New Empire Group Earns ‘Top Program Administrator’

Since 2010, program business in the US has almost doubled, going from $17.5 billion to $32.3 billion as of 2014, according to the latest State of Program Business Study by the Target Markets Program Administrators Association [TMPAA]. In fact, 82% of program administrators reported increases in premiums in 2014, and nearly one in five reported that their business increased by more than 25%, demonstrating the segment’s steadily growing presence in the insurance market.

Despite the challenges in program business, including suppressed pricing and increased competition, the segment continues to grow year-over-year. “The commercial program business is growing at twice the rate in terms of gross written premiums compared to the general commercial marketplace,” says David Springer, group president and COO of NIP Group, a New Jersey-based program administrator. “We are outpacing the general market, but there is still room for a fair amount of growth in the program space. It is really nice to outperform the market in that way, and going forward, I think program business will still outperform that market as a group.”

For the first time, IBA has assembled a guide to some of the country’s top program administrators, who provide insurance solutions to niche industries with tailored programs designed to meet their every risk management need.

NEW EMPIRE GROUP
Headquarters: Long Beach, NY
Year founded: 2002
Leadership: Robert E. Mackoul, CEO; Deborah K. Mackoul, president and COO

New York’s real estate market has been in a stable growth period for several years, but it still is one of the busiest in the world – this fall alone, more than three dozen new developments will be hitting the market in the metro area. As a program manager that specializes in the commercial real estate industry, New Empire Group caters to this fast-paced market, offering products and programs such as CondoPak, property managers E&O and a PRIME umbrella/excess program.

Established with the goal of serving the New York metro area, Robert Mackoul formed New Empire Group to hold a new $100 million umbrella created for the market. The firm was recently awarded with a TMPAA Best Practice Designation and is currently undergoing the process of building online portals to allow broker clients to rate, quote and even bind some of the coverages New Empire offers.

“With the portals and processes we have, we are trying to make the broker clients’ lives easier,” says CEO Robert Mackoul. “I do believe we are one of the premier program managers in the country as it relates to real estate, and our programs are built that way. We have a long history with the carriers that we do business with, and we have a wonderful reputation within the industry.”

View the full list here.