Cole, Paine & Carlin Insurance Agency Inc. has merged two other Oklahoma City insurance agencies into itself: Cravens, Barnhill, Gilbert and Pellow Insurance Agency and Phillip Truss Insurance Agency, formerly George W. Bass Insurance Agency.
Phillip Truss, owner of the agency bearing his name, has become a partner in Cole, Paine & Carlin, located at 1140 NW 50th St.
Insurance companies are more likely to do business with agencies that appear to be more upscale in computer ability and management, and are getting away from doing business with smaller insurance agencies, which some carriers see as unprofitable, said Keith Ahpeatone, a partner in the agency since the Jan. 1 merger.
The agencies wanted to combine to increase total volume - "having more business with each (insurance) company gives us more clout with each company," Ahpeatone said.
An agency that writes $100,000 with a company gets average business from an insurance carrier - no preferential treatment - but after developing a tremendous volume of business, an agency can become one of the carrier's lead agencies, Ahpeatone said. When an agency wins that designation, the carrier might work special programs for the agency, set up a specific policy for the agency, and the contingency contracts, or profitsharig between the agency and the carrier offer more for the agency, he said. Small agencies may not reach the minimum volume to qualify for profitsharing, he said.
The merger did cause some duplication in carriers the agents had done business with, but the group gained about 50 more insurance companies to deal with, Ahpeatone said.
"So (his clients) have a chance to get a better rate."
As a result of the merger, Ahpeatone said he is rewriting his customers' policies at lower rates, saving his clients money and writing more business. . .
- Innovative financial management is the subject of a panel discussion tonight by three Oklahoma corporate treasurers at the University of Oklahoma.
J.J. Mulva, vice president, treasurer and chief financial officer at Phillips Petroleum Co.; A.M. Strecker, vice president, secretary and treasurer of Oklahoma Gas and Electric Co.; and John M. Thompson, treasurer at the Fleming Companies Inc., are the scheduled panelists.
The OU Finance Club is hosting the discussion for students to learn new techniques in financial management as they prepare for life beyond college in the 1990s.
The discussion begins at 7 p.m. in Dining Room 6 of the Oklahoma Memorial Union on the OU campus at Norman and is free of charge. . .
- The …