Hartford Business Journal

HartfordBusiness.com | January 25, 2021 | Hartford Business Journal 17 independent agencies in the United States, down from 38,000 in 2016, according to a survey by the Independent Insurance Agents and Brokers of America. The decline was due in part to a growing number of mergers and acquisitions, the survey found. Depth of talent When considering where to expand, World Insurance Associates leaders take a close look at who would be joining their team through any acquisition. "We look for high-integrity people who are talented insurance professionals and share our values of client service," Unger said. "In a business like ours, people are the only thing that matters." And since the company wants the firms it acquires to maintain some autonomy, finding the right fit is key, he added. Partnering with a larger firm can bring advantages to independent agencies, Unger said. "We look for people who are growing and who want to be part of something bigger with better tools and resources," he said. "We can take care of the administrative burdens as long as we find the right AssuredPartners' CT acquisitions: • Jones, Raphael & Oulundsen Insurance in New Britain (2015) • Founders Insurance Group in Torrington (2015) • Sachs Walsh Insurance in Westport (2017) • Darton & Co. in Westport (2018) • Goodworks Insurance in Glastonbury (2019) • Alton E. Woodford in West Hartford (2019) • Powderhorn Agency in Brookfield (2019) • People's United Insurance Agency (2020) CT's insurance industry prowess Connecticut is still considered by many to be the insurance capital of the U.S. Here's some data to back that up. • Connecticut ranks No. 3 in the U.S. in direct written premiums and is home to 1,478 domestic and nondomestic insurance carriers including accredited reinsurers, U.S. and foreign excess and surplus lines carriers, fraternal benefit societies and title companies. • Collectively, these insurers write $39.1 billion in direct written premiums for the Connecticut market and $193 billion in premiums written in all markets. • The insurance industry ranks No. 1 nationally in gross state product as a percentage of total gross state product and contributes 7.76% or $22.3 billion to Connecticut's GSP. • At 2.99%, Connecticut ranks first nationally in insurance carrier employment as a percentage of total employment. • Connecticut has the highest concentration of actuaries (1,350) in the U.S. Paul Vredenburg "We go where the business is and with nearly $250 billion of GDP in 2019, and growing, we're excited about Connecticut." Brad Unger client-focused professionals." AssuredPartners was drawn to the state's "deep insurance history and a depth of talent within the insurance community," said Paul Vredenburg, the company's executive vice president and chief acquisition officer. "In addition, the business community has a sophisticated group of buyers that are seeking the advice of the independent brokerage community to support them with their risk-management needs," he said. Joining AssuredPartners, he said, appeals to independent firms that want the support of a larger organization but the flexibility to adapt to local environments and conditions. "Our evaluation process is focused on understanding the underlying characteristics of an agency to determine if they fit our criteria with respect to sales culture, depth of leadership, relationships with carrier partners and the overall business acumen of the stakeholders, so that we can tailor our resource offering to meet their needs," said Vredenburg. Source: 2020 Connecticut Insurance Market Brief, "Insurance Now: Ready and Resilient" www.borghesibuilding.com Wittmann Battenfeld, Torrington, CT Napoli Retail, Southington, CT Nufern, East Granby, CT Windsor Marketing Group (WMG), Suffield, CT The Belknap White Group, Hartford, CT Since 1942, The Single Source Construction Firm Since 1942, our goal has been simple: To provide our clients with complete design, planning and construction services for commercial, industrial and retail buildings. Based on years of experience, we're price competitive and offer high quality. When the strictest attention to detail is critical to your success, you can always count on Borghesi to deliver. From concept to occupancy, Borghesi is your single source. AKDO, Bridgeport, CT Stevens Manufacturing, Milford, CT Building Ideas That Work … www.borghesibuilding.com Wittmann Battenfeld, Torrington, CT Napoli Retail, Southington, CT Nufern, East Granby, CT Windsor Marketing Group (WMG), Suffield, CT The Belknap White Group, Hartford, CT Since 1942, The Single Source Construction Firm Since 1942, our goal has been simple: To provide our clients with complete design, planning and construction services for commercial, industrial and retail buildings. Based on years of experience, we're price competitive and offer high quality. When the strictest attention to detail is critical to your success, you