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INSURANCE EMPLOYERS E&S EVOLUTION
Surplus lines hit record as market shifts
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5-STAR WHOLESALERS & MGAs
Retail brokers rate their industry partners
VALUE WARNING
Soft property pricing masks future valuation pain
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UPFRONT
EDITORIAL
www.ibamag.com MAY 2017 EDITORIAL
Managing Editor Paul Lucas North America Editor – Insurance Gia Snape Journalists Branislav Urosevic, Danny Wood, Chris Davis News Writers Mark Rosanes, Joshua Recamara, Roxanne Libatique Staff Writers Mallory Hendry, Manal Ali, Bennett Richardson, Emily Douglas, Chris Sweeney, Kim Champion Copy Editors Tara Tovell, Christina Jelinek, Karen Atienza Allison Ingusan, Janet Punzalan
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The last resort became the first call
T
he numbers alone tell a striking story. Over the past decade, the E&S market expanded by 223 percent, growing from US$40 billion in direct premiums written in 2014 to US$130 billion in 2024 – roughly 2.6 times as fast as the broader P&C market’s growth of 86 percent over the same period, according to MarshBerry. What was once the market of last resort for unplaceable risks now accounts for 25.7 percent of all US commercial P&C premiums, up from just 3.6 percent of total P&C DPW in 2000 – a structural shift that has become increasingly difficult to ignore in 2026. That trajectory did not happen by accident. Admitted carriers have increasingly stepped back from placements where they lack credible historical loss information, face rising claims volatility, or run into regulatory constraints on pricing – creating opportunities for the surplus lines market to absorb risks that standard markets cannot accommodate. The forces pushing business into E&S are if anything intensifying in 2026. Inflation, reinsurance costs, and severe weather remain the major pricing drivers in the personal lines E&S segment, according to Brown & Brown’s 2026 Market Trends Report, while capacity, though available, is becoming increasingly selective – particularly around wildfire-prone geographies and coastal hurricane zones. For brokers operating in those regions, the E&S relationship is no longer a fallback option; it is the primary placement strategy.
The most common complaint carriers hear from brokers is that communication needs to be earlier Emerging risks are compounding the structural picture. Cyber coverage has now shifted substantially into the surplus lines market, with AM Best reporting that surplus lines insurers now write almost two-thirds of all cyber insurance by premium. AI liability is following the same path. Lines such as commercial auto, D&O, and cyber liability are finding their way to the E&S segment more frequently, according to AM Best, and the expectation across the market is that generative AI exposure will do the same – given the freedom of rate and flexibility that surplus lines carriers can bring to risks that standard underwriting frameworks cannot yet accommodate. That creates both opportunity and obligation for brokers. Understanding which carriers have appetite for specific risks, presenting clean data packages, and managing client expectations around terms and pricing will separate top performers from the rest. The most common complaint carriers hear from brokers is that communication needs to be earlier and clearer on underwriting requirements – a gap that, if closed, benefits everyone in the placement chain. The market has matured. The question for brokers is whether their approach to it has kept pace. The team at Insurance Business America
Copyright is reserved throughout. No part of this publication can be reproduced in whole or part without the express permission of the editor. Contributions are invited, but copies of work should be kept, as the magazine can accept no responsibility for loss.
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ISSUE 14.01
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CONTENTS
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UPFRONT 01 Editorial
New price drivers are intensifying the E&S market
03
FEATURES 20 Where the premium builds up
SPECIAL REPORT
SPECIAL REPORT
35
5-STAR WHOLESALE BROKERS AND MGAs
The best of 2026 reveal what retail brokers value most
The workplaces that turn employee feedback into action SECTOR FOCUS
INDUSTRY ICON The soft market is raising the value of broker proactivity and responsiveness, says Trucordia’s Felix Morgan
12 2
34 Value warning
Slipping declared property values could leave clients facing a double correction when the market turns, Amwins cautions
46 E&S evolution
TOP INSURANCE EMPLOYERS
PEOPLE
Tariff-driven construction-cost inflation is creating a hidden exposure for wrap-up programs
16
Surplus lines premium hit a record $143.3 billion in 2025, but shifts are reshaping which risks stay in E&S
PERSONAL RISK OVERLOOKED The wealth boom in the US is leaving many new millionaires underinsured
SPECIAL REPORT
21
5-STAR NETWORKS AND ALLIANCES
This year’s winners on commissions, techology, and consultation
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SPECIAL REPORT
WHOLESALE BROKERS AND MGAs 2026 The best wholesale brokers in the US build holistic solutions for complex or unique risks, offering clients specialized expertise and access to capacity they cannot secure elsewhere
CONTENTS
PAGE
Feature article............................................................
4
Methodology .............................................................
5
5-Star Wholesale Brokers and MGAs 2026 ........... 10
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SPECIAL REPORT
5-STAR WHOLESALE BROKERS AND MGAs 2026
WINNING ON VALUE, TECH, AND BROKER SUPPORT BROKERS ARE increasingly viewing the best wholesale brokers and MGAs in the US as the engine room of product innovation and the place where new ideas happen first. AM Best data show that surplus lines premiums continued to climb in 2025, up 9.7 percent through the third quarter, albeit down from 13.5 percent a year earlier, extending a multiyear run in which E&S has absorbed complex risks shunned by admitted
carriers in property, commercial auto, and high-hazard casualty. The direction of travel is due to brokers’ need for specialized expertise and access to capacity they cannot secure through standard appointments. What truly separates the best wholesaler brokers in the US from the rest is not technical prowess but the strength of their broker enablement machine – from marketing and technology to compensation programs and
sheer responsiveness. Insurance Business America determined its 5-Star Wholesale Brokers and MGAs 2026 by conducting a survey of retail producers nationwide, asking respondents to rate the performance and service of their wholesale partners across 10 criteria. A clear snapshot emerged of the firms that stood out: • consistently delivering across the board: not one magic lever; the elites are
WHOLESALE BROKERS AND MGAs: BROKER RATINGS
Wholesale broker/MGA
4
Pricing
Technical expertise and product knowledge
Ability to place niche or emerging risks
Range of products
Compensation (commission, bonuses, profit-share, etc.)
Overall responsiveness
Reputation
Marketing support
Technology/ automation
Geographical reach
Average
4.18
Amwins
4.14
4.38
4.32
4.33
3.71
4.38
4.5
3.95
3.85
4.19
Bass Underwriters
4.08
4.67
4.08
4.17
3.92
4.33
4.58
3.83
4.08
3.92
4.17
Brown & Riding
4.7
4.92
4.79
4.71
4.63
4.98
4.88
4.68
4.48
4.76
4.75
BTIS (Builders & Tradesmen’s Insurance Services, Inc.)
4.44
4.28
3.86
4.26
4.16
4.06
4.52
3.82
4.32
4.24
4.2
Burns & Wilcox
3.63
3.75
3.63
4
3.31
3.31
3.63
3.13
2.75
3.75
3.49
CRC Group
4.18
4.33
4.19
4.13
3.97
4.25
4.27
3.81
3.69
4.06
4.09
DeCotis Specialty Insurance
4.46
4.69
4.54
4.31
3.92
4.77
4.77
4.38
4.38
4.31
4.45
Gorst & Compass
3.94
4.69
4.56
4.56
4.25
4.87
4.88
4.13
4.21
4.27
4.43
Integrated Specialty Coverages (ISC)
4.81
4.75
4.59
4.56
4.84
4.81
4.88
4.78
4.81
4.83
4.77
44%
47% 47%
Johnson & Johnson Insurance
4.57
4.73
4.68
4.66
4.56
4.64
4.76
4.6
4.6
4.65
4.65
London Underwriters
4.68
4.65
4.59
4.68
4.53
4.71
4.76
4.62
4.71
4.66
4.66
Risk Placement Services (RPS)
4.06
4.29
4.06
4.24
3.71
3.94
4.41
3.71
3.41
3.94
3.98
RT Specialty
3.97
4.45
4.1
4.07
3.79
4.34
4.41
3.55
3.76
4.31
4.08
SPG Wholesale
4.66
4.85
4.69
4.76
4.64
4.8
4.77
4.67
4.62
4.74
4.72
XS Brokers Insurance
4.61
4.8
4.76
4.66
4.51
4.77
4.76
4.43
4.13
4.66
4.61
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good at almost everything that matters • helping on the hard stuff: top scores on technical expertise and niche/ emerging risk placement strongly underpin reputation and overall ratings • being easy to work with digitally: high tech/automation scores are now a hallmark of top performers • investing in broker relationships: marketing support is the strongest statistical predictor of overall ratings, suggesting that education, co-marketing, and communication really move the needle • winning on value, not just price: compensation and pricing matter, but they’re part of a wider value package rather than the decisive differentiator “The wholesalers and MGAs who stand out will be the ones who can quickly build holistic solutions for complex or unique risks, not just quote a policy,” says John Anthony, senior vice president, E&S wholesale – contract P&C, E/U at Nationwide. “This requires knowledge across markets, carriers, and risk characteristics and being able to provide clarity and confidence in a marketplace that’s constantly shifting.”
Best wholesale brokers in the US: key data 1. The value package is extremely coherent: Almost every attribute moves together with the overall average. The correlation of each metric with the overall average rating is as follows: marketing support (0.98), compensation (0.94), technology/ automation (0.94), overall responsiveness (0.93), technical expertise (0.93), ability to place niche/emerging risks (0.93), geographical reach (0.93), range of products (0.91), and pricing (0.90). Insight: Brokers are not rewarding a single hero attribute. The top wholesalers and MGAs in the US tend to be strong across product, service, support, and tech simul-
taneously, and that holistic strength is what drives higher overall ratings and more votes.
2. Marketing support is the closest thing to a kingmaker: The strongest individual correlation with average ratings is marketing support (0.98). Insight: Once a wholesaler, broker, or MGA has strong products and execution, along with proactive marketing/education and broker enablement, it tends to push them into elite territory.
3. Technical expertise + niche risk capability are foundational: Both technical expertise and ability to place niche/ emerging risks correlate at about 0.93 with the average. Insight: This ties directly to what brokers actually need: help on complex or hard-toplace risks, delivered by people who know the coverage inside out.
4. Responsiveness and niche placement form a “performance spine”: The top markets are clustered with niche risk scores ≥4.56 and responsiveness scores around 4.7–5.0. Insight: Brokers are effectively rewarding a consistent experience of “We can place it, and we’ll get back to you quickly.”
5. Technology/automation is now strongly linked to success – but still differentiates tiers: Technology/automa-
METHODOLOGY Insurance Business America conducted a survey of retail producers nationwide to determine the best businesses in the wholesale distribution channel. The survey asked respondents to rate the performance and service of each of their wholesale partners on a scale of 1 (poor) to 5 (excellent) against the following 10 criteria: bility to place niche or •a emerging risks •c ompensation (commissions, bonuses, profit share, etc.) • geographical reach • marketing support • overall responsiveness • pricing • range of products • reputation • t echnical expertise and product knowledge • technology or automation The wholesale brokers and MGAs that earned an average score of 4 or greater in at least one category were awarded a 5-Star designation. Wholesale partners that received an average score of 4 or greater in all categories received an All-Star designation. Brokers also named the top insurance products offered by an MGA. The four insurance products that received the most votes from brokers were awarded the Brokers’ Pick medal.
tion has a 0.94 correlation with the average.
Insight: While tech alone doesn’t create an elite wholesaler, they almost never have a low tech rating.
6. Compensation is important, but it’s table stakes: Compensation’s correlation with the average is 0.94, but almost all the 2026 winners have compensation in a relatively narrow band (roughly 3.3–4.8). There are no highly rated firms with poor compensation, but there are mid-tier firms with
decent compensation whose overall scores lag due to weaknesses in expertise, tech, or responsiveness. Insight: Brokers expect fair, competitive compensation, but the real differentiation is still capability + service + support, not an extra few basis points of commission.
Historical trends Since 2021, IBA has asked survey respondents to answer the question: Please rate the importance of the following when choosing a whole-
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SPECIAL REPORT
5-STAR WHOLESALE BROKERS AND MGAs 2026
WHOLESALE BROKER/MGA SELECTION CRITERIA: 2021–26 Criterion
2021
2022
2023
2024
2025
2026
Change 2526
Pricing
4.15
4.27
4.84
4.45
4.49
4.53
+0.04
Technical expertise and product knowledge
4.53
4.56
4.76
4.78
4.72
4.78
+0.06
Ability to place niche or emerging risks
4.32
4.50
4.64
4.65
4.59
4.65
+0.06
Range of products
4.58
4.55
4.58
+0.03 +0.06
4.17
4.34
4.54
Compensation (commission, bonuses, profit-share, etc.)
