGA) in third place, and Everest Re coming in at number four. The most notable change among the IFRS-17 reporting reinsurers is Munich Re, which reclaimed the top position from

Swiss Re, AM Best said in its report titled World’s 50 Largest Reinsurers. Among the top five non-IFRS 17 players, AM Best said, the most significant change is the move by Lloyd’s to the top ranking, overtaking Berkshire Hathaway after Berkshire rose to the top position last year, when Swiss Re transitioned to reporting under IFRS -17. The depreciation of the U.S. dollar against most currencies in 2025 came into play and enhanced the rankings of many non-U.S. dollar-denominated reinsurers, the ratings agency said.

Trading Places at the Top of IFRS-17 Filers

Munich Re and Swiss Re, which represent a combined 46.2% of the reinsurance revenue recorded in AM Best’s top 50 rankings, “continue to trade places” as a result of

exchange rate volatility, given the fact that Munich Re reports in euros and Swiss Re reports in U.S. dollars.

The depreciation of the U.S. dollar against most currencies in 2025 came into play and enhanced the rankings of many nonU.S. dollar-denominated reinsurers. The euro’s strength in 2025 over the U.S. dollar bolstered Munich Re’s reinsurance revenue, AM Best explained. “Utilizing the prior year conversion rate, Swiss Re would have remained in first place; however, the 12.9% rise in the euro year-over-year drove Munich Re to the first-

place position, even though both groups produced less reinsurance revenue in 2025.” Swiss Re reported a decline in reinsurance revenue of 4.5% and Munich Re reported a pre-forex conversion decline of 3.7%, AM Best said, noting that both groups continue to have solid underwriting performance, with Munich Re producing a year-end combined ratio of 73.5 with Swiss Re at 79.5. (Combined ratios below 100 indicate underwriting profits.) “These results are some of the strongest among IFRS 17 reporting reinsurers, with Sompo International Holdings and Hiscox Ltd. being the only other IFRS-17 reporters to produce a combined ratio below 80.” AM Best went on to discuss the remainder of the top five IFRS-17 reporters: Hannover Re, SCOR, and China Re. Hannover Re stayed in third place, with its position bolstered by modest pre-forex growth of 0.6% for non-life and 3.9% for life, AM Best added. “SCOR holds the fourth position and had pre-forex revenue declines of 4.5% for non-life and 4.8% for life. China Re remains in the fifth position, with a 5.6% decline in non-life revenue, while life revenue grew by 3.5% after declining 11.2% in the prior year.”

Non IFRS-17 Reinsurers

AM Best attributed Lloyd’s move to the top of non-IFRS-17 reinsurers (over Berkshire Hathaway) to a number of factors, including the 7.4% appreciation of the British pound against the U.S. dollar

continued on page 26

24 | INSURANCE JOURNAL | SEPTEMBER 7, 2026

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SEPTEMBER 7, 2026 | INSURANCE JOURNAL | 25

Spotlight: Reinsurance continued from page 23

hurricanes Katrina, Rita, and Wilma. At that time, “market participants questioned whether increasingly sophisticated catastrophe models, improved risk management practices, and new forms of capital would dampen the severity of future underwriting cycles,” said the report. “Similar discussions emerged during the rapid growth of insurance-linked securities (ILS) and third-party capital in the years following the global financial crisis,” it continued. “While each period introduced meaningful changes, history ultimately demonstrated that cycles remained present, albeit in evolving forms,” AM Best said.

continued from page 24

in 2025. “When utilizing the prior-year exchange rate, which was more favorable to the dollar, Lloyd’s lagged Berkshire Hathaway’s gross premiums, by approximately US$215 million.” (Berkshire Hathaway took the top position last year, after Swiss Re transitioned to reporting under IFRS-17.) Another contributor to Lloyd’s ascent to the top position was the fact that its reinsurance premium growth “significantly outpaced Berkshire Hathaway,” the report continued. Lloyd’s gross premiums grew by 7.1%, before the impact of foreign exchange rates, and Berkshire’s gross premiums contracted year over-year by 7.9%, after contracting 2.1% between 2023 and 2024, AM Best added. “The growth in Lloyd’s business was driven by increased

Few New Reinsurers

The current soft/softening market has some marked differences from cycles of the past, indicated the ratings agency. “Unlike prior hard markets, the industry has not experienced a significant influx of newly formed reinsurers seeking market share by underpricing business,” the report said. “This distinction has helped moderate competitive dynamics, as organic capital growth tends to enter the market more gradually than capital raised by new entrants and be deployed across more diverse underwriting markets.” Dedicated reinsurance capital increased from $607 billion in 2024 to $663 billion

underwriting activity among the syndicates, both through existing operations and new syndicates entering the market, with new volume more than outpacing rate declines,” AM Best explained, noting that reinsurance remained one of Lloyd’s stronger performing classes, given the continuing strong demand for catastrophe cover and favorable attachment points. “The [Lloyd’s] syndicates’ strong performance in recent years continues to attract capital to the marketplace, with new entrants and capacity increases supporting the premium growth.”

Focus on Underwriting Discipline

On the other hand, Berkshire Hathaway’s gross premiums declined as a result of “fewer attractive opportunities within the market,

26 | INSURANCE JOURNAL | SEPTEMBER 7, 2026

“Whether this dynamic persists remains a critical question,” AM Best said, noting that reinsurers now possess a wider range of strategic options than in previous cycles. “Almost all leading reinsurers have evolved beyond the traditional pure-play reinsurance model, operating diversified platforms that include primary insurance, specialty underwriting oper-

ations, and alternative capital businesses,” the report said. To deploy their capital, reinsurers’ management teams may increasingly seek acquisitions and business expansions or increase shareholder dividends to return capital accumulated during the hard market, AM Best said. “These alternatives could ultimately support pricing discipline by reducing pressure to deploy capital solely within the property catastrophe reinsurance market,” the report added. “However, if competitive forces begin to outweigh these alternatives and pricing deteriorates materially, the industry could find itself, once again, with rates below adequate risk-adjusted levels.”

particularly in property-catastrophe reinsurance, with many opportunities no longer meeting return thresholds,” AM Best explained. “With cedents’ greater leverage during the renewal seasons, [Berkshire] management chose underwriting discipline over maintaining volume,” the report said. RGA (the life and health reinsurer) maintained the third rank among non-IFRS-17 filers, growing life premiums by 12.3%, year-over-year, and shareholders’ equity by 23.4%, AM Best confirmed. Everest and RenaissanceRe remained in the fourth and fifth positions, respectively, both reporting nearly flat premium growth. Everest’s management deliberately tightened underwriting to improve return profiles, similar to many other companies in the market,

which led to nearly flat gross premium growth year-overyear, the report said. “The group made headlines in late 2024 and 2025 with significant reserve charges related to its casualty business, and the aggressive underwriting actions it took in casualty classes the group viewed as underpriced.” At number five on the ranking of non-IFRS-17 reporters, RenaissanceRe saw almost no growth in gross premiums, rising less than 0.1% year-over-year, down from 4.9% during the prior year, AM Best indicated. “With substantial capital to meet demand in the market, [RenRe] focused on underwriting discipline rather than growth for the year. Though growth was modest, the group had return on equity of 25.9% and US$1.3 billion of underwriting income,” the report said.

in 2025 and an estimated $705 billion this year—all generated through retained earnings growth from underwriting profits, along with favorable investment returns and growth in third-party capital participation.

More Strategic Options

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News & Markets requiring lung transplantation. • Workers frequently experience other silica-related illnesses, including autoimmune diseases and tuberculosis. • Despite strengthened California regulations, hazardous workplace exposures continue.

Report Shows Growing Silicosis Epidemic Among Quartz Countertop Workers

ewswise — A new report documenting California’s rapidly growing silicosis epidemic among quartz countertop workers underscores the urgent need for a national effort focused on stronger surveillance, earlier diagnosis and policy interventions to protect workers from a preventable yet often fatal occupational lung disease. The report, co-authored by David Michaels, professor in the Department of Environmental and Occupational Health at the George Washington University Milken Institute School of Public Health and former assistant secretary of labor for the U.S. Occupational Safety and Health Administration (OSHA), and experts from the California Department of Public Health and two California universities identified 592 cases of silicosis among quartz countertop fabrication workers between January 2019 and June 2026. Of those workers, 65 underwent lung transplants and 31 died. The number of cases is rising quickly. Silicosis is an incurable lung disease

caused by inhaling respirable crystalline silica dust. Engineered stone, commonly marketed as “quartz” countertops, typically contains more than 90% crystalline silica, placing workers who cut, grind and polish the material at particularly high risk. While safer alternatives are available, quartz remains the most popular countertop material in the U.S. “Hundreds of workers have been sickened making quartz countertops, a product we do not need, especially when a safer alternative is available,” said Michaels. “Given the hundreds of diagnosed cases of silicosis in California, there are likely thousands of more cases across the country. Health care practitioners and public health departments should be on the lookout for cases and join the effort to stop this epidemic and save workers lives.” The report highlights several alarming trends: • Patients are being diagnosed with silicosis at relatively young ages after comparatively short periods of exposure. • Many cases progress rapidly, often

The authors note that California’s tracking efforts have already prompted significant regulatory and legislative action, including stronger workplace silica standards. However, they caution that the true burden of disease is likely much higher because many workers remain undiagnosed or are diagnosed late. The report also points to Australia’s nationwide ban on engineered stone containing crystalline silica as a model for preventing future cases. The authors urge healthcare providers to routinely ask patients about occupational exposures, evaluate countertop fabrication workers for silicosis and report diagnosed cases to public health authorities. The study, “Silicosis Epidemic Among Workers Fabricating Engineered Stone (“Quartz”) Countertops in California, 2019–2026,” was published in the New England Journal of Medicine Evidence and authored by researchers from the California Department of Public Health, the University of California, Los Angeles, the University of California, San Francisco, and the George Washington University Milken Institute School of Public Health. Michaels and Robert Harrison, a physician at the University of California, San Francisco and co-author on the paper, published an article on the public health impact of quartz countertops.

