4 February, 2020
Atlanta, GA – Rhodes Risk Advisors, an Atlanta based commercial property and casualty insurance brokerage, concluded 2019 with numerous additions in their industry verticals leading to another year of significant client expansion and corporate growth. Rhodes reported a 27% gross revenue increase versus prior year, continuing momentum that saw a three-year revenue growth metric of 133%.
Additionally, Rhodes expanded their geographic footprint with the hiring of key personnel and opening of their 3rd office in Macon, GA. Other industry verticals were bolstered with further employee additions, both with sales leaders in specified industry practices and operational specialists in their dedicated Claims Practice. This continued investment in industry specialization and holistic risk management approach further enhances Rhodes ability to provide dedicated expertise, preeminent service, technology innovation, and claims management capabilities.
Industry Vertical Highlights from 2019 Include:
Real Estate & Construction
Rhodes grew its existing Multifamily portfolio client base by over 15,000 units totaling over $1.4 Billion in Total Insurable Value (TIV) during 2019, marking the 2nd consecutive year of $1.25B+ TIV and 15,000+ unit growth. This program success is particularly noteworthy given a year that saw volatility and pricing pressure in both the property and liability marketplace.
Within the Construction & Development sector eight Builder’s Risk projects were enacted with aggregate construction costs over $250M.
Fourth Quarter additions substantiating this growth included:
New client addition of a 7 location Multifamily portfolio in Georgia and North Carolina with over 1,600 units and $195M TIV.
Multifamily apartment complex in Charleston, SC having over 275 units and $45M TIV where coastal expertise led to significant cost savings.
New acquisitions for existing Multifamily clients in Georgia and Florida, each having over 290 units and $30M TIV.
New client addition of two Multifamily apartment complexes in the Metro Atlanta area having a combined 240 units and $22M TIV.
Builders Risk placement for an apartment community in Atlanta having $52M in construction costs.
Film & Entertainment
Rhodes Entertainment practice saw its largest growth year in 2019. This was highlighted by a new Workers Compensation program for a California client specializing in payroll and associated administrative services within the film & entertainment industry operating in over 30 states. In addition, Management Liability & Media coverage was secured for one of the largest film studios in the Atlanta area. Comprehensive coverage included D&O, EPL, Fiduciary, Media, and Cyber Liability. These additional lines completed the comprehensive risk management solution crafted for this client.
Rhodes Aviation Practice oversaw the purchase and acquisition of over 10 new aircraft during 2019. These included float equipped aircraft, owner flown single engine turbine aircraft, and multiple larger cabin jet aircraft for corporate use. In a year that saw firming market conditions in both pricing and operational constraints, the Rhodes Aviation team utilized deep industry and underwriting understanding to continue favorable operational structures for their clients.
Among numerous other turbine aircraft, Fourth Quarter additions were highlighted by the close on a Falcon 2000 for a Missouri-based client.
Marquee addition in the technology vertical was the placement of all lines of coverage for a government contractor providing telecommunications and managed services. Rhodes leveraged technical market expertise to build a towered professional and general liability structure. This was significant as it satisfied the high limits required by nature of the contracts in the government vendor space.
A Year of Giving – The Rhodes Foundation 2019:
During 2019, Rhodes also focused on the impact outside of their standard business endeavors. Rhodes Risk Advisors is deeply committed to not only providing value in the risk management operations of their clients, but also improving the community surrounding them. Stemming from this belief Rhodes dedicates a percentage of its gross profits each year to charitable causes that hold significant meaning to their organization. This was formalized two years ago with the creation of the Rhodes Foundation. Rhodes emphasizes not only monetary donations to causes close to their employees and clients, but also allowing the time and resources for active participation in such causes.
Hurricane Dorian and its devastation in the Bahamas garnered large media attention during the late summer. The storm registered with much of Rhodes coastal client base who had been exposed to the difficulties associated with these storms, as well as the aviation practice community who was on the forefront of the relief effort. Rhodes was pleased to make a sizable donation directly to the airlift relief fund supporting the resources their clients had donated as well as their aviation clients leading the transportation effort.
Rhodes also supported numerous events at a corporate sponsorship level such as the Trinity Combine, Insurance Industry Charitable Foundation, Macon Civic Club, Focused Community Strategies, First Tee of Charleston, Northside Youth Organization, and various others. In total Rhodes and their employees supported over 15 organizations and provided over 250 hours of community outreach.
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.