Table Of Content

Financial Institutions Research Report Series & Financial Advisors Research Report Series An Initial Overview of Insurance Agencies, Brokers, & Producer Groups March 2009 TABLE OF CONTENTS INTRODUCTION, KEY FINDINGS, & EXECUTIVE SUMMARY........................16 A SYNOPSIS OF FINANCIAL SERVICES INDUSTRY MARKETS & DISTRIBUTION CHANNELS..............................................................................29 EVOLUTION OF THE INSURANCE AGENCIES, BROKERS, & PRODUCER GROUPS BUSINESS.........................................................................................50 Market History............................................................................................................50 Early Phase............................................................................................................50 Middle Phase..........................................................................................................50 Recent Phase.........................................................................................................50 Market Definition........................................................................................................50 Captive Agents.......................................................................................................50 Independent Agents................................................................................................50 Market Growth...........................................................................................................50 Insurance Agencies, Brokers, & Producer Groups Employees................................50 Insurance Agencies, Brokers, & Producer Groups Reps.........................................51 Insurance Agencies, Brokers, & Producer Groups Net Premiums Written...............51 Insurance Agencies, Brokers, & Producer Groups Revenues.................................51 Insurance Agencies, Brokers, & Producer Groups Net Income...............................51 Key Issues.................................................................................................................51 Product Utilization Trends.......................................................................................51 Insurance Products..............................................................................................51 Mutual Funds.......................................................................................................52 Fee- Accounts.....................................................................................................53 Other Products....................................................................................................54 Leading Captive & Independent Insurance Agencies, Brokers, & Producer Groups...54 Insurance Agencies, Brokers, & Producer Groups by Number of Employees ........54 Insurance Agencies, Brokers, & Producer Groups by Number of Reps..................55 Insurance Agencies, Brokers, & Producer Groups by Net Premiums Written.........55 Insurance Agencies, Brokers, & Producer Groups by Revenues...........................56 Insurance Agencies, Brokers, & Producer Groups by Net Income.........................56 MARKET SEGMENTATION...............................................................................58 Captive Agents...........................................................................................................58 Independent Agents...................................................................................................58 Brokers & Producer Groups.................................................................................59 KEY VENDORS TO THE INSURANCE AGENCIES, BROKERS, & PRODUCER GROUPS BUSINESS.........................................................................................63 Independent Broker/Dealers, Custodians, & Clearing Brokers...................................63 Mutual Fund Companies & Other Traditional Product Companies..............................66 Fee-Accounts, TAMPs, & Separate Account Managers.............................................66 Exchange Traded Funds, Hedge Funds, & Other Investment Product Companies ....66 Wealth Management & Family Office Service Product Companies............................66 Technology Companies & Other Key Vendors...........................................................66 FUTURE PREDICTIONS FOR THE INSURANCE AGENCIES, BROKERS, & PRODUCER GROUPS BUSINESS....................................................................67 09.03.01 – Insurance Agents Tiburon Strategic Advisors, LLC™ 2 APPENDIX..........................................................................................................68 Profiles of Captive Insurance Agencies......................................................................68 American International Group (AIG)........................................................................68 History.................................................................................................................68 Businesses..........................................................................................................68  General Insurance.........................................................................................69  Life Insurance & Retirement Services...........................................................72 Organization & Ownership...................................................................................77 Ameriprise Financial...............................................................................................77 History.................................................................................................................78  Investors Syndicate & IDS Years..................................................................78  American Express Years...............................................................................78  Ameriprise Financial Years............................................................................79 Statistics..............................................................................................................82 Businesses..........................................................................................................82  Ameriprise Financial Broker/Dealer...............................................................84  H&R Block Advisors......................................................................................99  Securities America......................................................................................110 Organization & Ownership.................................................................................135 Aon.......................................................................................................................136 History...............................................................................................................136 Statistics............................................................................................................137 Businesses........................................................................................................137  Insurance Brokerage...................................................................................138  Capitve Insurance Company Manager........................................................138  Reinsurnace Broker....................................................................................138  Combined Insurance Company of America.................................................138 Organization & Ownership.................................................................................138 Arthur Gallagher ..................................................................................................138 History...............................................................................................................138 Statistics............................................................................................................139 Businesses........................................................................................................139 Organization & Ownership.................................................................................139 Axa Group............................................................................................................139 History...............................................................................................................140 Businesses........................................................................................................140  Axa Financial ..............................................................................................140  Axa Advisors...............................................................................................142  MONY.........................................................................................................151 Organization & Ownership.................................................................................159 Brown & Brown.....................................................................................................160 History...............................................................................................................160 Statistics............................................................................................................160 Businesses........................................................................................................161 Organization & Ownership.................................................................................161 Cullen & Frost Bankers.........................................................................................161 History...............................................................................................................161 Businesses........................................................................................................161  Frost Insurance Agency..............................................................................161 Organization & Ownership.................................................................................161 Farmers Insurance................................................................................................162 09.03.01 – Insurance Agents Tiburon Strategic Advisors, LLC™ 3 History...............................................................................................................162 Statistics............................................................................................................162 Businesses........................................................................................................162 Organization & Ownership.................................................................................162 Hewitt Associates.................................................................................................162 History...............................................................................................................163 Statistics............................................................................................................163 Businesses........................................................................................................164 Organization & Ownership.................................................................................164 Hub International..................................................................................................164 History...............................................................................................................164 Businesses........................................................................................................165  PLI Brokerage Insurance.............................................................................165 Organization & Ownership.................................................................................165 Lincoln Financial Group........................................................................................165 History...............................................................................................................165 Statistics............................................................................................................168 Businesses........................................................................................................169 Organization & Ownership.................................................................................184 Manulife................................................................................................................185 History...............................................................................................................185 