Insurance Journal interviewed partners Patrick Field and P.J. Miller to discuss the agency’s 150th anniversary, deep roots in the Springfield, Ohio community, some of the unusual coverages they have written, and even their mutual love of fishing.
When asked about the secret to a business’ longevity, Patrick said, “At the end of the day you take care of your clientele, you provide the best expertise you can, and you do it with the absolute utmost integrity and put their interests first.”
The coronavirus pandemic put a damper on any big plans the agency had to celebrate its sesquicentennial milestone, but in some ways, it has created growth opportunities for Wallace & Turner, Field said. “There’s a lot of people whose businesses have been very adversely affected. … Businesses have shut down … people have had time to analyze their own financials, pay more attention to them, look at their expense. Insurance is in the top five of expense, so I think it’s created for us opportunities for additional unseen growth.”
Those 150 years of hard work are not being ignored, however. The agency has always been a big supporter of arts organizations and other nonprofits in the community, and that tradition is being incorporated into the recognition of the agency’s anniversary.
“We’re going to take inventory of those organizations that we regularly annually contribute to, so we’re going to keep up with our donations and contributions in that way,” Miller said.
In that vein, the agency also is giving each of its employees $150 to contribute to the nonprofit or charitable organization of their choice.
Through their forebears, Field and Miller have deep insurance roots. Their fathers, and in Field’s case, grandfather as well, were in the insurance business. Their fathers were leaders in the agency that is now Wallace & Turner, and Field’s grandfather was one of the founders of Cincinnati Insurance Company. The agency retains a strong relationship with that company today, Miller said.
Including Field and Miller, Wallace & Turner has 17 employees. In addition to its Springfield office, the agency has an office in the nearby town of Urbana, Ohio, a location it opened last year. Urbana is an agricultural community that also has a significant manufacturing presence, Field said. “We’ve always done business there and it was a great opportunity for us to grow.”