ARGYLE, Texas, Oct. 9, 2012 /PRNewswire/ -- A new managing general agency – Mission Select Insurance Services, LLC – has been formed in Texas "to provide a much-needed, innovative alternative for Texas independent insurance agents who sell residential property insurance in this state," Dave Lacefield, president of the new firm, said today.
Mission Select, based in Argyle, was formed with the backing of San Diego, Calif.-based K2 Insurance Services, LLC, which invests in managing general agencies across the country.
Managing general agencies sell insurance coverage, but differ from other agents in that they are authorized by insurers to actually underwrite and bind risks. Mission Select, Lacefield explained, will underwrite business on behalf of highly rated insurers, marketing insurance coverage through Texas independent agents.
"Texas agents are struggling, as they're being largely ignored by giant insurers and are having to deal with diminished capacity from regional carriers," Lacefield said. "Mission Select offers a practical, no-nonsense approach to help agents write insurance for residential properties – from tenant-occupied properties to half-million-dollar owner-occupied homes."
Lacefield said Mission Select has developed a "suite" of innovative insurance products designed to make it easier for independent agents to write new business. Mission Select, he added, will underwrite business on behalf of highly rated, financially sound insurers, "making the process very efficient for professional insurance agents."
He added that Mission Select will not impose credit scoring in evaluating properties. "This meets a crucial need for today's credit-challenged consumer, while making the process more efficient and less mysterious for the agent," he said.
Lacefield explained that the new company will utilize proprietary software that will enable agents to price and bind coverage quickly for policyholders, providing policy forms and other information "at the agent's fingertips."
"Many insurance companies continue to operate with legacy computer systems developed in the 1970s and 1980s," Lacefield said. "Our system gives agents much-needed flexibility, enabling them, for example, to respond easily and quickly to customer inquiries."
Mission Select is focusing on residential properties in non-coastal areas. Expansion to additional areas and to other personal lines of insurance is expected in the future.
Mission Select leadership
The company's co-founders include Lacefield and Chief Financial Officer Ashley Hunter:
- A veteran of the insurance industry, Lacefield began his career as a homeowners' insurance pricing analyst at USAA in 1977. Most recently he was executive vice president of National Lloyd's Insurance Company in Waco, Texas. He has also held executive positions with insurers GeoVera Insurance Holdings and Texas Select Lloyds Insurance Company, as well as earlier positions with CIGNA Corp. and Kidder, Peabody & Co. A member of the Casualty Actuarial Society and the American Academy of Actuaries, he recently served as vice chairman of the board of the Southwestern Insurance Information Service.
- Hunter, a Certified Public Accountant, founded Hunter Alliance Group, which provides accounting and administrative consulting services to insurance firms. He has also held positions with insurance broker Aon Corp. and with accounting firms Ernst & Young and James Howard & Associates. He holds master's and bachelor's degrees from Texas Tech University and serves on the board of directors of the Amarillo, Texas-based Christian Relief Fund.
"A key criterion for our insurance investments is the quality of management," commented Bob Kimmel, president of K2 Insurance Services. "Dave and Ashley have the relationships, background and know-how to build a strong insurance franchise in Texas." Additional information on K2 is available at www.K2ins.com
K2 was formed in 2011 with the backing of private equity fund Endeavour Capital, based in Portland, Ore. Additional information is available at www.endeavourcapital.com
SOURCE K2 Insurance Services, LLC