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After 25 years of ownership, Glenn Clark knows exactly what he wants from Rockwood’s next chapter
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Proverbs 27:17: “As iron sharpens iron, so does one person sharpen another”
For Glenn Clark, the proverb captures much of what has driven him for half a century in insurance – competition, collaboration, and the overarching belief that the best people in the sector have something to learn from one another. It also helps to explain the philosophy behind Rockwood Programs, the MGA Clark has spent the past 30 years building, as well as his role in founding the now iconic Target Markets.
After decades spent creating programs, cultivating carrier relationships, and assembling a team around the business,
Rockwood Programs is a full-service Managing General Agency (MGA) specializing in professional and management liability insurance. Founded in 1996 and headquartered in Claymont, Delaware, the company operates nationwide, offering a range of specialty insurance programs including errors and omissions (E&O), employment practices liability (EPLI), cyber, and other professional liability solutions. Rockwood works closely with independent agents and brokers across the US, combining specialist underwriting expertise with a strong focus on long-term relationships and personalized service.
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“A key element to this laissez-faire operational style is rewarding those employees who take the initiative in helping surface these new market opportunities”
Frank Huver,
Rockwood Programs
Published Oct 5, 2026
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“Rockwood is evolving with the changing needs of our clients. The industry will keep demanding more flexibility and specialization, and Rockwood is growing to meet it”
Kerry Ladouceur,
Financial Lines
“Being an owner versus an employee, your world changes. You’re always rooting for the team, for the company, not merely for your own personal success”
Glenn W. Clark,
Rockwood Programs
“It would be cool to be 85 years old in my rocking chair and look back and say, ‘Boy, the people who perpetuated Rockwood sure did a good job with that acquisition’”
Glenn W. Clark,
Rockwood Programs
Clark is contemplating another exciting and definitive stage for Rockwood – perpetuation.
But for an entrepreneur who’s spent 25 years owning and running his own business, it’s not about simply finding someone who can write a cheque. For Clark, it means securing an authentic partner who’s capable of preserving what made the business successful in the first place – while giving Rockwood’s people opportunities to grow their careers.
And, as Clark told Insurance Business, there’s a lot he wants to preserve.
25 years of preparation, 25 years of entrepreneurship “I’ve spent over 50 years of my life in insurance,” Clark revealed. “Graduated from college, obtained a management-trainee job at Allstate Insurance Company, and rotated around to different divisions. Eventually moved on to INA where in the next post became the director of Assigned Risk Auto and later the Personal Lines Center.”
That role came with the responsibility of managing a large team of 150 people for the first time, not only teaching Clark the dos and don’ts of leadership but also about the kind of career he wanted in the future.
“Being the boss of a lot of people, the surprise discovery was that a lot of your day is not your own because the majority of your time is spent solving other people’s problems. That’s really when the pursuit to do something a little different was incubated and developed into a desire to pursue alternative distribution of insurance products.”
That interest eventually led him to lead a joint venture between AIG and Citicorp, which ultimately landed Clark in Paris, France, as the lead in a new operation employing direct-response techniques in nine European countries. Becoming president of UNAT Direct became something of a formative period for him.
“Every day there were new language challenges, distribution issues, creative solutions – it was just an exciting business. Honestly, going to France in 1990 was a watershed time frame in my career. We lived in Paris for three years; while not able to speak the language day one, I was able to hold complete conversations by the exit. Every day was a new awakening. Direct response principles are universal – you adapt to the local environment. You start believing, ‘Hey, if we did something this successful in Europe, in languages we didn’t speak, how hard could it be at home in the US?’”
By the time Clark returned to the US, he was made president of AIG-owned MGA Morefar Marketing. That AIG experience in Europe prepared him to manage a P&L, until in 1996 he was recruited by reinsurance brokerage E.W. Blanch, where he would help build its first non-reinsurance entity, an MGA selling primary insurance.
“We called it Rockwood after a museum that was next door to our offices in Delaware,” he told IB.
Simultaneously, Clark became president of a retail agency association owned by Blanch. While watching the agents of InsGroup interact, a seed was planted for another idea – an organization specifically designed for program administrators and MGAs.
“The concept was presented to Blanch,” he told IB. “Essentially, let’s remake InsGroup into a new entity for program managers. The code name was BPS2K (Blanch Program Services 2000). Every entity in that space is a potential Blanch customer. MGAs require assistance placing programs, buying reinsurance, finding partners, etc. Every member will be potential Blanch customers, and it will give us an edge over our fierce competitors.”
While Blanch liked the concept, they ultimately didn’t fund it. However, in 2000, Clark finally took the leap of faith and saw an opportunity to strike out on his own. He borrowed money from his lead carrier and became Rockwood’s full owner. And, having spent 25 years working in the sector, he already knew what kind of leader he wanted to be.
