Founded with just four employees and only two primary carrier agreements, Risk Placement Services has come a long way in its 25 years in business.
Read next: Find out more about RPS’s journey today
In its first 12 months, RPS posted less than $100,000 in profits. Today, it’s grown to be one of the largest specialty insurance distributors in the US, with employees in more than 80 offices across the country and more than 400 carrier agreements. It’s also highly respected among retail producers, having been named one of Insurance Business America’s 5-Star Wholesale Brokers and MGAs for 2022.
“Our clients tell us that what makes RPS stand out from the competition is our creativity in coverage solutions and the expertise of our brokers and underwriters,” Tish Fournet, RPS president for client relations, told IBA. “Because RPS is made up of several divisions, each offering capabilities for hard-to-place risks through different avenues and markets, our people have options when it comes to risk placement. Our people bring enthusiasm and expertise to every challenge. We take a ‘say no to no’ approach to submissions, and we work together to come through with a solution.”
Read next: RPS promotes two, launches new E&O program
2021 was a hectic year for the insurance marketplace, but RPS rose to the challenge, said Emily Hathcoat, RPS vice president of marketing.
“It was one of the busiest years in the excess and surplus markets in recent history – markets shifted appetites, policyholders and their agents were left searching for coverage, terms and conditions adjusted, and rates across most classes of business were still on the rise,” Hathcoat said. “It was a difficult year for our retail agent and broker partners to ensure they had the most cost-effective protection for their clients.
“Our specialist broker and underwriting teams across our brokerage, binding and programs divisions worked tirelessly to ensure risks were placed in the right markets, squared away and under control, so our clients could move ahead with confidence.”
Read next: Find out more about RPS’s journey today