3.65
3.82
4.54
4.28
4.25
4.31
Overall responsiveness
4.66
4.76
4.46
4.86
4.81
4.84
+0.03
Reputation
4.18
4.33
4.32
4.51
4.49
4.54
+0.05 +0.08
Marketing support
3.62
3.71
4.27
4.15
4.10
4.18
Technology/automation
3.53
3.77
4.14
4.22
4.24
4.25
+0.01
Geographical reach
3.50
3.71
4.14
4.13
4.12
4.15
+0.03
sale broker/MGA, where 1 = not important and 5 = very important. Between 2025 and 2026, brokers didn’t relax any expectations; instead, they are raising the bar across the board, with the sharpest focus on marketing support, specialist expertise, niche risk capability, and compensation – the elements that most clearly differentiate high-performing wholesalers and MGAs.
5-Star Wholesale Brokers and MGAs in depth Johnson & Johnson Insurance Johnson & Johnson Insurance aims to stand out in the marketplace by pairing deep industry expertise with a sophisticated, in-house technology engine. Rather than relying solely on third-party platforms, it maintains a dedicated team of more than 30 programmers focused on rapid system enhancements and customized solutions. This internal capability allows the firm to quickly adapt to market changes, client feedback, and carrier needs, turning tech-
6
nology into a strategic advantage rather than a constraint. The firm is also leveraging AI to move its service to the next level for its customers. Intelligent tools help streamline underwriting workflows, flag key risk insights, and support faster, more accurate decision-making. For agents and insureds, this translates into more responsive service, better-aligned coverage options, and fewer administrative bottlenecks. Operationally, Johnson & Johnson Insurance makes doing business easy. Direct bill options simplify and speed up the payment process for both agents and insureds, reducing friction and improving cash flow. IVANS policy downloads further strengthen agency efficiency, enabling up to 30 percent labor savings for independent agencies by eliminating manual data entry and minimizing errors. On top of this, the firm delivers robust online capabilities across the policy life cycle. Retail partners can access ratings, policy documents, payments, and claims reporting through streamlined digital platforms, giving them real-time information and self-service convenience whenever they need it. By combining human expertise with powerful, purpose-built technology, Johnson & Johnson Insurance
“We feature leading-edge technology, enabling our agents to quickly rate and receive quotes for submitted risks and generate finance agreements from our website” Peter Burrous, Johnson & Johnson Insurance offers a modern, efficient, and highly responsive solution.
Risk Placement Insurance Services (RPS) Distinguishing itself through a deliberate, future-focused strategy built around data and talent, RPS has made data and analytics central to its operating model, using insights not just to quote and place business but also to drive better outcomes for clients, carriers, and retail partners, aligning business strategies, financial plans, and new program submissions with the objectives and appetite of the firm’s (re) insurance partners. By arming its teams with industryleading tools and real-time reporting, the firm equips brokers and underwriters to use data “in moments that matter,” from structuring programs on complex risks to negotiating with markets, giving retailers a clear competitive edge. Equally important is RPS’ deep invest-
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SPECIAL REPORT
5-STAR WHOLESALE BROKERS AND MGAs 2026
“We support retail brokers with tailored, data‑driven insurance, benefits, and underwriting solutions that help you deliver real value to your clients. Our exclusive programs, market expertise, and client‑first mindset are designed to make it easier for you to compete – and win”
WHY WOULD YOU CHOOSE TO REACH OUT TO A WHOLESALE BROKER/MGA? For coverage or a market I don’t have access to
23%
Specialty coverage
21%
Tailored placement for a complicated need
14%
Industry expertise
11%
Obtain competitive pricing
14%
Market reach
9%
Admin efficiency
4%
Lower entry barriers
3%
Other (please specify)
1%
As a wholesaler and MGA, RPS naturally sees more submissions, more carrier appetites, and a broader range of risks than any independent agent could on their own. That volume, combined with sophisticated data reporting, enables the firm to surface trends, nuances, and potential pitfalls that might otherwise be missed. The result is a solutions-oriented partner that blends analytics, specialist expertise, and real-world market experience to deliver informed, differentiated placement strategies that stand out in a crowded wholesale landscape.
Kevin Doyle, Risk Placement Services (RPS) Brown & Riding ment in people. Recognizing that relationships and expertise are the currency of specialty insurance, the firm has prioritized recruiting, retaining, and developing top talent that fits a culture of creativity, collaboration, and problemsolving. Client-facing professionals are encouraged to specialize by industry, product, or niche exposure, allowing them to dig deeply into risks, markets, and jurisdictional nuances. This specialist model means that when a retailer comes to RPS, they’re engaging with professionals who “live and breathe” those classes every day.
8
Founded in 1980, Brown & Riding is the longest-standing national wholesale brokerage firm in the US and, uniquely, one of the only leading national wholesalers to focus exclusively on wholesale. That singular focus eliminates channel conflict and builds deep, trust-based relationships with both retailers and carriers. Rather than operating as isolated producers, the firm’s brokers collaborate across specialist coverage lines to place tough, complex accounts. Teams coordinate placements and service, combining broad
market access, technical expertise, and strong carrier relationships to secure the best possible outcomes. For retailers, this means access to the power of the entire firm, not just a single individual. Brown & Riding’s quality standards are objectively verifiable, as it has held ISO 9001 Quality Certification since 2003 and is the first – and, to its knowledge, still the only – US wholesale insurance brokerage to do so. This certification underpins documented workflows, audits, and metrics that drive operational consistency across all offices. Technology and transparency provide another clear edge. The firm’s proprietary 24/7 Secure Client Portal delivers real-time, fully transparent marketing on submissions, showing exactly which carriers are reviewing each risk and their responses. Coupled with rigorous tracking of responsiveness, placement outcomes, and service benchmarks, and supported by active industry engagement, Brown & Riding offers a specialist, accountable, and truly client-aligned wholesale solution that clearly differentiates it from competitors.
Lines of interest The hottest areas for wholesalers and MGAs remain catastrophe-exposed and otherwise distressed commercial property. Capacity in the admitted market has been volatile,
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“We advocate for our clients as true partners, earning their trust through uncompromising transparency, responsiveness, and accountability” Chris Brown, Brown & Riding
IN COMMERCIAL, WHAT IS YOUR AVERAGE PREMIUM DEAL SIZE?
Less than $1,000
4%
$1,000–$4,999
24%
$5,000–$9,999
31%
$10,000–$99,999
32%
$100,000+
9%
WHAT PERCENTAGE OF YOUR OVERALL BUSINESS IS DONE THROUGH A WHOLESALE BROKER/MGA? Less than 10%
14% 11–25%
29% 26–50%
27% 51–75%
15% More than 75%
16%
with some softening in 2025 but persistent constraints for frame construction, coastal wind, and convective storm-exposed schedules. Surplus lines carriers, often accessed via MGAs and wholesale brokers, have stepped into that gap by offering layered, manuscripted, and parametric solutions that can be tailored to individual risk profiles. AM Best notes that these players provide “flexibility and customization for those kinds of risks that no longer fit standard underwriting frameworks,” particularly in catastrophe-prone property. A second focal point is casualty, especially commercial auto and high-hazard excess liability. Social inflation, nuclear verdicts, and rising repair and medical costs continue to pressure loss ratios, leading many admitted insurers to pull back limits or exit tougher classes. Wholesale brokers and MGAs are assembling multilayer towers, using their relationships with specialist E&S markets to secure capacity where direct markets have grown cautious. Financial lines, notably cyber and directors’ and officers’ liability, are another area of intense MGA activity. Competition and new capacity have pushed rates down in parts of these segments, but buyers still need specialist underwriting around controls, contracts, and governance. MGAs with focused cyber and tech E&O expertise are thriving by turning data and security analytics into more nuanced pricing and coverage structures.
Underlying all of this is the structural rise of programs and delegated authority business. Conning estimates that US MGA premium climbed 16 percent in 2024 to about $114 billion, far outpacing the broader P&C market, with fronting carriers and Lloyd’s platforms supplying paper while MGAs and wholesalers design niche programs and distribution strategies. Amwins similarly reports that roughly a third of US commercial business is now placed in the E&S channel, reflecting a lasting shift toward specialized intermediaries for nonstandard risks.
Conclusion The growth of leading wholesale brokers and MGAs in the US is being driven less by opportunistic hard market pricing and more by structural demand for expert underwriting, flexible capacity, and tailored product design in segments that no longer fit comfortably within the admitted market. The best wholesalers and MGAs are most active where risks are complex, fast-moving, and capital-intensive. As the wholesale and MGA sector has undergone growth, demands have risen too. The best performers have responded and upped their game by being adept and delivering an all-around higher level of service. “At their core, wholesalers and MGAs exist to understand the E&S ecosystem and advocate for insureds operating within it,” says Anthony. “That makes them invaluable across a wide spectrum of risks and lines where clients need thoughtful, well-structured solutions the standard market can’t easily provide.”
INSIGHTS As part of our editorial process, Insurance Business America’s researchers interviewed the subject matter expert below for an independent analysis of this report and its findings. John Anthony Senior Vice President, E&S Wholesale – Contract P&C, E/U Nationwide
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SPECIAL REPORT
5-STAR WHOLESALE BROKERS AND MGAs 2026
WHOLESALE BROKERS AND MGAs 2026 ABILITY TO PLACE NICHE OR EMERGING RISKS Gorst & Compass
Brown & Riding
Integrated Specialty Coverages (ISC)
DeCotis Specialty Insurance
Integrated Specialty Coverages (ISC)
DeCotis Specialty Insurance
London Underwriters
Johnson & Johnson Insurance
London Underwriters
Johnson & Johnson Insurance
Risk Placement Services (RPS)
RT Specialty
Risk Placement Services (RPS)
SPG Wholesale
Bass Underwriters
SPG Wholesale
XS Brokers Insurance
CRC Group
COMPENSATION (COMMISSION, BONUSES, PROFIT-SHARE, ETC.) Brown & Riding
Gorst & Compass
Johnson & Johnson Insurance
Integrated Specialty Coverages (ISC)
SPG Wholesale
London Underwriters
XS Brokers Insurance
TIS (Builders & Tradesmen’s B Insurance Services, Inc.)
GEOGRAPHICAL REACH Brown & Riding
Integrated Specialty Coverages (ISC)
DeCotis Specialty Insurance
London Underwriters
Johnson & Johnson Insurance
RT Specialty
SPG Wholesale
Amwins
XS Brokers Insurance
TIS (Builders & Tradesmen’s B Insurance Services, Inc.)
Gorst & Compass
CRC Group
MARKETING SUPPORT Brown & Riding
XS Brokers Insurance
RT Specialty Amwins Bass Underwriters
Burns & Wilcox
TIS (Builders & Tradesmen’s B Insurance Services, Inc.)
Gorst & Compass
CRC Group
REPUTATION Brown & Riding
Integrated Specialty Coverages (ISC)
DeCotis Specialty Insurance
London Underwriters
Johnson & Johnson Insurance
RT Specialty
Risk Placement Services (RPS)
Amwins
SPG Wholesale
Bass Underwriters
XS Brokers Insurance
TIS (Builders & Tradesmen’s B Insurance Services, Inc.)
Gorst & Compass
CRC Group
TECHNICAL EXPERTISE AND PRODUCT KNOWLEDGE Brown & Riding
Integrated Specialty Coverages (ISC)
DeCotis Specialty Insurance
London Underwriters
XS Brokers Insurance
Johnson & Johnson Insurance
RT Specialty Amwins
DeCotis Specialty Insurance
Gorst & Compass
Risk Placement Services (RPS)
Johnson & Johnson Insurance
Integrated Specialty Coverages (ISC)
SPG Wholesale
Bass Underwriters
SPG Wholesale
London Underwriters
XS Brokers Insurance
TIS (Builders & Tradesmen’s B Insurance Services, Inc.)
Gorst & Compass
CRC Group
OVERALL RESPONSIVENESS Brown & Riding DeCotis Specialty Insurance Johnson & Johnson Insurance SPG Wholesale XS Brokers Insurance
London Underwriters RT Specialty Amwins Bass Underwriters
Gorst & Compass
TIS (Builders & Tradesmen’s B Insurance Services, Inc.)
I ntegrated Specialty Coverages (ISC)
CRC Group
PRICING
TECHNOLOGY/AUTOMATION Brown & Riding
Gorst & Compass
DeCotis Specialty Insurance
Integrated Specialty Coverages (ISC)
Johnson & Johnson Insurance
London Underwriters
SPG Wholesale
Bass Underwriters
XS Brokers Insurance
TIS (Builders & Tradesmen’s B Insurance Services, Inc.)
ALL-STARS Brown & Riding
XS Brokers Insurance
Integrated Specialty Coverages (ISC)
Johnson & Johnson Insurance
Integrated Specialty Coverages (ISC)
DeCotis Specialty Insurance
London Underwriters
SPG Wholesale
London Underwriters
Johnson & Johnson Insurance
Amwins
Risk Placement Services (RPS)
Bass Underwriters
SPG Wholesale
TIS (Builders & Tradesmen’s B Insurance Services, Inc.)
