Bridge Specialty Group

Wholesalers Help Fill the Void Amid Shift in Standard Insurance Market Appetite

The last decade has witnessed a significant shift in the appetite of standard insurance markets. This shift has driven a greater dependence on the wholesale marketplace, with now over 20 percent of commercial gross written premiums (GWP) in the U.S. attributed to the excess and surplus (E&S) line market. This paradigm shift has truly redefined the relationship dynamics between retailers and their wholesale providers. Fueled by the impacts of climate change on previously unaffected areas and the emergence of technology-driven risks, this transition has created additional uncertainty around pricing and underwriting to profitability for standard markets.

The current market environment is characterized by a new normal, marked by episodic and segment-specific fluctuation rather than cyclical trends. This prompts retailers to increasingly rely on wholesale partners while focusing on addressing their client's varying needs and anticipating emerging risks.

That’s where Bridge Specialty Group excels. “We see dislocation happening in the marketplace from a standard line perspective, and it’s our job to bring an E&S solution to that marketplace, even if it’s temporary,” says Steve Boyd, president of Bridge Specialty Group.

A global insurance wholesaler with over 25 specialty brands and operating in 50-plus locations in the U.S., Europe, and Asia, Bridge Specialty Group helps retailers navigate all the complexities of today's changing insurance space. Specializing in all areas of property, casualty, and professional lines of insurance, its 2,000+-member team of seasoned professionals is always committed to offering winning solutions to more than 15,000 retail insurance agencies. From a small-town independent agency to international retailers and everything in between, a wide range of clients trust Bridge Specialty Group’s expertise and excellence in offering a breadth of insurance solutions. This enables them to place insurance solutions for startups, contractors, daycare centers, trucking fleets, condo complexes, building projects, municipality towers, and long-term care facilities.

"We see dislocation happening in the marketplace from a standard line perspective, and it’s our job to bring an E&S solution to that marketplace, even if it’s temporary"

A Global Player with Regional Expertise

What makes Bridge Specialty Group unique is reflected in how it’s organized. The firm, to this end, has established its presence in not just the major metropolitan areas in North America, but continues to support longstanding businesses operating in smaller locales. That local access enhances Bridge’s ability to effectively identify and address challenges inherent to that geography both from an underwriting and broker perspective. With a focus on strong internal connectivity, Bridge is able to maximize the value of all locations so that the offices can support each other with whatever customer needs come across their desk. If an office needs expertise in a specific area, they can quickly connect with one of their practice groups anywhere in the world. Coupled with its in-depth understanding of the insurance markets’ nuances and associated risks, Bridge Specialty Group excels at offering top-notch underwriting and brokerage services that meet clients’ needs, wherever they are. "Our local presence, combined with our global reach, helps to ensure that we can deliver solutions unique to each client’s needs," says Boyd.

Staying true to this objective, Bridge Specialty Group has built a broad and deep panel of carrier partners who recognize the value it delivers to customers with its knowledge and expertise. Aligning teams across a variety of specializations and practice groups also adds to its excellence, allowing Bridge Specialty Group to bring the collective industry knowledge and experience to serve businesses of all sizes.

Driving Success through a Power of WE Culture

Central to Bridge Specialty Group’s excellence is its teammates, who embrace a collaborative culture and remain dedicated to consistently delivering optimal solutions for customers. By leveraging the experience, expertise and support of each other and the latest technologies, they are able to simplify access for customers. As a people-first organization, Bridge Specialty Group continuously invests in its people, scaling their skills across all aspects of the business and technologies. The company adopts a data-driven approach, equipping its team with real-time insights on market trends and customer expectations. This is instrumental in helping Bridge Specialty Group align with its customer’s requirements and deliver exceptional results at every turn. The team also uses this data to educate its customers on meaningful trends and industry best practices, ensuring they remain informed about the latest advancements in the industry.

