How to pick an E&S carrier: Four characteristics to look for

This post is part of a series sponsored by The Hanover Insurance Group.

The excess and surplus market is growing rapidly. Business is being driven from the admitted market due to actions taken in response to significant weather events, rising casualty loss severity driven and other emerging issues related to, or exasperated by, the COVID-19 pandemic.

As a result, retail agents increasingly must procure both admitted and non-admitted products for their customers in order to create the necessary comprehensive coverage solutions. At the same time, carriers are expanding and enhancing their E&S offerings to better serve accounts and maximize their relationships with direct access, creating more strategic opportunities to place their E&S business.

How can independent agents maximize the benefits of placing business directly with a carrier with E&S capabilities? By partnering with a carrier with the following characteristics.

The Hanover is a carrier partner that offers retail agents non-admitted solutions for accounts with moderate to challenging exposures that are in, or are headed to, the E&S market, through Hanover Specialty Insurance Brokers (HSIB), our in-house E&S brokerage. When coupled with our standard lines offering, agents can provide admitted and surplus lines solutions on a single account, eliminating the need to piece together a comprehensive solution. Beyond a simplified placement process, this integrated approach means a more streamlined claims process, coordinated loss control services and combined bills with multiple billing options, and more.

The E&S market will only continue to grow and evolve, and the right carrier partnerships can help agencies effectively navigate changing tides, while making it easier for agents to service accounts and maximize their relationships.