Top 10 Wholesale Insurance Brokerage - 2023

The insurance market is a complex and dynamic industry that is influenced by a wide range of factors. One of the most significant variables that shape the market is the regulatory framework within which insurance companies and wholesale insurance brokers operate. Changes to existing regulations or the introduction of new ones can profoundly impact how they conduct their business. This includes increased compliance costs, changes to processes, and even alterations to their overall business models.

In addition to regulatory factors, the insurance market is also heavily influenced by economic conditions, both globally and within specific regions. Economic growth or downturns, interest rate fluctuations, and industry sector shifts all shape the market. Likewise, macroeconomic indicators such as GDP growth and inflation rates significantly impact the market. Higher GDP growth rates generally indicate a more favorable environment for insurers, suggesting increased economic activity and potential for higher premiums. Rising inflation rates can increase insurance costs, which may be passed to policyholders through higher premiums.

The market is transitional, with these influential factors at the forefront of the changes. Insurance companies and wholesale insurance brokers must tread the evolving regulatory landscape adeptly. By closely monitoring and comprehending these influential factors, industry participants can position themselves strategically to thrive in this ever-changing market.

This edition of Insurance Business Review features the emerging forerunners in the wholesale insurance brokerage industry and have successfully navigated the changing economic conditions. It covers the valuable opinions of Katie Webb, VP of Innovation and Transformation at Aflac, about the recent developments in the industry and how it is shaping up for the upcoming economic challenges. Alongside, the issue features FTP, a family-owned insurance wholesaler known for tailored insurance solutions, commitment to excellence, and innovation.

It also includes the valuable perspectives of Michele Adams, Vice President of Walmart Claims Services [NYSE: WMT], and Bogdan Laza, Vice President and Property and Casualty Broker, at Brown & Brown.

They share their views on the insurance industry's current state, challenges, and prospects.

Let us know your thoughts!

Insurance Broker | Insurance Business Review

Insurance Broker - 2023

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FTP Inc.

FTP Inc., established in 1957, is a family-owned insurance wholesaler known for tailored insurance solutions, commitment to excellence, and innovation. Operating with licenses spanning 40+ states and catering to both commercial and personal insurance needs, FTP Inc. provides a wide range of services, including specialized expertise in private flood insurance. Recognized as industry experts, it delivers competitive quoting, online rating, swift policy delivery, and reliable claims service while steadfastly preserving core values.

Our competitive advantage stems from the exceptional talent within our team and our capacity to provide tailored, top-notch service

Frank Powell, President
FTP Inc.

FTP Inc., established in 1957, is a family-owned insurance wholesaler known for tailored insurance solutions, commitment to excellence, and innovation. Operating with licenses spanning 40+ states and catering to both commercial and personal insurance needs, FTP Inc. provides a wide range of services, including specialized expertise in private flood insurance. Recognized as industry experts, it delivers competitive quoting, online rating, swift policy delivery, and reliable claims service while steadfastly preserving core values.
Our competitive advantage stems from the exceptional talent within our team and our capacity to provide tailored, top-notch service

Frank Powell, President,.
Novum Underwriting Partners

The Novum insurance platform offers deep underwriting expertise combined with an industry leading InsureTech solution to bring one of the most innovative approaches to working efficiently and effectively within the P&C sector. This kind of expertise and capability is why Novum has already seen their platform grow to just under 10,000 unique agents logging in and enjoying how insurance should be done in the modern era.

Our mission is to alleviate the challenges faced by traditional retail brokers when dealing with unique and complex risks

Christopher M. Longo, CEO
Novum Underwriting Partners

The Novum insurance platform offers deep underwriting expertise combined with an industry leading InsureTech solution to bring one of the most innovative approaches to working efficiently and effectively within the P&C sector. This kind of expertise and capability is why Novum has already seen their platform grow to just under 10,000 unique agents logging in and enjoying how insurance should be done in the modern era.
Our mission is to alleviate the challenges faced by traditional retail brokers when dealing with unique and complex risks

Christopher M. Longo, CEO,.
The Fairway Agency

The Fairway Agency, a wholesale insurance brokerage firm, is a member of A.I.M. Mutual Insurance Companies, a top provider of workers' compensation insurance in the region. The firm is known for its dynamic service model for Partner-Agents.

