Omaha, Neb.-based workers’ compensation carrier FirstComp Insurance Co. has landed a spot Inc. magazine’s 23rd annual list of the 500 fastest-growing private companies in the country.
FirstComp, which serves small- and medium-sized businesses through independent agencies, was awarded its first-ever spot on the list at No. 455 with what Inc. calculated to be an average annual sales growth of 325 percent and $51.2 million in revenue.
Luke Yeransian, FirstComp’s founder and CEO, left the insurance division of Omaha billionaire Warren Buffet’s Berkshire Hathaway companies in 1996 to start the monoline company serving Main Street businesses.
In 2003, FirstComp’s policyholder surplus nearly doubled, marking the fifth consecutive year of underwriting profitability, the company said in a statement. The company’s combined loss and expense ratio has beaten the industry’s ratio by more than 30 percent every year since its founding.
FirstComp distributes through more than 2,000 independent insurance agencies in Arkansas, Indiana, Iowa, Kansas, Michigan, Mississippi, Missouri, Nebraska, Nevada, New Hampshire, North Carolina, Oklahoma, Rhode Island, South Carolina, South Dakota, Tennessee, Vermont and Virginia.
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