Top Global Insurance Brokers
Best's Review presents its premier global insurance broker rankings by revenue, with in-depth looks at leading firms' results and strategies. After a year of tumult and self-examination, insurance brokers are moving forward, with many embracing plans to grow organically and by acquisition. Many are also looking to restructure their operations, strengthen their brand, recruit new talent and expand product offerings.
1. Marsh & McLennan Cos.
Revenues 2005: $11.7 billion
Brokerage Revenues 2005: $5.4 billion
Top Executive: Michael Cherkasky, President and Chief Executive Officer
1166 Avenue of the Americas, New York, New York 10036
Phone: 212-345-5000
Fax: 212-345-4808
www.marshmac.com
Trading Symbol: MMC
Top Line: Commercial
Developments in 2005: Established $850 million fund to settle charges filed by New York state Attorney General Eliot Spitzer and New York state Insurance Department; settled similar investigations with 30 state insurance regulators working through NAIC; sold major claims management, wholesale broking and private equity assets; implemented new pricing model that involved increasing revenue through higher commissions and fees that are disclosed to clients, as well as restructuring initiative resulting in thousands of job cuts.
Strategy in 2006 and 2007: Predicting turnaround in 2006; continuing implementation of new pricing model and restructuring plans.
2. Aon Corp.
Revenues 2005: $9.8 billion
Brokerage Revenues 2005: $5.4 billion
Top Executive: Greg Case, President and Chief Executive Officer
200 East Randolph St., Chicago, Illinois 60601
Phone: 312-381-1000
Fax: 312-701-3080
www.aon.com
Trading Symbol: AOC
Top Lines: Financial services: directors and officers, errors and omissions; commercial property; commercial casualty
Developments in 2005: Agreed to pay $190 million to resolve contingent commission-related investigations conducted by a number of state agencies; implemented restructuring initiatives that will result in the elimination of approximately 1,800 employee positions; exited wholesale brokerage business in the United States by completing the sale of Swett & Crawford.
Strategy in 2006 and 2007: Expects to save $180 million from restructuring initiatives by 2008. Three key themes: providing differentiated client value, building and retaining world class talent and building a sustainable franchise.
3. Willis Group Holdings Ltd.
Revenues 2005: $2.3 billion
Brokerage Revenues 2005: $2.2 billion
Top Executive: Joseph J. Plumeri, Chairman and Chief Executive Officer
10 Trinity Square, London, United Kingdom
Phone: 44-20-7488-8111
www.willis.com
Trading Symbol: WSH
Top Lines: Commercial, strong presence in reinsurance, construction, aerospace, energy, financial and executive risks, employee benefits, health care, niche, environmental.
Developments in 2005: Reached agreement with New York regulators and attorney general of Minnesota to resolve industrywide investigation into contingent commissions; eliminated contingent commissions and implemented policy of full disclosure of compensation; made significant progress in China where it has 19 branches in 18 provinces; completed eight acquisitions and divestiture of Stewart Smith.
Strategy in 2006 and 2007: Expects to show growth in organic commissions and fees by increasing client retention, cross-selling with current clients and traditional prospecting. Will continue to seek merger and acquisition opportunities and invest in technology and operations, with strong emphasis on streamlining core processes and improving collaboration with clients and carriers.
4. Arthur J. Gallagher & Co.
Revenues 2005: $1.5 billion
Brokerage Revenues 2005: $1 billion
Top Executive: J. Patrick Gallagher Jr., President and Chief Executive Officer
The Gallagher Centre / 2 Pierce Place, Itasca, Illinois 60143-3141
Phone: 630-773-3800
Fax: 630-285-4000
www.ajg.com
Trading Symbol: AJG
Ownership: Public
Top Lines: Employee benefits; property/casualty insurance markets; and risk management
Developments in 2005: Completed 10 acquisitions in 2005; addressed legal and regulatory challenges over retail contingent commissions; entered an agreement with the Illinois attorney general and director of insurance to eliminate its use of contingent commissions for retail clients; entered into agreement to sell the net assets of Northshore International Insurance Services and all of the stock of Gallagher Benefit Administrators Inc., a third-party employee benefit claim payment administrator; sold ownership interests in limited partnership that owns the Florida Community Development investment.
