Brickstreet Property Management
Brickstreet Property Management – Representatives from BrickStreet Mutual Insurance (BrickStreet) and Motorists Mutual Insurance Company, a member of Motorists Insurance Group (Motorists), today announced a joint venture and began the process to formalize an affiliation agreement between the two companies.
Motorists consists of 11 property and casualty insurance, life insurance and insurance brokerage companies and is headquartered in Columbus, Ohio. BrickStreet is a workers’ compensation monoline carrier headquartered in Charleston, West Virginia, with offices in North Carolina, Illinois and Pennsylvania.
Brickstreet Property Management
Through this joint venture, BrickStreet and the Drivers will enter into an affiliation agreement, allowing them to partner together financially and operationally while maintaining their individual brands. As mutual companies, both will continue to be owned by their policyholders and remain headquartered in West Virginia and Ohio, respectively.
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“The joint venture using the affiliation model works best because it allows BrickStreet to expand its product and service offerings, while ensuring that its headquarters remain in Charleston. We have chosen this affiliation framework very deliberately. This structure protects the BrickStreet brand, allows us to remain domiciled in West Virginia, and gives us the opportunity to grow our company,” said BrickStreet CEO Greg Burton.
The BrickStreet Foundation is not affected by this affiliation and remains a separate operating entity managed by Burton. “The Foundation’s philanthropic efforts will remain focused on giving back to our local communities, particularly in West Virginia, and that will not change,” added Burton.
According to Drivers President and CEO Dave Kaufman, both companies benefit from this arrangement by improving risk diversification, expanding agency distribution and providing economies of scale for power. of procurement. “The affiliation will benefit both the companies’ policyholders, agents and associates – by working together, the companies will be much stronger,” he said.
“This is the next logical step for our growth as a company,” added Burton. “We are very proud of BrickStreet’s legacy in West Virginia, and we want to ensure that we remain a strong and viable West Virginia company. We are constantly looking for ways to expand in order to offer additional product and service offerings for our agents and policyholders while being able to offer stable employment and growth for our staff.”
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“Policyholders will have added extra security, state-of-the-art loss control, expanded commercial coverage and an integrated multiline technology platform. Agents will have the ability to offer additional products and services to meet the commercial insurance needs of their policyholders, as well as enhance franchise value, field relationships and -risk management expertise,” Kaufman said. “We are also excited for our associates as this affiliation will give them expanded career opportunities. Together, our companies will provide great financial strength and stability.”
After the anticipated approvals and closing in July 2017, this affiliation will include more than 1,600 employees, 10 written offices in 29 states, premiums of nearly $1.2 billion, a surplus of nearly $1.55 billion and assets of $4.5 billion. This affiliation will create a new super-regional carrier ranked in the top 20 mutual companies in the United States.
BrickStreet agents and policyholders will have access to other commercial insurance lines outside of workers’ compensation through the BrickStreet/Motorists partnership. Likewise, drivers will be able to grow its commercial lines book of business by providing workers’ compensation coverage for increased account classes and sizes.
Employment levels in West Virginia may increase in the future because nearly $60 million of workers’ compensation business from Drivers will be handled by BrickStreet, making the company’s total premium for workers’ compensation for $415 million. This, along with new specialty products, will be developed under the BrickStreet brand. These additional products will be marketed through the driver group of companies.
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Kaufman reiterated the Drivers’ commitment to community giving and foundation support. “Motorists Insurance Group Foundation, our board of directors, independent agents and associates are committed to supporting the communities where we live and work. That commitment will not waive as we continue to grow and expand,” said Kaufman.
Kaufman and Burton said that while the companies have been discussing and evaluating this partnership for months, there is still a lot of work to be done before the affiliation is finalized. This process is expected to take about nine months. Four working groups, including employees from Drivers and BrickStreet, will be assembled in the coming weeks to concentrate on ongoing due diligence, synergies, delivery model options, information technology initiatives, efficiencies and plans of integration.
As part of the due diligence already completed, the proposed management structure was determined. Both companies will benefit from increased expertise by integrating members from each company’s current executive leadership teams. If the affiliation is approved, the executive management team will be as follows: Greg Burton, executive chairman; Dave Kaufman, CEO; T.J. Obrokta, president; Charles Stapleton, executive vice president and chief operating officer; Chris Howat, executive vice president, chief financial officer and treasurer; and Susan Haack, executive vice president and corporate secretary.
