25 July, 2017
Atlanta, GA – Rhodes Risk Advisors, an Atlanta based commercial property and casualty insurance brokerage, once again saw significant growth within its established industry verticals during the second quarter of 2017. Building on the momentum already established in these specified areas, this success was seen not only in the current portfolio but also with sizable new client growth. “The second quarter of 2017 proved to be the most successful quarter in our company’s history. This is undoubtedly attributable to our in-depth knowledge of the insurance marketplace and risk characteristics within our targeted industry verticals”, commented Mike Davis, President of Rhodes Risk Advisors. “This was clearly evidenced by our real estate practice placing coverage for $2.5 Billion in multifamily properties alone.”
Highlights from the Second Quarter of 2017 Include:
Rhodes secured coverage for a new multifamily real estate client consisting of 6,000 units and $600M in total insurable value. The executed risk management package provided additional coverage lines, a simplified claims process, rate reduction, and overall cost savings to the client.
This was the marquee piece of a quarter that saw Rhodes place $2.5 Billion in total insurable value during the timeframe through both new and renewal business. Throughout the second quarter Rhodes successfully supported the expansion of their current multifamily client base while continuing to use industry expertise to bring new clients into the practice.
Construction / Builders Risk
The Rhodes Construction practice placed coverage for three new multifamily mixed-use projects with a total value over $120M. With significant pressure on pricing increases due to market conditions, Rhodes was able to secure coverage at rates 25% below market pricing. Through a deep understanding of the key carriers providing Builders Risk coverage, Rhodes achieved the pricing results while expanding coverage to include various perils such as Flood, Earthquake, and Interior Water Damage.
The highlight within the hospitality vertical was the placement of a 135-key boutique hotel in Pittsburgh, PA. Rhodes provided the new ownership with significant cost savings from a premium standpoint as well as expanded coverage compared to the prior insurance package.
The newest industry vertical to Rhodes saw significant growth during the quarter. Utilizing a decade of experience within the underwriting market, Rhodes personnel used specific industry knowledge to help improve clients’ aviation operations. One example was the flexibility for a real estate firm owner to be able to fly his own corporate aircraft, which was previously stated as not possible. By knowing what the market would bear and examining the underwriting data, Rhodes delivered optimal results that allowed the owner to fly his aircraft, increasing efficiency in company operations.
Film & Entertainment
Secured coverage for an Atlanta based $50M purpose built sound stage complex. The project has 9 sound stages ranging from 20,000 Sq. Ft. to 40,000 Sq. Ft. and an additional 175,000 Sq. Ft. of mill space, special effects, and storage space. The studios offer services for all types and sizes of productions ranging from independent films to tent pole movies.
Rhodes placed coverage for an Atlanta based full service advertising and design firm. The firm’s services include advertising strategy, branding and design, interactive and social media, and experiential and augmented realty services. Rhodes was able to provide comprehensive coverage for the unique exposures of the firm which includes a national campaign for one of their clients that tours college football tailgates.
About Rhodes Risk Advisors: Rhodes Risk Advisors exists to protect their clients using the most innovative and comprehensive risk management solutions allowing them to focus on the continued success of their business. Based in Atlanta, GA, Rhodes provides property and casualty insurance brokerage and consulting services to middle market businesses. Rhodes specializes in providing unique and comprehensive insurance solutions to the Real Estate, Non-Profit, Construction, Film and Entertainment, Technology, Hospitality, Aviation, and Professional Service industries.