Strategy in 2006 and 2007: Concentration on the brokerage segment, with the merger of its two U.S. reinsurance brokerage subsidiaries into Gallagher RE. Move should enable more efficient client services and improved efforts to build brand awareness. Gallagher RE purchased the Minnesota and Alabama reinsurance assets of JLT Re Solutions Inc. of Lawrenceville, N.J. Both transactions will allow the company a "more cohesive implementation" of its strategic plan for global reinsurance expansion.
5. Wells Fargo & Co.
Revenues 2005: $5.7 billion
Brokerage Revenues 2005: $977 million
Top Executive: Peter J. Wissinger, President and Chief Executive Officer
420 Montgomery St., San Francisco, California 94104
Phone: 866-878-5865
Fax: 651-450-4033
www.wellsfargo.com
Trading Symbol: WFC
Ownership: Public
Top Lines: Commercial lines; personal lines; employee benefits; life wholesale
Developments in 2005: Created a growth strategy for Wells Fargo's personal lines and small commercial segment.
Strategy in 2006 and 2007: Poised for major growth in its middle-market business.
6. Jardine Lloyd Thompson Group Plc.
Revenues 2005: $868.5 million
Top Executive: Dominic Burke, Group Chief Executive
6 Crutched Friars, London, EC3N 2PH United Kingdom
Phone: 44-20-7528-4444
Fax: 44-20-7528-4185
www.jltgroup.com
Trading Symbol: JLT
Ownership: Public
Top Lines: Risk management, insurance/reinsurance brokerage, employee benefits administration and consultancy
Developments in 2005: Separated its reinsurance business from its Risk Solutions group to form a dedicated reinsurance company; Houston-based broking arm changed its name to Jardine Lloyd Thompson LLC, from Capital Risk LLC. JLT Asia was named Asia's Broker of the Year for a record fourth time at the Asia Insurance Industry Awards.
Strategy in 2006 and 2007: Expects earnings increases resulting from the BGHPW acquisition during 2006 and beyond. Foresees a "very competitive" race among brokers to retain and grow market share. Will continue to consider expansion opportunities for its Risk & Insurance business, and will continue to secure additional talent for the company.
7. Brown & Brown Inc.
Revenues 2005: $785.8 million
Brokerage Revenues 2005: $127.1 million
Top Executive: J. Hyatt Brown, Chairman and Chief Executive Officer
220 S. Ridgewood Ave., Daytona Beach, Florida 32114
Phone: 386-252-9601
Fax: 386-239-5705
www.bbinsurance.com
Trading Symbol: BRO
Ownership: Public
Top Lines: Property, workers' compensation, employee benefits
Developments in 2005: Total revenues increased by $138.8 million, or 21.5%; several acquisitions led by Hull & Co.
Strategy in 2006 and 2007: Business model of active acquisitions remains nearly the same as when it was conceived in 1982.
8. BB&T Insurance Services Inc.
Revenues 2005: $777.3 million
Brokerage Revenues 2005: $756 million
Top Executive: H. Wade Reece, President
3605 Glenwood Ave., Raleigh, North Carolina 27612
Phone: 919-716-9777
Fax: 919-716-9783
www.bbt.com
Trading Symbol: BBT
Ownership: Corporation
Top Lines: Commercial property/casualty; employee benefits; personal lines
Developments in 2005: Acquired five insurance businesses and four nonbank financial services companies, including the acquisition of a 70% ownership interest in Sterling Capital Management LLC, an investment management services company based in Charlotte, N.C.
Strategy in 2006 and 2007: With the acquisitions of 53 community banks and thrifts, 77 insurance agencies and 28 nonbank financial services providers over the past 15 years, expects to continue to expand and enhance its franchise through mergers and acquisitions.
