In Partnership with
Shining a spotlight on the programs space
In a recent roundtable, industry experts discuss challenges, opportunities, and why your top three priorities should be data, data, and data
Jennifer Guidry
Great American Insurance Group
Industry experts
Russell Duffey
RPS Signature Programs
Tracy Bernard
Tangram Insurance Services
Tom Gillingham
Totalis Program Underwriters
Jennifer Guidry is the divisional vice president of business development and marketing for Great American Insurance Group’s Alternative Markets Division where she leads the strategy and execution for the due diligence of new program business for the division.
Guidry has held numerous leadership roles increasing P&L and organizational responsibility throughout the past 20 years. Before coming to Great American Insurance Group, she spent 15 years at a Fortune 500 investment and insurance company headquartered in Connecticut.
Guidry earned a bachelor of science from Louisiana College and an executive MBA from the University of Hartford. Her professional designations include CIC and CRIS.
Great American Insurance Group
Jennifer Guidry
Russell Duffey serves as president of RPS Signature Programs, a division of Risk Placement Services, where he leads all operational activities including strategic planning, market relationships, and execution of business plans for programs within the division. Duffey brings substantial experience building, strengthening, and retaining carrier partnerships to benefit RPS’ clients, and a deep knowledge of and access to all markets and reinsurance providers.
RPS Signature Programs
Russel Duffey
Tracy Bernard is the SVP of program strategy at Tangram Insurance Services. She has spent over 20 years in the insurance industry and is most interested in creating and facilitating outside-of-the-box program structures.
Bernard is committed to furthering diversity in leadership and being a role model for other young women in the industry. She believes that success in the insurance industry hinges on the ability to adapt to the changing technological environment and that there is vast opportunity for those looking to be creative and pioneer changes to current industry norms.
Tangram Insurance Services
Tracy Bernard
Tom Gillingham is a 27-year veteran in the commercial specialty P&C program arena, with experience working at both carriers and program administrators. Gillingham is currently head of programs at Totalis, an NFP brand that includes 17 distinct programs representing $750 million in GWP.
Before joining NFP in 2017, Gillingham owned EverGuard Insurance Services, a program administrator specializing in the restaurant, bar, and tavern industry. Prior to that, Gillingham was the CEO and owner of Program Administrator, Gillingham & Associates. He currently serves as advisory board president of the Target Markets Program Administrators Association.
Totalis Program Underwriters
Tom Gillingham
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Vault Plus Mortgage and Finance Consultancy
David Merison
“For those individuals who have weathered the storm of being a new entrant to the PA space and proven they have chops, the market will continue to be theirs for the taking”
Jennifer Guidry,
Great American Insurance Group
ACCORDING TO a study released at 2023’s TMPAA Annual Summit, the programs market has grown to $79 billion in premium from $67 billion – and, according to the expert panel of a recent roundtable, there’s every reason to believe this growth will only accelerate.
“The target market study also noted the growth in the sector continues to outpace the growth in the rest of the commercial insurance industry,” says Tracy Bernard, SVP program strategy, Tangram. “Clearly carriers, capacity providers, and capital providers are still seeing value in the program administrator model and the value they add in their expertise around the niches in which we operate.”
“We have a very strong ecosystem and we’re well positioned to continue growing. We’ve got the best group of people we’ve seen ever in the space”
Tom Gillingham,
Totalis Program Underwriters
“In recent years, we’ve seen a proliferation of the use of hybrid-fronting carriers and alternative risk-taking relationships in the PA space, and there are more alternatives and opportunities to stand up programs and do it faster in many cases,” says Russell Duffey, president of programs, RPS Signature Programs. “These risks require innovative solutions, and the PA space, utilizing this talent and utilizing alternative forms of capacity, are going to be able to meet those needs.”
Bernard agrees, summing up that “niche markets, emerging risks, and specialized risks are better suited to the program space – and to the experts who know how to handle them.”
For Tom Gillingham, head of programs, Totalis Program Underwriters, “The key story is the quality of the talent that’s come into the industry over the last decade.”
“We have a very strong ecosystem and we’re well positioned to continue growing,” he says, adding he sees expansion potential in every element from the program administrator’s side to the carriers and reinsurers. “We’ve got the best group of people we’ve seen ever in the space.”
That talent brings expertise, and that cumulation of expertise is another driver that has pushed the sector to new heights, says Jennifer Guidry, divisional vice president of business development & marketing, Great American Insurance Group, Alternative Markets Division. In her view, the program space was built on “answering the challenges of the traditional insurance marketplace by standing up talent that can easily absorb, customize, learn an industry, and become leading industry experts.”
Given the increasing volatility of the world at large, as the market changes, the need for specialists grows alongside it.
Though estimated numbers of program administrators have consolidated across the wider insurance market, those within the program space reflect overall growth. But with so many new players comes risk as well. To separate the strongest from the herd, Duffey says that while specialization, expertise, and embracing technology advancements will “always be a calling card of a best-in-class PA,” at the end of the day, he hasn’t met capacity that doesn’t value a demonstrated track record of profitable growth.
