Concord Insurance Brokerage Jenkins Rebrands

Jenkins Athens Insurance Services, the Concord insurance brokerage and employee benefits firm, has renamed itself Jenkins Insurance Group in a brand repositioning move that consolidates all of its services under one name.

The name change will take place in two steps: the new brand and logo will be introduced immediately for the company's property and casualty insurance services, and in early 2009 for the firm's benefits division, Athens Benefits. The Athens name was introduced in the 1980s when the firm expanded into offering employee benefits services.

Jenkins had premium volume of $436 million last year, up from $423 million in 2006. It is the third-largest brokerage in the East Bay, according to East Bay Business Times research.

The company is repositioning itself at a time of upheaval and consolidation in the insurance industry, which has seen commercial property and casualty premiums decline 5 to 15 percent a year for the past four years as companies fight for market share.

The drive to strengthen market share and leadership in growth markets while at the same time increasing economies of scale is behind a number of recent mergers, including Willis Group Holdings Ltd.'s $2.1 billion acquisition of rival Hilb Rogal and Hobbs Co., a deal announced earlier this month. London-based Willis is the third-largest broker in the world behind Aon Inc. and Marsh and McLennan.

Closer to home, Oakland firm Saylor and Hill Co. in May completed a merger with Barney and Barney LLC of San Diego. And Wells Fargo and Co. has made a string of acquisitions in the insurance space over the last several years.

Independent brokerages have sold out to larger firms as founders sought an exit strategy, and, increasingly, as they have found it is harder to compete against larger, deep-pocketed firms.

Jenkins CEO Curt Perata said Jenkins is committed to remaining independent. The 71-year-old company was started by James W. Jenkins and is still family-owned. The founder's son, James C. Jenkins, is chairman of the company, and a member of the third generation, James R. Jenkins, is president of the Athens Administrators division.

"Rebranding costs a lot of money," Perata said. "There is a lot of investment and a lot of thought process that goes into the brand." In this case, the name change was a way to better reflect the values and history and relationships that the firm has, he said. Jenkins has spent close to $500,000 on the rebranding effort, Perata said, which includes a new Web site. "In these times it is significant investment."

The premium declines are good for Jenkins' clients, but the flip side is that commissions go down as well. Jenkins has grown its total client numbers 10 to 15 percent on both sides of its business, Perata said, but revenue on the property and casualty side, which accounts for about 60 percent of the company's total revenue, is flat. Revenue on the benefits side, meanwhile, is growing 10 to 15 percent annually.

In 2007, Jenkins' revenue was $39 million, roughly flat with $38 million in 2006. Perata declined to disclose exact income figures, but said the income from the benefits side has remained strong while income from the property and casualty side has seen a lot of downward pressure.

Jenkins hopes to leverage the repositioning of its brand to bring in more business, and increase the amount of cross-selling it does between its divisions. Right now, about a third of its customers buy services from both sides of its business, Perata said.

Listed below are more articles related to the above article from the "Insurance" article category.

People interested in the above article "Concord Insurance Brokerage Jenkins Rebrands" are also interested in the related articles listed below:

 

How to Obtain Insurance

In our previous articles we've approached such issues as correct cargo insurance, clauses of the insurance agreement, term of validity of the insurance agreement and factors which influence the underwriting rate. Today we'll discuss how to obtain insurance.

Water Damage and Insurance: Flood vs. Homeowners

Water damage is one of the most common reasons that people make claims on their insurance, but do you know exactly what your insurance covers? Both flood and homeowner's insurance deal with water damage, and knowing the difference between them and what's covered by each can help you determine the right coverage for you, as well as help you determine what to do in the event of an emergency.

Understanding Payment Protection Insurance

Ostensibly, such policies cover people if they become sick, made redundant, or are involved in any sort of accident. You can take such policies out alongside all types of borrowing such as store cards, credit cards, personal loans, and mortgages.

Is Getting The Moving Insurance From Relocation Company The Right Choice?

Moving to another country is not an easy task to accomplish and a lot of individuals and families hire international moving companies to handle it for them. Once you sign the contract with them and pay the deposit for your overseas move - you’re done, right? Do your due diligence and check what options the mover offers as to the international moving insurance.

Long-Term Care Insurance: 2009 Study Reveals How Much Coverage People Purchase

National study reveals how much long-term care insurance consumers purchase; at what ages they buy this protection and what they pay. Valuable information for any consumer considering long-term care insurance protection.

What's The Recession Doing To The Insurance Industry?

When you’re sitting at home worrying about the mounting pile of bills to pay, it’s easy to lose sight of the big picture. Fact is, just as you’re in a new world of hurt, there are other people hurting as well. In this case, the people are the inventors in the insurance industry. They all bought shares in these big corporations when the prices were high, never thinking that the world could suddenly turn sour.

Protect Your Belongings With Contents Insurance

If you have been here (earth) long enough then you would have amassed fair deal of detritus, but also valuables. Irrespective of how much certain things could go for on Ebay, they may be of some sentiment which means a worth more than all the money in the world. Even if your home is only partially damaged this could mean a great deal of expense. Using unattainable funds in a scenario whereby you do not have insurance for your home contents.