AI-Powered Distribution Platform Launched by bolt in California

nsurtech bolt launched an AI-powered insurance distribution platform the company says enables access across all lines for distribution partners. Connected Distribution is a new operating model that combines customer data, workflows and integrated market access into a single AI-powered connected system. The platform is designed to help W2 | INSURANCE JOURNAL | SEPTEMBER 7, 2026

distribution partners like independent agencies, brokerages, carriers and consumer reduce manual work, move faster and connect the distribution lifecycle. Conversational AI is designed to engage customers across voice, SMS, chat and email, capturing structured data from interactions, and combining it with customer, risk and account history. An

AI-driven workflow execution enables customer conversations to be used for quoting, routing, servicing, binding, CRM updates and other distribution workflows. AI-enabled market access and quoting also automates carrier interactions, runs quoting processes in parallel and returns bindable options with less manual effort. INSURANCEJOURNAL.COM

My New Markets Axon Crisis Management

Market Details: Axon’s Crisis Management

division provides specialized insurance solutions for contaminated-product recall, consumer-goods product recall, and restaurant food-borne illness and contamination exposures. The team delivers tailored coverage and practical guidance to help clients anticipate, respond to, and recover from complex product and crisis risks. Led by Alex Pittignano and Marcos Garcia Norris, and supported by a skilled team of underwriters and operations professionals, the division combines deep expertise in product recall, political violence, and food-borne illness with responsive service to protect clients and support business continuity. Products offered through Axon Crisis Management: terrorism and political violence; food-borne illness and contamination; consumer product recall; and contaminated products insurance. Has pen. Available Limits: Not disclosed. Carrier: Non-admitted. Rated A or better by AM Best. States: All 50 states and the District of Columbia. Contact: Alex Pittignano, apittignano@ axonu.com, 845-201-8232

AttorneyShield

Market Details: Offered by Berkley Select,

a Berkley Company, AttorneyShield is Berkley Select’s specialized portfolio of management and professional liability insurance offerings, tailored to the unique needs of law firms. Available Limits: Not disclosed. Carrier: Admitted and Non-Admitted, rated A+ (Superior); A (Excellent) by AM Best. States: All 50 states and the District of Columbia. Contact: Adam Pietras, apietras@berkleyselect.com, 312-800-6376

Auto Service Garage

Market Details: Cox Specialty Markets is

an insurance wholesaler serving agents in Illinois, Indiana, Kentucky, Ohio, Pennsylvania and West Virginia. Cox uses

INSURANCEJOURNAL.COM

a variety of admitted and non-admitted niche markets to provide agent partners with a competitive selling advantage. Has pen. Available Limits: Not disclosed. Carrier: Admitted. Rated A- by AM Best States: Illinois, Indiana, Kentucky, Michigan, Ohio, Pennsylvania and West Virginia. Contact: Emily Kindell, emilyk@coxspecialty.com, 800-648-0357

Monoline Commercial Auto Program

Market Details: Offered by American

Lumber Underwriters, the monoline commercial auto program focuses on fleets consisting primarily of light to medium vehicles (some heavy & extra-heavy vehicles are acceptable). Accepting well-managed fleets with good loss history and good drivers. Providing $1M CSL auto liability coverage, auto physical damage, hired and non-owned auto, Symbol 1, blanket waiver of subrogation, blanket additional insured and primary and non-contributory language. Has pen. Available Limits: $1 million. $4 million maximum premium; $25,000 minimum premium. Carrier: Not disclosed. States: All 50 states and the District of Columbia. Contact: Craig Glander, cglander@aluins. com, 800-850-9744

Construction Insurance Solutions

Market Details: XRISK delivers wholesale

construction insurance solutions for retail agents seeking hard-to-place contractors, developers, and specialty trades. XRISK understands the complex exposures of residential, commercial, and industrial construction accounts and provides creative market access for risks standard carriers may decline. XRISK specializes in difficult construction placements including poor loss history, new ventures, lapse in coverage, high-hazard operations, and unusual project exposures. XRISK works quickly to structure competitive terms for retail brokers needing responsive wholesale support. Target classes include general contrac-

tors; artisan and specialty trades; and heavy and specialized construction. Available coverages include commercial general liability; products and completed operations; owners and contractors protective (OCP); project specific/wrap-up options; excess liability up to $10 million; railroad protective liability; contractors’ equipment/inland marine; builders risk; professional liability (select classes); primary & non-contributory additional insured; and waiver of subrogation. Available Limits: Not disclosed. Carrier: Non-admitted. Rated A by AM Best. States: Arizona, California, Colorado, Florida, Nevada, New York, North Carolina, Ohio, Texas and Wisconsin. Contact: Wael Mohammad, wael@xrisk. io, 833-820-8333

Light Manufacturing & Warehouse Staffing

Market Details: Comprehensive coverage

for production and distribution workforce offered by Simplified Personnel Inc. Every industry has unique challenges. A tailored approach ensures clients get the specialized coverage and support. Backed by A-rated insurance carriers and decades of specialized expertise in workers’ compensation and employer risk management. T Find 20-35% average savings through specialized WC programs, proactive claims management, and experience mod control. Available Limits: Not disclosed. Carrier: Non-admitted. Rated A by AM Best. States: All 50 states and the District of Columbia. Contact: Michael Ralsam, quotes@simplifiedpersonnel.com, 813-680-0104

This section brought to you by Insurance Journal's sister website:

www.mynewmarkets.com

Need a Market? Find It. FAST SEPTEMBER 7, 2026 | INSURANCE JOURNAL | 27

Special Report: Best Agencies to Work For

2026 Winners OVERALL

Higginbotham, Fort Worth, Texas

EAST Gold

Bell & Hudson Insurance, Belchertown, Massachusetts Silver Mackoul Risk Insurance Solutions, Morristown, New Jersey and Long Beach, New York Bronze Evertree Insurance, Virginia Beach, Virginia

MIDWEST Gold

The Bulow Group, Tinley Park, Illinois Silver Shepherd Insurance, Carmel, Indiana Bronze Robertson Ryan & Associates, Milwaukee, Wisconsin

SOUTH CENTRAL Gold

Swingle Collins & Associates, Dallas, Texas Silver G&G Independent Insurance, Fayetteville, Arkansas Bronze BKCW, Austin, Texas

SOUTHEAST Gold

Oakbridge Insurance, Atlanta, Georgia Silver Insurance Office of America, Longwood, Florida Bronze Riemer Insurance, Hallandale Beach, Florida

WEST Gold

The Mahoney Group, Chandler, Arizona Silver Bethany Insurance Agency, San Dimas, California Bronze Morris & Garritano, San Luis Obispo, California

Is your agency on this list? Tell everyone! For reprints, badges, plaques, and more, call (800) 897-9965 x125 or email us at: InsuranceJournal@ wrightsmedia.com

he votes are in for the 2026 Best Independent Insurance Agency to Work For survey by Insurance Journal. Employees in 2026 highlighted the importance of competitive salaries, employee benefits, training and education, resources, and other perks as drivers of satisfaction in the workplace. But it’s not all about compensation and benefits. Happiness in the workplace has a lot to do with people, relationships, and the agency’s culture. Employees of the winning agencies cite high personal job satisfaction; rate their relationships with their immediate boss or supervisor as positive; and express a high opinion of their agency’s owner or principals and their agency’s reputation in the community. Many employees are grateful the best agency owners

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support local charities and the community in which they live. Employees are thankful for the opportunities their agencies provide for them to participate in community service. Employees take pride in working for agencies that are respected and hold strong values and ethics. Employees appreciate the generosity of their agency owners in sharing revenues in the form of bonuses and trips. The best agencies also provide ways to help their employees grow—by giving them the tools and technology they need, and supporting them with education, training, annual and performance reviews, and, in some cases, mentors. The survey results clearly show employees value this support. As expected, the winning agencies score high for overall

employee benefits including wellness programs and for working conditions including remote work options, flextime, and other alternative schedules that allow employees to embrace work-life balance. The best agencies to work for also provide employees with a strong sense of purpose in their profession and deliver a workplace environment where employees feel supported wholeheartedly by management and their peers. Many of the employees say they feel like family in their agencies. Insurance Journal wishes to thank the thousands of customer service representatives, account managers, producers, managers, and other agency staff who took the time to nominate their independent insurance agency in this year’s survey. INSURANCEJOURNAL.COM

Special Report: Best Agencies to Work For Higginbotham Fort Worth, Texas

Overall National Growth From the Heart of Texas By Mike Scott

igginbotham has grown from a small Fort Worth insurance agency founded in 1948 into one of the nation’s largest independent insurance brokerages, with more than 4,500 team members and 150-plus offices across 19 states. But even as the company has expanded, its leaders say one thing has remained constant: a culture built around its people. That culture helped Higginbotham receive the most nominations of any finalist in this year’s Best Agency to Work For survey. “Knowing that our own people took the time to nominate us in such [high numbers] is something we’re incredibly proud of,” said Higginbotham’s Chairman and CEO Rusty Reid. “It tells us that the culture we’ve worked hard to build is being felt by the people who experience it every day across our entire footprint.” Higginbotham was founded by Paul C. Higginbotham in 1948 as a small personal lines agency in Fort Worth. William “Bill” Stroud, Higginbotham’s nephew, purchased the agency in 1962 and led it for the next 27 years. When Stroud decided to sell in 1989, the agency became employee-owned, with Reid, then 27, assuming the CEO role. Years later, that employee ownership remains central to the company’s identity. The model gives employees a financial stake in the firm and is designed to align their interests with the company’s INSURANCEJOURNAL.COM

long-term success. “Our employee ownership mindset sets us apart,” Reid said. “We want our people to think and act like owners because they are owners.” There is a level of accountability, pride, and commitment to clients and each other that comes with that ownership model, he added. Higginbotham is a single-source provider of insurance, financial, and human resources services. It offers business and personal insurance, employee benefits, retirement plans, risk management, and HR services. The firm also emphasizes its “Day Two Services,” providing ongoing risk management and benefits support after coverage is placed. Higginbotham’s commitment to professional development internally is another important part of its environment. Programs include the Summer Internship Program, HIGG U for technical training, the Producer Academy for sales development, and a learning management system offering continuing education. The company also promotes career

opportunities as it grows. Being a good employer, Reid said, means allowing employees to build careers rather than filling positions. “Listen to your people and invest in them,” he said. “You can have the best strategy in the world, but your people are the ones who bring it to life every day.” Higginbotham’s leadership gives its team members opportunities to grow, recognizes their contributions, and makes sure they understand how their work connects to the success of the company. Maintaining that culture becomes more challenging as an organization grows, but Higginbotham has been intentional about creating ways for employees across its expanding footprint to stay connected. The company recently launched an internal communications and engagement platform designed to help employees share accomplishments, recognize colleagues, and stay connected to companywide goals. That information is available for team members to review when needed.

