Insurance Broker of Record - Reinsurance Broker for Property and Casualty lines, Risk Management and

The Florida Department of Management Services, on behalf of the Department of Financial Services' Division of Risk Management, is seeking a Broker of Record and Reinsurance Broker for comprehensive insurance services through Invitation to Negotiate (ITN) No. 25-84131500-ITN. The solicitation covers obtaining excess property insurance, reinsurance, casualty insurance, and risk management consulting services for state agencies and universities, with a total insured value of $31.3 billion across 21,179 buildings in 67 Florida counties. The broker will be responsible for marketing insurance coverage, preparing renewal submissions, negotiating terms, binding policies, processing claims, and providing up to 50 hours of annual risk control consulting. The evaluation will use a competitive scoring process across six sections: Vendor Qualifications and Experience (40 points), Broker of Record Services (70 points), Staffing (25 points), Reporting (15 points), and optional sections for Casualty Insurance and Value-Added Services, with a total maximum of 150 points. The ITN was posted on June 17, 2025, with responses due by August 1, 2025 at 10:00 AM, and an anticipated contract start date of October 1, 2025 or upon execution, with an initial five-year term and potential five-year renewal.

The procurement does not specify specific set-aside designations for disadvantaged enterprises. The current incumbent is Risk Management Associates, Inc. (doing business as Public Risk Insurance Advisors), with a total annual spend of $13,857,832 in excess policy premium costs, $225,000 in out-of-state workers' compensation insurance premiums, and an annual Broker Fee of $299,999. The contract covers out-of-state workers' compensation for 416 employees across 45 states, with an estimated annual premium of $246,776. The broker will be compensated through an annual flat fee and is strictly prohibited from receiving additional commissions or contingent income. The insurance program includes a manuscript primary policy with a $2 million per occurrence self-insured retention and a $40 million annual aggregate self-insured retention for named windstorm and flood perils. Potential financial consequences for non-performance are outlined, with penalties ranging from $50 to $1,000 per day depending on the specific unmet requirement or deliverable.