5 February, 2019
Atlanta, GA – Rhodes Risk Advisors, an Atlanta based commercial property and casualty insurance brokerage, closed 2018 with significant client success within their targeted industry verticals. “2018 was a banner year for Rhodes Risk Advisors. Our industry specialization was a key determining factor in several large renewal and new business transactions that led to positive outcomes for our clients”, commented Mike Davis, President of Rhodes Risk Advisors. “These results were not only important to our clients, but also paved the way for momentous growth of our firm.” Rhodes reported the following 2018 increases over prior year results: Gross Revenue +44%, Employee Count +75%, and EBITDA +49%. Rhodes is poised to strengthen this commitment to industry specialization and continue investing in internal resources and capabilities to better serve their clients in 2019. The investment will help further enhance the client experience, including but not limited to preeminent service, proprietary technology, and claims management capabilities.
Industry Vertical Highlights from 2018 Include:
Real Estate & Construction
Rhodes grew its existing Multifamily portfolio client base by over 18,500 units totaling $1.85 Billion in Total Insurable Value during 2018. This growth is particularly noteworthy given a year that saw an extremely active hurricane season as well as a volatile property market attempting to put upward pressure on pricing.
Within the Construction & Development sector over 10 Builder’s Risk projects were enacted with aggregate construction costs over $300M. This was another area where the insurance marketplace had incurred substantial losses leading to pricing pressure. Due to market expertise and program access, portfolio leverage was utilized to develop specific multi-property programs reducing costs and streamlining operational efficiency.
Fourth Quarter additions substantiating this growth included:
Insurance for a 640-unit multifamily property in Norfolk, VA located entirely in a high hazard flood zone.
Builder’s Risk placements for a $40M multifamily project located in Kennesaw, GA, and three projects for one client in the metro Atlanta area totaling over $75M.
New client acquisition of a $50M Mixed Use development in Alpharetta, GA
Professional & Financial Services
During 2018 Rhodes added numerous new clients to the professional and financial services vertical across a variety of industries including law firms, staffing, RIAs, consulting, and real estate advisory companies.
Adding to this growth at the end of the year was the placement of all lines of insurance for a Denver based management operations consulting firm that generates over $10M in annual revenue. Additionally, Errors & Omissions and Directors & Officers coverage was secured for multiple real estate management, construction, and development organizations.
Film & Entertainment
In the Entertainment industry Rhodes placed over $350K of new business premium which consisted of multiple productions, film studios, and music tours during 2018.
Fourth Quarter additions included insurance placement for a multi-purpose 700-acre, 18 stage production studio located in Atlanta, GA that was credited with some of the largest grossing motion pictures in 2018. Additional new clients included an automated film payroll management company and a concert & entertainment cruise tour.
Over $300,000 in new business premium was written across multiple technology clients during 2018 in the telecom, social media, and data management industries.
December of 2018 included new placements of worker’s compensation insurance for a Georgia based telecommunications company and employee benefits program placement for a New York City based location intelligence company.
In addition to their existing portfolio, Rhodes Aviation Practice oversaw the purchase and acquisition of five new aircraft during 2018. These ranged from an owner flown single engine turbine aircraft to multiple larger cabin jet aircraft for corporate use.
2018 saw multiple new client additions in the non-profit arena, including all lines of coverage for a new church based in the Buckhead area of Atlanta. Rhodes navigated this client through all phases of their risk management program from pre-planning, development, and finalizing permanent insurance.
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.