All of these factors are tied to the concepts of being family to employees, accountable to clients, teammates to carriers, and generous to communities. These shared principles unite Higginbotham employees. “We’ve been very intentional about protecting the culture that has defined Higginbotham for decades,” Reid said. “Growth can change how a company operates, but it doesn’t have to change who you are.” The commitment to the communities where Higginbotham’s employees live and work alone is impressive. They have collectively contributed $21 million to the Higginbotham Community Fund over the years, supporting nonprofits important to their communities. That community commitment is connected to the same philosophy as employee ownership. After all, people who feel invested in the organization are more likely to invest in its success.

Higginbotham employees at their Volunteer Extravaganza event. SEPTEMBER 7, 2026 | INSURANCE JOURNAL | 29

Special Report: Best Agencies to Work For East: Gold Award

Bell & Hudson Insurance Agency Belchertown, Massachusetts

A Century and a Half of Putting People First By Mike Scott

ell & Hudson Insurance Agency has built its business around a simple idea that insurance is ultimately about people, relationships, and keeping promises. In fact, it has been doing that since the late 1800s. That philosophy has helped the western Massachusetts independent agency remain locally owned through ongoing mergers, consolidation, and change around it. That is no small task and is why this year’s recognition has particular meaning for President and CEO Matthew Phaneuf. Bell & Hudson previously won Insurance Journal’s Best Agency to Work For in the East in 2011, when his father, James Phaneuf, owned and ran the agency. Matthew is proud to be a part of the team that continues that tradition. “It feels great that our employees have gone out of their way to recognize our management team’s hard

work,” Phaneuf said. “It’s nice to know that our employees feel the same way under our new ownership.” Bell & Hudson’s history reaches back to the Civil War era. James Phaneuf purchased the agency in 1992, and Matthew became president and, eventually, the firm’s majority owner more than a decade ago, continuing a tradition of local ownership and community involvement. Bell & Hudson has evolved over the years, now providing personal, business, life, and health insurance. The agency also offers specialized programs for industries and risks including restaurants, dental offices, builders risk, energy, commercial vehicle fleets, and technology. But Phaneuf said the agency’s workplace distinction has little to do with the conventional list of employee perks. “We asked our staff, ‘What makes a great place to work?’ The most repeated responses were mutual respect and pro-

Bell & Hudson Insurance Agency employees. 30 | INSURANCE JOURNAL | SEPTEMBER 7, 2026

fessionalism; feeling wanted/ appreciated/valued; teamwork; feeling safe and secure in your job; and working with people who care about their job, their customers, and their co-workers,” Phaneuf said. “What it boils down to is our people.” That emphasis on people is reflected in Bell & Hudson’s unusually long employee tenure. Phaneuf said the staff averages 22 years as teammates. For example, Personal Lines Manager Candace McNeaney celebrated her 40th work anniversary in 2025, and Commercial Lines Manager Michelle Tetrault and Claims Manager Beth Gouin each have been employees for more than 31 years. Along with its extraordinary employee tenure, the agency’s dedicated claims management function is another firm differentiator, Phaneuf said. Gouin’s experience and empathy give clients a resource who understands both the technical and personal sides of navigating a claim. Other team members offer similar levels of experience and client service. Bell & Hudson has also resisted the consolidation trend sweeping the independent insurance industry. Rather than selling to outside investors, the agency remains accountable to its customers and communities, Phaneuf said. That local ownership allows Bell & Hudson to continue supporting community sponsorships, fundraisers, and local causes, particularly in Belchertown and West Brookfield. It is an agency

committed to its communities. “We’re thriving and excited for the next generation of Bell & Hudson employees to step into leadership roles and continue our culture of success and our four core values of integrity, excellence, teamwork, and service,” Phaneuf said. Bell & Hudson’s commitment to community is longstanding. Its Putt-a-thon fundraiser for cancer research ran for 19 years and ultimately raised more than $1 million. The agency has also earned the Massachusetts Association of Insurance Agents’ Five Star designation multiple times, reflecting its focus on professional standards and customer service. For Phaneuf, sustaining the culture comes down to leadership that listens, communicates, and recognizes employees’ contributions. “Find people that fit your culture, and make it one that stresses positivity, empathy, understanding,” he said. That philosophy has allowed Bell & Hudson to grow and evolve without losing the local, relationship-driven character that has defined it for generations. INSURANCEJOURNAL.COM

Special Report: Best Agencies to Work For Midwest: Gold Award

The Bulow Group Tinley Park, Illinois

Creating a Culture of Professional Growth and Opportunity By Mike Scott

or The Bulow Group, being a great place to work starts with a straightforward philosophy: take care of the people who take care of the clients. Founded in the Chicago area in 2013 by brothers Tom and Mike Bulow, the Tinley Park, Illinois-based commercial insurance brokerage has built its business around relationships, proactive risk management, and personalized service. The firm also has an affiliate office in Denver and partnerships across the country. The Bulow Group provides commercial insurance, risk management, consulting, and employee benefits services to businesses in a wide range of industries, from construction and manufacturing to technology and hospitality. Its approach combines insurance expertise with analytics, benchmarking, and consulting to help clients identify and reduce risk. That same proactive philosophy extends to its employees. “Recognition like this means a lot more to us because it comes directly from our team,” said CEO Mike Bulow. “We’ve been fortunate to receive recognition over the years, and we’re extremely proud of all of it, but having your own people say this is a great place to work is different.” The firm’s employee-focused culture includes a hybrid workplace, work-life balance, INSURANCEJOURNAL.COM

comprehensive benefits, and The Bulow Group’s leadership professional development. emphasizes giving employees The Bulow Group recognizes the tools and resources to succeed without micromanaging the importance of regular how they accomplish their internal and external training. work. The goal is to provide Employees are eligible for opportunities for employees tuition reimbursement and to take ownership of their incentives for industry designations. roles and careers while The firm also encourages growing with the company. employees to participate in That philosophy mirrors charitable causes and provides the company’s client-facing opportunities for mentorship “TBG Gold Standard,” which is and individualized career built around treating clients’ development. For Bulow, how- businesses as its own. The ever, culture is not defined by model emphasizes responsive a list of benefits. service, from everyday needs “We reinvest a significant such as certificates of insurance, claims, and billing to amount back into our team longer-term risk management every year, whether that’s our strategy. office, technology, benefits, Bulow believes the best way flexibility, training, events, or just finding new ways to make to maintain that culture is to listen first and act second. TBG a better place to build a “Listen to your people and career,” Bulow said. “Some of those investments are big, and then actually do something with what they tell you,” some are small, but they all he said. “Some of the best matter.” things we’ve done have come One of the most visible examples is The Bulow Group’s state-of-the-art headquarters, which includes a full-sized gym, smoothie room, commercial kitchen, and a firm-branded pro shop. The company said the facility reflects its broader effort to create an environment that employees are proud to be part of. Flexibility and autonomy are The Bulow Group's annual Christmas party. equally important.

from conversations with our employees and being willing to change something that maybe Tom and I thought was working fine.” As The Bulow Group continues to grow, maintaining that connection remains a priority. “Culture isn’t something you can manufacture,” Bulow said. “Your employees ultimately decide what your culture is.” For a brokerage focused on helping clients manage risk and plan for the future, that may be one of its most important investments possible.

