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2021 US Insurance Awards: Nonprofit Insurance Services, Wholesale Broker Team of the Year



As non-profit insurance liability costs climbed in line with the trend toward so-called nuclear judgments, the wholesale broker Non-Profit Insurance Services Inc. spent three years developing a coverage program that would reduce the costs to service-oriented organizations. [19659002] But, in what which eventually turned out to be an advantage, the Community Services Insurance Program could not be launched in 2019, said Justin Wiley, Orlando, Florida-based program vice president at NPIS, a unit within Ballator Co.

"We had an agreement with an insurer which was acquired by a private equity group, "said Wiley. With a new owner, the insurer significantly reduced its program operations and the NPIS program became an accident, he said.

"It took about a year to regroup and find new partners," he said. The new strategy involved several insurance companies and a multi-line package that provided coverage for general liability risks, professional liability, substance abuse claims, commercial vehicles and occupational injury insurance.

NPIS's work to overcome early barriers and launch the Nonprofit Program gave the company a Business Insurance 2021

US Insurance Award for Wholesale Brokerage Team of the Year in 02] 659 Community Services Program.

"Our goal is to have an effective insurance product, and how we do that by putting together a multi-line package," he said. "It gives you a little more leverage" to adjust prices and keep the cost of the package stable , said Mr. Wiley.

"All kinds of savings that fall to their end result, they can use for their mission, which helps people," he said of nonprofits insured under the program.

The launch of Community Services Insurance Programs were well timed, according to Mr. Wiley. By the end of 2020, major jury awards against companies and organizations were growing, he said.

"Other carriers in the space had left or significantly reduced their capacity," said Wiley, and prices rose and borders shrank. "All of this together made it a difficult tough market."

"One of the reasons for our success is that our team has a can-do attitude," said Mr. Wiley. "We want to make it work and if we have to get creative to make it work, we will find a way."

FINALISTS

• Amwins Group – Amwins Insurance Brokerage of California relies on its long-standing relationships with insurance companies to get the best coverage for each risk, rather than relying on a single master's program.

• Brown & Riding Insurance Services Inc. – The wholesaler's "Team Bading" consists of dedicated analysts with a track record of consistent growth in the company's largest real estate book.

• Burns & Wilcox Brokerage – The company is known for its expertise in difficult-to-place property / accident risks and set new business records in the past year.

• Risk Placement Services Inc. – Among the successes of the executive line brokerage team at RPS was the development of a cyber coverage for units with strong controls in place.


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