How an E&S brokerage brings value to customers

Since Monarch E&S Insurance Services was established in 1986, the company has kept its promise to provide “the royal treatment” to its customers. Its efforts have been rewarded with growth in a competitive market and, most recently, recognition as one of Insurance Business America’s 5-Star Wholesale Brokers & MGAs.

In this interview, CEO Derek Borisoff shares the strategy that enables Monarch E&S to succeed in delivering specialized products to valuable market segments. Hardworking, experienced and talented underwriters are the backbone of the company’s success, Borisoff said, as well as collaboration among employees to find the right solutions in response to the needs of retail brokers. Monarch’s acquisition strategy has also driven the brokerage’s expansion to several regions of the US. An exciting development is Monarch’s recent acquisition of specialist wholesaler Anderson & Murison, which has “incredible expertise in the personal excess liability arena,” he said.

“[This acquisition] will give us more clout in the marketplace, more expertise and some additional markets as well as specific products, which include a commercial personal umbrella for insureds with lighter commercial exposures,” such as owning an office building, an apartment building or a strip shopping center. Borisoff explained that this type of acquisition is aligned with Monarch’s intention “to bring value to retail broker customers” and not merely to expand the company’s territory. In personal lines, Monarch’s mainstays include homeowners, senior drivers and high-profile individuals who own jewelry and art collections.

Another area where Monarch E&S expects to be actively involved is personal flood insurance, which is a key issue considering the risks associated with flooding caused by extreme weather conditions. Borisoff said the National Flood Insurance Program had introduced a new rating system that would “provide the true risk characteristics and hopefully, the correct pricing that goes along with it. What experts have been saying for years is that the old system was providing a false sense of security for insurers.”

Regarding trends in E&S personal lines for the rest of 2022, Borisoff sees a tight marketplace, so Monarch is assisting especially in the homeowners’ space.

“Insureds have found themselves in a position of having several policies that cover the exact same exposures that they previously may have had and just one or two policies. So, it is our job [and] our mission to offer products that will help satisfy the needs of those insureds through their retail brokers,” he said.

Watch the full interview here