Job Description
Job Title: VP of Insurance
Create an Insurance Brokerage business unit focused on multifamily to add to our vertical Integration
The Prime Company, LLC (www.theprimecompany.com) is a full-service, vertically integrated real estate development and investment management company, led by a management team that has been responsible for the development, investment and management of multifamily real estate projects, with over $625 million in assets under management. Based in Manhattan, Kansas, with nearly 100 in-house team members that provide architectural, general contracting, and property management expertise
- Key Responsibilities
- Agency Formation & Strategy: Develop and execute a comprehensive business plan for the startup, including establishing operational procedures, choosing technology stacks (e.g., Applied Epic or Vertafore), and obtaining necessary state licenses.
- Revenue Growth & Sales: Lead "hunting" efforts for third-party commercial clients, specifically targeting mid-to-large multifamily and commercial real estate portfolios.
- Carrier Management: Act as the primary liaison with carrier partners and wholesalers (e.g., RT Specialty) to secure direct appointments and negotiate favorable terms for real estate-heavy risks.
- Portfolio Administration: Oversee the insurance needs of The Prime Company, ensuring its $3.2M+ premium portfolio has adequate coverage and is in compliance with internal debt and equity requirements.
- Leadership & Performance: Establish and track departmental Key Performance Indicators (KPIs), including retention rates, loss ratios, and quote-to-bind ratios.
- Compliance & Risk Management: Ensure the agency adheres to all state and federal regulations, specifically managing the "controlled business" thresholds in all applicable juris
- Required Skills & Qualifications
- Licensing: Must possess active Property & Casualty (P&C) licenses in good standing.
- Experience: 5+ years of progressive experience in commercial insurance underwriting or brokerage, with a strong emphasis on real estate exposures.
- Technical Expertise: Advanced knowledge of General Liability, Umbrella, and Commercial Property coverages, including complex casualty and loss-sensitive programs.
- Leadership: Proven track record in a senior leadership role, capable of managing talent, mentoring staff, and reporting performance directly to executive ownership.
- Analytical Ability: Proficient in analyzing large-scale risk portfolios, loss data, and financial trends to create Total Cost of Risk (TCOR) exhibits.
- Key Performance Indicators (KPIs)
- 3rd Party Revenue Growth: Measured by new business written premium from non-affiliate clients.
- Client Retention Rate: Targeting a 90%+ retention rate for all third-party renewals.
- Loss Ratio: Maintaining profitable loss ratios to secure and expand carrier appointments.
- Operating Margin: Managing expenses against revenue to ensure agency profitability.
- Compensation
- Base Salary $100,000
- Profit Sharing 1/3 Agreement Third Party Business as outlined below:
- All Insurance business related to The Prime Company Insurance needs is not eligible for profit sharing.
- Agency owns all expirations, records, and customer lists for businesses written under the firm, including third-party businesses.
- Third Party Profit Sharing Agreement
- 1/3 of Net Income of Agency Business (Owner draws and your salary and benefits are not counted toward expenses)
- New Business
- 60% Agency
- 40% Producer
- Renewal
- 70% Agency
- 30% Producer
- Example Expense: Hiring an Account Manager would be deducted from the Agency Profit as an expense. At the end of the year NOI is divided 2/3 (TPC) to 1/3 (You).
As a part of your overall compensation package, we offer the following:
● Pay for 50% of your family’s health insurance premium. .
● Unlimited paid holiday, vacation time, and “flex-time”, as allowed and coordinated with your supervisor
● Discounted dental insurance is available for your voluntary participation
● 401K: TPC matches 100% of the first 3% of your contribution, and 50% match on the next 2%, 401 k is only available after one year of hire
● HSA:TPC matches 100% of the first $1,000 of your contribution, with a 20% match thereafter.
● A tax-advantaged, 125 “cafeteria plan” is available for your voluntary participation
● A cell phone $50 monthly reimbursement to provide your own plan and device
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