In 1989, armed with his own experience and just one other employee, John Glander started Professional Risk Associates, Inc. determined to change the way medical malpractice insurance brokering was done in the mid-Atlantic region. The mission was simple: deliver high-quality and creative liability insurance solutions to medical professionals. The goal was to grow from a handful of clients into one of the largest firms in the country specializing in medical professional liability insurance.
Over the course of 35 years, Professional Risk not only achieved its goal, but surpassed it. What started as a two-man group blossomed into a company of 25 dedicated employees who shared a drive and passion for unparalleled customer service. We grew from protecting a few clients to thousands with comprehensive medical professional liability coverage. The growth was a testament to every employee's dedication and hard work.
John’s commitment to the success of the business extended beyond working in the client’s best interests. In 2002, he instituted an Employee Stock Ownership Plan (ESOP). This uncommon move made everyone who worked for Professional Risk a shareholder. This, in turn, instilled a deep sense of ownership within our agents and company leadership. For the past 22 years, any time a client interacted with our team, they were also connecting with a dedicated owner committed to the success of their healthcare practice. This environment fostered a highly unique and exceptional work culture in which we took immense pride. We prioritized compassion and camaraderie in our office and through our philanthropic efforts.
Following the ESOP formation, the agency continued to grow, and the needs of the healthcare industry evolved. The leadership team made efforts to expand coverage lines to broaden our offerings. We also strengthened our relationships with physician practices and deepened our knowledge and resources. Adaptability and commitment to clients' needs have always been at the core of our operations. However, the pace of the healthcare evolution increased rapidly over the past decade in unprecedented ways.
As independent healthcare practices grew and aggregated, many practice owners sought agents with a broader perspective and scope. Although we were not restricted to one state or region, as our clients thrived, their risks became more complex, and so did their insurance needs. While we were well equipped to handle any medical professional liability scenario, our most prominent clients had growing exposures beyond their medical malpractice insurance.
Simply put, these liabilities demanded more experience than we were equipped with in coverages outside our agents’ expertise. Given our mission to always serve the clients, John and his senior management team began to weigh the merits of making significant investments to grow organically or to sell to a national broker who already had these capabilities built. The expediency of selling ultimately won. Organic growth could take years to build the infrastructure, and we needed to adapt as quickly as the market was changing in order to meet the needs of our clients.
Furthermore, in keeping with our culture, the senior management team wanted to maximize opportunities for the dedicated team of owners the company had curated over the years. Given our business's highly specialized nature, attracting and retaining experienced agents within our footprint was becoming increasingly challenging. It was critical to offer current and prospective employees’ growth and development opportunities, training programs, expanded benefits, and other resources that we could not provide as a regional independent agency.
As the senior leadership team began to explore its options in early 2023, there were two priorities. The first was aligning with a national broker already well-established in the healthcare industry. Partnering with a company that understood our client’s needs and who would have the tools to help us meet them readily available was vital. The second priority was finding a partner prepared to handle the complexities of acquiring an ESOP. The partner had to embrace the value of our distinctively entrepreneurial workplace and ownership culture. That was non-negotiable.
We were initially presented with multiple options but spent considerable thought and discussion narrowing the list to three. Risk Strategies stood out for several reasons. Knowing that Risk Strategies already has a robust healthcare practice with a national scope piqued our interest. Our leadership team was familiar with the Risk Strategies medical malpractice team and had a good rapport with them while recognizing that they shared our commitment to being the best in the field. With healthcare being a targeted growth area for Risk Strategies, it was a natural fit for our team in terms of the depth and breadth of experience that our agents bring. That, along with the additional training, growth opportunities, and stability for our employee-owners, ultimately made Risk Strategies our best choice.
Our decision to sell coincided with John’s retirement from the insurance industry. John felt confident that this acquisition was the right move for Professional Risk's employee-owners and assured that what he built would continue to flourish under this new structure. While no longer part of an employee-owned company, the Professional Risk family maintains the same diligence our clients have come to expect. We are eager to take advantage of all that Risk Strategies has to offer.