XS Brokers Insurance
CRC Group
Brown & Riding
10
RANGE OF PRODUCTS
Brown & Riding
BROKERS’ PICK rown & Riding B Property
S PG Wholesale General liability
ohnson & Johnson Insurance J Homeowners
S Brokers Insurance X Commercial property
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5-Star Wholesale Brokers and MGAs YOUR RATINGS DECIDE WHO EARNS 5-STARS IN 2027 For the 11th year running, Insurance Business America is asking producers who work with wholesale brokers and MGAs to weigh in. Share how your partners stack up on placement, pricing, support, and technology — your input builds the definitive 2027 ranking.
1. Scan the code to open the 2027 5-Star Wholesale Brokers and MGAs survey 2. Rate your wholesale partners across pricing, expertise, niche placement, marketing support, and more 3. Submit before December 18 — every response shapes next year’s 5-Star and All-Star lists
Survey opens November 9
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PEOPLE
INDUSTRY ICON
FELIX MORGAN’S RULE FOR CLIENT RETENTION Trucordia’s CEO explains why client engagement, producer retention, and selective M&A matter more as insurance pricing softens
INSURANCE BROKERS facing softer pricing may need to work harder for organic growth as premium-driven revenue slows and competitors become more aggressive in targeting existing accounts. Felix Morgan (pic tured), CEO of Trucordia, identified the soft market as one of the biggest pain points facing brokers and said the competitive environment is putting greater pressure on client retention. “The soft market has certainly got to be toward the top of the list,” Morgan told Insurance Business. “I think there’s a competitive landscape, particularly in California, but if you are a producer at all in the US, there are always competitors looking to come in.” Morgan said he sees the consequences of weak client engagement directly when speaking with prospective customers. “As I go on prospective client calls, the number one complaint I get is, ‘My current broker
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won’t even return my phone calls,’” he said. “If you’re not taking care of your client, someone else will.”
Price competition raises the value of advice With competitors able to approach accounts with cheaper alternatives, maintaining growth increasingly depends on selling more business while protecting the existing book.
“If you’re not taking care of your client, someone else will” The challenge becomes even more complicated when competitors can approach existing accounts with cheaper alternatives. “Competing on price, in a soft
PROFILE Name: Felix Morgan Company: Trucordia Title: CEO and board member Age: 54 Years in the industry: 20+ Career highlight: Helped expand Trucordia through approximately 200 acquisitions in two years and building a presence across 42 states Quick fact: Joined Trucordia in 2021 as CFO and COO market, becomes a little bit of a free-for-all,” Morgan said. “So the focus really switches to providing value-add and making sure that you are in that position of being a trusted advisor for the client.” Trucordia is responding by focusing on its sales process, market access, and the products available to producers, while using geographically based leadership platforms to
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PEOPLE
INDUSTRY ICON
support growth closer to individual offices. The CEO said regional groups have their own P&L responsibility and include operations, sales, and marketing leadership alongside functions such as IT and HR.
Client contact becomes a competitive issue Maintaining contact with clients and ensuring “that they feel like they’re cared for” has become an important aspect of Trucordia’s retention strategy as competitors look for opportunities to displace incumbents.
to do everything we can to make sure that they understand they’re getting the highest service level that they can get in the industry.”
M&A, talent still important levers for growth Retaining producers is another concern as brokerages compete for talent alongside business. “We have over 90 percent retention in our producers, so we’ve done a pretty good job at managing that, but it’s always sort of top of the list, making sure that we’re keeping the employees and keeping our culture alive
“Competing on price, in a soft market, becomes a little bit of a free-for-all. The focus switches to providing value-add and making sure that you are a trusted advisor for the client” Morgan said his message internally is straightforward: “Don’t ever let that be us. Make sure that you are engaged with your clients.” With rates easing across parts of the commercial insurance market, that competition could become increasingly visible at renewal. Brokers that benefited from premium-driven revenue growth during harder market conditions may have to rely more heavily on new business production and account retention to maintain the same momentum. “We can’t always give them everything they want,” Morgan said, “but we’re certainly going
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TRUCORDIA AT A GLANCE
in the organization, that people want to be here,” Morgan said. For Trucordia, the greater emphasis on organic growth follows an acquisition spree that added approximately 200 businesses in two years. The company operates across 42 states and is now becoming more selective in M&A. Morgan said that for every 100 deals Trucordia examines, it may complete around 10. After building scale through highvolume M&A, the company is now targeting larger deals and opportunities that add specialty products, affinity capabilities, or geographic reach.
A top 20 US insurance brokerage
More than 5,000 employees in more than 200 offices
Serves more than 415,000 clients
Offers commercial and personal lines of life and employee benefits insurance solutions
Higher capital costs and elevated brokerage valuations have also contributed to the slowdown in acquisition volume. But this shift places more weight on generating growth from the existing business at a time when softer insurance pricing can work against brokerage revenue. “We’ll do the deals that make sense,” Morgan said. “That becomes sharper and sharper as time goes on, and I expect that to continue to evolve.”
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JULY 15, 2027 | SANTA MONICA PIER
JOIN THE
WAITLIST
For sponsorship inquiries:
CATHY MASEK
cathy.masek@keymedia.com
GLOBAL HEAD OF INSURANCE
1 720 650 4488 Ext.9414
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FEATURES
SECTOR FOCUS: WEALTH
America’s wealth boom creates underinsured millionaires The US created nearly half the world’s new millionaires last year, setting the stage for a surge in overlooked personal risk THE US minted more than 440,000 new millionaires in 2025 – over 1,200 a day – according to the UBS Global Wealth Report 2026, as surging equity markets and a wave of liquidity events rapidly expanded the country’s affluent population. The US accounted for nearly half of all new millionaires worldwide.
whether through the sale of a business, equity compensation, stock appreciation, or other liquidity events,” says Diane Delaney, executive director of the Private Risk Management Association (PRMA). “Many transition into the high-networth market without realizing they have outgrown their insurance program. Their
“Many transition into the high-net-worth market without realizing they have outgrown their insurance program. Their wealth has changed, but their insurance often hasn’t” Diane Delaney, Private Risk Management Association But insurance specialists warn that the newly wealthy may be walking into a risk landscape they’re not equipped for, carrying policies designed for an earlier, leaner stage of life. “More individuals and families are experiencing significant wealth growth,
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wealth has changed, but their insurance often hasn’t.”
Wealth hasn’t yet translated into assets Part of what makes this moment unusual is that much of the new wealth is still on
paper. Jason Ott, president of private risk management at Aon, says the insurance implications haven’t fully landed because so much of the gain is still sitting in the market. “We haven’t seen a dramatic shift yet because a lot of people’s wealth is still tied up in the stock market,” Ott notes. “I think over the next 18 months we’re going to see a pretty dramatic increase in people making purchases.” Those purchases are expected to include second homes, luxury vehicles, jewelry, and artwork and other collectibles, all of which require more specialized insurance arrangements than standard personal lines policies. Yas Nahali, senior vice president at Amwins, says growing wealth demands more than a routine renewal. “As personal wealth grows, clients will need to do a thorough deep dive into their insurance programs,” she explains. “Their portfolio is more than just a simple annual review at this point and requires a broader protection strategy that is customized to fit their lifestyle, overall financial security, and the legacy they wish to leave behind.”
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AMERICA’S MILLIONAIRE BOOM 440,000+ new US millionaires in 2025
1,200+ new millionaires created each day
Nearly 50% of the world’s new millionaires were in the US
Source: UBS Global Wealth Report 2026
Nahali says the most active areas she sees are tangible assets in catastropheexposed locations (i.e., waterfront, coastal, or remote high-brush and mountain properties) alongside accumulating valuables such as watches, handbags, art, and wine. On the casualty side, she’s fielding requests for higher limits against nuclear verdicts and for cyber, crime, identity-theft, and kidnap-andransom cover.
“If you’re an affluent individual, I think $5 million to $10 million is where you should be. If you’re in the ultra-high-net-worth space, you should certainly be looking at limits up to $50 million, depending on your net worth” Jason Ott, Aon Liability risks a growing concern in the HNW space Expensive homes and jewelry get attention. Liability, the specialists agree, is the exposure people underestimate most. “As wealth increases, so does visibility,” Delaney says, noting that wealth can shape how a defendant is perceived in litigation. At wholesale brokerage Amwins, Nahali notes “continued requests for higher limits of protection against nuclear verdicts as well as cyber/crime coverage such as ID theft, kidnap and ransom, [and]
financial fraud response defense,” among other coverages. Ott expects umbrella coverage to become a first-order concern for newly wealthy households, because many are coming from primary policies with personal liability limits of $300,000 to $1 million. “For most people, a $1 million umbrella policy is great,” he says. “(But) if you’re an affluent individual, I think $5 million to $10 million is where you should be. If you’re in the ultra-high-net-worth space, you should certainly be looking at limits up to $50 million, depending on your net worth.”
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FEATURES
SECTOR FOCUS: WEALTH
Why brokers and advisors should bring up umbrella coverage But buying a big umbrella isn’t the same as being covered. This, Ott says, is where the new millionaires are most exposed. An umbrella sits above underlying auto and home policies, and it kicks in once those policies meet a required “attachment point,” typically $300,000 or more of auto liability, or a set homeowners limit. If the underlying policy falls short, the shortfall is the policyholder’s problem. “You might have a $5 million umbrella sitting over an auto policy,” Ott says. “The umbrella requires the auto policy to have $300,000 in liability coverage, but the policy
to-consumer auto insurers often deliver savings partly by quietly lowering liability limits, and buyers don’t connect that to the umbrella sitting above it. The premium difference between $100,000 and $300,000 of liability is often only a hundred or a few hundred dollars a year.
EVENTS THAT SHOULD TRIGGER AN INSURANCE REVIEW
Selling a company
The biggest insurance mistake new millionaires make The common pattern the three specialists flagged: insurance planning trails financial success, and the correction usually comes only after a broker intervenes or a loss exposes the gap.
“The biggest mistake we see is lack of preparation leading into accumulation of wealth. In most cases the accumulation happens so quickly the client may not be prepared for the upfront costs of premiums or fail to see the value of protection initially”
Exercising stock options
Receiving an inheritance
Buying a high-value home
Beginning an art or jewelry collection
Hiring household employees
Yas Nahali, Amwins only has $100,000. If there were a loss, you’d have a $200,000 gap that the individual would be personally responsible for.” It’s one of the most common defects Aon finds when reviewing an incoming client’s program. “Before we even finish our review,” Ott says, “we’ll call the client and say, ‘You need to contact your insurance broker right now. You have a gap in coverage.’” The gap is usually a knowledge problem, not a pricing one, Ott explains. Direct-
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“The biggest mistake we see is lack of preparation leading into accumulation of wealth,” Nahali says. “In most cases the accumulation happens so quickly the client may not be prepared for the upfront costs of premiums or fail to see the value of protection initially.” Delaney concurs: “Someone may still have the same insurance carrier and coverage they purchased years ago, before their financial situation changed.
They may still have a standard personal insurance policy that served them well in their 20s, but today they own a highervalue home, a luxury vehicle, valuable jewelry or artwork, and have significantly greater liability exposure.” For Ott, the fix is having the right people in the room before the assets arrive. “You need a really good financial advisor and a really good insurance broker who understand these issues and can put the proper program in place.”
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FEATURES
CONSTRUCTION
Where the audit exposure builds Construction-cost inflation is the new audit risk for brokers managing wrap-up programs
ALUMINUM AND steel producer prices rose 33 percent and 20.7 percent, respectively, year over year as of January 2026, according to the Associated General Contractors of America. For a wrap-up insurance program tied to a large construction project, that inflation does not create a liability coverage gap. It does, however, build up as additional premium at final audit, often when clients are least able to absorb it. Kris Bauer and Michael Yovino, co-leaders of Jencap’s wrap-up construction practice, explain where that exposure accumulates and what brokers can do at program inception.
Coverage holds, but the audit bill doesn’t The underwriting factors that shape a wrap-up insurance program haven’t shifted because of tariff-driven cost inflation. End occupancy, state jurisdiction, soil conditions, and builder pedigree all still drive rate development. Construction-cost inflation, driven by tariffs on steel and aluminum, makes it harder to set an accurate cost figure at binding, according to Bauer and Yovino. “The challenge is on the buyer/GC/broker side in developing a construction cost figure that assumes some inflation during the construction term,” they say. On the liability side, the coverage holds regardless of how much project costs rise. What changes is the additional premium (AP) that comes due at final audit. “From a liability perspective, there is no coverage gap in this scenario,” Bauer and
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Yovino say. “There is just an AP due at final audit of the project policy when completed. The initial policy rate would apply to the increased costs above the original estimate.” The property and course of construction (COC) side carries a different kind of risk. If actual project costs exceed original estimates by a material amount, coinsurance
corresponding, inevitable delays,” Bauer and Yovino say. Brokers who wait for carriers to adjust at renewal will have fewer options at project close, they added. The tools that already exist need to be negotiated before construction starts.
