Network Growth in Hard Market

For more than a decade, Insurance Journal has recognized some of the nation’s largest agency partnerships and networks in its annual Top 20 ranking.

In 2014, Insurance Journal’s Top 20 Agency Partnerships together held $1.4 billion in total P/C revenue. In 2024, the Top 20 now represents $9.75 billion in total P/C revenue. Networks on the Top 20 Agency Partnership ranking are not only growing by revenue but also in number as new members join their groups.

Andrew Caldwell, president of Smart Choice, says Smart Choice has seen seven straight years of a thousand or more new member agency partners join. “That is actual agencies, not agents,” he said. “We are on pace to add 1,800 new agencies this year. Other agency partnerships that added more than 100 new members in 2023 were: SIAA, FirstChoice, a MarshBerry Company, and Renaissance.

New network members were not the only area of growth on the Top 20 Agency Partnerships list. The Top 20 grew by more than $2.0 billion in total P/C revenue from 2022 to 2023.

Caldwell admits that the growth in new members is somewhat linked to the hard market as carriers look to limit the number of new agency appointments.

Seasoned commercial lines producers leaving agencies in recent years that were acquired by private equity backers have also been an area for member recruitment. “That’s been a new recruitment area for a lot of networks — all this acquisition activity that’s happened has pushed new agencies into the marketplace,” Caldwell said.

Editor’s Note: ISU Network was not on the 2023 Insurance Journal Top 20 Agency Partnership ranking but is included on the 2024 ranking.

For a complete view of the past 11 years, go to our Top 20 Agency Partnerships page.

Topics Trends Pricing Trends Market