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“Now we have all the time been in development mode. Now we have grown each single yr that we have been in enterprise,” Elizabeth Davies (pictured), chief government officer of Stonemark, instructed Insurance coverage Enterprise.
As first-generation CEO of Stonemark, Davies has led the agency’s regular year-on-year development. In 2018, the agency was acquired by H.W. Kaufman Group, by way of a merger with the group’s subsidiary Royal Premium. Davies now leads the mixed organizations, persevering with to function and combine the enterprise with specialists deployed all through the group of corporations.
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“Lately, being a part of the Kaufman group has actually accelerated our development. Being independently owned by H.W. Kaufman has given us a lot flexibility,” Davies mentioned. She mentioned the corporate is targeted on doing what bank-owned finance corporations can not, similar to supply aggressive financing options for hashish, private strains, industrial strains, and exhausting to put monetary threat.
As a part of its development, Stonemark introduced a number of robust additions to its salesforce: Brook Buoy from Louisiana, Jerry Smith from Florida, and Tram Mascia from California. The trio, who joined from competitor First Insurance coverage Funding, deliver a wealth of expertise to Stonemark’s workforce, and assist the agency develop its market throughout the US.
“The exhausting market circumstances are driving a rise within the forms of insurance policies which are being financed,” mentioned Davies. “We thought it was essential to rent nice high expertise. We’re so excited to deliver on these extremely regarded premium finance professionals.”
Stonemark can also be constructing a community of partnerships by way of Strategic Insurance coverage Company Alliance (SIAA) and Sensible Selection, with the intention of strengthening and broadening relationships with unbiased brokers, and in lots of circumstances, providing them most popular charges. The partnerships complement the growth of Stonemark’s salesforce from California by means of the Gulf Coast.
“Now we have a number of nationwide partnerships that now we have just lately been signed on as their most popular finance firm. These are areas which are thrilling for us to develop in. Partnering with skilled teams makes us stronger and extra educated,” mentioned Davies.
In accordance with Davies, conventional financial institution financing corporations have many nationwide partnerships however can not deal with the non-public strains or the hashish insurance policies, which allowed Stonemark to get by means of the door.
“With these nationwide companions, their brokers could also be going someplace else to seek out financing, so we mentioned, ‘Let’s work on a collaboration the place we will deal with 100% of their enterprise and so they will not need to seek for one other finance firm, so everybody will likely be pleased with the connection due to our flexibility, our charges, and our hands-on information of the business,’” she added.
Offering options for hashish insurance coverage has additionally given Stonemark an necessary edge as a premium financing firm. “Now we have by no means had a product come onto the market with so many ranges of insurance coverage concerned: the crops, the constructing, and the D&O (administrators’ and officers’ insurance coverage) insurance policies. There’s additionally trucking corporations transporting hashish, and fertilizing corporations – so many different corporations which have spun off from this business,” commented Davies. “There so many alternatives to finance hashish insurance policies, and it is such a brand new sector. It is very thrilling.”
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For Davies there’s all the time a necessity for premium financing within the insurance coverage business, even in right now’s financial surroundings. She talked to Insurance coverage Enterprise about Stonemark’s holistic method to development: “Once we assist everybody develop and turn into stronger, we turn into larger and stronger ourselves. What can we do to assist the agent promote their coverage? What can we do to assist the insured afford their coverage? Now we have all the time, throughout any kind of financial system, discovered methods to develop and to assist the client.
“Since our inception, we’ve had each kind of financial system conceivable. When the markets get exhausting and the premiums enhance, we are sometimes capable of supply higher phrases, longer cost choices, or decrease down funds to assist the insured afford their premiums.”
Wanting ahead, Davies mentioned that she chooses to see challenges as alternatives. “I’ve all the time lived by means of rose-colored glasses. I are likely to focus not on the challenges, however the place we will excel and develop,” she mentioned. “Our expectations are that we rent nice folks, give nice companies, and search for nice alternatives. And if these alternatives are more durable to seek out, we’re simply going to look more durable.”
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