Front-load the fix, not the savings Brokers have two structural tools to limit audit exposure on a wrap-up insurance program: a longer policy period and swing clauses. Both need to be negotiated at binding. “Brokers should use their recent/past experiences with project programs to advise their client of the potential pitfalls to not being conservative in their cost estimates at time of binding,” Bauer and Yovino say. Swing clauses let the final construction cost figure move up or down from the original estimate without triggering an additional premium at audit. The co-leaders add that brokers should be intentional
“The onus is really on the insured and their broker to form” Kris Bauer and Michael Yovino, Jencap issues can arise on the property coverage, the co-leaders add. That risk needs to be addressed at program inception, not after overruns materialize.
The burden shifts to brokers Carriers have not amended their underwriting approach to account for tariff-driven construction cost inflation, Bauer and Yovino note. No new rate factors, adjusted coverage forms, or pricing mechanisms specific to tariff exposure have appeared in the wrap-up insurance market. That absence transfers the strategic burden to the broker and insured. The tools needed to manage the exposure are structural, and the window to put them in place is at program inception. “The onus is really on the insured and their broker to form a strategy to mitigate the effects of tariff cost increases and
about accounting for delays and inflation and negotiate both protections at program inception, not mid-build. The most common mistake, Bauer and Yovino say, is “trying to save on upfront premium costs by underestimating ... the final cost of a project and how long it will take.” “One has to consider that tariffs can cause delays in acquiring materials, which can then delay labor and key city/muni signoffs,” they say. Carriers often carry a minimum premium requirement regardless of construction cost inflation, Bauer and Yovino explain, so the upfront savings may never materialize. A project that runs over budget and over time generates additional premiums from both cost overruns and policy extensions at audit. “Mitigating this at the outset with the tools currently available can mitigate these ‘surprises,’” they say.
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SPECIAL REPORT
2026
NETWORKS AND ALLIANCES
Agents rank the 2026 5-Star winners on commissions, technology, and consultation
CONTENTS
PAGE
Feature article............................................................ 22 Methodology ............................................................. 23 Winners ...................................................................... 32
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SPECIAL REPORT
5-STAR NETWORKS AND ALLIANCES 2026
BEST INSURANCE NETWORKS AND ALLIANCES IN THE USA THE BEST insurance networks and alliances in the USA are no longer the ones with the deepest carrier lists or the richest commission splits; they’re the ones agents say make their day-to-day work easier. Insurance agents nationwide are telling their networks the same thing: carrier access and commissions no longer decide who wins their loyalty. In Insurance Business America’s 5-Star Networks and Alliances 2026 survey, agents rated their network or alliance on 10 criteria, from commissions and marketing support to technology and perpetuation
planning, on a scale of one to five. Networks and alliances that averaged four or better in at least one category earned a 5-Star designation; those averaging five or better across every category earned All-Star status. The results point to a shift already underway. Artificial intelligence tools now handle much of the back-office work – quoting, policy comparison, and administrative tasks – that once made going independent a heavy lift for an agent leaving a captive shop or a larger firm. Two-thirds of independent agencies plan to increase their AI use over the next
12 months, according to the Big “I” Agents Council for Technology, a shift explored further in our recent coverage of independent agents stuck in AI pilot mode. That should, in theory, make networks less necessary. Instead, agents surveyed this year say the opposite is happening: the networks winning loyalty are the ones proving they can do more than aggregate premium, delivering curated technology, hands-on consultation, and training that a solo agent, even one armed with AI, cannot easily replicate alone.
Industry context KEY INSIGHTS Smart Choice
Renaissance
$5M
2,000+
$40M
$5M–$40M
Smart Choice is on pace to recruit more than 2,000 new agents in 2026 — its strongest recruitment year to date, according to Ashley Wingate.
Renaissance’s membership spans agencies from $5 million to $40 million in premium, with Bob Bondi saying its tools are built to scale as a member agency grows in size and complexity.
Survey data
Strategic Agency Partners
89% 5 years Nearly 90 percent of network members named commissions and profit sharing a top-three benefit – the single most cited advantage in this year’s survey of 265 respondents.
Strategic Agency Partners has been named both a 5-Star and All-Star recipient for five consecutive years, a run John Tiene attributes to the report’s blind agent survey.
Source: IBA 5‑Star Networks and Alliances 2026 · Insurance Business America
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In 2026, the best insurance networks and alliances in the USA are distinguishing themselves less through raw carrier access and more through structured technology, training, and hands-on consultation. For years, network membership pitches centered on two things: how many carriers an agent could access and how much commission they’d keep. That calculus is changing. Commissions and profit sharing remain the most commonly cited reason agents join a network, picked as a top three benefit by 89 percent of members surveyed this year, although insurance alliance commission splits vary widely from one network to the next – from Smart Choice’s 70/30 arrangement that converts to 100 percent at $67,000 in rolling commissions, to more consultative models like Strategic Agency Partners that de-emphasize profit-sharing altogether. But conversations with 2026’s award-winning networks suggest the real battleground has moved to what happens after that initial
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WHICH BEST REPRESENTS YOUR AGENCY’S ANNUAL PREMIUM VOLUME? (% OF RESPONDENTS)
METHODOLOGY
The typical 5-Star network member is a mid-market agency, not a giant or a startup Nearly 8 in 10 network members write between $1 million and $25 million in annual premium – the smallest shops and the largest agencies are both a minority. Under $1 million
6.0%
22.3%
$5 million–$10 million
26.3%
$10 million–$25 million
Over $25 million
15.5%
78.5% of members write $1M–$25M
29.4%
$1 million–$5 million
Source: IBA 5‑Star Networks and Alliances 2026 · Insurance Business America
“Driving agency value is the number one priority of Renaissance”
policy comparison, and client administration work that used to require a larger staff – a trend also covered in our analysis of agentic AI’s impact on brokers. As that changes what agents need help with day to day, the networks proving their worth are those layering in AI tools, consultative advice, and structured training that a solo operation would struggle to build alone.
Bob Bondi, Renaissance
2026 winner profiles
signing: training, technology, and ongoing business consultation. Summer Cole, CIC, assistant vice president at Big “I” Alliance Gold, put it directly: “A 5-Star Network in 2026 is defined by its ability to help agencies grow and operate smarter through technology, data, and shared expertise, not simply by what it can negotiate on an agent’s behalf.” Cole says the best networks function as an unbiased extension of the agency, delivering operational efficiencies and insight an individual agency could not easily develop on its own. That shift matters more now because the barrier to running an independent agency has dropped. The technology council of Big “I” reports that two-thirds of independent agencies plan to expand their AI use this year, much of it aimed at the quoting,
Renaissance
Renaissance’s edge in 2026 comes down to one thing: AI tools built specifically for its member agencies, not for the network itself. Renaissance has spent close to a decade building its identity around one idea: technology built specifically for its member agencies, not for Renaissance itself. “We have in the network space been extraordinarily pioneering throughout our entire journey,” says CEO Bob Bondi, describing the past 12 to 18 months as a period in which “the advent of AI and some of the tool sets that are available for us to
Insurance Business America surveyed agents nationwide to determine which networks and alliances were helping them reach new heights in 2026. Respondents rated their network’s performance and service on a scale of one (poor) to five (excellent) across 10 criteria: • access to insurance companies and products • commissions and profit share • access to niche and nontraditional markets • marketing support • training and education • administrative support • access to technology • overall business consultation • perpetuation planning • vendor discounts Networks and alliances that earned an average score of four or greater in at least one category received a 5-Star designation. Those that earned an average score of five or higher across all categories received an All-Star designation. Together, these scores form the basis for this year’s list of the best insurance networks and alliances in the USA. bring more value to our customers” accelerated everything the network does. Renaissance was conceived eight to nine years ago with technology as its centerpiece, a deliberate departure from networks built primarily around market access and enhanced compensation, and Bondi says that early bet now gives Renaissance an edge few competitors can match – a claim reflecting his own view of the network’s position rather than an independently verified ranking. Where a rival network might need to buy a third-party AI product or start a lengthy build from scratch, Renaissance’s infrastructure was already in place. That philosophy shapes how Renaissance builds its technology. “The AI tools the
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SPECIAL REPORT
5-STAR NETWORKS AND ALLIANCES 2026
Renaissance
2026 5‑Star Winner · All‑Star Recognition
Built by the network. Built for the agent. THE DIFFERENTIATOR
What used to take hours now takes minutes Coverage‑comparison work – quote to quote, quote to policy, policy to policy – rebuilt as member‑only AI tooling
“The agents have the choice to look at all we have to offer in our portfolio and our partners and decide what’s a fit for them” Ashley Wingate, Smart Choice
BEFORE
HOURS AFTER
MINUTES Renaissance member‑agency coverage‑comparison tooling – built in‑house, beta‑tested with member agencies before release Member-built AI Tools designed to make agent members more efficient – not to make Renaissance more efficient. Beta-tested, not guessed Every new tool runs through a member beta group first, with feedback built into the final release. Built to scale with members Serves agencies from $5M to $40M in premium, with geographic expansion and proprietary products on the roadmap. Source: IBA 5‑Star Networks and Alliances 2026 Survey Data · Insurance Business America
network has introduced are not necessarily tools designed to make us more efficient. They’re designed to make our agent members more efficient and effective,” Bondi says. One example he points to is coverage comparison, a task that involves checking one quote against another, or a quote against an existing policy. “We’ve built several tools that allow our members to actually do what used to take hours of their day,” Bondi says. “Now they can do it in minutes.” Accuracy matters as much as speed here, Bondi notes, since an error in a coverage-comparison tool carries real professional and liability consequences for the agencies using it. New tools go through a beta program with a subset of member agencies before wider release, with member feedback actively shaping the finished product rather than treated as an afterthought. Renaissance tracks tool adoption rates as a direct signal of whether it is delivering real value: a tool with
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low uptake gets reworked or retired rather than propped up. Bondi frames this as a broader organizational discipline, arguing that what worked five years ago may no longer fit today’s market, which requires the network to stay nimble rather than lock into a fixed program. The team also invests heavily in interface design, aiming for tools that feel intuitive enough that onboarding functions more as orientation than formal training. Looking ahead, Bondi says Renaissance is focused on expanding into US regions where it currently has no presence, and on developing proprietary insurance products accessible only through the network, which would require new partnerships across the wider insurance ecosystem to deliver. He is also careful to push back on the idea that all independent agencies have the same needs: Renaissance’s membership spans agencies from $5 million to $40 million in premium, and Bondi says the network’s goal is to scale its tools and services, so they stay relevant as a member agency grows in size and complexity.
Q&A with Bob Bondi Q : Has AI changed how prospective members think about joining Renaissance? A: Three years ago, a prospect may have been interested in our technology, but they were interested in a lot of other things as well. In the conversation with prospects today, it’s all about AI capability. Q: Are all your member agencies looking for the same kind of support?
A: Our members are independent agencies, which means we support those who are very small, all the way up to those who are very, very large. People looking at networks from the outside have a tendency to kind of put all of the agencies into one basket. [But] the needs of the agent are different along that spectrum.
Smart Choice
Smart Choice’s growth story in 2026 comes down to an unusually agent-friendly contract: no joining fee, no monthly fee, and no exit penalty. Smart Choice is heading toward its strongest recruitment year yet. “We’re headed toward a record recruitment year,” says Ashley Wingate, executive vice president of sales and distribution. “We’re on pace to recruit over 2,000 agents to the network this year, which would be a record-breaking number.” Wingate ties that growth to agents leaving captive roles or larger firms that have been acquired, and to established independents seeking broader carrier access without giving up ownership of their book. He says Smart Choice is the fastest-growing network in the country, a claim he backs with scale: the network now spans roughly 12,000 agents across 47 states. Founder Doug Witcher started Smart Choice in High Point, NC, in 1994, building the agent-first
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Local expertise. Global capabilities.
Let’s start something. intactspecialty.com
†
Our products are backed by the financial strength of Atlantic Specialty Insurance Company and the ratings listed herein are as of May 22, 2025 (and are subject to change by the rating organizations).
Coverages are underwritten by the following insurance company subsidiaries of Intact Insurance Group USA, LLC: Atlantic Specialty Insurance Company, Homeland Insurance Company of New York, Homeland Insurance Company of Delaware, OBI America Insurance Company, OBI National Insurance Company, located in Plymouth, MN, or The Guarantee Company of North America USA, located in Southfield, MI. Intact Insurance Specialty Solutions is the brand for the insurance company subsidiaries of Intact Insurance Group USA LLC.