Businesses........................................................................................................185  John Hancock Financial Network................................................................186 Organization & Ownership.................................................................................189 Mass Mutual ........................................................................................................190 History...............................................................................................................190 Businesses........................................................................................................190  Domestic Insurance....................................................................................191 Organization & Ownership.................................................................................193 New York Life.......................................................................................................193 History...............................................................................................................193 Businesses........................................................................................................193 Life & Annuity....................................................................................................193 Organization & Ownership.................................................................................194 Northwestern Mutual.............................................................................................194 History...............................................................................................................194  Early Years.................................................................................................195  Growth Years..............................................................................................195  Maturity.......................................................................................................196 Statistics............................................................................................................200 Businesses........................................................................................................200  Northwestern Mutaul Life Insurance Company............................................201  Northwestern Mutual Long-Term Care Insurance Company........................202  Northwestern Mutual Trust Company..........................................................202  Northwestern Mutual Investment Services..................................................205 Organization & Ownership.................................................................................220 Prudential Financial..............................................................................................220 History...............................................................................................................221 Businesses........................................................................................................221  Insurance....................................................................................................221 Organization & Ownership.................................................................................221 09.03.01 – Insurance Agents Tiburon Strategic Advisors, LLC™ 4 State Farm............................................................................................................222 History...............................................................................................................222 Statistics............................................................................................................223 Businesses........................................................................................................224  Property & Casualty....................................................................................224  Life Insurance, Health, & Annuities..............................................................225  State Farm Bank.........................................................................................227  Mutual Funds..............................................................................................228 Organization & Ownership.................................................................................228 Thrivent Financial for Lutherans............................................................................229 History...............................................................................................................229 Statistics............................................................................................................230 Businesses........................................................................................................231 Organization & Ownership.................................................................................234 Tompkins Insurance Agencies..............................................................................234 History...............................................................................................................234 Statistics............................................................................................................235 Businesses........................................................................................................235 Organization & Ownership.................................................................................235 USI Holdings.........................................................................................................235 History...............................................................................................................235 Statistics............................................................................................................236 Businesses........................................................................................................236  Financial Services.......................................................................................236  Property & Casualty....................................................................................236  Health & Welfare.........................................................................................236 Organization & Ownership.................................................................................236 Willis Group Holdings............................................................................................237 History...............................................................................................................237 Statistics............................................................................................................237 Businesses........................................................................................................238  Global.........................................................................................................238  North America.............................................................................................238  International................................................................................................238 Organization & Ownership.................................................................................238 Woodruff-Sawyer & Company...............................................................................238 History...............................................................................................................238 Statistics............................................................................................................239 Businesses........................................................................................................239 Organization & Ownership.................................................................................239 Profiles of Independent Agencies, Brokers, & Producer Groups...............................239 American Brokerage Consultants..........................................................................239 History...............................................................................................................240 Statistics............................................................................................................240 Businesses........................................................................................................240  Consulting...................................................................................................240  Research.....................................................................................................240 Organization & Ownership.................................................................................240 Annuitynet.Com....................................................................................................241 History...............................................................................................................241 Statistics............................................................................................................241 09.03.01 – Insurance Agents Tiburon Strategic Advisors, LLC™ 5 Businesses........................................................................................................241 Organization & Ownership.................................................................................241 Banksurance.com.................................................................................................242 History...............................................................................................................242 Statistics............................................................................................................242 Businesses........................................................................................................242 Organization & Ownership.................................................................................242 Capitas Financial..................................................................................................243 History...............................................................................................................243 Statistics............................................................................................................243 Businesses........................................................................................................243  Annuities.....................................................................................................243  Long-Term Care..........................................................................................243 Organization & Ownership.................................................................................243 CentreLink............................................................................................................244 History...............................................................................................................244 Statistics............................................................................................................244 Businesses........................................................................................................244 Organization & Ownership.................................................................................244 Citigroup...............................................................................................................244 History...............................................................................................................245 Businesses........................................................................................................245  Ascensus....................................................................................................245 Organization & Ownership.................................................................................245 Clark & Bardes Holdings.......................................................................................246 History...............................................................................................................246 Statistics............................................................................................................246 Businesses........................................................................................................246 Organization & Ownership.................................................................................246 Conseco...............................................................................................................246 History...............................................................................................................247 Businesses........................................................................................................247  