Read on
RPS Signature Programs manages a variety of specialized programs on behalf of highly rated carriers, offering proprietary insurance solutions in niche markets. Headquartered in Rolling Meadows, Illinois, RPS Signature Programs is a division of Risk Placement Services, one of the nation’s largest specialty insurance product distributors. Fueled by a culture of creativity, innovation, and teamwork, RPS continues to add top-tier talent to its roster of insurance specialists and growth through new merger partners, all with one central focus – providing insurance expertise and speed of service to its clients. To agents and brokers looking to cover what’s unique, what’s new, and what’s next, RPS is your partner in whatever’s possible.
Find out more
Tangram Insurance Services is a full-service MGA. We underwrite and manage niche programs on behalf of A-rated carriers. For over two decades, the Tangram team has brought expertise in building traditional and alternative risk programs.
Find out more
In Partnership with
Shining a spotlight on the programs space
In a recent roundtable, industry experts discuss challenges, opportunities, and why your top three priorities should be data, data, and data
Read on
Tom Gillingham
Totalis Program Underwriters
Tracy Bernard
Tangram Insurance Services
Russell Duffey
RPS Signature Programs
Jennifer Guidry
Great American Insurance Group
Industry experts
Jennifer Guidry is the divisional vice president of business development and marketing for Great American Insurance Group’s Alternative Markets Division where she leads the strategy and execution for the due diligence of new program business for the division.
Guidry has held numerous leadership roles increasing P&L and organizational responsibility throughout the past 20 years. Before coming to Great American Insurance Group, she spent 15 years at a Fortune 500 investment and insurance company headquartered in Connecticut.
Guidry earned a bachelor of science from Louisiana College and an executive MBA from the University of Hartford. Her professional designations include CIC and CRIS.
Great American Insurance Group,
Jennifer Guidry
Russell Duffey serves as president of RPS Signature Programs, a division of Risk Placement Services, where he leads all operational activities including strategic planning, market relationships, and execution of business plans for programs within the division. Duffey brings substantial experience building, strengthening, and retaining carrier partnerships to benefit RPS’ clients, and a deep knowledge of and access to all markets and reinsurance providers.
RPS Signature Programs
Russell Duffey
Tracy Bernard is the SVP of program strategy at Tangram Insurance Services. She has spent over 20 years in the insurance industry and is most interested in creating and facilitating outside-of-the-box program structures.
Bernard is committed to furthering diversity in leadership and being a role model for other young women in the industry. She believes that success in the insurance industry hinges on the ability to adapt to the changing technological environment and that there is vast opportunity for those looking to be creative and pioneer changes to current industry norms.
Tangram Insurance Services
Tracy Bernard
Tom Gillingham is a 27-year veteran in the commercial specialty P&C program arena, with experience working at both carriers and program administrators. Gillingham is currently head of programs at Totalis, an NFP brand that includes 17 distinct programs representing $750 million in GWP.
Before joining NFP in 2017, GillinghamG owned EverGuard Insurance Services, a program administrator specializing in the restaurant, bar, and tavern industry. Prior to that, Gillingham was the CEO and owner of Program Administrator, Gillingham & Associates. He currently serves as advisory board president of the Target Markets Program Administrators Association.
Totalis Program Underwriters
Tom Gillingham
In Partnership with
Shining a spotlight on the programs space
In a recent roundtable, industry experts discuss challenges, opportunities, and why your top three priorities should be data, data, and data
Read on
Tom Gillingham
Totalis Program Underwriters
Tracy Bernard
Tangram Insurance Services
Russell Duffey
RPS Signature Programs
Jennifer Guidry
Great American Insurance Group
Industry experts
Tom Gillingham is a 27-year veteran in the commercial specialty P&C program arena, with experience working at both carriers and program administrators. Gillingham is currently head of programs at Totalis, an NFP brand that includes 17 distinct programs representing $750 million in GWP.
Before joining NFP in 2017, GillinghamG owned EverGuard Insurance Services, a program administrator specializing in the restaurant, bar, and tavern industry. Prior to that, Gillingham was the CEO and owner of Program Administrator, Gillingham & Associates. He currently serves as advisory board president of the Target Markets Program Administrators Association.
Totalis Program Underwriters
Tom Gillingham
Tracy Bernard is the SVP of program strategy at Tangram Insurance Services. She has spent over 20 years in the insurance industry and is most interested in creating and facilitating outside-of-the-box program structures.
Bernard is committed to furthering diversity in leadership and being a role model for other young women in the industry. She believes that success in the insurance industry hinges on the ability to adapt to the changing technological environment and that there is vast opportunity for those looking to be creative and pioneer changes to current industry norms.
Tangram Insurance Services
Tracy Bernard
Russell Duffey serves as president of RPS Signature Programs, a division of Risk Placement Services, where he leads all operational activities including strategic planning, market relationships, and execution of business plans for programs within the division. Duffey brings substantial experience building, strengthening, and retaining carrier partnerships to benefit RPS’ clients, and a deep knowledge of and access to all markets and reinsurance providers.
RPS Signature Programs
Russell Duffey
Jennifer Guidry is the divisional vice president of business development and marketing for Great American Insurance Group’s Alternative Markets Division where she leads the strategy and execution for the due diligence of new program business for the division.
