President lifts lid on flat construction and personal fairness backing
A brand new property and casualty insurance coverage company goals to ship complete and high-touch insurance coverage providers with “the expertise of tomorrow.”
Launched in January 2024, Twain Insurance coverage Company is the fruit of a partnership between a bunch of producers led by John Lawrence, Tom Davis, and Griffin Wilson and personal fairness agency Twain Capital.
Lawrence (pictured), who heads up the Mississippi-based company as president, spoke to Insurance coverage Enterprise in regards to the enterprise.
“We all the time thought it could be a logical step for us,” he mentioned.
Twain Insurance coverage will give attention to middle-market companies, specializing in actual property, development (together with surety), power, healthcare, waste, monetary, distribution, manufacturing, non-profit, and training.
Returning to a ‘client-focused’ service ethos
Earlier than beginning Twain Insurance coverage, the trio helped set up the mid-Atlantic workplace for Business Insurance coverage Associates (CIA), an unbiased P&C brokerage with places of work in Tennessee, Maryland, and South Carolina.
In response to Lawrence, their imaginative and prescient for a brand new insurance coverage company – one which returned to the “tradition of client-focused service” – aligned with that of Twain Capital’s.
“We needed to take care of a boutique, high-touch really feel with our shoppers,” he mentioned. “They know our households, we all know theirs, they name us and may get us on the telephone instantly.”
However Lawrence additionally acknowledged that insurance coverage might now not fall behind the altering occasions. He envisioned Twain Insurance coverage being pushed by each cutting-edge expertise and shopper relationships.
“We all know that occasions are altering with all of the totally different expertise that’s coming, and we need to guarantee that we’re adapting,” Lawrence mentioned.
“Insurance coverage has been one of many final movers on the expertise entrance, however it’s a transfer that may occur, a shift to be extra technology-driven. We need to guarantee that we’re doing that to have the ability to assist our shoppers.”
Producer-led insurance coverage company
One other characteristic that makes Twain Insurance coverage stand out available in the market is its flat organizational construction. The company goals to empower its producers by eschewing the standard company hierarchy.
Lawrence noticed that some organizations had too many layers of center administration that have been hampering effectivity and efficiency, as an alternative of boosting it.
“You bought to listen to about issues three or 4 totally different occasions from a boss, then from a boss’s boss,” he mentioned.
“Our viewpoint has all the time been that if you happen to put high quality folks into the proper positions, they don’t want these extra layers of administration to succeed. We will use these extra sources to supply extra providers to our shoppers.”
Delivering extra worth to the middle-market phase is on the coronary heart of Twain Insurance coverage, Lawrence mentioned.
“Center to large-middle market is our area of interest, and we really feel it’s a bit bit underserved within the market proper now,” he mentioned. “It’s a candy spot the place we will actually excel, the place folks do need the high-touch service and professionalism of a giant insurance coverage program, however they need the service mannequin of a smaller company.”
What’s subsequent for Twain Insurance coverage Company?
Twain Insurance coverage has hit the bottom operating with an in depth listing of shoppers and provider relationships throughout the nation.
Over the subsequent few months, the workforce will give attention to crafting a progress framework, attracting extra producers, and constructing its ebook of enterprise with shoppers and carriers.
“It’s been a really enjoyable and thrilling first few weeks,” Lawrence mentioned. “We glance to rising not solely organically, however we’re additionally speaking to extra producers within the market which can be intrigued by the flat hierarchy that we’re going for and possibly disillusioned with their present state of affairs and relationships within the market.”
The company can be seeking to department out from its present bases in Maryland, Virginia, DC, Delaware, and Pennsylvania.
“We undoubtedly wish to broaden, however we’re searching for the appropriate folks,” Lawrence mentioned. “The 2 areas we glance to develop out are the DMV (District of Maryland, Maryland and Virginia) space in addition to Mississippi. However I feel our preliminary aim is [to get] the appropriate individual, no matter the place they sit. That’s extra necessary to us.”
Lawrence additionally addressed the partnership with Twain Capital. He mentioned that the place most personal fairness companies see a time horizon for his or her return on funding between 5 to seven years, Twain Capital helps Twain Insurance coverage’s longer-term ambitions.
“Twain Capital needs to be the antithesis. They’re searching for extra of an extended, possibly 10-to-15-year horizon for his or her portfolio firms, so it’s a a lot totally different expertise,” Lawrence mentioned.
“We didn’t need personal fairness that was simply trying on the backside line in any respect factors. We need to construct one thing sustainable for a lot of years. Twain is absolutely supportive of that imaginative and prescient as a result of it’s a mutual imaginative and prescient.”
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