Borisoff Takes the Reigns from Penniall at Monarch E&S

Some changes are in the air at Monarch E&S as Derek Borisoff is taking ownership of the company from Don Penniall.

Penniall founded Monarch E&S, a surplus line/managing general agent, at an age when most employees are thinking about where and when they’re going to retire—58. But Penniall used the absence of a retirement plan as motivation for establishing his own firm.

With a tight market and long hours staring him in the face, Penniall decided 15 years ago that he would fare better working for himself and providing for his own safe retirement as opposed to leading someone else’s firm.

Borisoff, 39, started with the company in 1994. He noted that the change in ownership has been a very smooth transition. “Don has taught me a lot about patience and smoothed out my rough edges,” Borisoff said. “We have experienced some tremendous growth in the company. We have people who are the tops in their field with almost no turnover. We’ve continued to grow and profit in what has really been a soft marketplace.”

Penniall has no fears about the work Borisoff will do, as he’s known him since he came into the insurance business, having been close with his parents and Borisoff’s brothers. For Penniall, the time for the change was just right.

“I felt Derek had attained a level of ownership which I felt comfortable with,” Penniall said. “He has done a good job of meeting his responsibilities, and I think the progress this company has made has been remarkable.”

What started as a small office in Burbank has grown to a pair of offices now, one in San Diego and the main office in La Crescenta. The company currently employs 57 people, and Borisoff sees no changes in staff with the change in ownership.

According to Borisoff, premium volume has grown during the six-year time period from $14 million to $40 million. “We’ve had a successful plan and the company has grown dramatically,” Borisoff said.

A 1983 USC graduate, Borisoff said his goal in the coming years is to grow the company and make it one of the largest independent E&S shops in the country.

Penniall will be staying on as a consultant, and said that one of the things he’s most proud of is the number of employees who have come on and grown with the company. “We have some who have started from day one and become a part of the success,” Penniall noted.

While not making any predictions, Penniall said the company is looking at “some pending growth in the next 12 months.”

What will he miss most about leaving as owner? “I’ll miss talking to friends in the industry,” Penniall commented. “But they know I’m only a phone call away.”

Topics Excess Surplus