“Spent 25 years in insurance preparing to be an owner, and then 25 years of being an owner. And frankly, if someone really wanted to know how to become an entrepreneur, my advice would be simple: go and work for one first and learn from all their mistakes.”
That entrepreneurial approach would ultimately shape not only how Clark built Rockwood but also how he encouraged the people around him to develop alongside it. Speaking to thepeople that help steer his team, it’s clear that ownership and growth are the order of the day at Rockwood.
“What I’ve appreciated most is being able to grow with Rockwood,” Kerri Lann, vice president, insurance agents E&O, told IB. “Glenn listens to the people actually doing the work, and if you have an idea or see a better way to do something, you can speak up. There’s a lot of trust here – and as Rockwood has grown, there’s been room for people to grow with it.”
Rockwood: surviving the early years Years of preparation, however, didn’t eliminate the realities of suddenly becoming responsible for an enterprise – and its debts. The first year brought that home for Clark.
“After buying Rockwood, the reality was we were suddenly looking at $5 million worth of debt,” Clark told IB. “Additionally, you have to spend money in the program business to make money. It is essential to have expertise in your unique niche, create targeted databases, build distinctive marketing, then execute your plan.”
Rockwood already had a steady base in employment practices liability insurance, and Clark began searching for ways to generate additional revenue without requiring huge amounts of additional capital. The answer? It was hiding within the agency relationships Rockwood already had.
“We looked at what we could sell that wouldn’t cost us a fortune yet generate a lot of money that would create a substantial return. We already had a family of agents who’d bought something from us – their EPLI, for instance – so let’s try to sell them their own E&O insurance.”
Thankfully, it worked, as Clark clarified that when you sell a property and casualty agent their own E&O insurance directly, you don’t necessarily need to pay them a commission. A few years later, another opportunity emerged when a potential buyer approached Rockwood, and while he declined to sell the business outright, he agreed to sell a 25 percent interest – and that cash injection enabled him to eliminate Rockwood’s debt.
“From then, we became the 75 percent owners of a business that had no debt,” he said. “You don't have to be smart all the time, just five minutes at a shot,” a previous boss once told him. “And that was a good five minutes for me,” said Clark.
‘Iron sharpens iron’ Meanwhile, the idea Clark had first pitched at Blanch hadn’t disappeared – and after becoming an owner, he took the concept and ran with it, leading to the birth of Target Markets. Clark told IB that, at the time, the US program business market accounted for around $20 billion when the organization was getting started (2000–2001). The first meeting was nearly derailed by 130 cancellations due to the September 11 attacks. Approximately 125 people still attended. Looking back, Clark believes who attended mattered more than how many. It took the energy of many collaborators to build TMPAA.
“The people that showed up to the first meeting came with an attitude to make each other stronger. As mentioned previously, it was the right 125. All owners, all motivated, all thinking that current organizations like the American Association of Managing General Agents (AAMGA) world did not speak directly to the needs of specialists. We have different hiring practices, compensation models, marketing approaches. Typically, we represent a specific carrier, separate niches, own our products, and have deep expertise in our market. We do not spreadsheet multiple carriers like the large wholesalers do.”
The organization flourished, becoming an iconic force in the insurance world and eventually accounting for a substantial and growing portion of Clark’s workload. Rockwood ultimately sold its interest in 2009 and continued to manage TMPAA until 2012 for the earnout. The sale freed Rockwood to diversify its core MGA business into other areas, but the relationships created via Target Markets continued to influence Rockwood, reflecting the shared values and relationships forged through the association.
“The best piece of the invention of Target Markets is the camaraderie of the folks that were dedicated to it. Our executive director, Ray Scotto, helped to grow it geometrically after our departure. It’s like that biblical proverb 27:17 – ‘As iron sharpens iron, so does one person sharpen another.’”
“It seems simple, but in reality is very complex,” he said. “We want career opportunities for our employees. None of us want to just be bought, renamed, get a payout, and go retire. Our goal is to be owners in the new entity. Being an owner versus an employee, your world changes. You’re always rooting for the team, for the company, not merely for your own personal success. Everyone prospers when the team wins!”
Above all, a new partner needs to understand what program business can contribute as a strategic addition to the acquirer.
“We live programs,” added Clark. “Most of the potential ‘suitors’ have not lived this business and seen what we can do. Rockwood provides strategic guidance – products, opportunities, pitfalls – as well as teaches the entities’ producers how to keep more revenue ‘inside the family.’ We’re looking for the right perpetuation partner, committed to programs with Rockwood as part of a healthy growth strategy.”