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SPECIAL REPORT
5-STAR NETWORKS AND ALLIANCES 2026
Smart Choice
2026 5‑Star Winner
The fastest-growing network in the country THE DIFFERENTIATOR
On pace for its strongest recruitment year yet
“We want our agents to be fully advantaged over their competitors” John Tiene, Strategic Agency Partners
Driven by an agent-friendly contract with no joining fee, no monthly fee, and no exit fee
2,000+
NEW AGENTS TARGETED IN 2026 — A NETWORK RECORD
~12,000 AGENTS Across the Smart Choice network
$67,000
47 STATES
Rolling commissions to reach 100% payout
National footprint
No-fee, no-catch contract No joining fee, no monthly fee, no exit fee — just a 70/30 split that converts to 100% at $67,000. Built by an agent for agents Founder Doug Witcher launched Smart Choice in High Point, North Carolina, in 1994 as a former independent agent himself. Leaner agencies, stronger network AI-enabled back-office tools let member agents run lean while Smart Choice’s carrier and vendor network covers the rest. Source: IBA 5‑Star Networks and Alliances 2026 · Insurance Business America
contract terms directly into the company from its earliest days. The pitch, Wingate says, comes down to contract terms most competitors do not match: no joining fee, no monthly fee, a 70/30 commission split that converts to 100 percent for the agent once they reach $67,000 in rolling 12-month commissions, and a one-year, non-exclusive agreement with no exit fees. Smart Choice also shares contingencies and bonuses with member agencies, and because the agreement is non-exclusive, the network adds markets without displacing carriers an agency already holds. Behind that contract sits a support structure Wingate describes as relationship-driven: a home office staff working alongside roughly 90 territory managers and state directors across the network’s 47-state footprint. State directors run
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annual state meetings and lunch-andlearns where agents network voluntarily with peers, carrier representatives, and Smart Choice staff, a format Wingate says consistently surfaces in agent case studies as a highlight of membership. Smart Choice also positions itself as an educational resource beyond direct support, publishing roughly 20 white papers aimed at current and prospective agents, with the next one, focused on AI, due out within about a week of this interview. The network added GEICO as a carrier partner in 2025; more than 5,000 Smart Choice agents have accessed GEICO through the network so far, with that number expected to grow as more agents join and GEICO continues expanding its presence in the independent channel.
Q&A with Ashley Wingate Q: With AI handling more back-office work, do agents still need a network to go independent? A: I do think it allows the agency to operate leaner than before. Not only our partnership with our carriers that are offering things like sales and service centers, AI and technology, comparative raters, and management systems, it all comes together to help that independent agent succeed and operate efficiently. Q: What does the next 12 to 24 months look like for the network? A: We have the most robust carrier portfolio we’ve ever had at Smart Choice. A better offering for our independent agents, more partners to help them succeed. We’ve never been busier, but we’ve never had more opportunities.
Strategic Agency Partners
Strategic Agency Partners has been rated a 5-Star and All-Star network for five consecutive years by leaning into consultation over pure commission-sharing. For managing director John Tiene, the network’s value has never rested on premium aggregation alone. “Everybody does the same thing,” Tiene says of carrier access. “So, it really is: what additional value do we provide to our agents?” That question has taken on new urgency, he says, as underwriting, customer expectations, and AI tools reshape the business simultaneously. Tiene describes the network’s relationship with its agents as consistently consultative, with members calling in for guidance on everything, from acquiring a book of business to evaluating a new technology vendor to reconsidering a carrier relationship. He draws a sharp line between networks like his, which he frames as acting as business consultants and growth partners, and networks still built primarily around driving profit-sharing revenue, which he believes are increasingly at risk as agents grow more willing to shop around. Tiene points to talent scarcity as a defining pressure behind that value question. “There’s just fewer and fewer [people to hire] as baby boomers retire,” he says, citing a birth-rate decline dating to 2010 that he expects will intensify the talent crunch within about four years. The pressure he’s describing shows up clearly in industry data: the number
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SPECIAL REPORT
5-STAR NETWORKS AND ALLIANCES 2026
5‑Star Winner · Strategic Agency 2026 All‑Star Recognition Partners
Five years running as 5-Star and All-Star THE DIFFERENTIATOR
A track record agents keep voting for Named both a 5-Star and All-Star network for five consecutive years – based on a blind survey of the agents it serves
YEAR 1
YEAR 2
YEAR 3
YEAR 4
2026
5-Star and All-Star designations per John Tiene, Strategic Agency Partners, self-reported and confirmed for this report
Consultative, not transactional Agents call in for advice on acquisitions, technology, and carrier strategy – not just to place premium. Built for constant change An AI workshop each September keeps agents current on new tools and the compliance issues that come with them. Judged by agents, not self-reported The ranking comes from a blind agent survey, not figures a network submits about itself. Source: IBA 5‑Star Networks and Alliances 2026 · Insurance Business America
of insurance professionals aged 55 and older has climbed 74 percent over the past decade, and roughly half the current insurance workforce is expected to retire within 15 years, leaving more than 400,000 positions unfilled industry-wide. He estimates that 60 to 70 percent of the work inside a typical agency is repetitive, which makes automation an obvious priority, but he cautions that simply buying a tool solves nothing without redesigning the underlying workflow and confirming it meets compliance requirements. His advice to member agencies is to resist a “buy everything” approach to AI, instead assessing their own workflow first and automating four or five repetitive processes before expanding further, treating the transition as gradual rather than an overnight overhaul. To help agents navigate that shift, the network is hosting an AI workshop this September, bringing in an outside expert alongside agents and vendors to
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walk through both AI tool capabilities and the compliance issues that come with using them. Despite the disruption, Tiene does not expect the independent agency model to shrink. He predicts the opposite: lower infrastructure requirements and better tooling will lower the barrier to entry, fueling a wave of boutique, niche-focused agencies built by younger professionals comfortable juggling multiple income streams, a mindset he calls a “gig mentality.” He points to his own agency as an example, running a client-facing app tied into its management system that lets clients request changes, pull documents, and buy additional coverage digitally, a setup he argues new, digital-first agencies can build from day one rather than retrofitting later.
Q&A with John Tiene Q: How common is it now for agents to belong to a network like yours?
A: At this point, you’ve got 60 to 70, maybe 75, maybe even 80 percent of all agents, independent agents in the United States, [who] are in some type of agency group. Tiene’s figure is a self-reported estimate; a 2023 Accenture survey of independent agents found a somewhat lower but still substantial 70-plus percent belong to one of roughly 150 US agency networks, broadly supporting Tiene’s account. Tiene adds that switching between networks, rare when he started in the business 20 years ago, is now common. Q: What makes the IBA award meaningful to you? A: I appreciate [that] Insurance Business America ... this process that they go through of blind surveys is meaningful to us because we’re not putting a report together and giving it to you and then you just rank it. You’re actually looking at value that’s being driven to an agent and asking them to score it.”
Direct Access Insurance Services (DAIS)
Direct Access Insurance Services (DAIS) differentiates itself through close-knit connectivity among its 141 retail agency partners, not sheer network size. Joe Stankowich describes the past 12 to 18 months as a genuine turning point for DAIS, driven by loosening conditions in the admitted property and casualty market. “We’ve seen some loosening in that space,” Stankowich says. “We’ve been able to add carrier partners, add product [availability] with some of our historic carrier partners, [and] be able to open up capacity where we were a little bit limited before.” He expects that trend to keep building through 2027. Alongside that carrier expansion, Stankowich says DAIS has focused on building connectivity among its 141 retail agency partners through biweekly web engagements with carrier and solutions partners and smaller, peer-led roundtables of four to eight agency principals. “The idea is to bring these agency principals together ... and let them drive the discussion,” he says, rather than DAIS setting the agenda. He points to one recent vendor webinar that prompted five or six agency principals to commit to that vendor’s full product stack immediately afterward, evidence, he says, of how much value a curated, peer-driven introduction can carry compared to an agency vetting vendors alone. The network’s annual member conference, held every October, draws roughly 150 attendees for three days of networking with the DAIS team and with each other. This year’s event will make AI and technology adoption a central topic. “DAIS is growing, but deliberately,” Stankowich says. The network adds roughly
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10 new agency partners a year, prioritizing quality and fit over speed. The agencies that get the most from membership, in his view, are small to mid-size independents with five to 20 employees that already have some direct market access but need broader carrier appointments and stronger revenue on the relationships they already hold. Stankowich argues that remaining fully independent without a network partner has become harder regardless of an agency’s size, as larger national brokerages
out there. There’s a lot of different tools at an agent’s disposal, and a lot of times, they’re trying to figure out how they can best leverage that technology to create the most efficient operation that they can but also compete most effectively in this space. Q: How hands on is DAIS in guiding agents through specific technology choices? A: We want to be able to, number one, give them some insight on how we as an organization are leveraging technology internally, but also connect them with vetted vendor partners.
INSIGHTS As part of our editorial process, Insurance Business America’s researchers interviewed the subject matter expert below for an independent analysis of this report and its findings. Summer Cole, CIC Assistant Vice President Big “I” Alliance Gold
2026 5‑Star Winner Direct Access Insurance Services
Connectivity built for the independent agency THE DIFFERENTIATOR
“In this day and age, it’s difficult for an independent agency to stay truly independent without being part of or engaging with a network” Joe Stankowich, Direct Access Insurance Services (DAIS)
A network sized for real connection, not just scale 141 retail agency partners, kept close through peer roundtables, biweekly web engagements, and an annual member conference
141
RETAIL AGENCY PARTNERS IN THE DAIS NETWORK
EVERY 2 WEEKS
4–8 PRINCIPALS
Carrier & solutions web engagements
Peer-led roundtable groups
~150 ATTENDEES Annual October member conference
continue acquiring independents, though he stops short of positioning DAIS against competing networks, saying agencies tend to self-select the network that fits their stage and profile. Internally, he describes the business as high-touch, with the DAIS team engaged with retail partners on individual policy needs and broader market strategy at the same time, while also working to bridge carrier partners and agencies, pushing carrier messaging out to the group and advocating for agency needs back to carriers.
Q&A with Joe Stankowich Q: What’s the biggest challenge your member agencies are raising with you right now? A: People are really looking to find out the best way to leverage technology at this point. There are a lot of vendor partners
ISU Steadfast
ISU Steadfast’s 2026 story is one of scale enabled by AI. Since its acquisition by Australia’s Steadfast Group, the network has grown fast while automating hundreds of thousands of routine transactions. Dan McCarthy describes the last 12 to 18 months as the most transformative period in his network’s history. ISU Steadfast operated as a family-owned business dating back to 1978 until it was acquired by Steadfast Group, an insurance network based in Australia – an acquisition that installed McCarthy, previously the organization’s chief operating officer for roughly 12 years, as CEO.
Peer-led, not top-down Roundtables let agency principals set the agenda – DAIS convenes, but doesn’t drive the discussion. Built by an agent for agents One recent vendor webinar moved five or six agency principals to adopt the full product stack on the spot. Quality over speed DAIS adds roughly 10 new agency partners a year, prioritizing fit and experience over rapid growth. Source: IBA 5‑Star Networks and Alliances 2026 · Insurance Business America
“Since that time, we’ve transitioned the company from being, I’ll call it a familyowned business, to an international enterprise,” McCarthy says. “We brought on more than 45 members in our calendar year last year, 2025. And the remarkable part is that those members brought more than $1 billion of insurance premiums to our network.” The network’s roughly 300 members now collectively control approximately $9.6 billion in premium across the US, and
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SPECIAL REPORT
5-STAR NETWORKS AND ALLIANCES 2026
McCarthy says 2026 is on pace to exceed last year’s growth. Much of that growth is now supported by AI moving into the network’s day-to-day operations. “We began to employ AI agents that do some of the transactional work for our membership,” McCarthy says. “In fact, we have an AI agent that’ll do more than half a million transactions this year, and it’s what I call simple documentation” – routing carrier paperwork to the agent who wrote the policy, for example. McCarthy says the constraints of the old family-owned structure had limited how far he could take those investments; new ownership removed that ceiling. McCarthy is candid that the rollout wasn’t friction-free. “It’s been a building process,” he says. “We were very specific to the limitations of AI. We knew about the situations with AI very early where it would present false results – that was 18 months ago when we began to discover those specific problems.” The fix, he says, was procedural: cross-checking outputs against a second source before acting on them and keeping member data walled off from external AI systems entirely. “We were very careful in sandboxing everything that we did because we didn’t want the data of the organization to make it out into the AI world.” A senior AI executive at Steadfast Group’s Australian headquarters now works directly with McCarthy’s team on enterprise-wide implementation. That sandboxing principle shaped the network’s biggest technology build. “We implemented a piece of technology that allows us to suck out the data out of everybody’s individual management system, put that into a single data set, and then that data set is now being managed by an AI engine that allows us to mine that information for data and help us match clients to carriers,” McCarthy says.
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“We’ve seen the largest growth the company has ever experienced in its history” Dan McCarthy, ISU Steadfast On the quoting side, the network went further and built its own tool rather than license one. “We have implemented our own commercial quoting engine. It’s an APIbased quoting engine; we call it ISU’s Quote and Bind,” he says, comparing it to existing multi-carrier rating platforms already on the market. “We built our own because we wanted our information sandboxed in a certain way,” he adds. The tool can take up to 50 documents, compile them into a single quote, and submit it to as many as 20 carriers at once. McCarthy describes the network’s overall approach to AI as deliberate rather than unrestrained. “I wouldn’t say it’s all in, but it’s in carefully. We run simulations with hundreds or thousands of transactions to get a desired outcome before anything goes live,” he says.
Q&A with Dan McCarthy Q: What kind of agencies are you seeing join the network right now?