9. Alexander Forbes Ltd.
Revenues 2005: $753 million, business year ending March 31, 2005
Top Executive: Rael Gordon, Chief Executive Officer
Alexander Forbes Place, 61 Katherine St., Sandown, Marshalltown, 2146 South Africa
Phone: 27-11-269-0000
Fax: 27-11-269-1111
www.alexanderforbes.com
Trading Symbol: AFB on the Johannesburg Stock Exchange
Ownership: Public
Top Lines: Risk services; financial services; multimanager investments
Developments in 2005: Strong operating results from African businesses; significant growth in international financial services; 1.5 billion rand (about $397.5 million) of debt repaid; maintenance of shareholder distribution; strengthening corporate governance and integrating risk-management procedures into operations and control structures worldwide; and continuation of Black Economic Empowerment as a social and business imperative in South Africa.
Strategy in 2006 and 2007: Drive growth in each of main business entities: Africa Financial Services, International Financial Services, Investment Solutions, Africa Risk and Insurance Services, International Risk Services.
10. Hilb Rogal & Hobbs Co.
Revenues 2005: $673.9 million
Brokerage Revenues 2005: $658 million
Top Executive: Martin L. Vaughan III, Chairman and Chief Executive Officer
4951 Lake Brook Drive, Glen Allen, Virginia 23060
Phone: 804-747-6500
Fax: 804-747-6046
www.hrh.com
Trading Symbol: HRH
Ownership: Publicly owned
Top Lines: Middle-market property and casualty; employee benefits; major accounts property and casualty
Developments in 2005: Wrote a record amount of new business and added a large number of executives and sales professionals to its team; enhanced its capabilities in many industries and areas of specialization, including real estate, marine, executive risk, employee benefits and health care; and added tools and training to provide value and service to its clients.
Strategy in 2006 and 2007: Drive growth through new sales and acquisitions; and to further export national resources and client tools throughout the company and into the hands of clients.
11. USI Holdings Corp.
Revenues 2005: $508 million
Brokerage Revenues 2005: $508 million
Top Executive: David L. Eslick, Chairman, President and Chief Executive Officer
555 Pleasantville Road, Suite 160 South, Briarcliff Manor, New York 10510
Phone: 914-749-8500
Fax: 914-749-8550
www.usi.biz
Trading Symbol: USIH
Ownership: Public
Top Lines: Property/casualty; group employee benefits; specialized benefits services
Developments in 2005: Year was USI's third full year as a publicly traded company; increased revenues and operating income; more than 20 acquisitions.
Strategy in 2006 and 2007: Considers its "Best Practices Play Book" as cornerstone of future operational success. Business model of revenue diversity, cross-selling and successful integration of acquisitions.
12. Hub International Ltd.
Revenues 2005: $442.6 million
Brokerage Revenues 2005: $430.4 million
Top Executive: Martin P. Hughes, Chairman and Chief Executive Officer
55 East Jackson Blvd., Chicago, Illinois 60604
Phone: 877-402-6601
Fax: 877-402-6606
www.hubinternational.com
Trading Symbol: HBG
Ownership: Public
Top Lines: Commercial lines; personal lines; employee benefits
Developments in 2005: 6% organic growth; acquired 15 brokerages with $45.9 million annualized revenue, including PLI from Chubb; successfully integrated three Talbot Financial Corp. hubs; grew revenue 25% to $443 million and adjusted diluted earnings per share 28% to $1.54 (excluding Talbot compensation charge); and introduced Quadrant4 leadership development program.
Strategy in 2006 and 2007: Sustain growth through continued development of sales culture, organic growth, strategic acquisitions, improved productivity and margins.
13. Wachovia Insurance Services Inc.
Revenues 2005: $430.1 million
Brokerage Revenues 2005: $421.7 million
Top Executive: Stewart McDowell, President
227 West Trade St., Charlotte, North Carolina 28202-1675
www.wachoviainsurance.com
Trading Symbol: WB
Ownership: Public
Top Lines: Property/casualty, employee benefits, life insurance
Developments in 2005: Acquired Palmer & Cay Inc. in May; expanded geographic footprint to include 46 locations in 20 states and Washington, D.C.