What Rockwood brings to the table Perpetuation isn't a one-sided proposition for Clark and his people. If the right acquirer can give Rockwood scale and opportunities for its employees, Clark believes Rockwood can offer something equally valuable in return – training of retail agents, specialist expertise, knowledge of the markets, consulting experience, systems, and decades of accumulated knowledge. And that’s something that does not necessarily show up on a balance sheet.
“First off, we own our products and deals,” Clark said. “We bring our management professional liability product, where we have the best form in the world, 20 different endorsements that attach additional coverages to the basic form. When we market a policy to somebody who needs liability insurance as a consultant, advisor, architect, or engineer, we own our own form, have underwriting authority, and manage the claims process. We also possess extensive relationships with major broker markets including London. Rockwood can now do financial institutions, insurance carriers, captives, MGAs, and thousands of MPL classes with expertise and full underwriting authority.
The perpetuation problem As the years went on, Clark continued to build a profitable independent business and diversify its operations – but no captain remains at the helm of his ship forever. Clark’s team is transforming Rockwood from a successful agency selling management liability to smaller risks to an entity doing much more complex lines to increase its appeal to a potential acquirer.
“Because of the longevity of my career, there’s got to be an exit someday,” agreed Clark.
The solution, as Clark sees it, is a perpetuation partner who shares the agency’s values. Determining what that partner should look like is considerably more complicated than simply picking the highest bidder.
“What a perpetuation partner obtains is not only our team and our know-how but they also get a tool that’s not easily duplicable. Larger acquirers will undoubtedly have some underperforming entities. Our team can be utilized to analyze and suggest strategies to improve performance.”
“Rockwood is evolving with the changing needs of our clients,” added Kerry Ladouceur, vice president of Financial Lines. “The industry will keep demanding more flexibility and specialization, and Rockwood is growing to meet it. We’ve expanded our appetite in the FI space and added new partners, giving us the reach to deliver the right solutions as clients and industry needs continue to grow.”
‘Everybody’s essential to the team’ This mindset all goes back to something that sits at the heart of both Clark’s leadership approach and Rockwood in general – its employees. Rockwood’s people are central to the company’s past and future success. “In a smaller MGA, losing a single person has an impact that a huge corporation can absorb much more easily,” Clark added.
“Turnover for us is costly. If one person leaves, that’s 5 percent of our staff. We need to replace them and experience down time while training others. Everyone is essential to a smaller team. We try to cross-train to give the employees multiple experiences and provide backups in case of illnesses and emergencies.” They also tap the local universities for interns and as potential future employees.
The Rockwood team concurs, with Frank Huver, senior vice president and chief financial officer, telling IB that the culture at Rockwood is entrepreneurial – a mentality that’s come from the founder himself.
“The culture is a reflection of our business approach. We actively encourage all staff members to assist in the process of new product development. This could take the form of identifying underserved business niches, crafting unique techniques for evaluating risk, or finding new ways to distribute our array of management and professional liability products. And a key element to this laissez-faire operational style is rewarding those employees who take the initiative in helping surface these new market opportunities.”
Mark Lann, executive vice president, agreed, telling IB that the space that Rockwood gives the team to grow makes the company such an amazing place to be.
“The company gives you room to own what you do, make decisions, and build the relationships that matter. That trust and freedom to operate is probably what I value most about working at Rockwood.”
The Rockwood team is one reason Clark believes a future partner could benefit from keeping him involved – albeit potentially in a different capacity.
“When not the owner anymore, perhaps a new role as elder statesman and advisor is a logical next step. Having the entrepreneurial pedigree yet also 15 years of working for the ninth-largest corporation in the United States gives a unique perspective to see many facets of an issue.”
‘Boy, they did a great job with that Rockwood’ For Clark, the right perpetuation partner is an entity that’s passionate and eager to bring programs strategy into their future. “We’ve been able to ‘harvest’ by selling some of our past successful entities, such as Wright USA, Target Markets, and Peninsula Excess. Our focus is the right perpetuation partner. The main factor in the next move is simple: ‘How much fun are we going to have?’”
And while his family will not take over Rockwood, Clark is comfortable with that. Each of his children have worked in the company, seen what running it entails, and chosen their own paths. Perpetuation doesn’t require the founder’s name to remain on the shareholder register forever – Clark already experienced that lesson once through Target Markets.
“Target Markets is perpetuated,” he told IB. “I don’t own it anymore but am thrilled with the progress since we sold it and that they’re doing well. It would be cool to be 85 years old in my rocking chair and look back and say, ‘Boy, the people who perpetuated Rockwood sure did a good job with that acquisition.’”