A: We have trends in two directions. Trends in the very high, large-size agency, very sophisticated, is an agency that maybe has revenue, let’s say, beyond $10 million of revenue. More sophisticated agencies tend to join our network because of that contract leniency. And then, the second trend is we’ve seen a lot of new entry agents coming into the business. Maybe they worked at an agency, they left, and now they’re going to set up their own agency for themselves, and they’re bringing over a handful of clients. To serve that second group, ISU Steadfast expanded from one membership tier to three in 2025. Q: Does that growth ever hit a ceiling?
ISU Steadfast
2026 5‑Star Winner
From family-owned to global enterprise, powered by AI at scale THE DIFFERENTIATOR Half a million transactions a year, and counting Since its 2024–2025 acquisition by Australia’s Steadfast Group, the network has leaned hard into agentic AI – carefully sandboxed and double-checked.
500,000+
TRANSACTIONS HANDLED BY AI AGENTS IN 2026
$9.6 BILLION ACROSS THE USA Total premium controlled by ~300 members
45+ NEW MEMBERS
Added in 2025, worth $1B+ in premium
UP TO 20 CARRIERS Quoted at once via its own “ISU Quote and Bind” engine Figures per Dan McCarthy, CEO, ISU Steadfast
Built for two speeds Large, sophisticated agencies join for lenient 30-day, no-fee exit terms; new-entrant agents join for a tier built for them. AI, carefully sandboxed Outputs are cross-checked against a second source, and member data never leaves the organization’s own systems. Global backing, local focus A dedicated AI executive at Steadfast Group’s Australian HQ partners directly with the US team on rollout. Source: IBA 5‑Star Networks and Alliances 2026 · Insurance Business America
A: We’ve got a good runway. Our model is not built for the 38,000 insurance agencies that are out there in the United States. We’re built for a specific group that needs a certain kind of servicing. On new entrants specifically, McCarthy adds: It’s good to be part of a group that says, hey, 50 people have tried this one; we all say thumbs up, give it a shot. That just changes your perspective as a business owner tremendously.
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G R
GOT RISK?
LET A WSIA MEMBER HELP YOU MANAGE IT.
Some decisions are too precarious to take on alone; you need a partner to help you create the right solution for your client’s risk, while minimizing yours. And, it’s cost-effective. A Conning, Inc. analysis concludes that wholesale distribution does not increase the cost to the insured. That’s a safe decision.
wsia.org/findamember
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SPECIAL REPORT
5-STAR NETWORKS AND ALLIANCES 2026
The outlook for independent insurance agency networks in 2026 Across all five interviewed winners, the same theme resurfaces: AI is not replacing the need for a network, it is redefining what a network has to deliver to stay relevant. Renaissance, Strategic Agency Partners, and ISU Steadfast are all investing in structured AI education or safeguards, whether through in-house tooling, dedicated workshops, or sandboxed data policies, while Smart Choice and DAIS are betting that curated carrier and vendor relationships still beat a solo agent piecing together their own tech stack. That bet lines up with where the wider market is heading. Ninety-eight percent of insurance agencies are planning some form of AI investment in 2026, according to ReSource Pro research, making the question less whether agents adopt AI and more which networks help them do it well.
AVERAGE PERFORMANCE SCORE, SHOWN AS % OF THE MAXIMUM POSSIBLE SCORE Satisfaction barely moved – except on one thing: perpetuation planning saw 2026’s biggest gain 2025 scores were rated on a 1–10 scale and 2026 on a 1–5 scale, so figures here are normalized to a percentage of each year’s maximum for a fair comparison. Nine of 10 categories moved less than 3 points either way. 2025
2026
Commissions and profit sharing Access to insurance companies and products Overall business consultation Access to technology +3.6 pts – the largest gain of any category Perpetuation planning Vendor discounts Marketing support Training and education Administrative support Access to niche and non-traditional markets
88%
90%
92%
94%
What sets the best insurance networks and alliances apart
Source: IBA 5‑Star Networks and Alliances Survey Data, 2025 and 2026 · Insurance Business America
Strip away the individual names, and the pattern across this year’s top insurance aggregator groups for independent agents is the same one: none of them are winning loyalty on commission splits or carrier counts alone anymore. Every network rated highest by agents this year is competing on something less tangible such as curated technology, real consultation, and training built for a workforce that is getting older and
thinner at the same time it is being asked to move faster. That is the paradox sitting underneath this year’s results. Artificial intelligence has made it easier than ever for an agent to strike out alone, automating the back-office work that once justified a network membership by itself. Yet agents are not walking away from networks. Instead, they are rating them higher when those networks prove they still
96%
offer something a solo operation, however AI-enabled, cannot easily replicate judgement, relationships, and a second opinion when it matters. As Summer Cole puts it, the best networks act as an unbiased extension of the agency itself. That is a harder thing to build than a carrier list, and it is precisely why it is becoming the real dividing line between a network that agents tolerate and one they actively choose.
ALL-STAR NETWORKS AND ALLIANCES 2026 Smart Choice
Renaissance
Phone: 888 264 3388 Email: info@smartchoiceagents.com Website: smartchoiceagents.com
Phone: 800 514 2667 Email: oscar.miniet@renaissanceins.com Website: renaissanceins.com
Fortified Email: jcraven@fortifiedagencies.com Website: fortifiedagencies.com
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State Insurance Group
Strategic Agency Partners Phone: 609 923 5280 Email: info@strategicagencypartners.com Website: strategicagencypartners.com
VIAA (Valley Insurance Agency Alliance)
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2026
NETWORKS AND ALLIANCES
Direct Access Insurance Services (DAIS)
Renaissance
Phone: 844 513 5990 Email: access.daisinquiry@amwins.com Website: directaccessins.com
Phone: 800 514 2667 Email: oscar.miniet@renaissanceins.com Website: renaissanceins.com
Smart Choice
Strategic Agency Partners
Phone: 888 264 3388 Email: info@smartchoiceagents.com Website: smartchoiceagents.com
Phone: 609 923 5280 Email: info@strategicagencypartners.com Website: strategicagencypartners.com
Fortified
Amwins Access
Email: jcraven@fortifiedagencies.com Website: fortifiedagencies.com ISU Steadfast Phone: +1 (415) 788 9810 Email: cvondrasek@isusteadfast.com Website: isusteadfast.com
State Insurance Group
VIAA (Valley Insurance Agency Alliance)
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FEATURES
PROPERTY
Soft property market sets up insurance-to-value reckoning, Amwins warns Wholesale leaders warn today’s pricing relief may drive tomorrow’s valuation shock THE SOFT US property insurance market is creating a future insurance-tovalue problem as competition encourages declared values to slip, according to two Amwins real estate practice leaders. Adam Terry, executive vice president and national real estate practice leader for property at Amwins, says an influx of capacity has widened the field of carriers, managing general agents, and facilities competing for business. That has made price more prominent in placement decisions, even as questions remain over providers’ long-term support. “There are so many options available that you want to pick the partners who are going to be in it for the long haul for your insureds, not always the absolute lowest price, which is what a lot of people focus on most,” Terry notes. The concern extends beyond carrier selection. During the hard market, insurers placed greater emphasis on ensuring property values reflected replacement costs. Terry says some of that discipline is now eroding as markets compete more aggressively. He adds: “In the soft market, the gains made during the hard market, such as improved insurance to value, begin to erode as markets chase premium growth.”
Undervaluation could trigger a double correction This slippage may have limited immediate impact while pricing remains competitive. However, it could become much more visible when capacity tightens or insurers seek
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stronger rates. Policyholders whose values have not kept pace with costs could then face two corrections at renewal, Terry warns. The scale and speed of recent capacity changes are also complicating property placements. New entrants have arrived while established markets have broadened appetites that were previously more narrowly defined. Terry says: “There have been a significant number of additional markets and MGAs, and markets changing appetite.” He adds: “So you historically thought of them for one thing, and now they’re starting to expand and grow and do things that used to be on their do-not-do list.” The environment requires broad market coverage because a carrier that once would have declined a class may now consider it in pursuit of premium targets. Close contact with underwriters and firm declinations have consequently become more important.
Casualty pricing moves toward balance Conditions in real estate casualty remain firmer, although the pace of increases has moderated, according to Corey Alison, executive vice president and national real estate practice leader for casualty at Amwins. “Our market has been in a hard market for a while, but there’s been a little bit of a change, I’d say, in the past six months to a more balanced environment,” Alison tells Insurance Business. “It’s not a soft market in any way, but you’ve seen a reduction in the increases we’ve seen in previous years.”
He said a primary placement without deterioration in existing losses or new claims might have drawn a 10 to 15 percent increase last year. More recently, the range has moved toward 3 to 5 percent, while flat renewals are no longer out of the question. Additional capacity, higher in excess towers, has also introduced more price competition. Even so, challenging losses and exposures in states including Texas, New York, and California can make tower construction more difficult. Alison says wholesalers are increasingly using proprietary products, new MGAs, London capacity, and sidecars to assemble coverage. Lender requirements remain another persistent obstacle, particularly on complex real estate transactions involving multiple lenders with different standards. Addressing those requirements may involve waivers, evidence of a broad marketing effort, higher retentions, or multiple policies for specific exposures. “While the market is stabilizing, I don’t see the challenges with lenders slowing down,” says Alison. “The need for non-conventional structuring options will continue.” Taken together, the trends point to a market in which abundant property capacity is relieving immediate pricing pressure while storing up valuation challenges for a later turn. The timing of that change is uncertain, but brokers should already be watching for the consequences.
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SPECIAL REPORT
Top
INSURANCE EMPLOYERS Discover the best insurance companies to work for in the USA based on 2026 employee feedback
CONTENTS
PAGE
Feature article............................................................ 34 Methodology ............................................................. 42 Top Insurance Employers 2026 .............................. 43
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SPECIAL REPORT
TOP INSURANCE EMPLOYERS 2026
BEST INSURANCE COMPANIES TO WORK FOR IN THE USA WHAT DOES it take to make the list of the best insurance companies to work for in the USA? Not the same thing twice, according to Insurance Business America’s Top Insurance Employers 2026 report: this year’s winners span a 4,000-person national wholesale brokerage headquartered outside Chicago and a 67-person retail agency in Springfield, MO, founded in 1885. One is owned by a publicly traded global broker. The other is owned, in part, by its own frontline staff. To qualify for recognition, organizations first completed an employer form detailing their offerings, then their own employees anonymously rated the workplace on compen-
sation, benefits, culture, and development. Organizations needed a 75 percent or greater average satisfaction rating to make the list. What separates this year’s winners from the rest of the market is not size, ownership structure, or even the specific benefits on offer. It is a discipline: finding out what employees actually want, then building around it. What makes the best insurance companies to work for in the USA Insurance employers are not short on things to worry about right now: tight labor markets for underwriting and claims talent, wage pressure from outside the industry, and a
Key insights The numbers behind this year’s ranking of the best insurance companies to work for in the USA, drawn from Insurance Business America’s own survey data and the workforce research cited throughout this report
75%
SATISFACTION THRESHOLD Minimum average employee satisfaction score required to be named among the best insurance companies to work for in the USA in 2026
11x
ENGAGEMENT & RETENTION GAP Continuous-listening organizations are 11 times more likely to report high engagement and retention than one-off survey organizations (Perceptyx, 2026)
11% vs. 26%
ESOP VS. NATIONAL QUIT RATE Average voluntary quit rate at employee-owned companies compared with the US national average (NCEO, July 2026)
Sources: Insurance Business America , Top Insurance Employers 2026; Perceptyx, State of Employee Listening 2026; NCEO, July 2026 ESOP survey
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workforce that increasingly expects flexibility as a baseline rather than a perk. IBA’s 2026 winner data shows how differently individual firms have responded. Across this year’s winning organizations, average employee satisfaction scores ranged from roughly 4.02 to 4.58 on a five-point scale, and the highest scores did not cluster among the largest firms. A smaller agency with a few dozen staff scored competitively against firms with thousands of employees, and vice versa. What insurance employees value most Multiyear data from the same survey program shows employees have consistently ranked retirement plans and medical coverage among the benefits that matter most to them every year since 2021, with vacation leave close behind since the survey began tracking it in 2023. The importance placed on flexible work options has held steady in a narrow band rather than fading as pandemic-era habits normalized. That consistency matters for employers deciding where to spend limited benefits budgets: the data suggests employees are not chasing the newest perk. They are asking for a stable, well-communicated set of fundamentals, delivered by an employer that keeps asking whether it is getting them right. That employer discipline matters more now than it has in years. US insurers are heading into a tightening labor market, with job openings falling to a decade low in early 2026 even as an aging workforce continues to shrink the
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What matters most, by company size Average importance rating (1–5 scale) for each benefit and program category, broken out by company headcount. Categories are ranked by their average rating across all five size bands.