In addition, the board structures for each company were determined. Each of the respective boards will have six BrickStreet representatives and six Motorists Mutual representatives, led by an executive committee of John Bishop, Tom Flaherty, Bob Smith and Marty Becker.
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“This joint venture will provide improved financial strength for the overall company, and thus job stability. We will continue to grow, not only in West Virginia, but across the country. It’s an exciting time to be at BrickStreet. We have an insurance carrier headquartered in Charleston with national growth opportunities,” added Burton.
Kaufman added, “Our future is strong, and we are in a position of financial strength. BrickStreet is a great partner because our values are so similar. We are confident that our values are aligned to continue serving our independent agents; provide a meaningful service and be an asset to policyholders; and make a lasting contribution in all the communities we serve.”
Motorists Mutual Insurance Company was formed in Columbus, Ohio, in 1928 and sells individual and commercial property and casualty insurance through independent agents in Ohio, Indiana, Michigan, Kentucky, Pennsylvania and West Virginia.
Motorists Mutual is an affiliate of Motorists Insurance Group. Motorists Insurance Group, headquartered in Columbus, Ohio, consists of 11 property and casualty insurance, life insurance and insurance brokerage companies. The group markets insurance solutions through more than 14,000 agents and independent producers in a network of more than 2,000 agencies in 24 states throughout the Midwest, Northeast and South.
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Drivers Insurance Group is rated A (Excellent) by A.M. Best Company, the leading provider of insurer ratings. The rating measures the financial strength and ability to meet obligations to policyholders. For more information, visit the motorists website at http://www.motoristsgroup.com/.
BrickStreet Insurance, a mutual company, began its historic role as West Virginia’s first private workers’ compensation carrier on January 1, 2006. Since then, BrickStreet has expanded operations into other states to become a regional. In addition, BrickStreet has three regional offices located in Charlotte, North Carolina, Naperville, Illinois, and Pittsburgh, Pennsylvania, along with the headquarters located in Charleston, West Virginia. With A.M. Best rated A- (Excellent) with a stable outlook, BrickStreet is one of the largest writers of workers’ compensation coverage in the region. For more information, visit the BrickStreet website at www.brickstreet.com. We use a value-driven approach to acquire assets in specific secondary and tertiary markets experiencing population and employment growth as well as a mix of traditional and alternative economic drivers. Brick Street Capital seeks value in strategic investments, emphasizing capital preservation and offensive positioning to build scalable platforms.
Brick Street Capital invests together with our investment partners in every asset we acquire. This policy reflects our core philosophy of treating partners’ capital with the same care as our own, ensuring that all parties’ objectives remain aligned throughout the life of the project. Our approach as true partners with our investors, rather than brokers or service providers, defines our operational transparency and integrity, ultimately earning us the trust of our investor partners, lenders , property managers, and residents.
Nipul is a seasoned executive with extensive management and operational experience at the scale of small and medium-sized companies in various disciplines. An entrepreneur at heart, Nipul oversaw the operations of several franchises in the hospitality industry, as well as multifamily properties, and rentals. Since Brick Street Capital’s inception in 2019, Nipul has served as its CEO and led the acquisition of over $100M of multifamily assets in the Southeastern United States. With over 20 years of experience in technology and digital marketing, Nip has guided two companies to successful exits while maintaining a laser focus on growth through strategic partnerships as well as customer expansion and retention. Nip lives in Northern Virginia with his wife and two children. Enjoys outdoor activities, traveling, and a glass of Pinot.
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Alpesh is a seasoned real estate professional with extensive new residential construction, land development, and property management experience. Alpesh has held a Virginia Class A General Contractor’s License since 2010 and a Virginia Real Estate Salesperson’s License since 2009. He managed and coordinated all aspects of the development and construction of eight subdivisions totaling approximately 500 single family homes, with a secondary focus in office and light industry. construction in 15 years with Sona Homes, based in Fredericksburg, VA. He has a passion for green (environmentally responsible) development.
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