SEPTEMBER 7, 2026 | INSURANCE JOURNAL | 31

Special Report: Best Agencies to Work For & Associates Texas South Central: Gold Award Swingle CollinsDallas,

From the Outside In: How Listen-First Leadership Powers Texas Agency By Ezra Amacher

or over four decades, Swingle Collins & Associates has built a reputation for doing what’s right for its clients and for the people who work at the Dallas, Texas-based agency. The firm’s leadership team works intentionally at investing in talent and technology, making the agency a place where employees feel like they’re part of a collaborative mission. That’s according to the employees who nominated Swingle Collins, Insurance Journal’s Best Agency to Work For Gold Award winner for the South Central region. “I’ve seen a lot of workplaces from the inside throughout my career, and what struck me from my very first weeks at Swingle Collins was how much every single person here believes their voice matters, and that isn’t an accident,” said CEO Dan Curtis. “We want the

entire team to want to come to work each day.” Curtis took over as CEO of Swingle Collins earlier this year, stepping into the role held by founder Frank Swingle. Curtis, who came to the agency from a career in logistics and finance, said there’s great value in hiring people with diverse professional backgrounds. “Many of our best associates come from outside insurance entirely, which brings in fresh perspective and different competencies that are useful in advising our clients,” he said. “The insurance industry is truly unique, and once good people experience an agency that prioritizes culture the way we do, they tend to stay for the long haul.” Swingle Collins has built a reputation retaining employees, as shown by the way it invests in its people. In nominating the firm for the award, one employee wrote, “There are consistent opportunities

Swingle Collins & Associates employees. 32 | INSURANCE JOURNAL | SEPTEMBER 7, 2026

for meaningful conversations about growth, compensation, and career advancement. It has a strong foundation of core values which is embedded into how we work, and our processes and procedures that are put in place prioritize transparency and partnership.” Another employee highlighted the company’s relationship-first culture as a driving engine behind the firm’s success. Swingle Collins’ business has grown significantly in four-plus decades, yet the agency has stayed rooted in its care for clients and for each other, the employee said. “It is a firm built on integrity, empathy, and expertise, and that shows up in how people are treated internally,” wrote one employee. A high-trust work environment, ample opportunities for growth, and investment in new technologies were themes that ran through employee responses. “Our leadership

team is wonderful, our management team is amazing and is growing and making improvements all the time,” another employee wrote. Team members also expressed appreciation for the way the firm values independence and organic growth. “We are growing organically rather than through acquisition,” wrote an employee. “Our reputation in the community is pristine and our employees all care deeply about their customers and carrier relationships.” To build a workplace where employees are engaged and believe in the firm’s mission, Curtis encourages other agency leaders to “show up and listen” before trying to build programs. “Coming in as an outsider to insurance, I spent my first year here getting to know our team, our carrier partners, and our clients before making any major moves, and that groundwork mattered more than any initiative I could have rolled out on day one,” Curtis said. “Culture is something you demonstrate through consistent, small decisions that tell your people their contribution is seen and valued.” “From my time here, I’m convinced an insurance agency is an incredible business precisely because it’s about people protecting what matters most to them,” he said. INSURANCEJOURNAL.COM

Special Report: Best Agencies to Work For Southeast: Gold Award

Oakbridge Insurance, Alpharetta, Georgia

Special Magic Driving Value By William Rabb

akbridge Insurance has grown a bit in the last six years— from four agencies in Georgia to more than 50 offices across nine states. It now has almost $200 million in revenue and more than 750 employees. “When you say that out loud, it’s like, ‘Wow. That’s a big business,’” said CEO and Co-founder Matt James. But for Oakbridge, the focus has never been solely on size, but has been on its employees, especially as the company has grown steadily through multiple acquisitions in recent years, James explained. “We wanted to meet people in their communities and build upon those relationships that local broker has, and bring more resources to the table so that they can better serve those clients without losing what I’ll say is the special magic of the local independent agency.” To do that, the Alpharetta, Georgia-headquartered firm has invested heavily in employee ownership and equity. The approach is not an employee stock-ownership plan but a distributed equity model that gives most producers and associates a share of the pie. “We think that’s critical,” James said. “To be able to put on that shareholder hat and think like an owner. That helps drive value for our clients every day.” Oakbridge stresses “over-communication” and “overly transparent” processes with associates. The firm holds INSURANCEJOURNAL.COM

quarterly employee town hall meetings to discuss a range of issues. And in early 2025 Oakbridge hired a new chief operating officer who implemented employee regular surveys to gauge satisfaction and concerns. Survey responses are anonymous, allowing associates to feel free to speak their minds, James explained. Responses to Matt James Insurance Journal’s Co-Founder & CEO survey of employees suggest the brokerage is doing said one associate. something right. Oakbridge, chaired by “Overall my experience with Robbie Smith, this summer Oakbridge has been amazing. also launched other initiatives The team is supportive with a designed to empower and positive work environment,” engage producers. It instituted

a cross-sell program, in which producers engage in different lines of business, across different geographical areas. And in an age of increasing levels of poaching and corporate raiding among insurance brokers nationwide, Oakbridge is proud to say it has never lost a producer to a rival brokerage. “We think we have a great compensation plan, and close to 100% of our producers hold equity as well, so we think that alignment helps,” James said.

Oakbridge Insurance team. SEPTEMBER 7, 2026 | INSURANCE JOURNAL | 33

Special Report: Best Agencies to Work For West: Gold Award

The Mahoney Group Chandler, Arizona

Ownership, Personal Stake Is at the Heart of a People-First Culture By Mike Scott

or The Mahoney Group, employee ownership is more than a financial structure. It is a central part of how the company operates, makes decisions, and builds careers. Founded in 1915 and headquartered in Chandler, Arizona, The Mahoney Group is one of the nation’s largest independent, employee-owned insurance and employee benefits brokerages. The firm provides business and personal insurance, employee benefits, risk management, and surety services to clients nationwide. The company’s employee stock ownership plan makes the ESOP collective the majority owner, with every qualified employee receiving an ownership stake. The firm accepts no outside capital, reinforcing its independence and allowing employees to share directly in the company’s success.

“The fact that employees are owners sets the drive for our culture,” said CEO Brad Rucker. “To be truly owned by team members is unique in our industry. It gives everyone a sense of autonomy for what they do.” That ownership philosophy is reflected in the company’s P.E.O.P.L.E. First values—which stands for People, Enthusiasm, Ownership, Performance, Loyalty, and Empathy. Mahoney said these values guide how employees work with one another, serve clients, and contribute to the organization. They are also part of the “Mahoney Mindset,” which is shared at the start of each internal firm meeting. The approach also supports the company’s goal of creating careers rather than simply filling positions. Employees have access to professional development, tuition reimbursement, licensing and certification support, flexible and remote work options,

Employees from The Mahoney Group at a recent companywide event. 34 | INSURANCE JOURNAL | SEPTEMBER 7, 2026

competitive compensation, and a broad benefits package. COO Morgan Scott exemplifies that career-development philosophy. She joined The Mahoney Group directly out of college and has advanced through the organization, while other employees have built careers after starting in entry-level roles. “What we offer here isn’t just jobs,” Scott said. “We want people to build a long-term career.” That emphasis on longevity is particularly important as the insurance industry experiences ongoing consolidation. Leadership has deliberately structured its ownership and leadership model around both remaining independent and preparing the organization for future growth. The Mahoney Group recently completed a comprehensive restructuring focused on durability and perpetuation, while continuing to grow and expand employee ownership. The strategy builds on a legacy that stretches back more than a century. The decision to create an ESOP model was established in part to preserve the company’s independence and give employees equity in the enterprise. Planning for succession is another piece of that effort. Although the company retains the Mahoney name, no member

of the Mahoney family has worked for the organization for more than five decades. Leadership views perpetuation as a long-term responsibility for the employees who now serve as stewards of the business. “We look at perpetuation as a lifestyle,” Rucker said. “But we still understand that we are stewards of this firm and that the Mahoney family was instrumental in getting us to where we are today. We’re honored to be where we’re at.” The culture is reinforced by an environment in which employees are encouraged to contribute ideas and challenge established practices. Mahoney’s recent move into a 35,198-square-foot headquarters was designed around collaboration, technology, comfort, and employee well-being. For Scott, though, awards like this and others the firm has received are secondary to the culture employees experience every day. “Authenticity matters,” she said. “Our culture is not simply created by an award.” That culture is something leadership at The Mahoney Group expects team members to embrace, particularly as stewards of a business built to last. INSURANCEJOURNAL.COM

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Spotlight: Hospitality Hotels, Restaurants See Favorable Property Market But Casualty Still Challenging: Report By Andrea Wells

he hospitality market has become a bit of a “tale of two markets,” according to Dana Fansler, AIM, AINS, AVP and Program Manager, Amwins Program Underwriters. “Property insurance has softened considerably, with increased capacity, broader terms, and rate reductions for many well-performing hotels,” Fansler said. Casualty’s tale tells a much different story, she added. “Casualty remains challenged due to social inflation, nuclear verdicts and increased litigation,” she told Insurance Journal. “As a result, insurers are becoming much more focused on what they’re covering rather than simply how much premium they’re collecting.” According to Amwins’ recent State of the Market: A focus on Hospitality report, due to increased global and domestic capacity, coupled with a 2025 storm season with no hurricanes making landfall in the continental U.S.,

pricing and terms have become increasingly competitive on the property side. “Hotels and hospitality properties in favorable geographies are commonly achieving premium reductions in the range of 15% to 25%, with some accounts also benefiting from higher available limits. Carriers are returning to classes they had previously avoided, restoring competition that had been lacking during the hard market conditions of the prior decade,” the report said. Casualty lines in hospitality can be a mixed bag, the report noted. “General liability and liquor liability pricing has softened modestly for certain restaurant, bar, and nightclub risks, but this relief is uneven and often paired with tighter coverage terms,” the report said. Coverage structure is playing a larger role in underwriting outcomes in the hospitality market. “What that means in practice is that two quotes with similar premiums can have dramatically different coverage structures,” Fansler explained.

36 | INSURANCE JOURNAL | SEPTEMBER 7, 2026

For example, she said: • Assault & Battery (A&B) may be fully covered, sub-limited, or excluded. • Abuse & Molestation (A&M/SAM) may have reduced limits or defense inside the limits. • Human Trafficking coverage may be restricted or excluded entirely. • Liquor liability may carry separate sub-limits or exclusions.

Dana Fansler

“For many hospitality accounts, these coverage terms have become the deciding factor, particularly for hotels and resorts with restaurants, bars, nightclubs, and mixeduse properties where those exposures exist,” Fansler said. “In some cases, buyers are seeing modest rate relief but receiving less coverage than they had before.”

Claims Trends

Slip, trip, and fall claims remain the most significant driver of liability losses for hospitality risks and now routinely produce settlements in the high six- to seven-figure range, the Amwins report said. But other trends that carriers are keeping an eye on are those involving assault and battery (A&B), abuse and molestation (A&B), human trafficking, liquor liability, bed bugs, Legionella, and carbon monoxide exposure.

