PL Risk Celebrates 3rd Year of Operation
PL Risk Advisors, Inc. of Franklin Lakes, NJ announced today that the company has now completed its third full year of operations as a specialty wholesaler for professional and management lines. The company has achieved a 50 percent growth during the past year. Additionally, new sales for the company have continued to increase each quarter as the company solidifies its markets and expands its network of retail producers. Year to year new sales increased by 110% with 4th quarter trends representing 43% of the annual growth. The company increased quarter to quarter sales in each quarter of 2016 and has now written over $20M in new premium through this venture.
President and CEO Mike W. Smith said, ”We have received overwhelming support within the retail market. As the retail market has been subject to consolidation, it has created opportunities for us to work with our retailers who are often frustrated with larger more consolidated wholesalers. We believe turmoil creates opportunity. Our relationships with our retailers and our underwriters, combined with the expertise of our staff clearly contribute to this success. We simply find solutions where other brokers cannot”
For 2017, the company sees increased demand for Cyber and Privacy insurance and has been developing a portal to assist clients in evaluating risks and managing their cyber risks.
PL Risk Advisors Inc. (PL Risk) is the wholesale division of Axis Management Group Holdings Inc. Axis Management Group has been providing solutions in the professional and management liability since 1996. PL Risk formed in 2014 and offers professional and management liability insurance products on a wholesale basis. PL Risk is a significant resource for Management Liability and Cyber insurance serving retail insurance agents and brokers in almost every state.
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