Q2 2023 Results

Perrysburg, OH – Equilibrium Insurance Partners, L.L.C., a Perrysburg based property and casualty insurance brokerage achieved moderate Q2 2023 results with $77,812.33 of Direct Written Premium (DWP). Three new clients were added, all commercial lines clients.   

Wisconsin-based West Bend Mutual Insurance Company led the way with two of those new wins totaling $38,688 DWP. One of those wins was pet grooming, the other in the hospitality (hotel) industry. The pet grooming account was won in our home state of Ohio and the hospitality account was picked up in Michigan. With these wins, Equilibrium surpassed $100,000 in DWP with West Bend.

Charlotte, North Carolina-based Amwins (specialty brokerage) was second with $23,173.97 split between a seven-story hotel in Philadelphia, Pennsylvania (casualty lines) and an Employment Practices Liability (EPLI) insurance policy for the Michigan-based hotel win.

Equilibrium has been able to keep start-up costs extremely low by staying 100% digital. The operation is ran out of the second bedroom of Mac’s Perrysburg apartment. “According to LoopNet, the average cost for office space to lease in Perrysburg is $17.79 per square foot,” said Mac Howey, Founder. “For 1,000 square feet, that’s $20,000 plus annually, after you factor in utilities, insurance, etcetera. My 135 square foot second bedroom is fine,” Mac chuckled. Due to staying nimble, Equilibrium has been able to achieve profitability as of April 2023.   

Equilibrium had seven appointments in the second quarter of 2023, one of which was a declination based on carrier appetite guidelines. That left us with six true quoting opportunities and we closed on three of them (50% hit ratio). 

Pet grooming had a perfect hit ratio of 100% (1 for 1). Hospitality (hotels) also had good close ratio of 66.6% (2 for 3). Among the losers: Lessor’s risk (0 for 1), Gas station/convenience store (0 for 1), and License and Permit bond (0 for 1). 

Equilibrium believes in work-life balance (hence the name Equilibrium), and with summer in the air, we are traveling. A big thank you to Burns and Wilcox for the invite out to Missouri to play an array of golf courses, including Tiger Woods’ Payne’s Valley. “It’s always nice networking and meeting others in the industry, especially from different States,” said Mac. “I met a Chicago guy who had 120 Private Clients including some A list celebrities, and a Minnesota agent just slightly older than me who had some seven-digit garbage-hauling accounts.”

For all insurance quote requests in Greater Toledo and Metro Detroit, please call 419-386-0870 or contact us here. 

About Equilibrium: Established in 2022, Equilibrium Insurance Partners is a property and casualty digital insurance agency. Based behind the founding principal of the Equilibrium Insurance Point, Equilibrium’s job is to find each client’s balancing point, that is, where price and coverage intersect. Some insurance consumers are more price conscious, while others are more coverage conscious. At Equilibrium, it’s our job to figure out which type of consumer you are and tailor an insurance program to fit your individual or business’ needs.