NAPSLO, AAMGA Move Closer to Merger
The excess and surplus lines industry may soon have a new organization in its midst.
The National Association of Professional Surplus Lines Offices (NAPSLO) and the American Association of Managing General Agents (AAMGA) announced Tuesday, March 7, that they have signed an intent to merge agreement. The announcement was made at the NAPSLO Mid-Year Leadership Forum.
The new organization will be called the Wholesale and Specialty Insurance Association (WSIA). The goal of WSIA is to represent the entirety of the wholesale, specialty, and surplus lines insurance market.
According to a NAPSLO press release, many members belong to both organizations, and this solution creates a single entity that will be rebranded. 48 percent of the members in NAPSLO are members of AAMGA, and 76% of the AAMGA membership participates in NAPSLO. In total, 339 members are involved in both organizations already.
If approved, four categories of membership have been proposed for WSIA:
- U.S. Wholesale Members
- U.S. Insurance Market Members
- Associate Members
- Service Members
A final proposal will be subject to the approval of both boards in April. The members of both NAPSLO and AAMGA will vote on the merger later this year. If both organizations have an affirmative 2/3 vote, WSIA will be formed.