Kevin Bogart
Chief Executive
Wood Gutmann & Bogart
Insurance Brokers
Much of the recent growth in our business has stemmed from our success as an organization in attracting some of the best and brightest insurance professionals who specialize in industries that are thriving within our vibrant and diverse Orange County economy. A key component of this success has been our formation of various specialty divisions or subsidiary entities, which are focused on servicing the unique needs of OC businesses within the real estate development, home building, construction, mortgage, and financial institution industries and others.
There is a tremendous market for new construction developments within the OC area. New-home development projects are abundant, and our select team that focuses exclusively on the builder community—with all of its specialized requirements—anticipates a growth in demand for insurance protections and risk management services, including owner-controlled insurance programs. This is a very cost-effective method for insuring projects for the builder community.
Along with the growth in development comes demand for protection from the financial risks associated with these projects; and by creating custom surety solutions as alternatives to traditional security instruments, developers can improve their balance sheet strength and profitability.
Our Food & Beverage Practice is thriving. In order for companies in the fresh produce, food processing and grocery industries to protect their businesses and meet government regulations, we see common problems that could be solved with better planning and risk management solutions.
Cyber Liability is a critical insurance need within our growing, digital marketplace. Your risk is heightened if you hold any data on consumers, and even your reputation is on the line. There is definitely a need for product knowledge in this space, as cybercrime is the fastest growing crime in the world.
We understand that our clients may need our help, sometimes long after the regular workday has ended. Our 24/7 internet-based risk management communication platform gives our clients access at the click of a button, day or night. It is mission critical to our organization that we maintain our professional services and client advocacy at all times and provide access to relevant information on demand. We are committed to the challenge.
Bill Kaley
President, Chief Executive
Colony West Insurance
Colony West has always had a strong relationship with the human resources departments of our customers due to our depth in workers’ compensation, benefits and consulting, and we see continued strong growth in the Professional Employer Organization market for years to come, including our own Colony West Employer Services.
The nexus of a firm workers’ comp market, strong interest by businesses to streamline inefficient processes, and the massive incursion of ever more complex and costly regulation, thanks to things like the Affordable Care Act, new overtime rules, mandatory sick time, etc., has created a strong value proposition for employers in PEOs and similar bundled product/service models that allow small and midsize employers to lean on a partner that can provide a single source and effective solution for them.
Colony West has seen strong growth in our own PEO, and we see this trend continuing unabated for years to come as smaller employers seek not only to curb costs and risks but who also see the value in being able to compete with larger competitors in offering a best-in-class employment experience to their staff.
Travis Trask
Managing Director
Barney & Barney, a Marsh & McLennan
Insurance Agency LLC Co.
We see growth opportunities in apparel, technology, life sciences, food services, and union/trust business, the market segments that were the drivers of our success in 2015. Barney & Barney’s growth is also a reflection of the health of these industries in Orange County.
As companies expand, they add staff and employee benefits while also increasing their liability coverage. We look forward to continued organic growth powered by the health of the local market, as well as our ability to deliver expert advice, customized solutions, and exceptional client service.
Barney & Barney’s growth reflects the health of these thriving market segments in Orange County.
In terms of employee benefits, industry-specific trusts that enable organizations to reduce their costs will continue to be great alternatives for small and emerging companies. By pooling their collective buying power, life science, biotech and technology companies are all securing benefits at rates similar to companies with larger workforces. These trusts are growing rapidly because they have proven effective in holding the line on soaring benefits costs.
On the property and casualty side, we see growth opportunities in addressing the increasing complexity and challenges facing public and private sector organizations. In particular, we see demand for customized insurance solutions to minimize risk from natural disasters, terrorism, and cyber breaches—all of which are on the rise. To address these challenges, we are developing leading-edge solutions. For example, we are using live-time data and analytics to allow our clients to take a holistic and anticipatory approach to risk management. Overall, we expect 2016 will be another very good year.
