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
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
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 Federal Reserve Bank of Kansas City has been asked to
approve a second plan by a Pawhuska group, led by T. …