IOA RANKS AS FAST-GROWING AGENCY:

Florida’s Insurance Office of America (IOA) was recently ranked the nation’s 24th largest privately held insurance agency by Hale’s Report (August, 2004). As the third fastest growing agency in the country, IOA reportedly attributes its steady double-digit growth since its inception to the idea of partnering with agents. CEO John Ritenour’s experience in the industry had convinced him that the traditional form of ownership in an independent agency left a lot of room for improvement. Strong agents rarely had the opportunity to transition to stock ownership, or have a vested interest in the “book” of business they develop after years of working hard and building a substantial client base and IOA combined this with vested interest in the book. IOA has 15 branch offices in Florida, Georgia, Alabama, North and South Carolina, Maryland, and New Jersey. Gross commissions are reportedly expected to exceed $50 million by year-end 2005, with total employees and agents exceeding 500, and predicted by Ritenour to double in the next five years.