2017 Hot List Recipient
2020 Hot List Recipient
2021 CEO of the Year
Accolades
Media
Risk Placement Services: celebrating 25 years in business
When Joel Cavaness co-founded Risk Placement Services (RPS), the potential for failure never crossed his mind.
“I never once thought this wouldn’t work,” he said. “It was really just a matter of how to make it work. What did we want to do? What was the value proposition that we were going to provide?”
On May 11, 1997, RPS was launched as an independent wholesale broker of specialty insurance products with just four employees and two carrier partners.
Twenty-five years later, the firm has grown into one of the largest specialty insurance distributors in the United States, providing essential products, solutions, and services for independent retail agents and brokers across the country.
The business got off the ground quickly. In 1998, RPS completed its first merger, entering the managing general agency (MGA) business. It would eventually grow to become the largest Lloyd’s coverholder/MGA in the US. And by 2005, RPS had entered the program administration business, through which it now places approximately $1 billion in premium annually.
“It’s crazy to look back,” said Cavaness, president of RPS. “We started out as truly just a wholesale broker, doing individual risk placements. As we evolved over time, we got into other related areas, and then it was really about going out and doing mergers with other firms to bring more geographic expansion, more product expansion, and more specialty expansion.
“Along the way, you need to bring in all kinds of functional areas … whether it's technology or claims, accounting, compliance, marketing, or client relations – all the different things that are required to manage what we do and how we bring our product offering out to the market.”
“When you look at the wholesale business … we provide a broad array of products, services, and assistance. It’s really about that value proposition of saying, ‘If an independent agent or broker can’t, for whatever reason, get a particular client or insured placed in their local market, then we are a perfect outlet.’ There’s a whole lot of value that we bring to the industry and to independent agents and brokers, but really at the heart of it is our ability to provide products and services for them to sell in the communities in which they work.”
Cavaness is an active champion of the wholesale insurance industry. In addition to his leadership at RPS, he served for over 10 years on the board of directors for the Wholesale & Specialty Insurance Association (WSIA), and held the board president seat for the 2019–2020 term.
During his career, Cavaness has seen a significant and positive evolution in the excess and surplus (E&S) lines marketplace. He believes the enhanced professionalism in the E&S marketplace today – in terms of how the market operates, the clarity of products, the technology, and the depth of services – has driven the market’s “explosive growth” in recent years.
Spotlight
When quizzed on whether he’d take the same risk of starting an insurance company from scratch today, Cavaness replied, “To be completely candid, at that particular time in our industry, risk was probably a little bit different than it is today. I would probably tell you, at this time in my career, it would be exceedingly difficult and probably a very risky proposition for me to try to start a new company today.”
The value of the wholesale broker is found in its products and services, according to Cavaness. This is something he learned from his father, who founded his own independent retail insurance agency, which is still in operation today in Marion, Illinois.
“I grew up in the industry, watching my father sell insurance and represent various carriers and insureds,” Cavaness told Insurance Business. “His deal was always, ‘Give me something to sell.’
Founded as a scratch operation in 1997 with just four employees, Risk Placement Services has grown to become one of the largest specialty insurance distributors in the US, offering solutions in wholesale brokerage, binding authority, program administration, and standard lines, plus specialized auto through its Pronto Insurance brand. The firm’s online services include a quote-bind-issue platform that makes it possible for independent agents and brokers to come through for their clients with coverage in a matter of minutes. Fueled by a culture of creativity, innovation, and teamwork, RPS continues to add top-tier talent to its roster of insurance specialists, all with one central focus: providing insurance expertise and speed of service to its clients.
