John Ritenour started the Insurance Office of America (IOA) in 1988. His son Heath Ritenour became the CEO in 2008 and the Chairperson of the company in 2009. Even so, the founder continues to offer support to the company. For over ten years, the company has been partnering with the sports industry. The commitment and hard work of John Ritenour and his son have made IOA be among the top players in the insurance industry.
Insurance Cover For Key Sports Teams
Offering insurance policies for sports teams is complex. According to Heath, each sport has its risks and complications, but football is among the higher-risk sports. He further adds that insurance professionals must understand the team to know its risks and mitigate them. Create an awareness of the potential risks they face and leave it up to the client to decide on whether they need the cover or not. It is about being risk managers and not salespeople.
Different risks face sports teams in the field. The teams have to choose which risks to cover. The role of IOA is to cover the teams should the risk materialize.
IOA partners with various NBA teams, racing teams, US Club soccer, and Washington Capitals. The company is also looking to partner with other big four sporting teams.
How IOA Sports Partners Division Started
The sports division started as a collaboration between John Ritenour and Heath Ritenour, with the first partnership being between IOA and Orlando Magic. IOA started by sponsoring Orlando magic and later became their insurance broker.
After securing Orlando Magic, it was easier for other teams to come for IOA to sponsor their activities, explains Heath. Today, the company boasts of insuring some NBA, NFL, NHF teams, and several racing teams. In addition, engaging in community service has made it easy for IOA to expand to other cities.
The company started in Florida. Today, the company has over 60 offices spread across the USA and London, with over 1200 teams worldwide. It’s the 25th biggest insurance agency in America.