Happy Holidays from the Independent Insurance Agents Association of Rhode Island! We are hoping you and your family enjoy a safe and healthy holiday season!
LOCAL NEWS: Providence Mutual Appoints New President and CEO
Providence Mutual has appointed former Hanover Group Vice President and Chief Operating Officer, Personal Lines, Michele Streton, as the company’s new President and Chief Executive Officer-elect.
Michele will join Providence Mutual on January 4, 2021, and will be elected to the role during the company’s Annual Policyholder Meeting on February 23, 2021. Following the meeting, Providence Mutual’s current President and Chief Executive Officer, Sandra Parrillo, will retire after serving the company for over 40 years. Sandy will continue to serve as a member on the company’s Board of Directors.

Michele brings more than 20 years of experience in the insurance industry to Providence Mutual, including a variety of leadership roles in policy servicing and sales, auto and property claims, as well as product and state management across three large national insurance carriers.
 
Michele says, “It is an honor to be selected as Providence Mutual’s President and CEO and continue the legacy of female leadership. I am confident in the future of the company and I look forward to working with our leadership team, employees, independent agents, and business partners to further our mission to provide service, security, and stability to our policyholders.”
 
For more information, please read the full press release on their public website.
 
Beacon Mutual Announces 10% Policyholder Dividend
The Beacon Mutual Insurance Company today announced the distribution of an average ten percent dividend to eligible policyholders to be paid in March, 2021. For the second time during the COVID-19 pandemic, Beacon will be distributing dividends to local businesses in an effort to support its policyholders facing difficult economic times.

“By the distribution of our dividend during the first quarter of 2021, we hope to assist our policyholders facing challenging financial circumstances due to COVID-19. As a mutual insurance company, we are owned by our policyholders and it is in the mutual best interest of Beacon and our policyholders to distribute these funds when they are most needed,” said Beacon President & CEO Brian J. Spero.

Beacon will complete dividend distribution in March 2021 as an one-time payment to all eligible policyholders. This dividend will invest Eight Million Dollars back into the Rhode Island economy at a critical time when many local businesses are fighting to keep doors open during the pandemic. The dividend will be distributed to approximately 96% of Beacon policyholders, 11,000 Rhode Island businesses, based upon their loss history.

“As Rhode Island businesses deal with the economic impact of the pandemic, the Beacon dividend will provide employers with resources to invest in their businesses and their employees and help build a Rhode Island economy that is stronger than ever,” said Rhode Island Governor Gina M. Raimondo.

This dividend program is designed to reward Beacon’s best performing policyholders and will be distributed based on premium size and safety results for policies in force as of December 31, 2020 and still in force as of February 28, 2021. This dividend recognizes policyholders who have contributed to Beacon Mutual’s financial strength by demonstrating safety as a priority in order to keep workers safe and losses low. The dividend is the highest dividend in Beacon’s history.

Raymond C. Coia, Chairman of the Beacon Board, said “I am very pleased that Beacon is able to provide our policyholders with this dividend and I am proud to be associated with an organization that always puts the interest of its policyholders and their employees first.”

Beacon Mutual has a successful 28-year history of protecting Rhode Island employers and employees through high-quality safety training programs and educational resources to prevent workplace accidents and to return injured employees to work with compassion and care.

2020 National Market Share Report Available from Big I

Independent agents continue to hold a large piece of the commercial market at 84.5%, according to the 2020 Market Share Report. The report is now available to download.
The report's data is from A.M. Best and the analysis has been completed by the Big “I." This year's report marks the 25th year in which A.M. Best Company has provided the Big “I" with year-end industry market share data to provide an updated assessment of the state of the independent agency system.

The 2020 report reflects the analysis of data for select property-casualty premiums by line for the years 2017-2019, including personal auto, commercial auto, homeowners, commercial multi-peril, commercial group, and workers compensation. Accident and health premiums were not included in the report.  

2017 to 2019 saw a 4.7% overall increase in direct written premium (DWP) across all lines reviewed. Notably, commercial auto showed an increase of 11.4% in DWP, while worker's compensation reported a loss of 3% in DWP.

Over the last three study cycles (2016 to 2019) no notable gains or losses were indicated in any of the data by distribution channel. Independent agency companies wrote 35.7% of all personal lines in 2019, up 2.3% from 2017. Direct response carriers' share grew by nearly 4%, while captive carriers lost 4%.
Digital Extras
Insurance Social Media Marketing Tips From the Field

If you’ve been reluctant to jump on the social media bandwagon, some real-world examples and strategies from the field can help you get started. If your agency has any social media presence, you’re most likely looking for tips that can help you reach the next level.

Download the 2020-2021 BIG I Markets National Product Guide

Big “I” Markets is IIABA’s FREE online market access program. We provide Big “I” members with access to specialty/niche coverages, program business and hard-to-find markets.

Coronavirus Relief Bill Renews and Brings Changes to PPP and EIDL Programs

On December 21, 2020, Congress passed an approximately $900 billion coronavirus relief bill, the largest since the CARES Act was enacted in March. 

The Big "I" Resources available to help your agency
Up to date information, webinars, insurance and risk management news and more is available on the BIG "I" COVID-19 Resource center.




Thanks to our Diamond sponsor -
The Beacon Mutual Insurance Company.
Do you have some agency news to share? Please send agency news and changes to tdrowne@iiari.com. We'd love to hear from you.