“Now we have all the time been in development mode. Now we have grown each single 12 months that we have been in enterprise,” Elizabeth Davies (pictured), chief govt 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 firms.
“Not too long ago, being a part of the Kaufman group has really accelerated our development. Being independently owned by H.W. Kaufman has given us a lot flexibility,” Davies mentioned. She mentioned the corporate is concentrated on doing what bank-owned finance firms can not, akin to supply aggressive financing options for hashish, private traces, business traces, and laborious to put monetary danger.
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, carry a wealth of expertise to Stonemark’s group, and assist the agency develop its market throughout the US.
“The laborious market circumstances are driving a rise within the sorts of insurance policies which might be being financed,” mentioned Davies. “We thought it was crucial to rent nice prime expertise. We’re so excited to carry 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 Good Selection, with the intention of strengthening and broadening relationships with unbiased brokers, and in lots of circumstances, providing them most well-liked charges. The partnerships complement the enlargement of Stonemark’s salesforce from California by the Gulf Coast.
“Now we have a number of nationwide partnerships that we now have lately been signed on as their most well-liked finance firm. These are areas which might be thrilling for us to develop in. Partnering with skilled teams makes us stronger and extra educated,” mentioned Davies.
Based on Davies, conventional financial institution financing firms have many nationwide partnerships however can not deal with the private traces or the hashish insurance policies, which allowed Stonemark to get by the door.
“With these nationwide companions, their brokers could also be going someplace else to search 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 must seek for one other finance firm, so everybody shall be pleased with the connection due to our flexibility, our charges, and our hands-on data of the trade,’” she added.
Offering options for hashish insurance coverage has additionally given Stonemark an essential 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 firms transporting hashish, and fertilizing firms – so many different companies which have spun off from this trade,” commented Davies. “There so many alternatives to finance hashish insurance policies, and it is such a brand new sector. It’s totally thrilling.”
For Davies there’s all the time a necessity for premium financing within the insurance coverage trade, even in at present’s financial setting. She talked to Insurance coverage Enterprise about Stonemark’s holistic method to development: “After we assist everybody develop and change into stronger, we change into greater 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 sort of economic system, discovered methods to develop and to assist the shopper.
“Since our inception, we’ve had each sort of economic system possible. When the markets get laborious and the premiums improve, we are sometimes in a position to supply higher phrases, longer fee 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 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 individuals, give nice companies, and search for nice alternatives. And if these alternatives are more durable to search out, we’re simply going to look more durable.”