Townsend & Schupp...................................................................................247 Organization & Ownership.................................................................................247 CPS Insurance Services.......................................................................................247 History...............................................................................................................247 Statistics............................................................................................................247 Businesses........................................................................................................248 Organization & Ownership.................................................................................248 Diversified Brokerage Services.............................................................................248 History...............................................................................................................248 Statistics............................................................................................................249 Businesses........................................................................................................249 Organization & Ownership.................................................................................249 Elar Partners.........................................................................................................249 History...............................................................................................................249 Statistics............................................................................................................250 Businesses........................................................................................................250 Organization & Ownership.................................................................................250 Insure.Com...........................................................................................................250 History...............................................................................................................250 09.03.01 – Insurance Agents Tiburon Strategic Advisors, LLC™ 6 Statistics............................................................................................................251 Businesses........................................................................................................251 Organization & Ownership.................................................................................251 INSWEB...............................................................................................................251 History...............................................................................................................251 Statistics............................................................................................................252 Businesses........................................................................................................252 Organization & Ownership.................................................................................252 M Financial...........................................................................................................253 History...............................................................................................................253 Statistics............................................................................................................254 Businesses........................................................................................................254  Insurance Producers Group........................................................................254  Insurance Manufacturer..............................................................................255  M Holdings Securities..................................................................................255 Organization & Ownership.................................................................................260 Marsh & McLennan...............................................................................................261 History...............................................................................................................261 Statistics............................................................................................................262 Businesses........................................................................................................264  Risk & Insurance.........................................................................................264  Investment Management.............................................................................264  Investment Consulting.................................................................................267 Organization & Ownership.................................................................................267 National Financial Partners (NFP) ........................................................................267 History...............................................................................................................267 Statistics............................................................................................................269 Businesses........................................................................................................270  Acquisition Company...................................................................................270  NFP Insurance Services..............................................................................283  NFP Securities............................................................................................283 Organization & Ownership.................................................................................301 Provada................................................................................................................302 History...............................................................................................................302 Statistics............................................................................................................302 Businesses........................................................................................................302  Insurance Brokerage...................................................................................303  Life Settlements..........................................................................................303  Agency Outsourcing....................................................................................303 Organization & Ownership.................................................................................303 Profiles of Insurance Industry Service Providers......................................................303 ACINA Technologies.............................................................................................303 History...............................................................................................................303 Businesses........................................................................................................303 Organization & Ownership.................................................................................304 Alabama State Commissioner...............................................................................304 History...............................................................................................................304 Businesses........................................................................................................304 Organization & Ownership.................................................................................304 Alaska State Commissioner..................................................................................304 History...............................................................................................................304 09.03.01 – Insurance Agents Tiburon Strategic Advisors, LLC™ 7 Businesses........................................................................................................305 Organization & Ownership.................................................................................305 Alliance of American Insurers...............................................................................305 History...............................................................................................................305 Businesses........................................................................................................305 Organization & Ownership.................................................................................305 AM Best Company................................................................................................306 History...............................................................................................................306 Businesses........................................................................................................306 Organization & Ownership.................................................................................306 American Academy of Actuaries...........................................................................306 History...............................................................................................................306 Businesses........................................................................................................307 Organization & Ownership.................................................................................307 American Council of Life Insurers (ACLI)..............................................................307 History...............................................................................................................307 Businesses........................................................................................................307  American Council Life Insurers (ACLI)........................................................307 Organization & Ownership.................................................................................307 American Insurance Association ..........................................................................308 History...............................................................................................................308 Services.............................................................................................................308 Organization & Ownership.................................................................................308 American Risk & Insurance Association................................................................308 History...............................................................................................................308 Services.............................................................................................................309 Organization & Ownership.................................................................................309 American Society of Pension Professionals & Actuaries (ASPPA)........................309 History...............................................................................................................309 Services.............................................................................................................309 Organization & Ownership.................................................................................309 America’s Health Insurance Plans........................................................................310 History...............................................................................................................310 Services.............................................................................................................310 Organization & Ownership.................................................................................310 Arizona State Commissioner.................................................................................310 History...............................................................................................................310 Businesses........................................................................................................310 Organization & Ownership.................................................................................311 Arkansas State Commissioner..............................................................................311 History...............................................................................................................311 Businesses........................................................................................................311 