Summary
If there's one thing that makes Penn-America Group stand out from its competitors in the specialty property and casualty insurance marketplace, it is the strategy of working with a limited number of carefully selected general agencies located in very specific areas around the country, about 65 general agencies in all. So says Joe Morris, Penn-America's president and CEO, who adds that working with fewer general agents than do the company's competitors allows Penn-America to create franchise value with each general agency by providing relative market exclusivity and a high level of service and support. In return, says Morris, we expect that our general agents will look upon us as the carrier of first choice for the types of business we write. Penn-America's insureds are small businesses that have limited access to larger standard lines insurers and must seek insurance in the excess and surplus lines market because of their rural locations and small premium size, says Morris. Concentrating on this secondary market allows us greater pricing flexibility as well as flexibility in excluding coverages for specific loss exposures and lower premium taxes and state guaranty fund assessments, he says. Small businesses in rural areas of the nation are the engine of the American economy, representing 47% of all sales in the country. It is a vital and growing market.
See the full content of this document
Extract
Small Can Be Big
If there's one thing that makes the Hatboro, Pennsylvania-based Penn-America Group stand out from its competitors in the specialty property and casualty insurance marketplace, it is the strategy of working with a limited number of carefully selected general agencies located in very specific areas around the country, about 65 general agencies in all.
So says Joe Morris, Penn-America's president and CEO, who adds that working with fewer general agents tha...See the full content of this document
Sponsored links