Our true value lies in allowing our partner agents to focus on their core responsibilities without the distraction of managing workers' compensation intricacies. By taking this responsibility off their plate, we empower them to prioritize their business growth

James Reilly, Agency Manager
The Fairway Agency

The Fairway Agency, a wholesale insurance brokerage firm, is a member of A.I.M. Mutual Insurance Companies, a top provider of workers' compensation insurance in the region. The firm is known for its dynamic service model for Partner-Agents.
Our true value lies in allowing our partner agents to focus on their core responsibilities without the distraction of managing workers' compensation intricacies. By taking this responsibility off their plate, we empower them to prioritize their business growth

James Reilly, Agency Manager,.
Amwins

Amwins is a leading speciality insurance distributor. Amwins has expertise across a diversified mix of property, casualty, group benefits and reinsurance products. The company offer value-added services to support these products, including product development, underwriting, premium and claims administration and actuarial services.
Amwins

Amwins is a leading speciality insurance distributor. Amwins has expertise across a diversified mix of property, casualty, group benefits and reinsurance products. The company offer value-added services to support these products, including product development, underwriting, premium and claims administration and actuarial services.
Brown & Riding

Brown & Riding is a leading wholesale insurance brokerage firm that offers a wide range of products and services to businesses of all sizes. The company is known for its expertise, its commitment to its clients, and its strong corporate culture.
Brown & Riding

Brown & Riding is a leading wholesale insurance brokerage firm that offers a wide range of products and services to businesses of all sizes. The company is known for its expertise, its commitment to its clients, and its strong corporate culture.
Burns & Wilcox

Burns & Wilcox is a wholesale insurance broker that provides commercial, professional, and personal insurance solutions. They have a wide range of solutions to fit the needs of their clients. Burns & Wilcox is committed to providing excellent customer service and has a team of experienced professionals who can help clients find the right coverage for their needs.
Burns & Wilcox

Burns & Wilcox is a wholesale insurance broker that provides commercial, professional, and personal insurance solutions. They have a wide range of solutions to fit the needs of their clients. Burns & Wilcox is committed to providing excellent customer service and has a team of experienced professionals who can help clients find the right coverage for their needs.
CRC Insurance Services

CRC Insurance Services is a wholesale and specialty insurance brokerage firm that offers a variety of insurance products, including property and casualty insurance, environmental insurance, and professional liability insurance. CRC Group also offers a variety of tools and resources to help its clients, such as risk management tools and claims assistance.
CRC Insurance Services

CRC Insurance Services is a wholesale and specialty insurance brokerage firm that offers a variety of insurance products, including property and casualty insurance, environmental insurance, and professional liability insurance. CRC Group also offers a variety of tools and resources to help its clients, such as risk management tools and claims assistance.
Jencap Group

Jencap Group is a wholesale insurance brokerage firm that provides retail agents with access to exclusive programs, underwriting expertise, and unparalleled customer service. The company offers a wide range of insurance products and services for businesses and individuals of all sizes.
Jencap Group

Jencap Group is a wholesale insurance brokerage firm that provides retail agents with access to exclusive programs, underwriting expertise, and unparalleled customer service. The company offers a wide range of insurance products and services for businesses and individuals of all sizes.
Padgett Insurancy Agency

Padgett Insurancy Agency is a retail and wholesale insurance agency. The company is known for its commitment to mutual trust, integrity, and going the extra mile for its clients. Padgett works for the client and helps its clients plan for the future by customising service plans to meet their unique needs.
Padgett Insurancy Agency

Padgett Insurancy Agency is a retail and wholesale insurance agency. The company is known for its commitment to mutual trust, integrity, and going the extra mile for its clients. Padgett works for the client and helps its clients plan for the future by customising service plans to meet their unique needs.
Ryan Specialty

Ryan Specialty is an international speciality insurance firm that provides a wide range of services to insurance brokers, agents, and carriers. The company's mission is to provide industry-leading speciality insurance solutions. It also acts as a managing underwriter, developing and underwriting speciality insurance products and programs.
Ryan Specialty

Ryan Specialty is an international speciality insurance firm that provides a wide range of services to insurance brokers, agents, and carriers. The company's mission is to provide industry-leading speciality insurance solutions. It also acts as a managing underwriter, developing and underwriting speciality insurance products and programs.