“Hotels tend to face the most scrutiny around A&B, trafficking, negligent security, guest safety and abuse-related exposure,” Fansler said. “Restaurants generally face fewer trafficking concerns but continue to see intense underwriting around liquor liability, security procedures, late-night operations, and event exposures.” Any risk associated with high alcohol receipts, entertainment, or nightlife components will see the greatest coverage restrictions, she added. When it comes to A&B, A&M, or anything related to human trafficking, concerns are directly changing both pricing and coverage availability. “The biggest change is that these exposures have moved from secondary underwriting considerations to primary drivers of carrier appetite,” Fansler said. Historically, many carriers automatically included some level of A&B, abuse, or trafficking-related protection within broader liability programs. “Today, many are INSURANCEJOURNAL.COM

applying sub-limits, requiring separate coverage grants, moving defense costs inside policy limits, or excluding certain exposures entirely,” Fansler said. Human trafficking has become a major area of concern as civil litigation and public scrutiny continue to increase, she added. Fansler recommends that hotel operators seeking coverage for these exposures to: • Invest in documented training programs: Human trafficking awareness training, abuse prevention training, and security awareness procedures. • Strengthen security controls: Key-card access controls, exterior lighting, incident reporting procedures, employee escalation protocols. • Understand your coverage before renewal. “Many insureds focus on price and limits but fail to review A&B, SAM, trafficking. INSURANCEJOURNAL.COM

This is where the real coverage differentiation is,” Fansler said.

‘For many hospitality accounts, these coverage terms have become the deciding factor, particularly for hotels and resorts with restaurants, bars, nightclubs, and mixed-use properties where those exposures exist.’ Emerging Risks

The Amwins report also noted two emerging areas of risks, including THC beverage exposures in some states and rising cyber risks related to point of sale (POS) systems. Hemp-derived THC beverages are increasingly being served on premises alongside alcohol in bars, restaurants, hotels, and entertainment venues,

the report said. “Regulatory treatment varies greatly by jurisdiction, creating compliance challenges and liability uncertainty for operators.” POS systems present growing exposure in the hospitality sector as well as they become more integrated with reservations, loyalty programs, and inventory systems. “This expanded connectivity has made hospitality businesses a frequent target for cyber threats,” Amwins noted.

3 Things to Consider

Fansler recommends that agents and brokers submitting a hospitality risk pay attention to three key areas during the submission process. “Don’t just send in applications/submissions,” Fansler said. Tell the story. “A quality submission should explain the risk: what controls are in place, any security procedures and/or life safety measures, management experience, risk transfer, and what kind of prevention

efforts are in play.” Give as much information as possible. “Don’t underestimate the importance of supplemental applications/information,” Fansler said. “The difference between a quote and a declination is often the supporting documentation. A good submission will have five-plus years of loss runs, COPE info, contracts, human trafficking protocols/abuse prevention policies/procedures, safety manuals—to name a few.” Lastly, start early and keep the focus on coverage, not cost. “Engage markets 60-90 days ahead of renewal dates so that underwriters have time to thoroughly review and negotiate for your insured,” Fansler said. “In today’s hospitality market, a quote that is cheaper may have big coverage gaps. It’s important for the broker to advise their client on the difference between having the right coverages vs. premium savings—especially in the event of a claim.”

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Idea Exchange: Is It Covered?

Logic & Language and Forms & Facts Beware These Commercial Property Endorsements!

n last month’s column, I made the case for carefully reviewing policy deliverables in order to identify exclusionary forms and, if possible, By Bill Wilson remove or replace them with less onerous endorsements. That column focused on examples of ISO 38 | INSURANCE JOURNAL | SEPTEMBER 7, 2026

Commercial General Liability (CGL) forms. This month, let’s examine some ISO Commercial Property (CP) forms. Unlike ISO’s CGL forms, ISO’s CP forms really don’t have a specific form number category for exclusionary forms, so identifying problem endorsements is a little tougher. Let’s start with the CP 10 36 – Limitations on Coverage For Roof Surfacing. This form was introduced in ISO’s 2012 countrywide filing, so agents should be very familiar

with it, along with many other insurer variations on the theme. This form, governed by CLM Division 5, Rule 28, is used to alter coverage on roofs in one or both of the following ways (the cosmetic exclusion, in particular, isn’t approved in every state because of conflicting state laws). The schedule can change the valuation basis of roof surfacing from replacement cost to actual cash value as of the time of loss or damage for any covered cause INSURANCEJOURNAL.COM

of loss and exclude cosmetic damage to roof surfacing caused by wind or hail. “Cosmetic damage” refers to visual changes in roof surfacing appearance that arguably do not result in functional degradation in keeping the elements out of the house. Needless to say, with predicted severity increases in storm damage, roof surfacing, which has a limited functional life and, thus, replacement cost valuation, is prone to increased exposure to damage. For ACV valuation, the potential issue is not coverage but loss valuation. What constitutes cosmetic damage is likely a more debatable issue, especially given that it may be months before a deterioration in function becomes apparent. A related exposure often involving roof surfacing has to do with “matching” issues where only part of the roof has direct physical damage, but replacing somewhat worn or weathered damaged shingles with new ones results in a mismatch with the rest of the roof that impacts market value. If there is an interest in this issue, perhaps we’ll devote an entire column to that in the near future. Even more so than cosmetic damage, a number of states have laws impacting matching issues. Another endorsement of concern is the CP 12 32 – Limitation On Loss Settlement – Blanket Insurance (Margin Clause). Print space does not allow for a detailed discussion of the issues surrounding this form, so I’ll refer you to a Big “I” article that also links to an article by the late, great Don Malecki, CPCU, ARM. Simply do an online search for “Margin Clauses and Blanket Insurance” by Mike Edwards and it should pop up early in the list of hits. Margin clauses effectively reduce the value of blanket coverage by essentially reinstating per structure caps on coverage. If a margin clause cannot be removed, it’s important that the insured understand this and not communicate to business partners that full blanket coverage is available when certifying coverage. The CP 04 11 – Protective Safeguards and CP 12 11 – Burglary And Robbery Protective Safeguards endorsements make the maintenance of particular protective safeguards a condition of coverage. In reviewing court INSURANCEJOURNAL.COM

cases involving claim denials for impaired or inoperable protective systems, such forms are often considered warranties and not representations, meaning they may be interpreted literally even if the resulting denial is nonsensical. For example, an insured’s building was protected by a burglar alarm system that had not been maintained in sound operating condition. One night, burglars stole several thousand dollars’ worth of property, not from inside the building but rather from the yard behind the building. Although the burglar alarm system did not extend to the yard, the claim was denied because the system was inoperable.

‘Does your agency maintain a list of such ISO endorsements to avoid, negotiate, or be wary of? What about non-ISO endorsements used by your insurers?’ Sometimes removal of these endorsements is possible if not mandated by applicable rules. If not, the insured should be aware of the importance of maintaining these systems and, as warranted, advising the insurer if they are temporarily out of order to the extent that such notice is required. These are just a few examples of the many exclusionary or limiting endorsements that one may find on a commercial property policy. Does your agency maintain a list of such ISO endorsements to avoid, negotiate, or be wary of? What about non-ISO endorsements used by your insurers? In last month’s column, I introduced this 3-month series of articles by identifying three phases of preventing uncovered claims for customers. First was identifying loss exposures. Third was quality-controlling policy deliverables by seeking to remove or replace exclusionary or limiting

endorsement, the primary subject of this series of columns. Second was properly insuring the loss exposures found in Phase 1, which often involves asking for the attachment, rather than removal, of a particular endorsement. Sometimes coverage can be clarified by endorsement, as we’ll see in next month’s column. To illustrate using a Commercial Property coverage scenario, I wrote about this five years ago in my column titled “Logic and Language and Forms and Facts: Preventing Coverage Gaps.” A Minnesota agent insured a waterfront property that included several portable docks under a CP 00 10 form that excluded, under Property Not Covered, “Bulkheads, pilings, piers, wharves or docks.” He believed that this excluded damage to real, not personal, property and that the portable docks, being, in his opinion, personal property, were not subject to the exclusion since they were removed from the water and stored on land during the winter. He might very well have a point, but why pin coverage to his arguable interpretation? The preferred method would be to cover the docks by scheduling them on the ISO CP 14 10 – Additional Property Coverage endorsement and moving them to the Covered Property class. Next month, we’ll take a look at some exclusionary or limiting Commercial Auto endorsements. And, just like the CP 14 10 example above, we’ll also talk about some endorsements you might consider always asking for because they often resolve arguable coverage issues in advance of claims. Wilson, CPCU, ARM, AIM, AAM is the founder and CEO of InsuranceCommentary.com and the author of six books, including “When Words Collide…Resolving Insurance Coverage and Claims Disputes,” which BookAuthority ranked as the #1 insurance book of all time. He can be reached at Bill@InsuranceCommentary.com. SEPTEMBER 7, 2026 | INSURANCE JOURNAL | 39

Idea Exchange: The Competitive Advantage Craftspeople and Money People

n insurance agency is a business; make no doubt about it. And it needs to be treated as a true business to fully realize its potential. Many traditional agency owners, however, are not interested in running a business. They like the idea of owning a business, By Chris Burand and, psychologically, many need to own an agency rather than work in one. Wanting to “own” a business and wanting to “run” a business have almost nothing in common, other than society and law mostly dictate that those who own a business should run it, with the partial exception of publicly traded companies. Most owners do not want to run a business. I’ve heard some people say that it is a hobby for many agency owners. In my experience, that is not correct.