Strategy in 2006 and 2007: Focus on client services and expansion of technical capabilities in property/casualty and employee-benefit practices.
14. Lockton Companies Inc.
Revenues 2005: $396 million
Brokerage Revenues 2005: $388 million
Top Executive: David M. Lockton, Chairman
444 W. 47th St., Suite 900, Kansas City, Missouri 64112-1906
Phone: 816-960-9000
Fax: 816-960-9099
www.lockton.com
Ownership: Private
Top Lines: Property/casualty; risk management services; benefits
Developments in 2005: New offices in New York City and South Florida; Lockton Companies of Colorado Inc., a unit of Lockton, acquired substantially all of the assets of Benefit Management & Design Inc., a Denver-based insurance broker and employee-benefit consulting firm; Lockton Risk Services, a unit of Lockton, said in April 2005 that it would become Lockton Affinity.
15. ABD Insurance & Financial Services
Revenues 2005: $156.5 million
Brokerage Revenues 2005: $155.3 million
Top Executive: Dan R. Francis, President and Chief Executive Officer
305 Walnut St., Redwood City, California 94063
Phone: 650-839-6000
Fax: 650-839-6655
www.cybersure.com
Trading Symbol: GBBK
Ownership: Public, subsidiary of Greater Bay Bancorp
Top Lines: Commercial property/casualty; employee benefits; and personal lines
Developments in 2005: Dan R. Francis appointed president and chief executive officer, effective Jan. 1, 2006; ranked as the No.1 U.S. broker of directors and officers liability insurance in 2005 in Tillinghast Towers Perrin D&O survey; significant expansion of Nevada operations with the acquisition of Lucini Parish Insurance; expansion of San Diego County employee benefits, property/casualty insurance and risk management consulting operations with the opening of new office in Carlsbad; relocation and expansion of California Central Coast office; plans for expansion and relocation of California North Bay operations announced.
16. CBIZ Benefits & Insurance Services Inc.
Revenues 2005: $154.3 million
Brokerage Revenues 2005: $127.1 million
Top Executive: Rob O'Byrne, Senior Vice President, Benefits Administration and Insurance Services
6060 Oak Tree Blvd. South, Suite 500, Cleveland, Ohio 44131
Phone: 216-447-9000
Fax: 216-447-9007
www.cbiz.com
Trading Symbol: CBIZ
Ownership: Public
Top Lines: Benefits consulting and administration; wealth management services; property/casualty
Developments in 2005: Consolidated and formed CBIZ Human Capital Advisory Services; renewed focus on growing wealth management business; acquired Gallery Asset Management of Cleveland; cross-serving revenue increased 34%.
Strategy in 2006 and 2007: Expand and enhance product offerings in geographic locations where the company already has an existing platform. In the first quarter of 2006, realigned operations into four business groups: Financial Services, Employee Services, National Practices and Medical Management Professionals.
17. The Leavitt Group
Revenues 2005: $121 million
Top Executive: Dane Leavitt,
Chief Executive Officer
216 South 200 West, Cedar City, Utah 84720
Phone: 435-586-6553
Fax: 435-586-1510
www.leavitt.com
Ownership: S-Corporation
Top Lines: Commercial package; workers' compensation;
general liability
Developments in 2005: New affiliate agencies include Valley Insurance Services of Covina, Calif.; Archibald Insurance in Rexburg, Idaho, and Jim Calfee Insurance Agencies in Broomfield, Colo. Opened an FDIC-insured industrial bank; consolidated employee services into one human resources department; and added other key services to assist affiliate agencies.
Strategy in 2006 and 2007: Continue to seek out sound affiliation opportunities with managers who desire local ownership opportunities. Expand market opportunities and support services to help affiliate agencies.
18. Keenan & Associates
Revenues 2005: $103.7 million
Top Executive: Sean K. Smith, President and Chief Executive Officer
2355 Crenshaw Blvd, Suite 200, Torrance, California 90501
Phone: 310-212-3344
Fax: 310-782-2084
www.keenan.com
Ownership: Privately Held — ESOP
Top Lines: Workers' compensation; property and liability; employee benefits
Developments in 2005: Launched investment platform for California school district employees offering fiduciary liability relief to the school districts that sponsor a governmental 457(b) plan; introduced a comprehensive actuarial, consulting, cost management and investment program that provides all necessary Governmental Accounting Standards Board 43 & 45 compliance elements, while mitigating fiduciary liability for a public agency.