10-25 employees
26-100 employees
101-500 employees
501-1000 employees
1,000+ employees
Vacation leave Retirement plan Medical coverage Flexible work options Sick leave Dental coverage Vision coverage Disability benefits Development/educational programs Life insurance Employee performance review Employee recognition programs Personal/carer’s leave Employee equity program Long-term care Company support for community/ charitable orgs Corporate/employee wellness programs Loyalty programs Time off for volunteering Maternity leave Diversity and inclusion programs Paternity leave Sabbaticals Green/sustainable business programs 2.5
3.0
3.5
4.0
4.5
5.0
Average importance ratings (1-5 scale) Reading this chart: Company size shapes benefits priorities in both directions, not just one. Larger employers (1,000+ staff) score notably higher on structured, infrastructure-heavy benefits: dental coverage (up 0.68 points versus the smallest companies), life insurance (up 0.60), vision coverage (up 0.54), and medical coverage (up 0.50). But the smallest companies (10–25 employees) score higher on categories that depend on personal, high-trust management rather than program infrastructure: employee performance review fairness (down 0.45 points at the largest firms versus the smallest), company support for community and charitable causes (down 0.20), and personal or carer’s leave (down 0.12). Neither company size has an advantage across the board and each is strongest in different areas. Source: Insurance Business America , Top Insurance Employers 2026 employee survey data, segmented by company size
talent pool, according to Marsh’s 2026 People Risk report, covered by Insurance Business America. Limited career advancement, technology skills gaps, and rising labor costs from competition for talent were the top concerns Marsh identified among HR and risk professionals surveyed for that report. Why listening maturity matters Broader workforce research points to the same pattern from a different angle. Perceptyx’s fifth annual State of Employee Listening study, based on more than 750 senior HR leaders at large organizations, found that companies running what it calls “continuous listening” programs, meaning they act on employee feedback at every level rather than running a single annual survey, are 11 times more likely to report high workforce engagement and retention than companies at the most basic, one-off listening stage. That same research found mature listening organizations are nearly twice as likely to run effective coaching and development programs, almost exactly the pairing Risk Placement Services describes in how it built out its Producer Development Program. The same research also points to a stubborn gap between hearing feedback and acting on it. Across the organizations Perceptyx studied, 71 percent of employees say their employer shares survey results, but only 51 percent say those results led to an actual improvement (Perceptyx, State of Employee Listening 2026). Closing exactly that gap, between hearing something and visibly changing something, is what separates this year’s two Top Insurance Employers 2026 winners from an organization that runs a survey and simply files it away. Two of this year’s winners, Risk Placement Services and Ollis/Akers/Arney Insurance & Business Advisors, arrived at that discipline from very different starting points. RPS: a top insurance employer built on listening RPS, a Gallagher company headquartered in Rolling Meadows, IL, employs roughly 4,000 people across its wholesale brokerage and
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SPECIAL REPORT
TOP INSURANCE EMPLOYERS 2026
What insurance employees say matters most Average importance rating (1–5 scale) across all benefit and program categories tracked in Insurance Business America’s Top Insurance Employers survey, comparing 2024, 2025, and 2026 responses. Categories are ranked by 2026 score.
2024
2025
2026
Retirement plan Vacation leave Medical coverage Flexible work options Dental coverage Sick leave Vison coverage Life insurance Disability benefits Development/educational programs Long-term care Personal/carer’s leave Employee recognition programs Employee equity program Employee performance review Corporate/employee wellness programs Company support for community/charitable orgs Loyalty programs Time off volunteering Maternity leave Diversity and inclusion programs Paternity leave Sabbaticals Green/sustainable business programs 2.5
3.0
3.5
4.0
4.5
5.0
Average importance ratings (1-5 scale) Reading this chart: Retirement plans, vacation leave, and medical coverage remain the top three priorities for insurance employees in 2026, essentially unchanged across all three years shown. Diversity and inclusion programs were added to the survey in 2026 and have no prior-year comparison. Over the three-year window, the largest gains were in loyalty programs (up 0.22), long-term care (up 0.19), and wellness programs (up 0.14). The largest declines were in green/sustainable business programs (down 0.18), personal/carer’s leave (down 0.16), and community support (down 0.14); most other categories moved by 0.10 points or less in either direction.
Source: Insurance Business America , Top Insurance Employers benefit-importance survey data, 2024–2026
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underwriting operations. For HR director Tasha Smith, the starting point for employee experience is straightforward: find out what people actually want rather than assuming leadership already knows. “I think that oftentimes companies just create out of thinking that they know best,” Smith says. “What sets us apart is that we actually ask: What are you interested in? Where are we lacking? Where do we need to improve?” Turning feedback into action Those questions are not rhetorical at RPS. The company collects the answers through engagement surveys and periodic third-party culture audits, including a recent Culture of Impact survey, conducted with Orange Leaf Consulting, that reached about 150 employees across the business. Coaching emerged as a clear gap. RPS already ran a Producer Development Program (PDP) for early-career sales talent, built around a year of hands-on training paired with a production team. What the survey identified was missing: dedicated coaching, separate from an employee’s direct manager. RPS added that layer, pairing PDP participants with coaches drawn from branch managers and regional presidents outside their own office. The change gives early-career employees direct access to senior leaders they would not otherwise work with day to day. Smith says the company is now tracking its third cohort of PDP participants and coaches, and the group has already driven approximately $1 million in revenue. “It’s not just helping them,” Smith says. “It’s helping the business as well.” The same responsiveness shows up in smaller decisions. RPS initially ran its career-empowerment development sessions monthly, then moved to a quarterly schedule when employees said the pace felt overwhelming and created a fear of missing out if they could not attend every session. Mental health support followed a similar path: Smith, a certified yoga nidra facilitator, has hosted bimonthly meditation sessions for about two years, drawing roughly
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SPECIAL REPORT
TOP INSURANCE EMPLOYERS 2026
Why listening maturity pays off Share of organizations reporting strong outcomes, comparing employers with the most basic (“episodic,” one-off survey) listening programs against those with the most mature (“continuous,” act-at-every-level) listening programs
% of organizations reporting high performance
Stage 1: Episodic listening 95% 90%
82%
81%
77%
80%
Stage 4: Continous listening
77% 70%
70% 60% 50% 40% 30% 20%
13%
12%
7%
10%
15%
11%
0% Workforce engagement Adapts well to change and retention
Innovates effectively
Meets/exceeds financial targets
High customer satisfaction retention
Reading this chart: The gap is largest for workforce engagement and retention, where continuous-listening organizations are 11 times more likely to report high performance (77% vs. 7%). The gap narrows somewhat but stays wide for adapting to change (7x), innovating effectively (6x), meeting or exceeding financial targets (6x), and customer satisfaction and retention (5x). Listening maturity alone does not guarantee these outcomes, but across 750-plus organizations surveyed, no metric showed a smaller gap than five times. Source: Perceptyx, The State of Employee Listening 2026 (go.perceptyx.com), based on a survey of 750+ senior HR leaders at organizations with 1,000+ employees
The listening-to-action gap
% of employees reporting this stage occured
Share of employees, across the organizations Perceptyx studied, who report each stage of the feedback loop actually happening 85% 80%
71%
70%
59%
60%
51%
50% 40% 30% 20% 10% 0%
Employer shares survey results
Managers create action plan
Employees see an actual improvement
Reading this chart: Most employers clear the first hurdle: 71% of employees say their organization shares survey results with them. Fewer see the next step happen: 59% say managers actually create action plans in response. By the final stage, only 51% report an actual improvement resulted from the feedback they gave. Each step of the loop loses ground, and the 20-point drop from “results shared” to “improvement delivered” is the gap that separates organizations that collect feedback from organizations that change something because of it. Source: Perceptyx, The State of Employee Listening 2026 (go.perceptyx.com)
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100 employees per session. When participants asked for the sessions in other languages, RPS added Spanish and French options. Q & A w i t h Ta s h a S m i t h , R P S Q: What’s the atmosphere you want employees to have at work? A: “I think, for me, the first thing that comes to mind is just to be seen and to feel supported. I want to make sure that we create a space where not only do we create really great programs, but those programs are created because of the feedback from the teammates.” Q: How do you approach flexibility and hybrid work? A: “I think for our leaders in general, that has been tricky. It’s like, ‘How do you engage someone when we’re not really here’? I definitely feel more connected when we’re utilizing video, which I would say the majority of us do. We still try to have flexibility within teams, but we do see higher retention rates and collaboration in the offices that choose to go in a little bit more than be virtual.” Q: How is RPS approaching AI with employees who are worried about their jobs? A: “We try to educate on the resources that we have and let them know: ‘This is for you to be able to get more time back for you. This is for you to be able to manage and navigate work that used to take you hours, and now maybe you can do it in a shorter period of time.’ If there is some sector that’s going away, then we would communicate on that.” Benefits backed by research RPS’s own employer submission for the 2026 report backs up Smith’s account with specifics: a 401(k) plan with a five-year vesting match, participation in Gallagher’s Employee Stock Purchase Plan at below-market pricing, up to 61 days of maternity leave and 28 days of paternity leave, and a wellness budget of $150 per employee each quarter. That level of investment tracks with research from RPS’s own parent company.
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SPECIAL REPORT
TOP INSURANCE EMPLOYERS 2026
RPS A Gallagher company · wholesale insurance brokerage · Rolling Meadows, Illinois FOUNDED
EMPLOYEES
HEADQUARTERS STATE
PARENT COMPANY
1997
~4,000
IL
Gallagher
Producer Development Program Year-long training for early-career sales talent, now with a dedicated coaching layer added after a 150-person culture survey
Culture of Impact survey Third-party engagement audit with Orange Leaf Consulting used to identify and close specific program gaps
Bimonthly meditation sessions Led by a certified yoga nidra facilitator; offered in English, Spanish, and French after employee requests
Employee Stock Purchase Plan Below-market-price access to Gallagher stock, alongside a 401(k) with a five-year vesting match
Extended parental leave Up to 61 days of maternity leave and 28 days of paternity leave
Quarterly wellness budget $150 per employee, per quarter, to put toward personal well-being
Source: Insurance Business America , Top Insurance Employers 2026 interview and employer submission
Gallagher’s 2025 US Benefits Benchmarks Report, based on survey responses from more than 4,000 US organizations, found employers increasingly building benefits strategies around physical, emotional, career, and financial health together, and not treating them as separate line items. John Tournet, US CEO of Gallagher’s Benefits & HR Consulting Division, framed the shift in the report’s release as a chance for employers to rethink employee care holistically instead of as a set of disconnected line items. That parent-company investment is one piece of a broader growth story. IBA’s earlier coverage of Gallagher’s brokerage growth strategy outlines how the firm has climbed to become the world’s third-largest insurance brokerage through acquisitions and international expansion, providing the financial backbone behind subsidiaries like RPS. Ollis/Akers/Arney: an employee-owned top insurance employer Ollis/Akers/Arney Insurance & Business Advisors (OAA) has operated in Springfield, MO, since 1885. Today it employs 67 people,
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and unlike RPS’s global parent structure, OAA’s ownership sits with the people who work there. The agency runs on an Employee Stock Ownership Plan (ESOP) that distributes agency stock annually based on company earnings, vesting over six years. Ownership as a listening structure For Myleah Shrimpton, OAA’s vice president of claims and a nearly 16-year employee, that ownership structure is inseparable from how the agency listens to its own staff. “When you talk to frontline to the very top, you’re talking with an owner,” Shrimpton says. “That brings a whole different feel to it, to make change.” She notes that ownership does not guarantee every idea gets adopted, “but there is an ability here to have a seat at the table.” That account lines up with broader research on employee ownership. In an NCEO survey of ESOP companies published in July 2026, the average voluntary quit rate among employee-owned businesses was 11 percent, compared with a 26 percent average across all US companies tracked by the Bureau of Labor
“What sets us apart is that we actually ask: What are you interested in? Where are we lacking? Where do we need to improve?” Tasha Smith, RPS
Statistics’ Job Openings and Labor Turnover Survey. Eighty-five percent of the ESOP companies NCEO surveyed said employee ownership had a positive effect on recruitment and retention, and when asked what drives that retention, respondents most often reached for one word: culture. Shrimpton describes OAA’s culture, after almost 16 years watching it evolve, as being at its healthiest point. She credits the people hired rather than any single program. “Our culture is our people at the end of the day,” she says. “We have some of the very best, who do their work with excellence and also care beyond the job. They really care about the people, the clients we serve, and one another.” How OAA puts culture into practice That care extends to how the agency manages people through different seasons of their lives rather than applying blanket policy. Shrimpton points to OAA’s approach to flexibility and hybrid work as an example: instead of mandating a fixed number of remote or in-office days across the board, supervisors work with individual employees based on their circumstances. OAA’s own employer submission for the report describes staff using flexible and remote
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Ollis/Akers/Arney Insurance & Business Advisors Employee-owned (ESOP) · retail insurance agency · Springfield, Missouri FOUNDED
EMPLOYEES
HEADQUARTERS STATE
PARENT COMPANY
1885
67
MO
ESOP
Employee Stock Ownership Plan Agency stock distributed annually based on company earnings, vesting over six years
In-house claims department Covers property, casualty and health benefits claims directly rather than referring clients back to their carrier
Plan of the Week Weekly all-staff communication spotlighting a different employee-owner alongside birthdays and anniversaries
State of the Agency meetings Quarterly all-employee sessions with an outside guest presenter to keep staff current on the business
Individualized flexibility Remote and hybrid arrangements set by supervisors around each employee’s circumstances, not a fixed company-wide policy
Education support Tuition reimbursement for graduate study and full payment for professional designation work
“When you talk to frontline to the very top, you’re talking with an owner. That brings a whole different feel to it, to make change” Myleah Shrimpton, Ollis/Akers/Arney Insurance & Business Advisors
Source: Insurance Business America , Top Insurance Employers 2026 interview and employer submission
arrangements to care for ailing family members and manage foster care and adoption placements, while still meeting work commitments. The agency’s weekly all-staff communication, Plan of the Week, gives every employee-owner a turn in the spotlight, alongside birthdays, work anniversaries, and a rotating wellness article. Quarterly State of the Agency meetings bring in an outside guest presenter and keep every employee current on the business. OAA also runs an in-house claims department covering both property and casualty and health benefits claims, a service Shrimpton considers a defining differentiator. “Claims are why people buy insurance,” she says. Rather than referring clients back to their carrier, OAA’s claims staff help navigate the process directly, including complex situations like pre-authorization disputes and denied claims. Q&A with Myleah Shrimpton, Ollis/Akers/ Arney Insurance & Business Advisors Q: How would you describe OAA’s culture and atmosphere?
