IRVINE, Calif. — Portfolio, the nation’s leading reinsurance program manager for automotive dealers, is celebrating its 25th year of delivering comprehensive reinsurance products and services to its dealer clients through a network of professional independent agents. The celebration started with a black-tie party for dealers during NADA 2015 at San Francisco’s Julia Morgan Ballroom. Other events are planned for 2015 to honor agents, employees, and other contributors to the company’s long-term growth and success.
“This past year we crossed the 1 million contracts per year threshold, enjoying a 22% overall growth rate over 2013,” said Brent Griggs, Portfolio’s president and CEO. “It was a rewarding milestone to achieve at the quarter-century mark. But more importantly, we see it as evidence of how vital we are to the dealer’s success in the automotive marketplace, so we won’t be resting on our laurels. We continue to develop new and better ways to serve our dealer clients and agents with new products, technology and processes that add to their success, and ours.”
“We founded the company on a very simple concept to help dealers get the most out of their F&I program — true 100% ownership by the dealer and delivering every benefit possible as part of that ownership,” said Steve Burke, founder and chief executive of sales. “Reinsurance was an unproven business model back in 1990, but we knew its potential as a game-changer for dealers to establish a personal wealth asset outside the dealership.
“Since then we have seen complete acceptance of the Portfolio concept, and have enjoyed spectacular growth as a result,” Burke added. “I can remember the first business remitted back in early 1990, and the tiny office we worked out of. It was a very humble beginning. So now when I look at almost $1 Billion earned by our dealers’ reinsurance companies inception-to-date, not to mention far more than that earned in their dealerships, I am grateful to all those who placed their trust and energies into making our mutual success happen.”
To recognize the professional agents who have long been instrumental in Portfolio’s growth, the company is hosting a cocktail reception at Agent Summit in Las Vegas on March 2. To honor its top agents Portfolio is holding the first Portfolio Pacesetters retreat during the IndyCar Toyota Grand Prix of Long Beach, Calif., in April. Other events will be announced throughout the year, culminating with a December gala for employees in Irvine and Dallas.