Company Profile
$5.5B
Placed annually
in premium
40+
exclusive programs
25,000+
clients served
500+
MARKET
RELATIONSHIPS
3,000+
employees
Bio
Spotlight
Milestones
Media
Accolades
Company Profile
years in the industry
35
Tenure at current position
2017 - Present
Fast Facts
Took the risk of starting something new in 1997 when he co-founded Risk Placement Services
Joel Cavaness
President, Risk Placement Services (RPS)
From a four-employee wholesale broker to one of the largest specialty insurance distributors in the United States:
Joel Cavaness on the evolution of RPS
Read on
“If an independent agent or broker can’t, for whatever reason, get a particular client or insured placed in their local market, then we are a perfect outlet”
Joel Cavaness,
RPS
“Our view is that technology just supplements the transaction.... Technology is needed, it makes the transactions much easier, but it’s not the only thing”
Joel Cavaness,
RPS
Share
2017 Hot List Recipient
2020 Hot List Recipient
2021 CEO of the Year
Accolades
Media
Spotlight
Fundserv is the indispensable connectivity hub for the Canadian investment industry. Headquartered in Toronto, we electronically connect Manufacturers, Distributors, and Intermediaries, enabling them to buy, sell, and transfer investment funds. With more than 100 employees, Fundserv serves hundreds of members—executing up to 63 million yearly network transactions—and provides online access to more than 70,000 investment fund products.
Established in 1993, Fundserv is a private corporation that is owned by the industry we serve. Our 10 shareholders are a cross-section of Manufacturers, Distributors, and Service Providers who represent our members.
We operate using a cost-recovery model, meaning any unused profit may be rebated back to our members. In addition to our network and applications, we lead and facilitate industry committees and working groups that promote automation initiatives and establish the industry’s electronic standards.
By ensuring every trade is processed timely, accurately, and securely, Fundserv has rightfully earned a reputation for service excellence—a hallmark of more than 25 years in the investment industry.
Company Profile
1983
Placed annually in premium
40+
exclusive programs
25,000+
PROPORTION OF WOMEN AMONG FUNDSERV EMPLOYEES
500+
PROPORTION OF WOMEN IN LEADERSHIP
63,514,128
NUMBER OF ORDERS PROCESSED IN 2019
“If an independent agent or broker can’t, for whatever reason, get a particular client or insured placed in their local market, then we are a perfect outlet”
Joel Cavaness,
RPS
“Our view is that technology just supplements the transaction.... Technology is needed, it makes the transactions much easier, but it’s not the only thing”
Joel Cavaness,
RPS
years in the industry
35
Tenure at current position
2017 - Present
BAsed In
Toronto, Ont.
Fast Facts
Took the risk of starting something new in 1997 when he co-founded Risk Placement Services
Karen Adams
President and CEO at Fundserv
Before becoming CEO of Fundserv, Karen Adams held a variety of leadership roles around the world – and she learned that listening and understanding are key to both providing service and developing talent
Read on
Share
Share
2017 Hot List Recipient
2020 Hot List Recipient
2021 CEO of the Year
Accolades
Media
Spotlight
Fundserv is the indispensable connectivity hub for the Canadian investment industry. Headquartered in Toronto, we electronically connect Manufacturers, Distributors, and Intermediaries, enabling them to buy, sell, and transfer investment funds. With more than 100 employees, Fundserv serves hundreds of members—executing up to 63 million yearly network transactions—and provides online access to more than 70,000 investment fund products.
Established in 1993, Fundserv is a private corporation that is owned by the industry we serve. Our 10 shareholders are a cross-section of Manufacturers, Distributors, and Service Providers who represent our members.
We operate using a cost-recovery model, meaning any unused profit may be rebated back to our members. In addition to our network and applications, we lead and facilitate industry committees and working groups that promote automation initiatives and establish the industry’s electronic standards.
By ensuring every trade is processed timely, accurately, and securely, Fundserv has rightfully earned a reputation for service excellence—a hallmark of more than 25 years in the investment industry.
Company Profile
1983
Placed annually
in premium
40+
exclusive programs
PROPORTION OF WOMEN AMONG FUNDSERV EMPLOYEES
500+
PROPORTION OF WOMEN IN LEADERSHIP
63,514,128
NUMBER OF ORDERS PROCESSED IN 2019
years in the industry
35
Tenure at current position
2017 - Present
BAsed In
Toronto, Ont.
