The membership of the American Association of Managing General Agents (AAMGA) and the National Association of Professional Surplus Lines Offices (NAPSLO) have spoken. Both groups have approved a merger and they have created a whole new association.
It’s called Wholesale & Specialty Insurance Association and bears the acronym of WSIA. The new association went into play on August 1st.
NAPSLO’s membership said yes to the tune of 93% and 270 of its 348 members voted. AAMGA’s membership voted yes at 89% and 241 of its 452 eligible members voted.
The merger committee chairman Hank Haldeman is happy with the results. He said WSIA was developed through a lot of thought and input and the members of both organizations have “endorsed the creation of a new world-class member services association that will serve the entire wholesale, specialty and surplus lines industry.”
A new board of directors was created and Corinne Jones of AmWINS Access is WSIA’s first president. “It is an honor to serve as the first president of WSIA, and I’m looking forward to the work that’s ahead. This merger is not simply a refresh or rebrand of two legacy organizations, but a brand-new association dedicated to developing and strengthening the wholesale, specialty and surplus lines insurance industry,” she said.
WSIA’s executive director Brady Kelley said the first chance for the members of both organizations to experience the new association will be at the WSIA Annual Marketplace — which used to be the NAPSLO annual convention — on September 10 - 13 in San Diego.
“Members will see the WSIA brand incorporated into all programs and services in coming months, as we offer a combined slate of education programs that includes all the same opportunities that each organization has traditionally offered,” Brady said.
More good news for surplus lines. Statistics for the first six-months of 2017 from the Surplus Lines Stamping Office of Texas (SLTX) found a 6.6% increase in premiums over last year. Total premiums hit $14.3 billion for E&S policies and that’s up about 11%.
The biggest increases were in the PIA Western Alliance states of Arizona and California. Arizona saw the biggest increase at 29% and California the highest premium volume increase.
The highest increases:
• Arizona — 29%
• Utah — 27%
• North Carolina — 19%
• Minnesota — 16%
Premium volume rises were 5% to 8% and the top four states are:
• New York
The four states are responsible for most of the premium volume in the country with $10.9 billion in the first six months of the $14.3 billion total for the nation.
The PIA Western Alliance States:
• Alaska — No report
• Arizona — $269 million — 29%
• California — $3.2 billion — 5% to 8%
• Idaho — $51 million — 7.4%
• Montana — No report
• Nevada — $133 million
• New Mexico — No report
• Oregon — $172 million — 5.2%
• Washington — $398 million — 5%
Source links: Insurance Journal — link 1, link 2, PropertyCasualty360.com