19. Frank Crystal & Co.
Revenues 2005: $100 million
Top Executive: James W. Crystal, Chairman and Chief Executive Officer
Financial Square, 32 Old Slip, New York, New York 10005
Phone: 212-344-2444
www.fcrystal.com
Ownership: Private
Top Lines: Financial services, commercial, aviation
Developments in 2005: Opened a new office in Portland, Ore., and achieved steady business growth.
Strategy in 2006 and 2007: Continue to fill geographic coverage areas—another new office was opened in Seattle in 2006. While business presence is international, offices are all in the United States.
20. Meadowbrook Insurance Group Inc.
Revenues 2005: $86.7 million
Brokerage Revenues 2005: $11.3 million (agency commissions)
Top Executive: Robert S. Cubbin, Chief Executive Officer and President
26255 American Drive, Southfield, Michigan 48034-6112
Phone: 248-204-8590
www.meadowbrook.com
Trading Symbol: MIG
Ownership: Public
Top Lines: Workers' compensation; commercial multiperil; general liability
Developments in 2005: Acquired Insurance & Benefit Consultants of Sarasota, Fla., a retail agency specializing in group and individual health insurance products and personal financial planning services; issued $20.6 million in junior subordinated debentures through a subsidiary trust, through which it earned $19.4 million in net proceeds, $10 million of which went to insurance subsidiaries. Agency operations saw an increase in new business and renewal retention, which was partly offset by a reduction in renewal rates.
Strategy in 2006 and 2007: Focus on organic growth coupled with growth from acquisitions; seeking targeted geographic growth in specialty areas and existing markets.
The following brokers, although not ranked, shared their results, developments and strategies with Best's Review.
Assurance Agency Ltd.
Revenues 2005: $28.4 million
Brokerage Revenues 2005: $28.4 million
Top Executive: Anthony Chimino, President
One Century Centre, 1750 E. Golf Road, Schaumburg, Illinois 60173
Phone: 847-797-5700
Fax: 847-440-9130
www.assuranceagency.com
Ownership: Private
Top Lines: Property/casualty; employee benefits; bonds
Developments in 2005: Upgraded agency management system, providing company with new efficiencies, improved client access and advanced reporting tools. Launched a new logo and brand promise. Formalization of Assurance Caring Together—an employee-driven initiative that helps to manage and facilitate various charity efforts. ACT directly donated supplies as well as funds totaling more than $22,000 to local and national sponsored charities, including relief for Hurricane Katrina.
Strategy in 2006 and 2007: Modify organizational structure by combining smaller teams into larger teams and creating team leaders and staff managers; new positions in marketing team. Executive management and marketing team are recreating proposal format and content. Will also implement a new CRM solution next year, which will help better manage and organize prospect database.
Barney & Barney LLC
Revenues 2005: $42.8 million
Brokerage Revenues 2005: $42.8 million
Top Executive: Paul J. Hering, Chief Executive Officer
9171 Towne Centre Drive, Suite 500, San Diego, California 92122
Phone: 800-321-4696
Fax: 858-452-7530
www.barneyandbarney.com
Ownership: Privately held
Top Lines: Property/casualty; employee benefits
Developments in 2005: Expanded its office onto three floors of the Golden Triangle office building, in which it has done business for the past 20 years. Launched its initiative to expand geographically into Orange County.
Strategy in 2006 and 2007: In January 2006, opened its Orange County office in the Aliso Viejo.
Bollinger Inc.
