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Special Section Sponsored by Target Markets Program Administrators Association Smith, Bell & Thompson, Inc. With more than 65 employees, the 75-year-old firm of Smith, Bell & Thompson, Inc. (SB&T), has been specializing in the development and administration of specialty programs marketed to independent insurance agents and brokers for more than 35 years. Operating in 50 states, SB&T currently has relationships with more than 3,500 brokers across the United States. SB&T Captive Management Company, a division of the firm, is an independent manager of captive insurance companies. It has amassed a captive client base with more than $1 billion in assets and over $400 million in premiums. With clients ranging from manufacturers to professional organizations to non-profits, SB&T Captive works closely with insurance brokers who seek alternative insurance arrangements for their larger clients. The National Programs Division of SB&T underwrites and manages a variety of specialty programs, including all-lines programs for home health care agencies, medical staffing firms, medical equipment suppliers, social services providers (both for- and non-profit) and medical facilities, among other programs. SB&T was awarded the 2006 Daniel P. McMahon Award for Underwriting Excellence by AIG Programs, a division of Lexington Insurance Company. The award honors Smith, Bell & Thompson for upholding the highest standards of underwriting excellence. SB&T was chosen from among 43 AIG Program Administrators. (The award is named for Daniel McMahon, a highly respected underwriter at AIG, who died in 2004.) Bill Thompson, senior vice president, comments, “Over the years, we’ve developed excellent relationships with more than 3,500 brokers and agents who find that SB&T consistently provides comprehensive and competitively priced insurance solutions for its clients who meet our eligible classes of business. Although we work a lot with the large national and regional brokerage houses, much of our core distribution comes from the smaller independent agencies…many of whom don’t have access to as many markets. These independent agents find that they can count on SB&T’s specialty programs to offer their clients well-rounded, specialized insurance solutions. “We continue to expand our programs into new areas, such as workers compensation for small businesses, and new classes for our Medical Facilities Program, including methadone clinics and family planning clinics. We always have things ‘in the pipeline’ and are constantly developing new opportunities. Last year, our Distributors Program and our new program for bed & breakfasts were launched and both are being well received in the market. New programs just introduced in July include an all-lines program targeting drug, alcohol and substance abuse facilities, and another program offering errors and omissions and general liability for staffing services providers. In keeping with SB&T’s high standards for partner carriers, both programs are underwritten by very reputable and stable ‘A’ rated national insurers. We are excited about the prospects for both of these programs. Both are synergistic with our existing programs and we expect a good response in the market.” Despite apparent signs that point to continued softness in the general insurance market, Thompson views this as an opportune time to develop new programs. “Carriers are currently eager for business and more receptive to new program ideas. One thing we take great pride in is our ability to maintain our underwriting discipline and integrity during these conditions. This is evidenced by our very long-term track records (30+ years) with our major markets. Though we recognize that, as during past soft markets our existing programs will likely shrink, we also recognize the importance of maintaining profitability with our markets through these times. Inevitably, the cycle turns and the business rebounds. Being with the right carrier, and taking the long view, has always paid off well for SB&T. I think that many brokers who place business with us value this approach and appreciate the long-term stability in our programs.” → |
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