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• W259338568 abstract "Ace Insurance Service's fixture was uncertain; and Brevin Pryor, the owner's son, knew it. Brevin joined Ace, a small independent agency, in 1997. By the time he earned his MBA degree in 2007, he had been entrusted with significant managerial responsibilities. Further, he had concluded that bold changes were needed to keep Ace afloat. His recommendations for improving Ace's meager earnings included closing one or two of Ace's three offices and reducing the number of unprofitable clients. However, Dustin Pryor feared his son's recommendations were too extreme and might prove shortsighted. Company History and Market Scope Jason Hickory, Cliff Valford, and Dustin Pryor founded Ace in 1979 as an independent insurance agency located in Riverdale, Utah. Ace's main source of revenue came from commissions earned from selling automobile insurance in parts of Northern Utah. In the early 1980s, Cliff left the company, Jason died, and Dustin assumed full ownership of the business. In 1992, Ace opened its second office in a rundown section of Ogden, Utah. Brevin thought the second office was opened mainly to utilize a building his father owned but which he was unable to lease out under satisfactory terms. In 1996, Ace bought the Clamford Insurance Agency, whose only office was in Ogden. A deal was struck because Harry Clamford's asking price seemed reasonable and buying another agency looked like a good way to expand. Nevertheless, the acquisition fell short of expectations. Ace consolidated its Ogden operations in 1998 and left Ogden altogether in 2002. According to Brevin: Staying in Ogden would have sunk Ace. When I was hired, I worked at both the Riverdale and the Ogden offices. The Ogden office was always much busier, but Riverdale generated far more in commissions. Brevin attributed differences in workloads and commissions to differences in the kinds of clients the two offices attracted. The Ogden office was in a deteriorating urban neighborhood, while the Riverdale office was in a thriving suburb. Brevin's workload and commission assessments did not convince his father to leave Ogden immediately. Instead, they prompted him to open an additional office in West Point, Utah, a community where developers were rapidly converting farmland into residential subdivisions. However, by the time the West Point office opened in June 2002, Brevin had persuaded his father to withdraw from Ogden, leaving Ace with two offices separated by a 10minute drive. Operating income jumped the following year--from less than $20,000 in 2001 and 2002 to nearly $50,000 in 2003. Brevin was sure that closing the Ogden office had paid off. In the fall 2004, Ace opened an office in Kaysville, Utah. Brevin had advised against opening a third office, but Dustin thought another suburban office would boost revenue and profit. Figure 1 shows the locations of all Ace offices in operation from 2005 through 2007. Ace earned nearly all its revenue from personal property and casualty insurance, which included automobile, homeowner, and other types of insurance that protected individuals and families financially against losses and liabilities resulting from theft, fire, accidents, and the like. Personal property and casualty policies specify the circumstances under which insurance buyers, called policyholders, were entitled to full or partial compensation for personal property losses. They also specified the circumstances, if any, under which the insurance provider must fully or partly assume financial liabilities incurred by policyholders. Car accidents were the predominant source of such liabilities. [FIGURE 1 OMITTED] Although Ace and similar agencies sold insurance, firms called insurance underwriters were the actual insurance providers. They created policies, which they were obligated by law to honor. Table 1 on the next page shows the types of insurance Ace sold in 2006 and the approximate value of premiums and commissions derived from each type. …" @default.
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• W259338568 date "2009-06-22" @default.
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• W259338568 title "Ace Insurance Services at a Crossroads: Big Challenges for a Small Company" @default.
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