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News & Views: Riding Out Irma!
Newsletter – Friday, September 15, 2017
Thankfully, our associates, family, and friends in Florida were able to ride out Hurricane Irma and come through somewhat unscathed. As with the majority of Floridians, they’ve lost power to their homes so they are living and working creatively! Cindy weathered the storm and kept right on working, while Mistey was able to set up a temporary workspace in a hotel. Teri and her two assistants, Betsy and Nicole reviewed renewals and new business applications via cell phone and text. They’d review the accounts, Teri would ask questions and give them direction on steps to take on her behalf. Now that’s what I would call above and beyond service and quite amazing work from a dedicated team.
This past week several members of our management team headed to San Diego for the annual meeting of the Wholesale Specialty Insurance Association or WSIA (the organization formerly known as NAPSLO and AAMGA). This newly formed organization is the only association of insurance professionals dedicated specifically to the wholesale, specialty, and surplus lines insurance industry. Our team had plenty of good meetings with our carriers and a lot of positive feedback. We’ve secured some additional authority and access to programs that will expand Tuscano’s ability to place your large and small brokered business.
The word on the street is that the market remains pretty soft in all but the transportation lines. Even with the recent catastrophic events, the tone of the market is largely ‘wait and see’. We have yet to know whether Harvey and Irma will tighten the market or cause rates to rise (unless of course, you are in Florida or Texas where capacity is already tight).
There is still a lot of acquisition activity in the wholesale space. As an independent wholesaler, I have to say it feels like my independent peers are dropping like flies. Even so, Tuscano Agency remains fiercely independent. Our relationships with our carriers are strong and grow stronger because we consistently deliver profitable results.
Here is some good news that I can share with you right now! Sometime prior to the WSIA meeting, we wrapped up a new appointment with Canal Insurance Company. Canal is well-known in the trucking arena. They provide Tuscano with the ability to compete in the long-haul trucking space that up until now, we have been lacking. Our underwriters and staff have been through their systems training, so I’m pleased to announce we are ready to accept your new business submissions. Canal not only writes long haul but local and intermediate risks as well. They will fit nicely into our current stable of trucking markets. You will find no wholesaler better situated to write your transportation business, whether it’s liability, cargo, or physical damage or all three in one! Pick up the phone or drop us an email, our Transportation Team would love to share more with you about our overall trucking capabilities.
I also have some sad news to share. Last week we lost a good friend and peer in the wholesale insurance industry when Ed Dickerson passed away unexpectedly. Ed was the president and owner of Tri-State General, a family-owned wholesaler located in Salisbury, MD for many years. Even after the agency became an RPS affiliate, Ed and his wife Brenda continued to lead the organization. Ed served on the board of the AAMGA and was active in both PA and MD insurance organizations. He was a good friend of the Tuscano family and we’ll miss him dearly.
This week we remember all who have lost family, friends, or property now and 16 years in the past.