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The National Association of Professional Surplus Lines Offices Ltd. and the American Association of Managing General Agents are discussing a merger, the two associations said Thursday in a joint email sent to their members.
“We agree there is tremendous opportunity arising out of a consolidated organization operating under a fresh new brand,” said the email from Kansas City, Missouri-based NAPSLO and King of Prussia, Pennsylvania-based AAMGA, which was sent by AAMGA President Ed Levy and NAPSLO President Dave Leonard.
“The synergy of the AAMGA and NAPSLO, together serving the entirety of the wholesale insurance marketplace, is a common sense opportunity neither organization can afford to ignore,” the message said.
The email said the organizations’ boards have formed a joint committee to “further evaluate the consolidation opportunity and deliver a proposal for uniting our two organizations” and will provide additional information as a proposal is developed.
Benefits of a merger include a simplified menu of programs and services; refinement of networking events; a larger, unified voice in legislative and regulatory advocacy; and improved synergy in committee and volunteer work, among others, the email said.
The AAMGA was established in 1926, while NAPSLO was formally incorporated in 1975, according to their respective websites.
Predictive analytics, which involves analyzing “big data” to help take the guesswork out of business decisions, can be a valuable tool for insurers, according to a speaker at the National Association of Professional Surplus Liens Offices Ltd.'s (NAPSLO) 2014 Mid-year Leadership Forum in Scottsdale, Ariz., where attendees met speakers during the general session earlier this month.