(Dallas, TX) – July 12, 2019 – CoVerica Agency Alliance, the Master Agency of SIAA for North Texas, announced at their 2019 ISM Membership Conference that they had paid out PMSF bonuses to their membership base of over 3.4 million dollars. This represents a 134% increase over last year’s PMSF figure.
PMSF is an acronym for Portfolio Management Service Fee and represents additional compensation paid to our independent agency members. It’s comprised of national, regional and local programs from our Strategic Partner Carriers for writing profitable business, hitting new growth milestones in addition to exceeding retention goals.
“This was nothing short of incredible,” said CoVerica Agency Alliance’s Chief Operating Officer, Chris Sterlacci. The COO later added, “Our members are focusing their production efforts to Strategic Partner Carriers because it’s simply a better policy for their clients. These carriers are offering incentives that allow our members to invest back into their agencies with better training and the ability to hire additional support staff, further insuring that the independent insurance model continues to be a viable channel of distribution for decades to come.”
About CoVerica Agency Alliance – The CoVerica Agency Alliance, based in Dallas, TX, offers insurance agencies a truly independent path to carrier contracts. As the sole distributor of the SIAA distribution network for the North Texas area, they’ve liberated countless agencies from their captive contracts as well as created scratch agencies from the ground-up by leveraging national relationships with the industry’s top-rated insurance brands. They allow their members to maintain their independence and unique brands while offering sales and service training for both personal and commercial insurance, guidance on tough-to-place accounts along with mentorship programs on ownership, management, HR, marketing, IT & automation best practices. To learn more about CoVerica Agency Alliance, visit them online at CoVericaAA.com.
About SIAA – SIAA (Strategic Insurance Agency Alliance) is a national alliance of independent insurance agency members generating hundreds of millions in new premium business annually. SIAA is dedicated to the creation, retention and growth of the independent insurance agency distribution system. To learn more about SIAA, visit siaa.net.