A: “As a whole, I’ve been here almost 16 years, so I’ve seen different iterations of staff and culture. I feel like, obviously, no place is perfect. I don’t want to paint an unrealistic picture, but personally I feel in many ways it’s the healthiest we’ve been.” Q: What differentiates OAA’s claims service? A: “We have an in-house claims department, which is uncommon for an agency our size. Claims are why people buy insurance, and rather than telling clients to go call their carrier, we have dedicated people to help them navigate the process, including things like pre-authorization and denied claims.” Q: What professional development does OAA offer? A: “The company provides tuition reimbursement for graduate work and full payment for designation work. I actually started my own master’s work in risk management, focusing on public policy, and the company supported that.”
Benefits beyond the interview OAA’s employer submission adds further texture to Shrimpton’s account: a fully paid wellness program built around a national platform called WellSteps, a 24-hour on-site fitness center, up to eight paid hours of volunteer time off, and a 50 percent 401(k) match up to two percent of pay. OAA is far from being the only agency to use employee ownership as a perpetuation strategy. IBA’s case study on employee stock ownership plans in insurance agencies profiles a 150-year-old agency that has run on an ESOP since 1975 and credits the structure with a 97 percent employee retention rate. Industry outlook Both RPS and Ollis/Akers/Arney are watching the same technology shift reshape how employers listen to their own people. Smith describes RPS’s approach to AI tools like Copilot as a matter of transparency: giving every employee access to the same resources, and framing automation as a way to reclaim time rather than eliminate roles. Shrimpton describes a similar dynamic at OAA, where staff
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SPECIAL REPORT
TOP INSURANCE EMPLOYERS 2026
METHODOLOGY
What matters most, by employee tenure
To find and recognize the best employers in the insurance industry, Insurance Business America invited organizations to participate by completing an employer form outlining their benefits, programs, and workplace practices. Employees at nominated companies were then asked to complete an anonymous survey rating their workplace on compensation, benefits, culture, employee development, and commitment to diversity and inclusion. Each organization needed a minimum number of employee responses based on its overall size to be considered. Organizations that achieved a 75 percent or greater average satisfaction rating from their own employees were named among the best insurance companies to work for in the USA for 2026.
Average importance rating (1–5 scale) for each benefit and program category, broken out by how long the respondent has worked at their organization. Categories are ranked by their average rating across all five tenure groups.
<1 year
1-3 years
3-6 years
6-10 years
10+ years
Retirement plan Vacation leave Medical coverage Flexible work options Dental coverage Sick leave Vison coverage Life insurance Disability benefits Development/educational programs Personal/carer’s leave Long-term care Employee equity program Employee recognition programs Employee performance review Corporate/employee wellness programs Company support for community/charitable orgs Loyalty programs Maternity leave Time off for volunteering Diversity and inclusion programs Paternity leave Sabbaticals Green/sustainable business programs 2.5
3.0
3.5
4.0
4.5
5.0
Average importance ratings (1-5 scale) Reading this chart: Priorities shift in a clear pattern as tenure increases. Paternity leave and maternity leave show the widest tenure spread of any category and run in the opposite direction from most others: importance is highest among employees with under three years of tenure and falls steadily after that, dropping about 0.4 and 0.33 points, respectively, from newest to longest-tenured staff. Disability benefits, long-term care, life insurance, and loyalty programs move the other way, rising steadily with tenure as employees place more weight on long-term financial and health security. Core benefits like retirement plans, medical coverage, and vacation leave stay near the top of the list regardless of tenure, with less than a 0.1-point spread across all five groups. Source: Insurance Business America , Top Insurance Employers 2026 employee survey data, segmented by company size
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is trained on AI as the industry’s pace of change accelerates, alongside continuing education support for designations and graduate study. Neither agency treats AI as a listening mechanism in itself; both still rely on surveys, culture audits, all-staff meetings, and direct manager conversations to find out what their people need. But as engagement data becomes easier to collect and analyze at scale, insurance employers of every size are likely to face growing pressure to act on what they learn faster, and more visibly, than a once-a-year survey cycle allows. The employers best positioned for the next 12–24 months are not necessarily the ones with the biggest benefits budget. They are the ones that have already built a habit of asking and a track record of changing something because of the answer. Workforce composition adds another layer to that pressure: survey data shows parental-leave benefits matter most to staff with under three years of tenure, while priorities shift toward long-term financial and health security, and loyalty programs, once tenure passes the 10-year mark.
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Top INSURANCE EMPLOYERS 2026 Orion180 Insurance Services
ARU
Phone: (321) 222 6242 Email: AFlora@orion180.com Website: orion180.com
C3 Risk & Insurance
RPS
Converge
Phone: 866 595 8413 Email: RPS.Marcomm@RPSins.com Website: rpsins.com
DUAL North America
Balavant Insurance Group
Great Lakes General Agency
Website: balavantinsurancegroup.com
HawkSoft
Brown & Riding Email: info@brcins.com Website: brownandriding.com
Ryan Specialty Phone: 312 784 6001 Email: marketing@ryanspecialty.com Website: ryanspecialty.com USG Insurance Services Inc. Phone: 800 886 3867 Email: getconnected@usgins.com Website: usgins.com
Commercial Insurance Associates
Elpha Secure
HomeServices Insurance Insureon Jimcor Agency MountainOne Insurance Agency Ollis/Akers/Arney Insurance & Business Advisors Philadelphia Insurance Companies PolicySaver Post Insurance & Financial RightSure RPR Insurance
USI Insurance Services Phone: 914 749 8500 Website: usi.com
Utica National Insurance Group Phone: 1 800 598 8422 Website: uticanational.com
What the top insurance employers have in common Set RPS and Ollis/Akers/Arney side by side and the differences are the point. Different ownership models, different employee bases, different benefits budgets. What both organizations share is less a program than a posture: a willingness to ask employees what matters to them, and a track record of changing some-
RWR WV Shepherd Insurance The Liberty Company Insurance Brokers Wye River Insurance XS Brokers
thing in response, whether by adjusting the cadence of a development series, adding a coaching layer to an existing program, or building a weekly communication plan that puts an employee-owner in the spotlight. That posture, more than any single benefit or perk, is what separates this year’s best insurance employers from those that assume they already know what their people want.
INSIGHTS As part of our editorial process, Insurance Business’ researchers interviewed the subject matter expert below for an independent analysis of this report and its findings. Corey Pinkham Chief Executive Officer The Jacobson Group
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FEATURES
E&S
Surplus lines hit $143B record as placement market shifts AM Best finds zero impairments and 100% secure ratings, but the cycle that drove a decade of growth is turning THE SURPLUS lines market closed 2025 at a record $143.3 billion in direct premium written, up 10.4 percent from $129.8 billion the year before, according to AM Best’s annual US Surplus Lines Market Segment Report. The report recorded an eighth consecutive year of double-digit growth for the sector, but
46
the more telling detail is what’s changing underneath the numbers. After years of hard market conditions funneling commercial risks into the excess and surplus (E&S) lines channel, the cycle is shifting. Admitted carriers are returning to lines they had pulled back from. Capacity is abundant across much of the market, and
premium growth is moderating even as it remains in double-digit territory. AM Best notes that the trend of moderation, particularly for domestic surplus lines companies, “was further evident in 2025.” That shift is already reshaping how brokers approach placement decisions.
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DAILY NEWS AND AWARD-WINNING CONTENT TRUSTED BY INSURANCE PROFESSIONALS WORLDWIDE In a market where risks and regulations shift fast, you can’t rely on yesterday’s news. The Insurance Business e-newsletter delivers the latest headlines, expert analysis and industry insight direct to your inbox – free. Get breaking news, specialist coverage across key lines, regulatory updates and commentary that helps you advise clients with confidence and spot new opportunities.
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FEATURES
E&S
How deeply embedded surplus lines has become in commercial placement is visible in the line-level data. Surplus lines carriers wrote more than $51 billion in general liability direct premium in 2025. That was 39 percent of the entire P&C industry’s general liability volume. The market-share story spans a longer arc. Surplus lines now represent 12.9 percent of total P&C direct premiums written, up from 3.6 percent in 2000. Their share of commercial-lines premium has grown from 7.1 percent to 27.5 percent over the same period.
Which risks stay in the E&S channel? The central placement question now is which risks stay in the surplus lines channel as the admitted market grows more competitive. AM Best’s position is that complex, hard-to-model exposures won’t be going anywhere soon. Commercial property in catastropheexposed geographies, large construction projec ts including data centers, environmental liability, and professional lines with rising claim severity all fall into that category. General liability and commercial auto also look set to remain in E&S because social inflation and third-party litigation funding continue to drive claim costs up. AM Best expects underwriters on those lines will hold pricing firm even as other segments soften. The cyber market is splitting along similar lines. AM Best identifies two distinct cyber markets forming. Surplus lines carriers are writing the majority of primary and excess cyber-specific policies, while the admitted market handles basic endorsements to broader commercial policies. That division is likely to hold as long as claim severity and evolving exposure definitions make standardized admitted-market forms difficult to sustain. Two forces are compressing broker placement options in the near term. Abundant capacity and the re-entry of admitted carriers into some lines are pulling rates down on commercial property and softening parts of the casualty market.
48
The risks that drove a decade of E&S growth still carry placement complexity the admitted market hasn’t resolved. Cyber, AI-related liability, and catastrophe-prone property all fall into that group. The line between the two markets keeps shifting as admitted carriers reassess their appetite.
The financial stability argument Where AM Best’s data offers direct relevance to placement conversations is on carrier financial strength. Through mid-2026, 100 percent of AM Best’s 105 domestic professional surplus lines rating units fell in the top four issuer credit rating categories. The figure for the total P&C industry was 97.2 percent. Ninety-seven percent of surplus lines carrier ratings fall in the Exceptional, Superior, or Excellent categories, compared with 86 percent for the admitted market. There were no surplus lines impairments
and program managers generated nearly 25 percent, up from 23.7 percent the prior year, on a trend that has run steadily since 2018. The share of business routed through wholesale brokers and MGAs in the surplus lines market has shifted materially in recent years, and AM Best’s analysis draws on direct surveys with surplus lines carriers and their distributors. It makes the case that MGAs and wholesalers with genuine class-specific expertise are separating from the rest of the market. Deep, specialized knowledge of specific risk classes is harder to replicate and increasingly what insurers are looking for in wholesale partners. The report is also direct about agentic AI. AM Best found that distributors using AI across submission intake, pre-underwriting evaluation, and quote-to-bind produced better results than those treating it as a
After years of hard market conditions funneling commercial risks into the excess and surplus (E&S) lines channel, the cycle is shifting in 2025 or through the first half of 2026, against five admitted P&C company impairments in 2025. Since 2003, AM Best has recorded just one surplus lines company impairment, against 311 in the admitted market over the same stretch. Those numbers reflect a discipline of underwriting and risk selection that, in an increasingly competitive and softening market, will face real pressure in the years ahead.
Specialization and AI are remaking distribution The distribution picture adds context for brokers who rely on wholesale partners. Wholesale brokers without binding authority remain the primary surplus lines channel at 45 percent of premium in 2025. MGAs
single-task fix. The early movers built that platform approach across the distribution lifecycle. Those that started first are compounding the advantage. AM Best’s conclusion is that agentic AI is in production, and the gap between early adopters and the rest of the market is widening. The underwriting discipline behind those financial strength figures will face its first real test in a softening market. Through a decade of hard conditions, surplus lines carriers had the advantage of pricing power and a constrained admitted market. AM Best’s 2026 report suggests that advantage is fading on some lines. What replaces it, whether that is specialization, AI adoption, or underwriting rigor, will determine which carriers and distributors hold their ground.
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