Posted on 15 Sep 09
This week we spoke with Bill Yurek, president of AVRECO, one of our veteran Storefronts. Founded in 1962, AVRECO is a Wholesale Insurance Broker specializing in niche business, including Medical Malpractice and Professional Liability insurance, non-profit and for-profit D&O, E&O (accountants, architects, designers, attorneys), Employment Practices Liability Insurance, Property for both large accounts and packages, General Casualty, and Excess Liability. AVRECO’s offices are located in Chicago and California.
AVRECO's experienced Medical Professional Department also has expertise in the formation of captives. AVRECO enjoys access to more than 100 insurance companies in niche markets. And it has over 40 years experience providing commercial Property and Casualty insurance underwriting with several companies including Lloyd's of London.
AVRECO’s Medical Professional Liability program includes cover for hospitals, physicians, and other providers. It also offers an Allied and Miscellaneous Healthcare Professionals and Facilities program through Lloyd’s. Additionally, AVRECO has an exclusive brokerage agreement with First Professional Insurance Company in Illinois for physicians in the state.
In 2008 Risk Placement Services (RPS) purchased AVRECO. RPS has 43 offices throughout the country, 830 employees nationwide and writes over $1 billion in premium. AVRECO has a staff of 35 in its Chicago headquarters.
Bill joined AVRECO in 1977, having worked at wholesale insurance broker George F. Brown and Sons where he built a book of business of Hospital Professional Liability and other Medical Malpractice coverage. Throughout the 1980s, Bill rose through the ranks at AVRECO until becoming President in 1998.
In discussing AVRECO’s philosophy and approach to doing business, Bill underscores AVRECO’s adeptness and priority in sharing information with its retail insurance agents and in developing expertise in the markets it serves. “Our AVRECO brokers help each other through good communication and letting everyone know what they’re doing. We are committed to developing our expertise on particular coverages. Our goal is to act as a value-added resource to our clients…a source of knowledge on specific coverages and what markets are available to write those coverages.”
Bill also emphasizes AVRECO’s market clout as an advantage for its retail insurance agent clients. “We have built up a premium base with many markets so we have excellent relationships with underwriters. We know what the underwriters want and what they don’t want. And we try and facilitate their job by giving them the business they want on the basis that they like to see it. We also develop specific programs and promote our underwriting facilities, which contributes to our overall success.”
When asked about the current economy and if it is affecting AVRECO, Bill explains that the soft market is having more of an effect on business than the current downturn. “When the market is softer, there is more competition among various insurance carriers willing to quote accounts. But we continue to rely on our expertise in the markets that we have and in communicating well with our retail broker client base to be successful.
“There are certain classes of business that have been adversely affected by the current economic times, such as contractors…but our base of professional business is not as affected by the economic climate as by the soft market pricing.”
What makes AVRECO unique is its overall experience and its creativeness. “Our brokers have many years of experience and are known as innovative problem solvers. When there is a unique situation, a challenge, we have the knowledge to come up with creative solutions to structure insurance programs to fit the needs of the client.
“What’s more, there aren’t many wholesale brokers that specialize in Medical Malpractice and/or Professional Liability, so we are in a unique position with our experience and expertise,” says Bill.
AVRECO’s marketing strategies include conducting personal visits with retail insurance agents and establishing long-term, good relationships with them. “Along with this, our on-line marketing facility, our Storefront on ProgramBusness.com, and e-mail campaigns to retail agents, give us the platform to educate our retail agents on new coverages or promote our experience with certain types of coverages. We also have our own website to promote different programs, with access to different applications and forms, including Quick Quote which allows you to input three or four pieces of information and receive a price indication within 24 hours.”
For more information about AVRECO’s specialty programs and markets, please visit the company Storefront, or contact Bill at (312) 953-5830 or via email at: firstname.lastname@example.org.