can always count on Borghesi to deliver. From concept to occupancy, Borghesi is your single source. Contact us at 860-482-7613 or visit us on the web. AKDO, Bridgeport, CT Stevens Manufacturing, Milford, CT Building Ideas That Work … www.borghesibuilding.com Nufern, East Granby, CT Windsor Marketing Group (WMG), Suffield, CT The Belknap White Group, Hartford, CT Since 1942, The Single Source Construction Firm Since 1942, our goal has been simple: To provide our clients with complete design, planning and construction services for commercial, industrial and retail buildings. Based on years of experience, we're price competitive and offer high quality. When the strictest attention to detail is critical to your success, you can always count on Borghesi to deliver. From concept to occupancy, Borghesi is your single source. Contact us at 860-482-7613 or visit us on the web. Stevens Manufacturing, Milford, CT Building Ideas That Work … www.borghesibuilding.com © 2011 BlueScope Buildings North America, Inc. All rights reserved. Butler Manufacturing™ is a division of BlueScope Buildings North America, Inc. 2155 East Main Street • Torrington, Connecticut 06790 Wittmann Battenfeld, Torrington, CT Napoli Retail, Southington, CT Nufern, East Granby, CT Windsor Marketing Group (WMG), Suffield, CT The Belknap White Group, Hartford, CT Since 1942, The Single Source Construction Firm Since 1942, our goal has been simple: To provide our clients with complete design, planning and construction services for commercial, industrial and retail buildings. Based on years of experience, we're price competitive and offer high quality. When the strictest attention to detail is critical to your success, you can always count on Borghesi to deliver. From concept to occupancy, Borghesi is your single source. Contact us at 860-482-7613 or visit us on the web. AKDO, Bridgeport, CT Stevens Manufacturing, Milford, CT Building Ideas That Work … www.borghesibuilding.com © 2011 BlueScope Buildings North America, Inc. All rights reserved. Butler Manufacturing™ is a division of BlueScope Buildings North America, Inc. 2155 East Main Street • Torrington, Connecticut 06790 Wittmann Battenfeld, Torrington, CT Napoli Retail, Southington, CT Nufern, East Granby, CT Windsor Marketing Group (WMG), Suffield, CT The Belknap White Group, Hartford, CT Since 1942, The Single Source Construction Firm Since 1942, our goal has been simple: To provide our clients with complete design, planning and construction services for commercial, industrial and retail buildings. Based on years of experience, we're price competitive and offer high quality. When the strictest attention to detail is critical to your success, you can always count on Borghesi to deliver. From concept to occupancy, Borghesi is your single source. Contact us at 860-482-7613 or visit us on the web. AKDO, Bridgeport, CT Stevens Manufacturing, Milford, CT Building Ideas That Work … Wittmann Battenfeld, Torrington, CT Napoli Retail, Southington, CT Nufern, East Granby, CT Windsor Marketing Group (WMG), Suffield, CT The Belknap White Group, Hartford, CT Since 1942, our goal simple: To provide our complete design, planning construction services industrial and retail buildings. on years of experience, competitive and offer When the strictest attention is critical to your success, always count on Borghesi From concept to occupancy, is your single source. AKDO, Bridgeport, CT Stevens Manufacturing, Milford, CT Building Ideas That Work … Wittmann Battenfeld, Torrington, CT Napoli Retail, Southington, CT Nufern, East Granby, CT Windsor Marketing Group (WMG), Suffield, CT The Belknap White Group, Hartford, CT Since 1942, The Single Source Construction Firm Since 1942, our goal has been simple: To provide our clients with complete design, planning and construction services for commercial, industrial and retail buildings. Based on years of experience, we're price competitive and offer high quality. When the strictest attention to detail is critical to your success, you can always count on Borghesi to deliver. From concept to occupancy, Borghesi is your single source. AKDO, Bridgeport, CT Stevens Manufacturing, Milford, CT Building Ideas That Work … Wittmann Battenfeld, Torrington, CT Napoli Retail, Southington, CT Nufern, East Granby, CT Windsor Marketing Group (WMG), Suffield, CT The Belknap White Group, Hartford, CT Since 1942, The Single Source Construction Firm Since 1942, our goal has been simple: To provide our clients with complete design, planning and construction services for commercial, industrial and retail buildings. Based on years of experience, we're price competitive and offer high quality. When the strictest attention to detail is critical to your success, you can always count on Borghesi to deliver. From concept to occupancy, Borghesi is your single source. AKDO, Bridgeport, CT Stevens Manufacturing, Milford, CT Building Ideas That Work …

• Cover