Guidry has held numerous leadership roles increasing P&L and organizational responsibility throughout the past 20 years. Before coming to Great American Insurance Group, she spent 15 years at a Fortune 500 investment and insurance company headquartered in Connecticut.
Guidry earned a bachelor of science from Louisiana College and an executive MBA from the University of Hartford. Her professional designations include CIC and CRIS.
Great American Insurance Group
Jennifer Guidry
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Published February 26, 2024
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About us
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News
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What’s driving growth?
Great American Insurance Group’s Alternative Markets Division specializes in mono-line and/or multi-line primary admitted insurance products, with a focus on specialty programs and the small commercial insurance market (also known as business owner’s policies – BOP). Since 1999, the Alternative Markets Division has delivered customized solutions to their customers, establishing a reputation for flexibility, responsive service, and open communication. Policies are underwritten by Great American Insurance Company, Great American Alliance Insurance Company, Great American Assurance Company, and Great American Insurance Company of New York, authorized insurers in all 50 states and the D.C., 301 E. Fourth St., Cincinnati, OH 45202.
Find out more
Program administrators: What separates the best from the rest?
Gillingham agrees, noting that the industry attracts entrepreneurial people who excel at spotting emerging trends and identifying inefficiencies in the insurance marketplace – of which there are many, he says – but, ultimately, it’s a commitment to underwriting profitability for every stakeholder in the transaction that’s critical to being a long-time player in this space as “it’s the cornerstone of what we’re supposed to be doing.”
But demonstrating profitability isn’t always possible, Bernard counters, because a program may be a
startup that lacks the necessary data to show a track record. In those cases, they must tell a really good story to illustrate why their model is better than others.
“If you’re securing capacity and want to maintain it, you better be able to differentiate yourself with your expertise, data, systems, and ability to produce profitable results in challenging areas”
Russell Duffey,
RPS Signature Programs
“If you go to a traditional carrier, you have to sell one capacity provider versus multiple in that chain,” Bernard says. “There’s value to both – but you have to figure out what suits the model you’re trying to distribute.”
The PA must also demonstrate adaptability in an ever-changing market and boast the appropriate bench strength in both internal and external relationships, Guidry says, and as things continue to evolve and individuals seek more creative ways to align risk and capacity, relationships will need to expand beyond the traditional space as well.
“For those individuals who have weathered the storm of being a new entrant to the PA space and proven they have chops, the market will continue to be theirs for the taking.”
With benchmarking used to identify areas of interest in certain emerging sectors, “The interesting part is carriers and program administrators don’t always align on what those opportunities are and where they lie,” Bernard says. That said, there is very much alignment around AI. A critical area and topic of discussion in all circles, Gillingham says the industry is keenly focused on how to leverage the technology to be better business partners and to better control risk.
“The companies that embrace AI and learn how to use it are going to be in a great position this year and going forward,” Gillingham says.
Which benchmarking areas will impact on programs business?
As for other sweeping industry issues, the global environment is a heavy presence. There’s a lot of uncertainty in the US as the country heads into an election year, not to mention other issues playing out across the globe, and Guidry predicts “we’ll continue to see geopolitical issues having a play out in liability as well as potentially somewhere on the spectrum within cyber whether it’s random attacks or threats.”
While there are additional challenging areas – cat property, casualty, personal lines, and commercial auto are a few examples – Duffey notes that “capacity is available – it’s just not always plentiful.”
“Even when you can access it, sometimes the terms and conditions that come with it make it not palatable on the
“Clearly carriers, capacity providers, and capital providers are still seeing value in the program administrator model and the value they add in their expertise around the niches in which we operate”
Tracy Bernard,
Tangram
AI, along with other autonomous technology such as self-driving cars, and global issues including increasing climate risk are “all presenting exposures and new potential liabilities that are going to require some innovative solutions,” Duffey says. Though these emerging areas will require the attention of the entire industry, the PA space and capacity that participates within it have historically been very good at incubating these types of solutions, and Duffey predicts this will be no exception.
Innovation and data, data, data
program manager side,” Duffey says. “If you’re securing capacity and want to maintain it, you better be able to differentiate yourself with your expertise, data, systems, and ability to produce profitable results in challenging areas.”
Guidry agreed, adding that “having non-traditional perspective in how you’ve managed it will continue to be a feather in individuals’ caps.”
Going forward, into 2024 and beyond, Gillingham has three top tips for those operating in the program space: data, data, and data.
“Capture as much as you can, invest in resources to help understand and analyze it, and be in command of your numbers,” he advises, adding that after 30 years in the space, despite the massive growth, “It’s still a small world we travel in – my other tip would be to build strong, enduring relationships with people and treat your partners well, because you’re going to be working with the same folks for a long time if you have a meaningful career here.”
US program sector has expanded by 352% since 2010
Market grew to $79 billion of premium in 2022, from $67.6 billion in 2021
TMPAA State of Program Business Study – Key findings
TMPAA State of Program Business Study – Key findings
2020–2022 – program business grew by 47% compared with 21% growth in direct premiums for overall US commercial P&C lines over the same period