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The Excess and Surplus Market: Why It’s an Untapped Book of Business for Insurance Agents

Insurance agents looking to grow their businesses often overlook the excess and surplus (E&S) insurance market. This sector of the market includes customers who are typically turned away from traditional policies, such as standard property and casualty or business owner’s coverage. In 2021, total U.S. surplus lines direct premiums reached a record $82.6 billion, with momentum continuing through mid-year 2022. In the first six months of 2022, premiums in the E&S sector rose 32.4% and transactions were up 9.4% over numbers reported through the same period in 2021.

Customers who can’t get access to traditional coverage may be required to self-insure or go without insurance – greatly increasing potential exposure. The E&S market fills this void, allowing agents and brokers to grow their capacity and revenue and capture more of the insurance market.

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rick lindseyAuthored by Rick J. Lindsey, CEO, President, and Chairman of Prime Insurance Company

Rick J. Lindsey hails from Salt Lake City, Utah. He began working in the mailroom of his father’s Salt Lake City insurance firm, getting his introduction to the business that became his lifelong career. Lindsey quickly rose through the ranks while working in nearly every imaginable insurance industry job. As an entrepreneur, specialty lines underwriter, claims specialist, risk manager, and a licensed surplus lines broker, Rick Lindsey is highly skilled in all levels of leadership and execution. As he progressed on his career path, Rick discovered an urgent need for insurers willing to write policies for high-risk individuals and businesses. He was frequently frustrated that he could not provide the liability protection these entities desperately needed to safeguard their assets. He also formed the belief that insurance companies acted too quickly to settle frivolous claims. Lindsey decided to try a different approach. He started an insurance company and became the newly formed entity’s CEO. This opportunity has enabled Rick to fill a void in the market and provide a valuable service to businesses, individuals, and insurance agents who write high-risk business. Prime Insurance also specializes in helping individuals and businesses who live a lifestyle or participate in activities that make them difficult for traditional carriers to insure. If you’ve been denied, non-renewed, or canceled coverage, don’t give up quite yet. Chances are Prime Insurance can help.

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