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Agency owners I work with do not view their agencies as hobbies but as very serious endeavors. The difference is that most agency owners truly enjoy working with customers, helping customers, and building a better world. They are operating at a very high level far beyond the capabilities of a hobbyist. They are professional craftspeople. They know insurance coverages inside and out, understand how to communicate effectively with consumers, and build the most trusting relationships. Their talents amaze me. They are not that interested, though, in dealing with vendors and solving HR issues; handling arcane accounting issues, contracts, or IT; or especially holding producers accountable. Inside management is not their forte. Many of these agencies would benefit from hiring quality people focused on inside customers. But few agency owners are willing to relinquish control and take that step.

The industry is experiencing significant acquisition activity that promises to relieve these owners of all their inside customer management responsibilities. Most of the time, this promise is of little consequence because the sellers are soon retiring, but it is an important point. Some agency networks are promising something similar to people who are not retiring, which, if executed well, will be a game changer. And we will have an Adam Smith pin factory example played out in the modern world. A point of conflict is arising with the acquisitions. Many acquirers do not really care about the craft of taking care of clients. There are several carriers and agencies/brokers who have quietly but purposely built organizations based on people with “good enough” (direct quote) skills. High-quality people are too expensive. And the high-quality people who stay, the professional craftspeople, grow frustrated by their inability to provide

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quality products and services to clients. They are angered by the degeneration of their work and treatment of customers. This is one reason we are seeing many new agencies founded by younger people who believe in the craft and see a niche to be filled. The agents I am working with are doing this through an even higher level of craftsmanship at higher profit margins. This conflict between craftspeople and money people has been happening forever. I recall reading about this happening with Western cattle ranches in the 1870s. Are carriers, regulators, and consumers ready for “good enough” and the loss of craftsmanship? All three have, to some degree or another, based their expectations on the agent being a professional craftsman. Consumers are definitely getting the short end of the stick. Due to the ridiculous standard of care in most states, which requires the insured to read and understand their coverages, customers will have more responsibility than ever to actually understand the coverages and determine whether the coverages offered INSURANCEJOURNAL.COM

address their needs. This is not a realistic requirement, and yet the law opens the door wide for amateurs (the opposite of professionals) who do not really know what they’re doing to exploit the shortage of professional craftspeople. Given how carriers are surgically removing coverages, this does not bode well for consumers. Regulators are likely not ready for the deluge of complaints and suits. This might be most evident in California, where the state seems to sue its own insurance company, and vice versa. (It’s really like a Kafkaesque dystopian situation.) This is evidence that regulators are not positioned to address the shortage of professional craftspeople who take care of customers. Carriers are not ready either. As much as some carriers have made it crystal clear they would like agents to disappear (or at least the commission expense), good agents have long protected their carriers from themselves. As some brokers have become larger than many insurance companies, that protection has eroded and will continue to erode. Most carriers’ underwriting systems, including their pre-

dictive modeling systems, do not address how the lack of professional agents will negatively impact them. For some, fewer professional agents will be balanced with lower commissions. For carriers with inadequate models, the result will not be positive. There is no putting the genie back in the bottle. The money will win unless the craftspeople build boutique agencies and brokerages. The people I know building these boutiques are growing with great success. They employ different models, but they have all hired professional management to serve the internal customer. In all cases, they also emphasize deep technical knowledge and the professional craftsperson’s attitude for doing everything well. They have identified a niche and, using their high ethical standards, are taking advantage of those who employ “good enough” people. Burand is the founder and owner of Burand & Associates LLC based in Mountainair, New Mexico. Phone: 719-485-3868. E-mail: chris@burand-associates. com. SEPTEMBER 7, 2026 | INSURANCE JOURNAL | 41

Idea Exchange: Agency Management Insurance Innovation That Actually Solves Problems: How to Avoid Building Tech No One Uses

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nnovation” has become nearly synonymous with technology. Mention innovation in the insurance industry, and the conversation quickly turns to AI, automation, agent orchestration, data platforms, or the latest insurtech darling. But tech alone is mere invention. By Abrianne Harmon Innovation carries the requirement that the new thing being brought to the table is successfully implemented to create actual value. It happens often: insurance organizations spend significant time, money, and energy implementing stuff that technically works but doesn’t solve the problem employees, producers, or clients are living in. A system performs exactly as designed and somehow makes the workflow more complicated. A tool ships

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with a dozen capabilities and half of them go untouched. An automated process saves measurable labor in one department while quietly creating more work somewhere else. Start with the objective. The technology comes second.

Don’t Solve a Problem You Can’t Define

When someone says, “We need a new tool,” the first question shouldn’t be which vendors to evaluate. It should be: What is the intended outcome? It literally needs to be on paper. That sounds simple, but it forces a useful shift in thinking. Instead of beginning with a proposed solution, the organization has to clearly illustrate what it’s actually trying to accomplish and demonstrate how that goal is aligned with its overarching strategy. From there, two more questions follow: • What does the current process look like? • What’s preventing it from producing

the desired outcome? If those questions can be answered in a format that promotes communication across diverse audiences, ideally through diagrams and the written word, the organization is likely halfway to solving the problem. The obstruction could be outdated technology. It could also be a disconnected workflow, unclear ownership, thin training, messy data, or a communication gap between departments that never talk. Not every obstacle is a technology problem, and it would be nonsense to throw a technology solution at a training problem or a fundamental strategy weakness. This is where it helps to stop thinking in departments and start thinking in flows. A problem can show up in accounting, sales, claims, or service, but its cause may sit several steps earlier or sideways in the process. Understanding it requires

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following the flow of information from where it starts to where it lands. Where does the data originate? Where does it go next? Who touches it? Where does the process slow down? Is a system simplifying the work, or has it quietly become one more thing people work around? The organization knows it’s making progress when the process begins to resemble an old-timey detective’s board, full of evidence and red string tracing every connection until the whole picture is visible.

Diagnose Before You Redesign

A personal story from outside insurance illustrates the risk of solving the wrong problem. At a highly automated food production facility, a controls engineer was approached about a malfunctioning robot. A product was supposed to move consistently from one point to another, but the robot was occasionally dropping it. The proposed solution was to rewrite the robot’s programming. That would have been possible. It also would have taken time to change, test, validate, and recalibrate code that had previously worked well. Before pulling all the stops to rush a coding fix, the engineer paused. He observed how employees were operating the equipment. They were using it correctly. He then inspected the robot itself and found that a basic suction cup responsible for gripping the product had worn out. It was replaced in about 10 minutes. The problem could have been addressed with a complicated technology change. Instead, asking “why” enough times uncovered a much simpler solution. Insurance organizations face their own versions of the worn-out suction cup. A slow process may not require an entirely new platform. A reporting issue may not require a more sophisticated dashboard. A producer might resist new software simply because no one explained how it fits into their day. A new tool might help a broken process move faster. It won’t necessarily heal the break. INSURANCEJOURNAL.COM

‘The organization knows it’s making progress when the process begins to resemble an old-timey detective’s board, full of evidence and red string tracing every connection until the whole picture is visible.’ Don’t Overcomplicate the Solution

In one insurance organization, a business intelligence review identified revenue opportunities between the commissions the company was receiving and the amounts it could be receiving. Individually, the gap appeared to be drops in a bucket. Collectively, it added up to millions of dollars. The answer? It wasn’t a whole new system. It was the choice of a phone call or a canned email added between two steps in the existing process. Organizations sometimes assume that a large problem requires a large solution. In practice, the size of the outcome and the complexity of the solution aren’t always related. In fact, sometimes solutions are not additive at all but actually cutbacks. The goal should be to find the simplest reasonable step that can test the organization’s strategy.

Evaluate the Experience, Not Just the Features

Before adopting a tool or redesigning a workflow, think through how the change lands on everyone who touches the process, not just the person who requested it. • For employees, does it cut duplicate work or create another system to babysit? • For producers, does it support the way they serve clients and manage relationships, or does it pull attention away from those critical responsibilities? • For clients, does it make insurance easier to understand, access, or use? • For technical teams, can the solution be supported, secured, and integrated with the organization’s existing environment?

If a tool helps one group by dumping work on another, the process hasn’t been fixed. The bottleneck has simply moved somewhere less visible, for now. Once the organization finds balance in the larger equation of experience, it’s ready to tackle features. Building a tech stack or designing bespoke applications can’t be approached like ordering a hamburger. That’s why cultivating real understanding between business users and technical builders is essential. Business users should avoid the temptation to throw a list of demands into the IT abyss. They need to take the time to illustrate the why behind the request. Builders and engineers should also recognize that building exactly to spec with no context is folly. Genuine curiosity about the problem at hand matters. Business teams understand the daily frustrations and desired outcomes. Technical teams understand what can be built, integrated, automated, and maintained. Neither perspective is enough on its own.

Technology Can’t Replace Clarity

The larger and more complex an insurance organization becomes, the easier it is for “good” ways of working to become twisty and tangled. That’s just entropy, and it happens faster the more people and products you add to the pot. Technology may help manage that complexity, but it can’t be the only card an organization plays. Vision, leadership, and training cannot be replaced by processes and software. Insurance organizations don’t need to stop building, buying, or testing new technology. They need to be disciplined about what they want. The strongest innovation starts with a clear outcome, an honest look at the current process, and enough persistence to keep asking “why” until the real issue emerges—not just the first plausible one. Harmon is the director of innovation at ALKEME Insurance, a full-service insurance agency providing commercial and personal insurance, employee and executive benefits, retirement, and wealth management services. SEPTEMBER 7, 2026 | INSURANCE JOURNAL | 43

Idea Exchange: Homeowners Why Coverage Clarity Is the New Competitive Advantage

he personal lines insurance market is becoming increasingly competitive. After several years of volatility, carriers are returning to growth-oriented strategies and investing heavily in advertising to attract new business. In 2025 alone, the industry spent over $14 billion on insurance advertising, much of By Daniel C. Halsey it centered on price. Those messages are reaching homeowners at a time when rising costs across many areas of daily life are prompting a closer look at household expenses, including insurance. With this background, it would be easy to assume that price has become the primary factor driving insurance purchasing decisions. However, findings from The Hanover’s 2026 Home Report: The Coverage Confidence Gap suggest a more nuanced reality. Nearly three-quarters (74%) of homeowners surveyed said they would choose a policy offering broader coverage, even at a higher cost, over a lower-priced alternative with fewer protections. Homeowners also ranked comprehensive protection (81%) and claims service quality (80%) slightly higher than price (78%) when evaluating insurance providers. The findings suggest that while homeowners are focused on affordability, they are also seeking confidence that their coverage will perform as expected when they need it.

