Affiliated with the Strategic Insurance Agency Alliance (SIAA), we are the Master Agency responsible for establishing and maintaining the eastern regional alliance for the state of Kentucky. If you’re a local agent seeking to remain independent who would like to avail yourself of the advantages and opportunities afforded to large regional agencies producing significant volumes of business, you owe it to yourself to find out more about how we can help you!
Agency Network of Kentucky Distributes Nearly $200,000 to Member Agencies
January 10, 2012 - For Immediate Release
Agency Network of Kentucky (ANK) completed 2011 with substantial increases in written premium over 2010, despite an ever-hardening market and challenges in the economy. In addition, although weather related activity across the nation caused industry loss ratios to soar, SIAA’s ability to negotiate supplemental income programs based on fixed percentages with no loss ratio component helped ANK’s Member Agencies retain stable revenues.
ANK’s 2011 Annual Meeting in April attracted 75 people attendees, including 20 representatives from insurance companies and vendors. Approximately $75,000 was distributed to Member Agencies, bringing the group’s 2010 total profit sharing and supplemental income to nearly $200,000.
This is an indication of the strength of the Network, and we were proud to distribute these funds to our members,” stated Mark Kelder, President. “At ANK we realize that whether the market is hard or soft, it is the market and we develop strategies to survive and thrive,” Kelder said. Ben Cowan, Vice President, states that ANK continues to accept applications for membership. “Companies are indicating that they will increase rates, toughen underwriting guidelines, and restrict direct appointments in an effort to return to profitability. It will be difficult for small and mid-sized agencies to compete with larger agencies, but this is how the advantages of an affiliation with SIAA and ANK will level the playing field.”
“We offer access to over 50 personal and commercial lines companies,” says Cowan. “Our members also have the opportunity to earn profit sharing, avail themselves of vendor discounts and marketing tools, and utilize years of agency expertise. We continue to be selective in accepting new members but welcome the opportunity to talk with all agencies including captives, whether existing or start up, to see how we can help each other be successful. This approach has served us well and will continue to do so in the future,” stated Cowan