Revenues 2005: $83.6 million
Brokerage Revenues 2005: $83.5 million
Top Executive: John A. Windolf, Chairman and Chief Executive Officer
101 JFK Parkway, Short Hills, New Jersey 07078
Phone: 800-526-1379
Fax: 973-921-2876
www.bollingerinsurance.com
Ownership: Private
Top Lines: Prescription drug coverage; personal lines; commercial lines
Developments in 2005: Further investment in improving the quality and quantity of services to be provided to clients by starting a Risk Management Practice and the Bollinger Academy to attract highly qualified college graduates to the company.
Strategy in 2006 and 2007: Continue to invest in upgrading employees' training, technology used by employees and services offered to clients. To grow organically, but also aggressively pursue further merger and acquisition opportunities that have been a key factor in past success. Expand the company's geographic footprint to additional states in the Northeast.
Bolton & Company
Revenues 2005: $21.1 million
Brokerage Revenues 2005: $21.1 million
Top Executive: Steve Brockmeyer, President; Ronald Wanglin, Chairman, co-chief executive officers
245 S. Los Robles Ave., Pasadena, California 91102
Phone: 626-799-7000
Fax: 626-583-2117
www.boltonco.com
Trading Symbol: Private
Ownership: S Corporation
Top Lines: Commercial property/casualty; employee benefits; personal lines
Developments in 2005: Revenues relatively flat. Concerns about organic growth. Some firming in market of last quarter. Because of softness in first three quarters, growth was 5% to 6%. Biggest accomplishments include weathering the soft market, positive organic growth, and bringing new producers into the agency to add revenue opportunities.
Strategy in 2006 and 2007: Goals are to grow 10% to 12% in true organic growth and to get to $30 million in next five years. In the process of updating and creating a strategic plan for long-term growth. Certain profit centers in company include writing K-12 private schools. Private school revenues accounted for 5% to 6% of gross revenue. Goal to continue to grow that sector. Dominant in California and looking to grow in other states. Real estate, technology, health care round out the top four areas of business.
Heath Benefits Consulting Inc.
Revenues 2005: $8.5 million
Brokerage Revenues 2005: $7 million
Top Executive: David Haber, President
1030-185 The West Mall, Toronto, Ontario M9C 5L5 Canada
Phone: 416-620-0779
Fax: 416-620-9416
www.heath.ca
Ownership: Private
Top Lines: Life and health; pension; outsourcing
Strategy in 2006 and 2007: On June 1, Heath Benefits Consulting was acquired by Morneau Sobeco. Morneau Sobeco is the largest Canadian-owned pension and benefits consulting and outsourcing firm. Morneau Sobeco serves thousands of clients, ranging from Fortune 500 companies to small and medium-sized employers.
Mesirow Financial
Revenues 2005: $65.3 million
Brokerage Revenues 2005: $63.6 million
Top Executive: Richard S. Price, President and Vice Chairman
321 N. Clark St., Chicago, Illinois 60610
Phone: 312-595-6200
Fax: 312-595-6993
www.mesirowfinancial.com
Ownership: Private
Top Lines: Property/casualty, employee benefits
Developments in 2005: Expanded Insurance Services practice by acquiring Settlement Planning Associates Inc., a boutique structured settlement firm. Enhanced property and casualty capabilities by expanding the Environmental Insurance and Risk Management practice.
Strategy in 2006 and 2007: Mesirow Financial's Property and Casualty, Employee Benefits and other dedicated insurance practice groups will continue to provide protection to midsize and large firms. Also offer clients the services of their consulting division, including litigation support, valuation services and interim management.
The NIA Group LLC
Revenues 2005: $73.6 million
Brokerage Revenues 2005: $72.5 million
Top Executive: Steven L. Grossberg, President and Chief Executive Officer
66 Route 17, Paramus, New Jersey 07652
Phone: 201-845-6600
Fax: 201-845-0061
www.niagroup.com
Ownership: Limited liability corporation
Top Lines: Commercial lines; group business; personal lines
Developments in 2005: Expanded its niche divisions and specialty areas in order to provide tailored services to businesses and clients operating within certain industries. Implemented quality service standards and staff accountability measures as a means to enhance the client experience of its core book of business.