Where Confidence Falls Short

The findings point to an important challenge in today’s market. While homeowners place a high value on protection, many lack a clear understanding of the insurance coverage they currently have in place. According to the report, 90% of homeowners are concerned about protecting their homes and personal property, yet many have not verified whether key coverages are included in their insurance 44 | INSURANCE JOURNAL | SEPTEMBER 7, 2026

policies or require an additional purchase, including: • Identity fraud protection (46% have not verified) • Service line coverage (41% have not verified) • Water backup coverage (38% have not verified) • Personal property replacement cost (24% have not verified) This disconnect highlights a broader challenge facing homeowners today: while protection is a priority, many remain unsure whether their coverage fully aligns with their needs. The issue is not from a lack of interest. Rather, insurance policies can be difficult to evaluate, especially when meaningful differences exist across carriers, policy tiers, and endorsements. The consequences of this disconnect become more significant as the risks facing homeowners continue to evolve. Rising rebuilding costs, more frequent severe weather events, water damage, and emerging threats such as identity fraud are just a portion of the exposures homeowners face today. Each of these risks has the potential to create significant financial consequences, including surprise out-of-pocket costs, when coverage is not properly aligned with a policyholder’s needs.

‘The best agents in today’s market aren’t simply competing on price; they are having deeper conversations with clients to help them make more informed decisions about their protection.’ Looking Beyond Price in Coverage Consultation

In today’s inflationary environment, insurance purchasing decisions are often evaluated through the lens of price. Price is transparent and easy to compare, while differences in coverage, claims capabilities, endorsements, and carrier strength require

additional explanation and context. Without a clear understanding of those distinctions, homeowners may view policies as largely interchangeable, even when substantial differences exist in the protection being provided. Independent insurance agents know better than anyone that homeowners insurance policies aren’t created equal. Variations in coverage limits, optional endorsements, claims service, and financial strength may not be obvious during a quote comparison, but they can have a significant impact when a loss occurs. The best agents in today’s market aren’t simply competing on price; they are having deeper conversations with clients to help them make more informed decisions about their protection. And homeowners recognize the value of that guidance. According to the report, 64% say expert advice from a licensed insurance professional is essential when choosing a company to insure their home. In a market where consumers are increasingly exposed to price-driven messages, the ability to provide clarity can be a meaningful differentiator.

Informed Coverage Decisions

Helping homeowners understand their insurance coverage does not require a complete overhaul of the sales process. It does, however, require a deliberate focus on helping clients recognize the value and purpose of their protection. Successful independent insurance agents excel at this by focusing on three key actions: 1. Make coverage clear. Effective coverage discussions move beyond policy summaries and INSURANCEJOURNAL.COM

focus on practical explanations of what is covered, where limitations may exist, and how a policy would respond in real-world situations. Relevant examples can help transform abstract policy language into a clearer picture of the protection being purchased. When customers can confidently explain their coverage and how it applies to their own circumstances, they are better equipped to evaluate their options and make informed decisions. 2. Make tradeoffs real. Price will always play an important role in the insurance purchasing process, especially in today’s economy. However, lower premiums often reflect differences in coverage, endorsements, service capabilities, or other policy features. Helping clients understand those distinctions allows them to more accurately assess the tradeoffs associated with different options. Conversations about premium should also include discussions about

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protection, including coverage limits, claims experience, and carrier strength. When clients clearly understand those tradeoffs, their coverage decisions become more intentional and less likely to be driven solely by price comparisons. 3. Make every conversation count. Coverage needs rarely remain static. Changes in property values, household circumstances, personal assets, and emerging risks can all affect the adequacy of existing protection. Renewals, policy reviews, and routine client conversations create opportunities to revisit coverage decisions, address evolving exposures, and ensure policies continue to align with a homeowner’s needs. These interactions can also reinforce understanding, helping clients maintain confidence that their coverage remains appropriate as circumstances change.

The Path Forward

As personal lines competition

continues to increase, differentiation may become more difficult for consumers to recognize. Price-focused advertising will remain prevalent, and homeowners will continue to look for ways to manage household expenses. With these challenges, providing coverage clarity becomes increasingly valuable as independent insurance agents work to strengthen advisory relationships. Agents best positioned for long-term success will be those who help customers move beyond simple price comparisons and develop a clearer understanding of their protection needs and the tradeoffs involved in their insurance choices. By helping homeowners navigate these decisions with greater clarity, independent insurance agents can deliver something many customers are actively seeking: confidence that their coverage will be there when they need it most, regardless of how much it costs. Halsey is president, personal lines at The Hanover.

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Idea Exchange: Technology

Insurer Viewpoint: Why Insurance Must Move Beyond AI Pilots to Real-World Adoption

he past two years of testing, pilots, and experimentation have given most insurers a far clearer view of where AI can and cannot deliver By Kyle Ramsay value. Insurers, MGAs, brokers, and agencies have spent countless hours testing tools, evaluating vendors, and exploring use cases across underwriting, claims, and customer service. Meanwhile, the importance of realizing AI’s promise has only become more

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urgent, as customer expectations have been steadily rising and climate change and escalating costs have pressured loss ratios—all while the industry sits on more data than ever. However, while individual pilots may have been successful and the technological frontier seemingly advances daily, there are still relatively few examples of AI delivering meaningful financial impact or sustained operational change. In fact, 60% of insurers remain stuck in the exploration or proof-of-concept stage of AI adoption, according to Capgemini’s World Property and Casualty Insurance Report, 2026. There are exceptions, though. A handful

of organizations have seen meaningful results, moving beyond treating AI as an innovation project to embedding it directly into underwriting, claims, and customer service workflows. The difference between these organizations and the majority of the market comes down to a small set of foundational factors that determine whether AI moves from pilot to production.

What It Takes for AI to Deliver at Scale

In my experience, successful AI deployment depends on four key factors: clear problem definition, strong data foundations, system connectivity, and INSURANCEJOURNAL.COM

operational trust. Failing to account for any of these creates real barriers to impact and scale. Too often, organizations begin with a desire to do something with AI without committing to an ambitious, well-defined business problem. Ideas tend to come bottom-up, such as a small use case, a low-risk proof of concept, or a productivity hack. According to the same research, 42% of top global P/C insurers set no KPIs to measure AI success, leaving programs reliant on individual champions rather than institutional capability. Without alignment from the start, pilots generate activity without producing meaningful outcomes, like a chatbot that can only answer basic questions, or a document extractor that exists outside any real workflow. Even a successful initial pilot will lose steam without continued commitment and shared objectives. Data quality presents another common obstacle. Pilots often perform well in controlled environments but struggle when exposed to real production data. Again, the research backs this up; 74% of insurers point to data quality and cross-functional accessibility as barriers to scaling AI. If the underlying information is fragmented, inconsistent, or incomplete, the output and results will be as well. Similarly, to unlock full potential, AI must be integrated across your core technology systems. Just as teams operate across several systems, AI must be able to access all these tools as well. By integrating AI into policy administration systems, claims workflows, servicing platforms, and operational processes, your AI agents will have the tools to analyze, recommend, and act in real time. The report also reveals that organizations leading AI adoption are more than twice as likely to have integrated data and cloud infrastructure enterprise-wide (86% vs. 35%) and three times more likely to have built shared, explainable AI infrastructure enabling cross-functional scaling (74% vs. 24%). Finally, in addition to these technological and data considerations, operational trust is equally critical and often underestimated. Adjusters, underwriters, service representatives, and agents are the ones INSURANCEJOURNAL.COM

who will use these AI-powered workflows or work alongside them. Launching pilots in isolation, often on a siloed innovation team, can result in disjointed workflows, resistant adoption, or, worse, mistrust. By co-designing with operational teams from day one, you build buy-in, drive adoption, and create a meaningful feedback loop to improve your AI products over time. In regulated environments, trust requires that AI systems must be explainable, which means human-in-the-loop checkpoints where it matters, a strong analytics framework to guard against bias, and ongoing monitoring of both the systems and the processes they support. This is not unique to distribution; it applies equally at the carrier level, where the stakes of an unexplainable decision are just as high. Without these foundations in place, most pilots will remain novelties rather than core business capabilities.

What Good Looks Like at Scale

The benefits of embedding AI directly into operational workflows extend far beyond efficiency gains. Leading organizations are realizing additional benefits such as improved customer experience and risk decisioning by integrating AI directly into core workflows across claims, customer service, underwriting support, and other operational functions. Unlocking these

broader benefits requires reimaging workflows for the AI era, not merely automating standalone tasks. Looking closer to home, at Hippo our own experience mirrors these wider industry trends, having embedded AI into claims and customer service processes to increase responsiveness and expand operational capacity. Our AI-powered customer service capabilities now handle routine interactions across policy servicing and billing, while our digital first notice of loss workflow captures and organizes claims information so adjusters can focus on higher-value activities. We expect more than 70% of claims to be filed digitally, and our current claims staffing model could support a 30-35% increase in claims volume. These outcomes illustrate what production-scale AI looks like in practice. Success comes from starting with clearly defined business objectives, building trust with operational teams, creating strong data foundations, and connecting AI to the systems where work actually happens. When those elements come together, AI shifts from a series of disconnected pilots into an operational capability that can reshape how insurers serve customers, manage risk, and scale their businesses. Ramsay is the chief product and AI officer at Hippo.

