$2.4 billion of written premium with a limited number of core carriers in profitable segments is powerful. Unlike brokers, networks, and aggregators that work with hundreds of insurance carriers, Iroquois typically partners with no more than 20 core carriers in each Region to focus on delivering business that each carrier wants. This focus on the core helps us develop stronger and more secure carrier relationships through building profitable books of business together and gives Iroquois greater leverage in stimulating growth to those core carriers.
Core Carriers are fully partnered with Iroquois. They understand and appreciate our value proposition and are committed to growing with Iroquois across as broad a geographical footprint as possible. Iroquois ranks as a top producer for these carriers and they rank at or near the top for Iroquois. Core carriers give our members direct access via subcodes, provide platforms and resources for ease in doing business, and write business on a direct bill basis. Core carriers also provide Iroquois with a predictable and motivational level of compensation that justifies the resources we provide on their behalf, and they share the profits that we generate equitably.
Iroquois executes on its value proposition by driving profitable growth to the core carriers. Our 40+ member field staff make over 21,000 visits per year to member-agencies for this primary purpose. The Regional Managers add well vetted subcode appointments and grow them using new business incentives, book transfers and consolidations.
Over the last 5 years Iroquois has grown at an average compound growth rate of 15% with its core carriers and produced loss ratios well below industry averages. New business reached a new high of more than $450 million in 2022.