Brokerage

You've Arrived! Welcome to Synergy’s Wholesale Insurance Hub – your gateway to tailored business coverage.

 

What is a Wholesale Broker?

Wholesale distributors act as intermediaries between retail insurance brokers and insurance carriers by placing “specialty” risks outside the retail insurance brokers’ core expertise, complex, high-hazard, or otherwise hard-to-place.

 

Wholesale insurance distribution market

The wholesale insurance distribution market enhances efficiencies for retail insurance brokers and insurance carriers. Retail insurance brokers rely on wholesale distributors, such as us here at Synergy, to assist in securing insurance coverage for complex or specialty risks. The primary market for these insurance placements is the Excess and Surplus (E&S) market, where retail insurance brokers often must utilize wholesaler distributors with distinct expertise and execution capabilities with specialized carriers. According to AM Best, wholesalers placed approximately 94% of E&S premiums over the past five years.

E&S carriers rely on wholesale insurance distributors for product expertise and distribution capabilities. By leveraging wholesale distributors like ourselves here at Synergy, E&S carriers can access a national network that includes over 15,500 retail insurance brokerage firms in a highly efficient manner while simultaneously enhancing the quality of policy submissions by using a knowledgeable counterparty. Carriers leverage our comprehensive distribution network and deep knowledge to gain timely and cost-efficient access to new risk classes and industries.

Wholesale insurance brokers are a vital link, connecting retail insurance brokers directly engaging with clients and insurers crafting policies. At Synergy, we specialize in bridging the gap, catering to risks that might be too complex or hazardous for standard insurance carriers. Whether it is an employee contaminating a biosphere during a life science operation or a forklift losing a tire on a heavy construction project under a tight deadline, at Synergy, we work to help your business stay prepared and protected when accidents occur.

Our role as your wholesale broker is pivotal. Armed with expertise in specific high-risk insurance coverage plans, we collaborate with retail brokers facing challenges in placing risks in the standard insurance market. With access to specialty markets and insurers, we facilitate opportunities for coverage in areas where traditional insurers might hesitate. Our commitment extends to negotiating, structuring coverage, and obtaining competitive pricing, ensuring our clients receive the best insurance options for their unique needs.

 

Outline of Synergy’s goals as your trusted partner:

• Role of the Wholesale Broker: Wholesale brokers are experts in specific, often complex, or high-risk areas of insurance. Our expertise lies in accessing and negotiating with insurers who offer specialized or hard-to-place coverages that might not be readily available in the standard insurance market. We emphasize long-standing carrier relationships, working closely with our underwriters to craft unique coverage at a competitive price. In doing so, we can provide guidance and qualified opinions relative to coverage, limits, and program structure while still being a claims advocate for the retail agent and their insured when needed. Above all else, we will keep the agent up to date on current trends related to our coverage expertise.
• Engagement with Retail Brokers: When a retail broker faces a challenging risk that is hard to place in the standard insurance market or requires a specialized policy, they approach a wholesale broker, such as us at Synergy. This is a common practice in high-risk industries (like heavy construction, some law firms, or chemical manufacturing), clients with unique needs, or when high limits of liability are required. Synergy will be there to help facilitate a partnership with retail brokers so both parties get the best protection and the best value. Providing communication and education relative to an Insured’s exposures are at the core of what we do. When reviewing policy language, we will inform the agent of what coverage is intended and not intended to do. We will deliver on-time proposals that fit the Insured’s needs. Our team has vast experience performing re-underwriting submissions before sending them out to market, and we will remain available for conference calls. Outsourced expert partnering with retail agent base.
• Access to Specialty Insurers and Markets: Wholesale brokers have access to specialty insurers and markets, covering risks that traditional insurers typically avoid. Surplus lines insurers can underwrite unusual, complex, or high-risk insurance policies due to their more flexible regulatory environment. Our broad expertise garners deep, long-standing relationships with carriers specializing in complex and hard-to-place risks. We’d be happy to conduct reviews of manuscript coverage and policy forms.
• Negotiating and Structuring Coverage: Our wholesale brokers at Synergy will leverage their expertise and relationships with insurers to negotiate terms, structure coverage, and obtain competitive pricing for a specific risk. Our broker will work on behalf of the retail broker (and ultimately the insured) to find the best coverage options. Our skill set in this niche market allows us to provide best-in-class submissions to our underwriters so that the Insured’s exposure is accurately represented to our carrier partners.
• Finalizing and Facilitating the Policy: Our expert insurance associates will manage policy implementation from start to finish. Once the wholesale broker has secured a policy that meets the client's needs, they will coordinate the finalization and binding of the coverage. On-time, accurate. Next steps – claims meetings, etc.

Our wholesale insurance brokers research your prospect, your insured, and aim to ask questions before an underwriter does. This strategy separates us from the competition and moves our deals to the top of the priority list with our carriers. When partnering with Synergy, expect first-class cover notes and underwriters with story results in quicker turnaround times. Even more importantly, these strategies build trust and solidify our partnerships. We believe carrier relationships cannot be replaced, and that’s why retail agents need our help.

Considering partnering with Synergy? We will act as your strategic partner in navigating the complexities of your wholesale insurance options, offering unparalleled expertise and personalized solutions for your varied, distinct needs.