Growth and Change in the Partnership Market

For 10 years Insurance Journal has recognized some of the nation’s largest agency partnerships and networks in its annual Top 20 ranking. While the names of networks and partnerships have changed a bit over the years, their growth in property/casualty revenue over the past 10 years demonstrates their prominent position in independent agencies today.

In 2014, Insurance Journal’s Top 20 Agency Partnerships together held $1.4 billion in total P/C revenue. In 2023, the Top 20 now represents $7.7 billion in total P/C revenue. [For a complete view of all 10 years, visit: https://www.insurancejournal.com/top-20-agency-partnerships.)

In 2022, the Top 20 Agency Partnerships grew by $340 million in total P/C revenue from 2021 to 2022 and by nearly $1.8 billion in total P/C premium from 2021 to 2022 (See page 23 for the 2023 Top 20 list, ranked by 2022 P/C revenue).

That growth appears to have continued into 2023, according to some of the agency partnerships interviewed for this report. So too has the trend of consolidation in this sector. In fact, 10 of the top 20 agency partnerships saw merger and/or acquisition activity in 2022.

• In January 2022, Renaissance acquired Agency Network Exchange and United Valley Insurance services.
• In July 2022, Combined Agents of America acquired 22 of the 30 members of Bainswest when the network made the decision to disband in 2022.
• In August 2022, First Choice Agents Alliance and the MarshBerry Platform merged to create FirstChoice, a MarshBerry Company.
• Then, in October 2022, Keystone Insurers Group Inc. announced it had acquired some of Bainswest agencies in Oklahoma and Missouri.
• Also in October 2022, SecureRisk and Georgia Agency Partners merged.

According to the Insurance Network Alliance’s 2022 Insurance Networks Study, there are more than 150 insurance networks nationwide, representing some 22,000 agencies. The INA study estimates that total network premiums controlled by networks and agencies is about $138 billion and total network-controlled premium is about $66 billion. Insurance agency networks’ total network-controlled premium accounted for 5% of the $1.28 trillion in U.S. insurance industry net premiums written, according to the Insurance Information Institute in 2020.