In the rapidly changing commercial Property & Casualty insurance industry, specialty insurance programs have been one of the fastest-growing segments.
Over the past five years, revenues from specialty program business nearly doubled. In order for the program segment to sustain such growth, it will need to evolve. Part of that evolution must involve wholesale generalists building and developing their skill sets to include the ability to function as a specialty program administrator.
More and more generalists are getting into specific market segments. Many of them are wholesalers who have not specialized in a particular segment of business in the past. These wholesalers have examined their books of business, identified certain specialty segments of business, and developed an understanding of what they have to offer in the form of customized coverages and competitive pricing.
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