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Success Stories

Market Alliances Maximize Profit Sharing

 

Larry Sanders of E. L. Sanders Insurance runs a $14 million agency in LaPlata, MD. “One of the main reasons we joined Iroquois was for the opportunity to receive profit sharing income that we weren’t collecting at the time,” said Sanders. “We had a book with The Hartford that was very profitable but too small to qualify for profit sharing on a direct basis. By putting this book through Iroquois via a Market Alliance, we were able to maintain our current relationships with Hartford and receive profit sharing at the end of our first year. That was four years ago, and we are currently planning to do a second Market Alliance with our Zurich book.”

 

Larry Sanders - E. L. Sanders Insurance
 

Maximizing Contingency Income

Steve Harris, immediate past president of the Big I of Virginia, is also president of Richardson-Harris-Boatwright Insurance Agency of Powhatan, VA. “We joined Iroquois back in 1991,” said Harris, “and we remain a real Iroquois booster.” In 2003, Harris and Iroquois Regional Manager, Lindy Bane saw an opportunity for Richardson-Harris-Boatwright to improve their contingency income from a $350,000 book they had directly with W.R. Berkley. “We were concerned that Berkley would increase their volume requirements for contingencies and we knew that Iroquois had the size and the low loss ratio to keep those contingency dollars coming,” said Harris. “We had already formed Iroquois Market Alliances with Travelers and Zurich books so I was very comfortable with the concept.” Harris coded the Berkley book through Iroquois under a Market Alliance and received a contingency payout of $9,311 for 2004 as a result.

 

Steve Harris - Richardson-Harris-Boatwright Insurance
 

Additional Opportunities for Growth

“The McLean Insurance Agency is approaching $20 million in premium, hardly the size of an agency in “need” of help. In 2002, however, Doug Megill, president of McLean Insurance, saw the benefits of joining The Iroquois Group. “We are an aggressive agency and we wanted to access additional markets without making huge volume commitments. Joining Iroquois allowed us to take advantage of additional opportunities for growth,” said Megill. Iroquois provided Travelers Personal Lines and Hartford Commercial Lines to McLean and they kept growing. Then in 2004, Iroquois Regional Manager, Carl Lofhjelm explained how a Market Alliance using McLean’s $186,000 book with Zurich could grow McLean’s profits even faster. McLean hadn’t been receiving contingency income from Zurich, but through the Market Alliance they received a check earlier this year for $5,764 in contingency commissions. “We are very pleased with how well Carl and Iroquois have taken care of us,” said Megill.

 

Doug Megill - The McLean Insurance Agency

Lots of reasons to join Iroquois

“Why would an independent agent want to do business with The Iroquois Group? I can tell you some of the reasons why we chose to do so over 15 years ago… Great companies with reasonable volume commitments for small and medium sized agencies….Profit Sharing that far exceeds what we could get on our own….and a real partner—professionals who are there when you need them. Iroquois offers flexible arrangements to fit our needs with different companies too. We joined Iroquois in 1995 and we have never looked back.”
 

H. Duncan Creelman - Creelman Insurance Associates, Inc., Waldorf, Md.

More markets meant major growth

“As a small agency owner, when I needed markets to complement my existing representation, I contacted Iroquois and was able to match up with several carriers that fit my needs and are helping me grow. My agency has doubled since joining Iroquois.”

Maggie Chenault - Chenault Insurance Services, Laurel, Md.

No identity crisis for Pa. agency

"Like most agencies, we were reluctant at first to join Iroquois. We were concerned we would lose our identity with our clients as well as our relationships with our carriers. But joining Iroquois turned out to be one of the wisest decisions we ever made! We have more markets than ever and we have a stronger relationship and presence with all of our carriers. We are able to provide better products and service to our clients because of our collective strength with Iroquois. And the best part of all, for the second year in a row we received profit sharing checks that were just unimaginable before Iroquois!"

Edward Caruso - Caruso & Associates, King of Prussia, Pa.
 

Market Alliance Opportunity with Hanover: Riverside Agency

Riverside Insurance Agency was a $3 million agency with an existing $180,000 Hanover book when they joined The Iroquois Group in early 2004. The size of the Hanover book precluded Riverside from collecting contingency income from it, despite having a low loss ratio. “I decided to do a Market Alliance with Iroquois to take advantage of their profit sharing potential with Hanover,” said Jim Jones, Riverside’s president. “My experience was combined with that of Iroquois’ other agents and last spring I received a check for $5,044 in contingency income, which I never would have received from Hanover directly. And, I didn’t have to give up ownership of my book to get it. That put a real smile on my face. Iroquois is very careful about consistently maintaining profitable business for its carrier partners, and now I see why.”

Jim Jones - Riverside Insurance Agency 

 

Q&A

The Iroquois Group is a service provider for independent property and casualty insurance agencies. We are currently supporting over 1,800 agencies in 37 states. We don’t fit into any easily defined categories. The label most often applied is "Insurance Network," but we are very different from our competitors.

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