Fast Facts
Took the risk of starting something new in 1997 when he co-founded Risk Placement Services
Karen Adams
President and CEO at Fundserv
Career highlight
Before becoming CEO of Fundserv, Karen Adams held a variety of leadership roles around the world – and she learned that listening and understanding are key to both providing service and developing talent
Read on
“If an independent agent or broker can’t, for whatever reason, get a particular client or insured placed in their local market, then we are a perfect outlet”
Joel Cavaness,
RPS
“Our view is that technology just supplements the transaction.... Technology is needed, it makes the transactions much easier, but it’s not the only thing”
Joel Cavaness,
RPS
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Contact us
RSS
Asia
NZ
AU
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US
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contact us
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Best Insurance
Resources
RISK MANAGEMENT
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Copyright © 2022 Key Media
People
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Privacy policy
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About us
Contact us
RSS
Asia
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AU
CA
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1997
1998
2005
2014
2020
Today
RPS founded as an independent wholesale broker of specialty insurance products with just four employees and two carrier partners
1997
MGA/Binding: RPS completes first merger and enters the MGA business, eventually growing to become the largest Lloyd’s coverholder/MGA in the US
1998
Programs: RPS enters the program administration business, through which it now places approximately $1 billion in premium annually
2005
eCommerce: RPS leaps ahead of the marketplace by launching a streamlined online quote-bind-issue platform
2014
RPS Signature Programs: Gathers RPS’s program offerings under a single banner. RPS now offers over 40 exclusive programs
2020
RPS is one of the largest specialty insurance distributors in the US, boasting nearly 3,000 employees across 80+ offices
Today
Milestones
RPS has transformed along with the market, making ongoing investments in products, services, and technology. The business launched its first online platform in 2002, and then in 2015, it leapt ahead of the marketplace by launching a streamlined online quote-bind-issue platform. Today, the platform offers more than 20 different coverages that can be quoted, bound, and issued in five minutes or less.
“At the end of the day, our view is that technology just supplements the transaction,” said Cavaness. “Technology is needed, it makes the transactions much easier, but it’s not the only thing. There are a lot of people out there saying, 'We're a disruptor, we do everything through technology.' I'm not sure if anybody's really, truly figured that out yet. But it is a way for us to invest in and bring to our customers and our associates technology that assists them in the transaction.”
In May 2022, RPS celebrated its 25th anniversary. The firm now boasts nearly 3,000 employees across 80+ offices, and is proud to foster a unique culture of creativity and collaboration – a workplace culture that has secured the firm an Insurance Business America Top Insurance Employer award several years running. Cavaness – who is also the recipient of several high-profile industry accolades, including in the Insurance Business America Global 100 and Hall of Fame – has grown the RPS team with a focus on developing talent and fostering a company culture of entrepreneurialism, inclusivity, and community involvement.
After 40 years in this ever-changing industry, Cavaness is as enthusiastic as ever about the insurance sector. Reflecting on his family roots in insurance – and the fact that his wife, daughter, brother, and several nieces and nephews all work in the industry today – he said, “We all enjoy it. This is a wonderful industry.”
1997
1998
2005
2014
2020
Today
RPS founded as an independent wholesale broker of specialty insurance products with just four employees and two carrier partners
1997
MGA/Binding: RPS completes first merger and enters the MGA business, eventually growing to become the largest Lloyd’s coverholder/MGA in the US
1998
Programs: RPS enters the program administration business, through which it now places approximately $1 billion in premium annually
2005
eCommerce: RPS leaps ahead of the marketplace by launching a streamlined online quote-bind-issue platform
2014
RPS Signature Programs: Gathers RPS’s program offerings under a single banner. RPS now offers over 40 exclusive programs
2020
RPS is one of the largest specialty insurance distributors in the US, boasting nearly 3,000 employees across 80+ offices
Today
Milestones
1997
1998
2005
2014
2020
Today
RPS founded as an independent wholesale broker of specialty insurance products with just four employees and two carrier partners
1997
MGA/Binding: RPS completes first merger and enters the MGA business, eventually growing to become the largest Lloyd’s coverholder/MGA in the US
1998
Programs: RPS enters the program administration business, through which it now places approximately $1 billion in premium annually
2005
eCommerce: RPS leaps ahead of the marketplace by launching a streamlined online quote-bind-issue platform
2014
RPS Signature Programs: Gathers RPS’s program offerings under a single banner. RPS now offers over 40 exclusive programs
2020
RPS is one of the largest specialty insurance distributors in the US, boasting nearly 3,000 employees across 80+ offices
Today
Milestones
25,000+