Last month, more than 8,000 insurance professionals gathered in San Diego for the Wholesale & Specialty Insurance Association (WSIA) Annual Marketplace, setting a new attendance record. WSIA was established in 2017 following the merger of the American Association of Managing General Agents and the National Association of Professional Surplus Lines Offices.
The Gallagher Bassett (GB) team was on-site to connect with colleagues, meet industry leaders, and strategize on delivering the solutions and expertise necessary to support our partners. Several members of our team, including Jon Stambaugh, Caryn Siebert, Amy O’Brien, Julia Houk, Jerilyn Kelly, and Tim Over share some of their conference highlights with our readers below.
Tell us about your experience at this year’s WSIA Annual Marketplace.
Jon Stambaugh (JS): The wholesale/specialty market is more dynamic than ever. WSIA is a world-class member services organization that serves the entire wholesale, specialty, and surplus lines industry. This year, leaders from GB held over 100 meetings with clients, prospects, and fellow Gallagher colleagues from Risk Placement Services (RPS) and Gallagher Re, among others seeking new partnerships.
Julia Houk (JH): The WSIA Annual Marketplace stands out as one of the most unique and valuable events in our industry, and I look forward to it every year. It’s an exceptional opportunity to reconnect with colleagues, build new relationships, and stay current on the latest trends and innovations in the wholesale and specialty markets. The scope of meetings and networking possibilities over these action-packed few days is truly remarkable.
Jerilyn Kelly (JK): With over 8,000 in attendance, it was very encouraging to see the strength and growth opportunities for GB and our RPS partners in the wholesale/surplus lines insurance sector. I enjoyed meeting some amazing up-and-coming female executives and participating in the Association of Professional Insurance Women’s sold-out Sunday brunch—a sign that the industry continues to grow in diversity.
Amy O’Brien: The WSIA Insurance Marketplace fosters an environment where every meeting is an opportunity for collaboration and growth, and that is what I experienced in my meetings with carriers, reinsurance brokers and others. Business leaders often thanked partners for their business, open communication, and teamwork, expressing their gratitude for the good relationships and results. The energy and expertise in the room drives productive discussions, shaping the future of the specialty insurance industry.
In particular, what sessions stood out to you as timely and important for our Carrier clients?
Caryn Siebert (CS): I enjoy serving on the WSIA Events Committee and helping ensure all attendees have a great experience, and that includes their safety. Because San Diego has been a terrific venue for WSIA for many years—and with the events committee deciding to return annually through 2030—WSIA decided to make a $5,000 contribution to each of two local organizations committed to safety and combatting homelessness in the city.
- Youth Assistance Coalition positively impacts the lives of homeless youth through empowerment, mentorship, and community collaboration to provide transformative opportunities.
- The Lucky Duck Foundation works to prevent and alleviate homelessness throughout San Diego County.
The WSIA Board of Directors is pleased to pledge support to these organizations, both of which have strong grassroots backing and leadership from insurance professionals in the community. Additionally, the WSIA Diversity Foundation has received pledges and contributions totaling $3.5 million over the past four years, and WSIA members can access the DEI resource materials at no charge.
JS: Overall, the mood was very upbeat and focused on a positive future, especially considering the recent 2024 surplus lines stamping office report, which indicated a 10.1% increase over the first six months of 2023. Filings increased 10.8% compared to the first half of 2023.1 U.S. surplus lines direct premiums reported to the stamping offices totaled $39.5 billion through the first six months of 2024. There are strong prospects for the sector, including auto liability, multi-peril, cyber, construction, transportation, and professional liability, all of which GB services. Two consistent themes across our meetings were the impact of inflation on loss costs and the “war for talent.” It was interesting to hear different perspectives on these challenges and explore how GB can potentially provide solutions.
What topics did you find interesting in your conversations with fellow attendees?
Tim Over: What stood out most to me was how the markets continue to creatively address challenges in the marketplace. Conversations ranged from the growth and profitability of markets to the challenges in medical malpractice and commercial auto/transportation, especially in light of increasing jury damages. Issues such as cyber risks, social inflation, and labor challenges continue to dominate discussions.
JS: Innovation, and especially AI, was a key theme in many conversations. Leaders are specifically interested in how they can successfully leverage AI and technology to create efficiencies, improve quality, delight customers, and drive profitability. This provided an opportunity to discuss GB’s AI laboratory where we pilot the utilization of AI and then deploy tools. Once again, the battle for talent was a consistent topic across our market meetings, creating a natural opening for us to outline GB’s Carrier Practice value proposition, which was enlightening for many at the table.
JK: The number one topic that I discussed with my carrier and program administration contacts was growth—both in new products and lines of business and within their organizations. It has been remarkably interesting to watch the industry evolve to meet changing market demands, and it makes this an exciting time to be part of our partners’ strategies for identifying solutions.
JH: College recruiting and tapping into young, diverse talent was a key focus in many of my conversations, especially given the ongoing wave of retirements. As a volunteer on the WSIA Diversity Talent Outreach Committee, I’ve had the privilege of witnessing and actively contributing firsthand to our industry’s commitment to fostering inclusion, making WSIA a leader in both professionalism and opportunity.
CS: It was fabulous to break an attendance record and meet members of the next generation of professionals joining and progressing in the industry. Attendees in “The Club” area, now up to 214 tables, discussed the number of new entrants to the market—a sure signal of the strength of the specialty arena. Attendees’ PAC contributions for the full year 2023 surpassed $420,000 (breaking prior records) with nearly 900 individual contributors, which will enable the protection of the industry’s future, ensuring that the interests of the E&S market are represented. Our PAC goal for the calendar year 2024 is to surpass 1,000 individuals contributing a total of $450,000.
If you are interested in discussing how we deliver best-practice claims management solutions, please reach out to our team to learn more.