Organization & Ownership.................................................................................311 Association of Health Insurance Advisors.............................................................311 History...............................................................................................................312 Businesses........................................................................................................312 Organization & Ownership.................................................................................312 Association of Home Office Underwriters..............................................................313 History...............................................................................................................313 Services.............................................................................................................313 Organization & Ownership.................................................................................313 09.03.01 – Insurance Agents Tiburon Strategic Advisors, LLC™ 8 Banc Insurance Services......................................................................................313 History...............................................................................................................313 Services.............................................................................................................314 Organization & Ownership.................................................................................314 California State Commissioner..............................................................................314 History...............................................................................................................314 Businesses........................................................................................................314 Organization & Ownership.................................................................................314 Center for Economic Justice.................................................................................315 History...............................................................................................................315 Businesses........................................................................................................315 Organization & Ownership.................................................................................315 Center for Insurance Research.............................................................................315 History...............................................................................................................315 Services.............................................................................................................316 Organization & Ownership.................................................................................316 Colorado State Commissioner..............................................................................316 History...............................................................................................................316 Businesses........................................................................................................316 Organization & Ownership.................................................................................316 Conference of Consulting Actuaries......................................................................317 History...............................................................................................................317 Services.............................................................................................................317 Organization & Ownership.................................................................................317 Connecticut State Commissioner..........................................................................317 History...............................................................................................................317 Businesses........................................................................................................318 Organization & Ownership.................................................................................318 Consumer Credit Insurance Association...............................................................318 History...............................................................................................................318 Services.............................................................................................................318 Organization & Ownership.................................................................................318 Consumer Federation of America.........................................................................318 History...............................................................................................................319 Statistics............................................................................................................319 Businesses........................................................................................................319 Organization & Ownership.................................................................................319 Delaware State Commissioner..............................................................................319 History...............................................................................................................319 Businesses........................................................................................................320 Organization & Ownership.................................................................................320 District of Columbia State Commissioner..............................................................320 History...............................................................................................................320 Businesses........................................................................................................320 Organization & Ownership.................................................................................321 Florida State Commissioner..................................................................................321 History...............................................................................................................321 Businesses........................................................................................................321 Organization & Ownership.................................................................................321 GAMA International..............................................................................................321 History...............................................................................................................321 09.03.01 – Insurance Agents Tiburon Strategic Advisors, LLC™ 9 Statistics............................................................................................................322 Businesses........................................................................................................322 Organization & Ownership.................................................................................322 Georgia State Commissioner................................................................................322 History...............................................................................................................322 Businesses........................................................................................................322 Organization & Ownership.................................................................................323 Griffith Foundation for Insurance Education .........................................................323 History...............................................................................................................323 Services.............................................................................................................323 Organization & Ownership.................................................................................323 Hawaii State Commissioner..................................................................................323 History...............................................................................................................324 Businesses........................................................................................................324 Organization & Ownership.................................................................................324 Idaho State Commissioner....................................................................................324 History...............................................................................................................324 Businesses........................................................................................................324 Organization & Ownership.................................................................................325 Illinois State Commissioner...................................................................................325 History...............................................................................................................325 Businesses........................................................................................................325 Organization & Ownership.................................................................................325 Independent Insurance Agents of America...........................................................325 History...............................................................................................................325 Statistics............................................................................................................326 Businesses........................................................................................................326 Organization & Ownership.................................................................................326 Indiana State Commissioner.................................................................................326 History...............................................................................................................326 Businesses........................................................................................................326 Organization & Ownership.................................................................................327 Insurance Accounting & Systems Association......................................................327 History...............................................................................................................327 Services.............................................................................................................327 Organization & Ownership.................................................................................327 Insurance & Financial Communicators Association...............................................328 History...............................................................................................................328 Services.............................................................................................................328 Organization & Ownership.................................................................................328 Insurance Information Institute..............................................................................328 History...............................................................................................................328 Services.............................................................................................................328 Organization & Ownership.................................................................................328 Insurance Marketplace Standards Association......................................................329 History...............................................................................................................329 Services.............................................................................................................329 Organization & Ownership.................................................................................329 Insurance Services Office.....................................................................................329 History...............................................................................................................330 Services.............................................................................................................330 09.03.01 – Insurance Agents Tiburon Strategic Advisors, LLC™ 10

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