News & Press

Program Development

Swett & Crawford has a program development team that is committed to designing, marketing and implementing profitable program opportunities in niche market segments. Utilizing our underwriting expertise, existing portfolio data and market knowledge, we will design programs that generate profitable growth over the market cycles. Our capabilities include: property, general liability, automobile, inland marine professional liability, umbrella/excess, Monoline or package.

New Business Review Process:

Our team is constantly seeking new untapped market segments that present strong growth opportunities while allowing us to achieve predictable, industry leading returns. We are always looking for new opportunities. We regularly review our existing business and relationships for improvement. In our initial screening process we seek opportunities from Retailers who have a proven track record in their niche segment.

We look for the following information when developing a program:

Description of Program:

• Market Segment
• Lines of Business
• Average Premium per Account
• In-Force Existing Premium
• Total Premium for Market Segment
• Current Underwriting Guidelines
• Supplemental Applications
• Website Address - if applicable to program

History of Program - last 5 years preferable:

• How long has the producer been writing this business
• Premium Size by Year
• States of Concentration - Premium Volume in Each State
• Coverage Additions / Deletions
• Carriers
• Paper - Admitted or Non-Admitted
• Why are they looking to move the program?

Program Statistics - last 5 years preferable:

• TIVs - Maximum and Average
• Liability Limits - Maximum and Average
• Hit Ratio (written / quoted)
• Retention Ratio
• Rating Plans for Each Line of Business
• Rate Change History
• Latest Actuarial Review (if available)

Policyholder Services:

• Forms - ISO based or Manuscript
• Special Claims Handling Required
• Special Loss Control Required
• Special Payment Terms

Program Projections:

• Start Date
• Projected Premium Volume for Next 3 Years
• Overview of Marketing Plan

From this information we will prepare a Program Submission including:

• Executive Summary
• Agency Overview
• Program History - Carriers, Results, Changes
• Underwriting Guidelines
• Analytical Data ( if available)
  • Pricing
  • Actuarial
  • Cat Modeling
• Claims
• Loss Control

Carrier Selection:

At Swett we are looking for strategic carrier partners with breadth of underwriting appetite and a strong history of success in the program and binding authority arenas. Our preference is to work with carriers who are willing to incubate programs and write start up programs.

We want to work with carriers who offer agile & efficient quote and issuance systems. Partners who will provide us with exclusivity. We also seek carrier who will work with us to develop unique endorsements/policy forms which help soften market fluctuations.

We look for a carrier who offers us a specific assigned empowered point person. Who is willing to work with us to enhance and grow our relationship.

We diligently work toward achieving open, direct and mutually profitable relationships with our carrier partners. Our goal is to conduct business in an efficient and effective manner while always being positioned to refine our processes, productivity and customer service.

We look for carriers who want to write multiple programs with us and consider us a branch office.

Carrier Qualities we look for include:

• Strategic Focus
• Enabling Systems
• Product and Market Segment Expansion
• Reverse Flow Opportunities
• Mutually Beneficial Contract Terms
• Profit Sharing based on Production and Profitability
• Commitment to Wholesale Distribution Model

Contract Considerations:

We want to work with carriers who offer us profit sharing.

Ongoing management:

Our people have strong carrier backgrounds. They are used to carrier requirements and embrace them. We request in our contracts that our carriers visit and audit with the first 90 days. We also request quarterly teleconferences to discuss production, losses and trends.

We will perform internal audits on all our Underwriting Operations.

We request annual strategic planning sessions to discuss expansions to current binding authorities/programs and possible new business opportunities.

For more information contact:
Jacqueline Goeller
jacqueline_goeller@swett.com
212.618.0183