Finding insurance for professional sports teams has remained challenging over the years. Most insurance companies approach the industry with lots of reservations based on its nature. John Ritenour saw an opportunity out of the situation, which birthed the IOA sports division. The IOA Sports Partners was established to provide insurance for the sports industry.
It has grown to become a leading specialist in a range of business to business solutions. Its clients include teams, municipalities, leagues, entertainment venues, and the overall business community. The division aims at optimizing expenditures, driving real savings, and unlocking additional commercial value. In the process, it also targets the creation of sustainable and long-term partnerships.
The IOA Journey
It was founded in 1988 by John Ritenour and his wife, Valli. These two envisioned major changes for the insurance sector. John Ritenour drew his inspiration when he saw hard-working agents encounter restrictions to their income. He was working as an agent at the time. The caps on commission prevented most agents from enjoying the full benefits of their labor. So, together with his wife, they set out on a journey to change the state of the industry.
Thirty years later, they boast of IOA, which comprises over 1300 members. The firm has over 60 locations in Ireland and the U.S. besides more than 80000 clients. It records revenue of more than $225 million. It is the 11th biggest privately held property and Casualty (P&C). IOA is 25th among insurance brokerage companies in the U.S. Health Ritenour, the son of Valli and John Ritenour, took over the company (CEO) in 2008. In 2019, he rose to chairmanship while his father remained the accountant and his mentor.
IOA Coverage in Sports
IOA partners with multiple industries to deliver its services. The firm began with aviation, health care, aerospace, law, production, entertainment, and lawyer malpractice liability. It recently added professional sports, which is an exciting venture. The latest addition happened by chance but is currently thriving and highly lucrative.