Topa Refocuses Wholesale Distribution - Pares Back Broker Appointments
To our valued wholesale broker partners:
Topa Insurance has come a long way in the past two years. We have reduced our combined ratio by 15 points, coming in with a 103% combined ratio in 2015, and we are on track for further improvement in 2016. A.M. Best affirmed our A- rating in March. Our employees are engaged and we are active participants in the insurance community. We trust you will find our service has improved significantly as well.
We owe much of our success to our distribution partners who have continued to support Topa during the past two years. As we improve our operations, we are gaining additional insight into the data surrounding our production. After careful review of these production figures, we have determined that Topa has many key supporters in terms of both the quality of business being submitted and strength of the bind ratios on that business. We also found that we are receiving many submissions from brokers who do not know us well or do not find us to be a relevant market for their business.
In an effort to improve our service level even further, we are launching an initiative where we will give top priority to the brokers who know and support us with strong bind ratios. We expect these brokers will see a lift in the quality and efficiency of our service. Our goal is to service every submission in timely and expert fashion.
In line with this goal, we will ask brokers with poor bind ratios to suspend their new business submissions for the time being. It will be our job to get out to meet each of these brokers to find ways to work together efficiently and successfully. Topa's production underwriters will reach out individually to discuss any concerns around your bind ratios. We will not take any action without first discussing with you.
I am very proud of the progress we have made as a company, as a team, and as a member of the wholesale community. Whether we do business with you now or in the future, know that Topa is dedicated to bringing quality admitted products to its wholesale distribution partners.
If you have any questions or concerns, please feel free to reach out to me directly. As always, we sincerely thank you for your support of Topa Insurance.
Anthony L. Manzitto
Executive Vice President & COO
Topa Insurance Group