Insurance Leader Paul Hammack Remembered for Industry Passion, Vision

Friends, family and insurance colleagues of Paul Hammack gathered in Sacramento, California, in May to honor the life of the 30-year industry veteran, who was tragically killed in a car accident on Dec. 14, 2022.

Nearly 500 people packed two ballrooms at the Arden Hills Club to pay their respects to Hammack, president of California-based Professional Insurance Associates, one day before he would have turned age 54.

Attendees remembered Hammack for his sense of humor, generosity, kindness, wacky golf outfits and his love of his family and friends. He was also remembered for his passion for the insurance business, with many associates recalling how he welcomed them into the industry with “open arms” and inspired them with his insurance knowledge and leadership.

“We have had so many people tell us, ‘I owe my career to Paul; he was such a great mentor.’ And he really did enjoy sharing his knowledge with anybody,” said Hammack’s sister, Julie Hammack, who worked with her brother at PIA. “It’s been really quite overwhelming to hear all the stories that we never knew about.”

Hammack’s career in insurance began in 1992 working for his parents’ agency, which was started in 1972 by his mother Paula and his father Sterling Hammack. In 2009, Paul Hammack took over as president from his father and continued to grow the company. With more than $60 million in revenue, 400 carrier partners and 310 affiliate agents throughout California and Nevada, the agency ranked No. 45 on Insurance Journal’s Top 100 P/C Agencies list in 2022.

In April 2022, the agency’s majority interest was acquired by Panorama Insurance Group. Its name was changed to Panorama Insurance Associates shortly before Hammack’s death in December.

At his “Celebration of Life” in May, Hammack’s mother spoke of how he didn’t like the insurance business at first. That sentiment was short-lived, and he became determined to succeed.

“Based on all the things you have all told me, it’s clear he succeeded beyond his wildest expectations,” she told attendees.

Hammack’s family and business partners now hope to channel his passion for insurance into action by creating opportunities for new talent to join the industry.

According to his wife Elizabeth, with whom he shared four children, Hammack frequently lamented that young people weren’t interested in starting careers in insurance and not enough was being done to attract new insurance talent.

“It was something that he would get really angry and frustrated about, and he started getting really anxious about it a couple years ago,” she said. “He would say, ‘If we don’t get young people in here who understand the insurance industry and are able to adapt to and adopt the technology, this industry is going to flounder.'”

After his death, Elizabeth wanted to do something to “make him proud and follow his vision.” She immediately thought to create a college scholarship and went on to establish the Hammack Foundation and the Paul Hammack Insurance Legacy Scholarship Fund, which will provide insurance and risk management scholarships to college students preparing to enter the insurance industry.

Through donations and events, like the first annual Paul Hammack Memorial Golf Tournament to be held in September, Elizabeth hopes the foundation will eventually raise enough money to provide scholarships that support several students throughout their college careers. Elizabeth said she would also like to grow the scholarship program to connect students to insurance internships or job opportunities.

“I want it to be a substantial incentive for students to go into and learn insurance,” she said.

The foundation has begun fundraising and will open the application period in January 2024 for the 2024-2025 school year.

Company Future

Hammack’s family and business partners are committed to keeping his spirit alive through the agency as well, which was undergoing a significant transition when he died. After the acquisition last year, PIA merged into Panorama Risk & Insurance Solutions, LLC, a client of PIA that was formed in 2019 with the backing of Omaha-based private equity group InterAlpen Partners.

Hammack retained a significant ownership stake in Panorama Insurance Associates and was preparing to transition into a new role as chief growth officer before his death. Working alongside Panorama CEO Shivam Ashoka and President of Property & Casualty Paul Saich, Hammack planned to focus on expansion opportunities and technology.

A couple weeks before his accident, the company name was legally changed to Panorama Insurance Associates, and the new structure was to be rolled out at PIA’s annual meeting in January 2023.

“Paul was very excited about what was to come,” said Julie.

Ashoka, whose background is in investment banking and private equity, said Panorama and PIA were a well-matched combination, so the merger made sense. There was a strong synergy when the companies came together, which they have focused on maintaining since Hammack’s death, though it hasn’t been easy.

“We can never replace Paul’s knowledge background and skillset. A lot of people fall into insurance, and he was really born into it. You can’t find a lot of people with that kind of skillset,” he said. “We’ve all been impressed with what he was able to do on a day-to-day basis.”

But the company is moving forward, and the ownership structure and Hammack’s vision remain unchanged, Ashoka said. The agency spent the last six months regrouping and adding new talent to try and fill any gaps, including bringing on Hammack’s wife Elizabeth, an attorney, as general counsel. Julie Hammack also remains with the company as executive vice president of Property & Casualty.

The company will continue to be known as PIA and run like it always has – as a family business, Ashoka said.

“This team is one which Paul Hammack hand selected, and spent a considerable time vetting, to help execute on his vision,” Ashoka said in a letter to stakeholders.

Additionally, Ashoka said he shares Hammack’s desire to attract new talent to the insurance space and serves on the board of the Hammack Foundation. He said PIA will be a top contributor to the legacy scholarship and will continue to support Hammack’s passion for insurance.

“From a client perspective, Paul really cared about the industry and truly wanted to help smaller agencies grow,” he said.

For Hammack’s family, keeping the agency on track has helped give them purpose as they go through the shock and grief of his sudden death.

“He spent his life, his blood, sweat and tears on this company and I want his vision to come to fruition as a legacy for him and for our children,” Elizabeth said.

In addition to his wife Elizabeth and sister Julie, Paul Hammack is survived by his four children: Emma, James, Katherine and William; his mother Paula; brother Devan; and stepbrother Sterling Hammack.

To find out more about the Hammack Foundation or to support the Paul Hammack Legacy Scholarship Fund, visit: www.hammackfoundation.org.

Topics California Leadership