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Talk directly with Greg about the Acquisition.
Greg.Thompson@thomcoins.com
888-516-5416
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Greg Thompson, President of THOMCO addresses this question.
With the announcement earlier this month of THOMCO's acquisition by Markel, some might ask about our motivation in selling. As you might expect, there is not just
one reason but several.
As the principal at THOMCO for 32 years, it is hard for some of our customers and carriers to separate the Company from me, the original founder. As I get older,
this carries a certain risk for the staff and the organization. Some or our carrier contracts, for example, can be terminated immediately if I was no longer with
the Company for any reason.
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Secondly, we have had to replace carriers a number of times over the years. In several cases our lead carrier's AM Best rating dropped below "A-" and in another, a
commission reduction made it impossible for THOMCO to break even. These transitions have typically been under tight time frames and involved no small amount of stress.
Finding a home with a carrier of Markel's financial stability provides continuity of market for our producers, while securing the future of the Company and the staff.
There is also the related question: Why did we choose an Insurance Company? As the years have passed, we went from being a wholesale broker and local MGA to being a
national underwriting operation. The truth is we feel at home in a carrier environment, especially one with the stellar reputation of Markel. Furthermore, now that we
will be part of a carrier, we can finally offer direct bill and profit sharing to qualified customers.
I can tell you that THOMCO will end 2011 in the best financial condition in its history with both premium and profit growth over the prior year. As a result, there
was no financial pressure to do a deal, only the compelling reasons mentioned above.
We are all excited about the new opportunities, both internal and external, that this sale will create. If you have any questions about the sale, an FAQ link is
provided below or feel free to contact me directly at
greg.thompson@thomcoins.com
or call me on my direct toll free line 888-516-5416.
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