Bridge Specialty Group’s data-driven and customer-centric approaches are best complemented by its dedication to continuous innovation. This combination underpins the firm’s mission to enable informed decision-making and excellence in customer service that fosters an enduring and successful partnership in today’s highly dynamic marketplace. Anchoring to this mission since its inception, Bridge Specialty Group ensures every investment decision is guided by its commitment to delivering the best value to customers, teammates and trading partners. The company takes its customer-focused ethos to the next step by making clients an integral part of the decision-making.

Solutions for Today's Market Challenges

According to Boyd, “Part of the value proposition of the wholesaler in today’s marketplace is not just providing solutions for the present needs, but also anticipating potential challenges and making sure we have solutions in place.” One example of Bridge Specialty Group’s excellence in the niche is its collaboration with a leading specialty insurance carrier. This partnership had flourished amid the California homeowners’ crisis, where many admitted insurers had to pull back from the homeowners’ market in the state. To mitigate this crisis that left homeowners in the state facing loss of insurance coverage, Bridge Specialty Group worked with the carrier to deliver a fully digital, end-to-end experience. The product helped fill a void for customers after the retrenchment on the part of a number of standard markets.

Similarly, in 2023, Bridge Specialty Group launched a Law Enforcement Liability program for Apex, its Public Entity arm. “In the wake of George Floyd and the subsequent civil unrest we’ve experienced as a nation, this has become a very tough type of business to place, and having a solution that we can bring to municipality clients is something unique,” says Boyd.

Bridge Specialty Group has a dedicated product development arm focused on the creation and delivery of new products and solutions to address market dislocation faced by its customers. "In 2023 we rolled out 10 new products across a variety of segments including commercial property, personal lines and allied healthcare. 2024 will also prove to be a busy year for our product teams as we look to introduce new solutions for the cannabis marketplace, commercial construction and the public entity sector," Boyd added.

Building the Foundation for a Brighter Future

While Bridge Specialty is an acquisitive organization, its primary focus remains on cultural alignment. Whether expanding geographically, specializing in products or tapping into talent pools, each acquisition enriches organizational culture and builds the knowledge base, facilitating sustained growth and synergy.

Over the last few years, Bridge Specialty Group has strategically pursued acquisitions far beyond the U.S. borders, extending its reach to E.U. and Asian markets. Culture remains the common denominator of all these expansions, exemplifying its commitment to fostering unified corporate ethos across all geographical landscapes and embodying a rich fabric of cultural heritage and community engagements. Most of the acquisitions have a deep and strong connection to their communities, with many having well over 20-30 years of history in a certain segment of the industry or region of the country. Such enduring connections enrich Bridge Specialty Group with invaluable historical depth and localized expertise and empower it to proudly uphold a diverse portfolio of brands that testify to its commitment to honoring and preserving these legacies.

In parallel to its acquisitions, Bridge Specialty Group focuses on the rollout of specialty practice groups. Recently, the company unveiled its latest venture, the Personal Lines practice group, dedicated to helping retailers nationwide navigate the prevalent homeowner’s crisis among their clientele. This year, it aims to augment its expertise in domains like farm and ranch, healthcare, cyber risk and builders’ risk, further fortifying its service portfolio.

Dedicated to staying updated and well-informed within the regulatory landscape, Bridge Specialty Group actively engages with industry bodies like the Wholesale and Specialty Insurance Association (WSIA) and the Council of Insurance Agents and Brokers (CIAB). Its team participates in legislative drafting and offers insightful recommendations, embodying a proactive approach to shaping regulatory frameworks. The team monitors periodicals, news articles and specialized publications focused on the insurance space to stay ahead of the curve. They maintain a keen awareness of reinsurance renewal impacts on capacity and the best entry and exit strategies.

“The foundation of our business remains in fostering relationships, strengthened by our deep technical acumen, industry knowledge and a blend of operational efficiency, data proficiency and technological expertise, to consistently provide impactful solutions to clients,” says Boyd. “We maintain nimbleness and adeptly adjust to the evolving marketplace, blending local presence with global outreach to ensure unparalleled solutions for clients worldwide.