T H U R S D A Y ,   A P R I L   2 6 ,   2 0 0 7

Industry News

InVEST

InVEST Silent Auction Closes Friday

The InVEST Silent Auction is now open. Don’t miss your chance to support the next generation of industry professionals --- participate in the auction and support the program’s annual scholarships awarded to graduates of InVEST who are pursuing higher education with an emphasis on insurance. The auction opens today at 6 p.m. and will close tomorrow at 1 p.m. This year, InVEST is offering a “buy now” option that will allow bidders to purchase a few select auction items at the “buy now” price Thursday only. To purchase one of these items, bidders must let the InVEST staff know they would like to purchase one of the specifically marked items. Payment must be rendered and items must be picked up by the conclusion of the opening party in the exhibit hall tonight. As with all auction items, everything is sold “as is” and all sales are final. There will be no exchanges or refunds are permitted.

A 501(c)3 educational trust, InVEST introduces high school and community college students to insurance and the more than 350 diverse careers available within the industry giving students a new outlook on the future. The program offers insurance agencies, brokers and carriers a diverse and talented group of entry-level recruits.

All funds raised during the auction support the InVEST Scholarship program. In 2006, $42,000 was awarded to high school students pursuing further education in the insurance industry and applications are currently being accepted for the following awards: the InVEST Scholarship Contest (click here for rules and an application); the InVEST Teacher of the Year Contest, which awards the winner $500 for personal use and $500 for use in the classroom (for rules and an application, click here); and the Dach Award Contest, which awards $1,000 to an industry liaison who has demonstrated exceptional dedication and service to an InVEST class for use in his/her classroom* (click here to download an application). All entries must be received by April 27 to be eligible.

*If multiple winners are selected than the amount of the cash awards will vary. Teachers and students can send in applications for this award.

For more information, visit www.InVESTprogram.org or contact Sandra Skipper at 703-706-5437; sandra.skipper@iiaba.net.

InVEST has Graduated

InVEST, an education program originally designed to educate high school students on insurance, financial services and risk management has expanded to include the junior college community. InVEST is now offering students an associates’ degree or a certificate in insurance --- giving young people the edge they need to thrive in the independent agent workforce. Local volunteers are guest speakers, technical resources and, in some cases, coordinate the program as a Big “I” liaison. For more information on the program or to get involved, visit www.investprogram.org or contact Sandra Skipper at sandra.skipper@iiaba.net.

YOUNG AGENTS

YAC Awards Submission Request

The Big “I” National Young Agents Committee is seeking submissions for the 2007 YAC awards in the following categories: membership development, state committee project, communications, Young Agents meeting and political involvement. Outstanding Young Agents Committee of the Year and first runner-up honors also will be awarded. Participating in the National YAC awards program demonstrates the commitment state young agents and brokers committees have towards perpetuating the independent agency system and solidifies their presence as the driving force behind its future. The 2007 YAC awards will be presented at the 2007 Young Agent Leadership Institute being held in conjunction with the National Board of State Directors meeting scheduled for September 28-30 at the Manchester Grand Hyatt in San Diego, Calif.

Entries must be postmarked by July 1. Visit www.independentagent.com and click on Young Agents and then Tools to download the 2007 YAC Awards criteria. Direct questions to Katie Cosgrove at 800-221-7917; katie.cosgrove@iiaba.net.

TRUSTED CHOICE^®

Visit the “Experience”

Big “I” National Legislative Conference & Convention attendees should make a point to visit the Trusted Choice^® Experience in the convention exhibit hall today or tomorrow. This special area showcases Trusted Choice^® and its company partners.

Several brand program company partners are exhibiting in the Trusted Choice^® Experience, including: Allied Insurance, Encompass Insurance, Harleysville Insurance, Hartford Steam Boiler, InsurBanc, Kemper Auto and Home, Liberty Mutual Agency Markets (representing America First Insurance, Colorado Insurance, GoAmerica Auto Insurance, Golden Eagle Insurance, Hawkeye-Security Insurance, Indiana Insurance Company, Liberty Northwest, Montgomery Insurance, and Peerless Insurance), Markel Insurance, MetLife Auto & Home, Ohio Casualty Group, Safeco Insurance and Selective Insurance.

Trusted Choice^® also has a prominent role in this special area. The Experience is an exciting opportunity for agents and company partners to discuss their shared support for the Trusted Choice^® brand movement, explore possible business relationships with these company partners and for agents to learn about the new products offered by these companies. So be sure to swing by the Trusted Choice^® Experience to say hello and thank these valued company partners for their support of the brand movement.

The Experience is hard to miss --- it will be located in the front of the exhibit hall near the entrance. Convention exhibit hall hours are 6 to 8 p.m. tonight (for the opening night party); and from 9:30 a.m. to 1:00 p.m. and 2:30 to 4:30 p.m. tomorrow.

Click here to view the entire schedule of events for the Big “I” National Legislative Conference & Convention. For more information, contact Jenner Gohr at 800- 221-7917; jenner.gohr@iiaba.net.

IIABA NEWS

Royal Joins Communications Department

Patrick Royal recently joined the Big “I” Communications Department as its director of public affairs. In his new role, Royal will be responsible for print public relations for consumer, Capitol Hill and industry media. Royal comes to the Big “I’ with an extensive public relations background and has served as public affairs specialist for The White House Office of Drug Control Policy, deputy director of regional broadcast media for the Republican National Committee, press secretary for Sen. Lincoln Chafee (R-R.I.) and, most recently, as senior communications advisor for former Maryland Gov. Bob Ehrlich’s reelection campaign. Royal holds a degree in communications from Seton Hall University. He can be reached at 703-706-5473 or patrick.royal@iiaba.net.

VIRTUAL UNIVERSITY

2007 Market Share Study Available

Soft pricing was a hallmark of 2005 as the property-casualty market grew less than 2%. The industry overall wrote $473.32 billion in direct written premium in 2005, up from $464.58 billion in 2004, according to data provided by A.M. Best Co. Independent agents and brokers produced $280.17 billion of the 2005 total market, compared with $276.11 billion in 2004. That translated to a market share of 59.2%, versus 59.4% the prior year. While their share declined slightly, they booked an additional $4 billion of premium, accounting for nearly half of the $8.74 billion increase in the overall p-c market. By way of comparison, the market grew by nearly $21 billion in premium the year prior, with the independent agency system accounting for more than half of this growth, or $12 billion in new production.

Independent agents and brokers remain in an enviable position. Opportunity exists in every market and in every product line—and even in states with catastrophe exposure, independent agents can respond with solutions.

Download a copy of the 2007 Market Share Report in the Big “I” Virtual University today to find out more about how agents are faring in the market today. All that’s needed to access this free online resource is a login provided by the Big “I.” If you do not have this login information, click here. For more information, contact Madelyn Flannagan, at madelyn.flannagan@iiaba.net.