History of the William Palumbo Insurance Agency, Inc.

The William Palumbo Insurance Agency, Inc. was founded in January 1976, when it’s current owners, John LaRocca and his wife Marisa Palumbo LaRocca purchased the agency. William Palumbo started the former Palumbo Insurance Agency in 1932. Since 1976 the agency has grown in sales from $215,000 in 1976 to over $31 million in sales of property casualty insurance as of April 2008.

From its beginning in Medfield, the company has five branches. The Franklin branch started in 1987 and today has a staff of six and does almost $6 million in sales. The Attleboro branch started in 1988 with the purchase of the Gulino Insurance Agency. That branch has a staff of seven and does approximately $5 million in sales. The Helm Insurance Agency merged with Palumbo in April of 2003 and moved its office to the Palumbo branch in Medfield. The Bryden Insurance Agency in Sandwich was purchased by Palumbo in June of 2004. That office has a staff of nine and does approximately $6 million in sales. The latest addition is the Grazul Insurance Agency in Cotuit which was purchased in 2008, has a staff of five and writes over $3 million of business. The agency currently has over ten thousand personal lines clients and seventeen hundred business clients. The mix of business is 58% personal lines business and 42% commercial lines. The company employs fifty people.

The Medfield office serves as headquarters for the company and employs a staff of twenty people. Accounting, technology, sales and support staff are in the Medfield Office. John M. LaRocca Sr. is President/CEO of Palumbo. While his duties are many he likes to focus in on the sales aspect of the agency.

George A. Danello is the Vice President and Chief Operating Officer at Palumbo. He oversees the day to day operation of the company. George joined the Palumbo Agencies in November of 2003 and brought with him twenty years of experience in management & helped grow a company into a 500 million dollar business. Since joining the agency he has focused on improving financial reporting, accounts receivable and payables, the establishment of a new bank relationship for Palumbo and many other day to day functions.

In 1997, John M. LaRocca Sr., President/CEO of Palumbo, began work on forming Advantage Insurance Agency Network, LLC. John saw the need to change the way agencies were doing business in an insurance market that was and still is undergoing dramatic change.

The network was formed to develop and improve the profitability and growth of the Network agencies. An agency’s success is directly related to its ability to become streamlined and cost effective. The Network fulfills the role of providing access to markets, products, and services and the professionals that go along with these products and service which are offered to its clients. Today the Networks premium volume is approximately $60 million with eight network agents and Palumbo as its managing partner.

All members of the Network represent the same companies for standard market business. In this way there is no adverse selection of business the Network Agent can’t place with one of his own markets and tries to place it with the Network.

To take it a step further, the Network Agents are handled by George Gorman, Vice President Commercial Lines and Stephanie Rogers, Assistant Vice President. All commercial submissions whether new or remarketed have to go through George and Stephanie who follow our strong underwriting guidelines. In this way the Network has firm control over the submissions that go to our standard markets.

Each Network Agency is on our AMS360 computer system separated by each agency operating as a separate division. The Network provides technology and accounting support for all Network agents.

The manager of the Network is John LaRocca who, along with George Danello, provide managerial support to Network Agents. They manage all issues with the Network companies, production and loss experience, accounting and computer issues. Final say on any issue regarding the Network remains in the hands of Mr. LaRocca.