Associated Insurance Administrators (AI), a program administrator and wholesale supplier of workers’ compensation and commercial specialty products, has announced that it will expand into the state of Florida, with incidental coverages extended to Arkansas, Texas, Kentucky and Louisiana. AIA already serves the states of Alabama, Georgia, Mississippi, North Carolina, South Carolina and Tennessee.
“My goals for AIA include driving profitable growth by expanding into states we believe we can serve well,” said Patrick Albrecht, president of AIA. “As we analyzed the states contiguous to our current service territory, Florida – as one of the largest insurance markets in the US – stood out because of its size, and therefore its potential for customer growth. We believe that Florida, with skillful underwriting, can be a profitable addition to our coverage area.”
Albrecht said that as a regional carrier, AIA was familiar with the dynamics of possible exposures that were more heavily concentrated in Florida, such as hospitality, healthcare, and temporary staffing exposures.
“Expanding into Florida gives AIA a continuous coverage area encompassing the entire Southeast,” Albrecht said. “This enhances its ability to serve clients needing to cover multi-state risks, enabling it to now cover on one policy those risks previously insured through a self-insured fund and written on two policies with separate carriers.”
Florida is the third-largest state in the US in terms of direct premiums written for workers’ compensation coverages, according to the Insurance Information Institute. It’s also among the states showing the greatest increase in insurance coverage costs.
“Insurance prices are growing faster in Florida than almost anyplace else,” Albrecht said. “With our new Loss Control Hub, I believe that we will be able to help agencies guide Florida business insurance clients through the steps they need to improve their loss control and thereby lower their claims exposure. Loss control is one way – really the best way – that a business can control this area of insurance costs. Beyond just saving money, loss control also helps save lives, and businesses that have fewer accidents inherently run more efficiently and profitably.”
