XPT Specialty has announced the expansion of its services to encompass personal lines for its retail broker clients.
The addition of personal lines to XPT Specialty's portfolio opens new opportunities, offering clients access to a broader range of coverages, expanded market opportunities, and enhanced choices for their personal insurance requirements.
In a news release, XPT Specialty executive vice president of personal lines Glen Pomeroy reiterated the significance of this revamped offering in relation to various industry challenges facing brokers. The company recently highlighted these challenges through its report, outlining the issues for the commercial property personal lines sectors.
“Personal lines brokers are currently facing numerous challenges in the market, such as product scarcity, rate pressure, commission compression, and increased claims frequency and severity, to name just a few,” Pomeroy said. “By offering personal lines, we aim to assist retail brokers in expanding their books of business by providing insurance products that cater to a wide range of personal lines accounts, including preferred, high-value, and specialty risks.”
Pomeroy said that these expanded services will prove valuable to small and medium-sized retailers across the country, particularly those who may have lost access to markets.
“These new personal lines offering provides retailers with additional markets in the personal lines space, ensuring that both existing and prospective XPT Specialty clients can find optimal coverage to suit their specific needs,” Pomeroy said.
What are your thoughts on this story? Please feel free to share your comments below.