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Idea Exchange: Minding Your Business People working together for a common cause build trust and camaraderie. Companies with a sense of why are able to inspire their employees. The feelings they bring to work attract other people who are eager to work there as well. Good, inspired employees can be the organization’s salespersons for finding new, like-minded employees who also believe in the company’s core message and purpose. If they do bring in new people, they should also be rewarded. From management on down, these employees see that they all need each other in order to be successful.

How to Find Your Why

book called “Start with Why” by Simon Sinek covered this topic and gave inspiration for this article. “When an organization is filled with ‘good fits,’ those who believe what you believe, success just happens,” said Sinek. Sir Ernest Shackleton, who led three expeditions to the Antarctic, including the infamous Endurance voyage back in the early 1900s, surrounded himself with a team of noble and adventurous explorers. On Shackleton’s search for the crew for his voyages, he clearly described the type of people he needed when he placed ads in The New York Times in 1915. He even noted that a By Catherine Oak “safe return was doubtful,” but he still needed a team of people who would not give up, no matter the circumstances. Despite the disaster with the Endurance when the ship became trapped in the ice, Shackleton was able to lead the crew to safety after camping on the sea ice until lifeboats arrived. Moral of the story: When surrounded with like-minded individuals, success tends to follow. When employees feel they belong and are important to the organization, they are more motivated to work toward the company’s goals. This will guarantee the company’s success, as employees will do the job for themselves. Many companies focus on their organizational structure of the how or what their 48 | INSURANCE JOURNAL | SEPTEMBER 7, 2026

Lead the Teams company does, versus finding their why. Looking at the key differences between IBM and Apple’s organizational structure, Apple continues to be a leader in technology. Steve Jobs gave employees a filter, a context, and a higher purpose around which to innovate. Apple employees simply look for ways to bring their cause to life, in as many places as they can, and it works. “Great companies give their people a sense of purpose or challenge around which to develop ideas, rather than simply instructing them to make a better mousetrap. Companies with a great sense of why tend to ignore the competition. Innovation is invaluable for navigating struggle, [making it] easier to weather hard times or even to find opportunity then,” said Sinek.

Illuminate the Higher Cause

Employees don’t give up if they understand the higher cause. The Wright Brothers, Shackleton, and Apple’s management all believed they could be the best and they trusted their people to do it. Another example that Sinek gave in his book was a story of two Stonemasons. One man just had a job for the money and chipped away each day in the heat, resenting his job. The other employee saw that he was building a cathedral—he saw the big picture. The latter had a sense of purpose and was part of the higher cause. He likely knew he would never see the end product, however, he was happy to be a part of its creation.

The average company usually gives their people something to work on; in contrast, the most innovative organizations give their teams something to work toward. The role of a leader is to create an environment in which great ideas can happen. It is the people inside the company, on the front lines, who are best qualified to find new ways of doing things. Agency owners and leaders need to draw out those people’s great ideas and help them to feel empowered. Many companies have star employees, salesmen, and so on, but few have a company culture that produces great people as a rule and not an exception.

Summary

It is imperative to find your company’s why. The examples of all of these companies and notorious people in this article show how important it is for people to work toward a greater purpose. Agency owners need to inspire their team of employees. At the next planning meeting, the owners and employees should try working together to find the company’s why. Oak is the founder and president of Oak and Associates, an international consulting firm to the insurance industry and specializes in mergers, acquisitions, perpetuation planning, valuations, planning meetings and streamlining operations for insurance agencies. Contact her at catoak@gmail. com, call 707-935-6565, or visit www.oakandassociates.com. Offices are located in Sonoma, California and Bend, Oregon. INSURANCEJOURNAL.COM

September 7, 2026

Safeco Insurance Company of America 225 Borthwick Avenue Portsmouth, NH 03801

First National Insurance Company of America 225 Borthwick Avenue Portsmouth, NH 03801

AXA XL Insurance Company Americas 677 Washington Blvd., 10th Floor, STE 1000 Stamford, CT 06901

The above company has made application to the Division of Insurance to amend a Foreign Company License to transact Property and Casualty Insurance in the Commonwealth of Massachusetts.

Any person having any information regarding the company which relates to its suitability for the license or authority the applicant has requested is asked to notify the Division by personal letter to the Commissioner of Insurance, 1 Federal Street, Suite 700, Boston, MA 02110, Attn: Financial Surveillance and Company Licensing within 14 days of the date of this notice.

September 7, 2026

Wesco Insurance Company Brandywine Plaza, 1521 Concord Pike, STE 201 Wilmington, DE 19803

R.V.I. America Insurance Company 107 Elm Street, 12th Floor Stamford, CT 06902

State Farm Life Insurance Company One State Farm Plaza Bloomington, IL 61710

The above company has made application to the Division of Insurance to amend a Foreign Company License to transact Legal Services insurance business in the Commonwealth of Massachusetts.

The above company has made application to the Division of Insurance to amend a Foreign Company License to transact Property & Casualty Insurance in the Commonwealth of Massachusetts.

The above company has made application to the Division of Insurance to obtain a Foreign Company License to transact Life, Accident, & Health Insurance in the Commonwealth of Massachusetts.

September 7, 2026

Samsung Fire and Marine Insurance Company 140 Broadway, Suite 2210 New York, NY 10005

Oakwood Insurance Company 2908 Poston Avenue Nashville, TN 37203

The above company has made application to the Division of Insurance to amend a Foreign Company License to transact Property and Casualty Insurance in the Commonwealth of Massachusetts.

The above company has made application to the Division of Insurance to amend their Foreign Company License to transact Life, Accident and Health Insurance in the Commonwealth of Massachusetts.

INSURANCEJOURNAL.COM

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SEPTEMBER 7, 2026 | INSURANCE JOURNAL | 49

Closing Quote Why Organic Mentorship Is Insurance’s Best Retention Tool

here is a 6-to-1 ratio of retirement-eligible veterans to young professional entrants in the insurance industry, which means hiring new talent and developing existing talent is vital. And despite efforts by many orgaBy Mary Rimbey nizations to keep emerging professionals engaged, the industry is far from filling the enormous gap these looming retirements will create. The issue? Formal mentorship programs often fail to provide young talent with counsel, guidance, and encouragement that truly is effective in their careers. Mentorship does not require a formal process. Rigid approaches strip the authenticity out of professional development. Successful mentorship is built on proximity, feedback, and relationship building—not rigid calendar invites. Authentic professional growth cannot be mandated by an automated pairing system. When an organization attempts to force these connections, the interactions feel transactional and inauthentic.

A meaningful mentor does not need to be a 30-year career veteran. Valuable guidance can come from a peer sitting at the next desk.

Relationships

Organic relationships thrive on accessibility and spontaneity. Consider the power of a spontaneous checkin. Recently, an unexpected 45-minute phone call from a trusted former colleague completely reset my perspective during a demanding week. We did not have a formal agenda, nor did we plan the conversation weeks in advance. Instead, the casual dialogue provided clarity and calm, which helped me re-establish a great headspace. This is the essence of organic mentorship: an unprompted, real-time exchange that offers guidance exactly when needed.

Feedback Is a Gift

To cultivate a resilient team, leaders must instill the core philosophy that feedback is a gift. Early in a career, it is incredibly easy to adopt an avoidant mindset. Having tough conversations or receiving constructive critiques can feel deeply intimidating to a junior professional. Emerging

50 | INSURANCE JOURNAL | SEPTEMBER 7, 2026

professionals must learn to overcome the fear of difficult dialogue early on to build a sustainable career foundation. Good mentorship allows for space for juniors and veterans to have conversations and make an impact.

Professional Styles

One of the most underappreciated mentorship opportunities is finding leaders who possess the specific skill sets you lack. If a young professional naturally relies on a softer close during business negotiations, they will benefit immensely from working alongside a manager who utilizes a hyper-direct, numbers-driven approach. Blending these distinct professional styles creates a well-rounded skill set that helps individuals evaluate risks from multiple viewpoints. Professionals rarely leave an organization as a whole. Rather, they leave specific managers who fail to invest in their daily progression. To retain young talent, managers must maintain close contact with junior team members to build confidence and foster autonomy. When a junior underwriter successfully talks through a complex account, their professional capability and personal confidence grows. This supportive framework applies to personal development milestones, as well. For instance, conversations with colleagues about motherhood have developed meaningful mentoring relationships. From time management to prioritization and problem solving, sharing real experiences and

listening to others has helped me become a better leader and mentor myself. Industry leaders can aid in the development and empowerment of junior teammates by: • Cultivating operational confidence by providing a reliable sounding board for complex risk decisions. • Accelerating response speeds to allow junior team members to execute trades with market-leading efficiency. • Enhancing professional autonomy so employees can transition from guided execution to independent growth strategies.

Passing the Torch

Every milestone achieved by a modern leader is built upon the foundation laid by previous generations. I recognize that my own professional path is entirely a result of standing on the shoulders of giants, those experienced leaders who took the time to advocate for me and share their wisdom. Acknowledging this legacy means realizing that the ultimate responsibility of leadership is to pass the torch to the next generation. Fulfilling this responsibility requires active engagement with the industry’s future talent pipeline. Experienced professionals must step forward to guide, listen, and invest in the next generation. Shift the focus away from rigid corporate programs and embrace organic, proximity-driven mentorship to secure the long-term future of the insurance industry. Rimbey is senior vice president, casualty, at Argo Group. INSURANCEJOURNAL.COM

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Omaha National Underwriters, LLC is an MGA licensed to do business in California (License No. 078229). Coverage is provided through Omaha National Insurance Company and Omaha National Casualty Company, each rated A- (Excellent), and Preferred Professional Insurance Company, rated A (Excellent).