Strategy in 2006 and 2007: Continue to develop niche divisions and specialty businesses and expand its core book of business. Provide continuous training and education to associates. Pursue acquisitions that match its corporate strategy and are geographically compatible.
North American Group
Revenues 2005: $30.2 million
Brokerage Revenues 2005: $30.2 million
Top Executive: Michael F. Ross, President and Chief Executive Officer
5101 N. Classen Circle, Suite 300, Oklahoma City, Oklahoma 73118
Phone: 405-523-2100
Fax: 405-556-2332
www.na-group.com
Ownership: C-Corporation
Top Lines: Workers' compensation; property; casualty
Developments in 2005: Exceeded $30 million in gross revenues and successfully merged Commercial Insurance Services into their Oklahoma City operations, which included transportation divisions and claims management services. Acquired SIRPRO (now known as Global Intermediaries of Eugene), a wholesale operation focused on public entity business.
Strategy in 2006 and 2007: Continue growth and expansion through acquisitions, program development and new producer hiring. Look to further expand wholesale operations.
R&R Insurance Services Inc.
Revenues 2005: $15.6 million
Brokerage Revenues 2005: $12.7 million
Top Executive: Ken Reisch, President
1581 E. Racine Ave., Waukesha, Wisconsin 53186
Phone: 262-574-7000
Fax: 262-574-7010
www.rrins.com
Ownership: S Corporation
Top Lines: Commercial; life and health; personal
Developments in 2005: Acquired the AIS Group, another Wisconsin-based agency with 30 employees, three locations and $5 million in premium; established its Resource Center for Risk Management Concerns. Marked its 30th year in 2005; became a Best Practices Agency through the Independent Agents and Brokers of America.
Strategy in 2006 and 2007: Support its "new/new" sales culture; plans to write new business through an "all-employee cross-selling" approach; integration of AIS Group also will be a priority.
Schiff, Kreidler-Shell Inc.
Revenues 2005: $20.5 million
Brokerage Revenues 2005: $19.8 million
Top Executive: Thomas R. Dietz, Chairman and Chief Executive Officer
1 West 4th St., Suite 1300, Cincinnati, Ohio 45202
Phone: 513-977-3100
Fax: 513-977-3193
www.sksins.com
Ownership: Privately held S-Corp
Top Lines: Commercial property/casualty; life and employee benefits; personal property/casualty
Developments in 2005: Thomas R. Dietz was promoted from president and chairman to chief executive officer. Alvin Roehr was promoted to president. The company was a finalist for Greater Cincinnati's Best Places to Work.
Strategy in 2006 and 2007: To drive strategic plan through achievement of goals in 10 defined critical success factors.
Scott Insurance
Revenues 2005: $28.8 million
Brokerage Revenues 2005: $28.1 million
Top Executive: Walker P. Sydnor Jr., President
1301 Old Graves Mill Road, Lynchburg, Virginia 24502
Phone: 434-832-2100
Fax: 434-832-2190
www.scottins.com
Ownership: Employee Owned ESOP
Top Lines: Commercial property/casualty; group benefits; bonds
Developments in 2005: Experienced growth of alternative market capabilities and client base; expansion of risk performance capabilities; hired four new producers; continued growth of transportation initiative; overall growth of 15.6%.
Strategy in 2006 and 2007: Continue to develop unique risk management abilities; continue recruiting top-level talent; maximize the unique abilities of employee ownership.
Thoits Insurance Service Inc.
Revenues 2005: $14 million
Brokerage Revenues 2005: $14 million
Top Executive: Don Way, Chairman and Chief Executive Officer
444 Castro St., Suite 200, Mountain View, California 94041
Phone: 650-934-0300
Fax: 650-934-0399
www.thoitsinsurance.com
Ownership: ESOP
Top Lines: Workers' compensation; commercial package; group benefits
Developments in 2005: Revenue grew by 30%; 20% was due to the acquisition of two firms, Battistini and Canfield Insurance Services, and the Noble Group. 10% was from organic growth.
Strategy in 2006 and 2007: Aiming for 20% organic growth.
By Sally Whitney, Editor, Best's Review: Sally.Whitney@ambest.com
