MAPFRE Insurance, an SIAA Strategic Partner, published an interview with Matt Masiello, as SIAA’s EVP and Chief Operating Officer, about membership, partnerships, and growth opportunities in THE WORLD OF MAPFRE. An excerpt is below but you can read the full article here.
Give us a brief description of SIAA.
SIAA is a national alliance of independent insurance agencies founded in 1995. We are comprised of 49 regional Master Agencies that develop the SIAA model within their exclusive territories. Since the inception of the business model in New England in 1983 (the founding Master Agency, SAN Group, was established then), SIAA and the Master Agencies have signed over 6,150 local independent agencies and ended 2016 with $6.6 billion in combined premiums.
The ultimate goal for SIAA and the Master Agencies is to be the total solution for independent agencies that join us, as well as being a meaningful and proven distribution model for companies like MAPFRE.
From your perspective, can you describe how MAPFRE’s partnership with SIAA can positively impact our growth strategy?
SIAA and our member agencies have a 48-state footprint. As MAPFRE continues to expand nationally, or focus growth in particular states, we can provide distribution with experienced agents ready to participate. Our member agencies are typically focused on personal lines and small commercial lines, so MAPFRE is a logical fit. Our agencies are growing organically and MAPFRE benefits from that new production versus acquisition or aggregation premiums. In 2016, our members collectively wrote $622MM of new business with just our partner companies, and as we appoint more agencies with MAPFRE, MAPFRE continues to get a bigger piece of the pie, expanding on our existing participation of 18 Master Agencies and 465 Member Agencies writing $79MM in premium.