24 October, 2017
Tuesday October 24, 2017
Atlanta, GA – Rhodes Risk Advisors, an Atlanta based commercial property and casualty insurance brokerage, closed another successful quarter seeing client growth within its targeted industry verticals. This included new client growth, expansion of current client portfolios, and demonstrating proficiency in risk management practices outside of insurance placement. “The natural disasters that occurred in the 3rd quarter of 2017 presented numerous challenges for our clients and our firm,” commented Mike Davis, President of Rhodes Risk Advisors. “However, it is in these unfortunate events we have the opportunity to help protect our clients in keeping their businesses running despite suffering a loss.”
Highlights from the Third Quarter of 2017 Include:
The property insurance marketplace faced a potentially volatile third quarter, noted by the effects of Hurricanes Harvey, Irma, and Maria. Key elements of the Rhodes Way are risk management planning beyond insurance placement as well as claims advocacy during catastrophic losses. Multiple Rhodes clients faced large scale property and flood exposure as the storms approached. The multifamily practice took a proactive approach in guiding their clients by reinforcing Emergency Response Plans, loss prevention actions, and validating coverages that may be triggered were in place. As the storms came and passed, Rhodes stayed in direct contact to ensure an enterprise view of any damage reports, preliminary claim filings, adjuster contacts, and how the process would look going forward.
During this quarter Rhodes also closed on a 270 unit multifamily property located in Palm Bay, FL, and a 225 unit multifamily property in Durham, NC. Both were new acquisitions where Rhodes was vital in navigating the entire process from valuation to insurance program closing.
The highlight within the professional services sector was the successful navigation of an RIA client through a merger of two pre-existing firms. Prior to the merger, Rhodes conducted thorough due diligence of the existing insurance programs to create an optimized risk management and insurance program post-merger. By utilizing economies of scale and expertise in this specific marketplace, coverage was enhanced and insurance cost was reduced for each party. Proactively walking the client through this process facilitated a more comprehensive insurance program and streamlined risk management operations.
Comprehensive insurance coverage including property, general liability, workers compensation, umbrella, and crime policies were secured for a new client purchasing a boutique hotel in downtown Asheville, NC.
Construction / Builders Risk
Rhodes saw continued momentum due to their expertise in the construction space, highlighted by a newly renovated mixed use development in the West Midtown area of Atlanta. This development consisted of both office and warehouse space. It was also the culmination of a program Rhodes tailored through the construction & renovation process, and delivered into a permanent insurance program for the next phase of this client’s growth. “We are excited to see the success of our client’s projects and partner with them from the infancy stages through completion of development,” explained Kenny Goepp. Additionally, Rhodes implemented a builders risk program for a mid-rise senior living apartment complex in Gainesville, GA.
Rhodes was honored to have President Mike Davis installed as the Chairman of the Georgia Young Agents Committee for the 2017-2018 period. Mike has been involved in various leadership positions within this organization, and looks forward to expanding the great work this organization has already accomplished. The fundamental purpose of the Independent Insurance Agents of Georgia Young Agents Committee is to foster the careers of member agents who are under the age of 40.
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 and Financial Service industries.