WILMINGTON, Del., Jan. 3, 2010 — The Target Markets Program Administrators Association announced a strategic partnership with the Breckenridge IS, Inc. and a major investment by Breckenridge in the ongoing operations and expansion of the premier association of specialized insurance brokerage firms.
Glenn Clark, president of Rockwood Programs Inc. and a founder of Target Markets, said “During the past two years, Target Markets has sought to bring in a major financial partner that could help us grow and expand to the next level without changing the dynamics of what we are today.” Target Markets’ membership consists of more than 200 program administrators, more than 50 insurance carriers and another 50 vending partners that provide specialized services to the program business industry.
Tracey Carragher, CEO of the Breckenridge IS, Inc. said “we’re enthusiastic about our partnership with Target Markets, among the strongest and fastest growing insurance associations. The program business insurance distribution model is poised for tremendous growth in both soft and hard markets. Our investment will help Target Markets accelerate its growth, improve and expand Target Markets existing operations and services and help Target markets develop new benefits and services for the membership.”
Clark said that since the association was founded in October 2001, it has experienced rapid growth to become “the premier association for program administration in the industry.” He added, “This partnership will enable us to reach a new, much higher, level.”
Among the current services provided to members include twice a year meetings with a focus improving program business operations and critical issues important to its members; best practices designation; a developing certification and education program called “Target University” and a philanthropic program called “Target Charities.” Target Markets through its “Target Programs” links independent brokers, program administrators and carriers to help independent brokers find program opportunities that that assist them in the placement of specialized risks with insurance carriers. TMPAA also operates a comprehensive website for the program business industry at www.targetmarkets.com.
The investment in Target Markets came after a national search for a financial partner by Mystic Capital, a Target Markets member. “We sincerely believe that this financial agreement with Breckenridge aligns both or our interests most directly with the needs of our membership,” Clark said.
The day-to-day management of TMPAA will remain the same and the agreement will give TMPAA the ability to add full-time staff resources for expansion of educational programs and membership coordination and development. Executive Director Ray Scotto will continue to lead the professional staff.
Carragher said “The Breckenridge mission is to create value-added products and deliver unparalleled servicing in the specialty insurance arena through trusted partnership relationships.” This agreement allows us to work with an elite group of Programs Administrators and provide the kind of compelling and effective solutions required for this specialized segment of the insurance industry.”
Breckenridge IS is a newly formed company investing in insurance-related investments including specialized wholesale insurance brokerage, managing general agents and underwriters and other insurance-related brokerage investments.
Program Specialist/MGA’s interested in learning more about the TMPAA can find information at www.targetmarkets.com or by calling 877-347-5700.
Information about Breckenridge IS, Inc. can be found at www.breckis.com or by contacting senior vice president Jack Roberts () at 610-952-7313.