Peter R. Milnes, Chairman & CEO, of INEX Capital & Growth Advisors, has announced the launch of Optisure Risk Partners (“Optisure”), a new national insurance brokerage firm providing best in class insurance and risk management solutions to clients throughout the United States.
Mr. Milnes, former chairman of The Insurance Exchange, Inc. and USI New England has taken a leading role in the insurance and financial services industry, nationally and in New England over the past 35 years.
Milnes has partnered with Paul Burke, who has had a 25-year career in corporate finance for banking and insurance entities, in founding the new organization. Mr. Milnes will provide CEO services to the company while Mr. Burke will serve as Chairman. Mr. Burke commented that, “Peter and I have worked together for a number of years, and I am excited to continue our partnership in building this organization.”
Operates locally with global capabilities
In announcing Optisure Mr. Milnes stated Optisure’s regional partners will operate locally but with global capabilities that address the entire spectrum of risk management, employee benefit and property-casualty insurance needs.
Mr. Milnes noted, “As a result of regional firms being acquired and consolidated by national players, often with investors with short term time horizons, clients are left without local access to peer business owners in the insurance industry. Optisure will provide the solution to enhanced capabilities while our founders stay involved as owners of the business.”
Founding organizations of Optisure generate over $140 million in insurance premium
Optisure’s founding organizations include Aspen Insurance Agency of Manchester, New Hampshire; Richards Robinson Sheppard Insurance of Boston and Beverly Massachusetts: Mather and Pitts Insurance of Essex and East Hampton, Connecticut; Kinloch Consulting Group of Melville, New York; The Alliance Group of Red Bank, New Jersey; and SG & Associates of Miami and Pembroke Pines, Florida.
Optisure, through its founders, presently secures in excess of $140 million of insurance premiums annually for its clients.
Also, Optisure now employs over 60 talented insurance professionals throughout the Northeast and Florida. Their expertise in program underwriting and aggressive program structures will enable clients to enjoy some of the most competitive terms and premiums in the marketplace according to Mr. Milnes.
Mr. Milnes and Mr. Burke’s vision for Optisure
Agency Checklists asked Mr. Milnes to expand on the Optisure announcement to explain exactly what Optisure Risk Partners would bring to the agency marketplace. His answer follows:
“In developing Optisure Risk Partners, we have sought to address two opportunities apparent in today’s insurance agency environment.
First, agency principals are encouraged to work with us: Increasingly, as local agencies are absorbed by large acquirers, the former owners exit out of the agency system. We believe this leaves a significant void in how local business owners have typically related on a peer to peer basis with the principals of the agency that had been handling their account. We have found that the ability to speak directly with and obtain counsel, advice and service from the individual who has the ultimate accountability for one’s insurance program is highly prized and sought after by business owners and their executive teams. Our approach enables agency principals to continue in the business delivering those results to their clients but while working within the agency owner’s unique abilities to satisfy those client needs.
Second, we will provide sophisticated resources to our local partners: Having immediately available local resources but matching those resources with the expanded capability of a larger agency broker gives a highly effective blend of local and community based knowledge coupled with the more sophisticated resources frequently found only in larger insurance brokerage. As a result, our agency partners have a competitive advantage in attracting and retaining client accounts.
We believe our approach will result in continued strong organic growth as we satisfy a client’s desires to interact with senior decision makers.
Finally, Optisure can provide unique approaches to legacy preservation and enabling agency principals realize appropriate liquidity and value as they seek to enjoy the success built over their career. In facilitating perpetuation and asset realization, of particular note, is Optisure’s ability to structure transactions for agency owners of C corporations. Because of Optisure’s integrated approach, we have the ability to help those agency owners mitigate the significant additional tax burden they would otherwise face.”
Optisure and Quincy Perpetuation Partners are unrelated ventures
When asked by Agency Checklists if Optisure was related to the Quincy Perpetuation Partners (“QPP”) endeavor with which Mr. Milnes is involved, (See Agency Checklists, June 7, 2106 article, “Quincy Mutual To Support Perpetuations and Acquisitions”) he stated QPP is an unrelated entity, but also reflects his passion for preserving the independence of agencies on a local basis.
INEX Capital & Growth Advisors’ role
Mr. Milnes’s company, INEX Capital & Growth Advisors facilitated Optisure’s founding and provides corporate and management services to the organization.
For more information about Optisure or INEX, contact:
Peter R. Milnes, CPCU, CIC