Business - During the past 31 years, Terry has been a partner in several organizations focusing in the insurance and risk management industry. He has served on multiple boards throughout these organizations as well as outside boards of various companies and associations.
Claims Processing Division TPA – Terry Young, and former Partner, created from scratch a TPA (Third Party Administration) company in 1999. They provide full service claims administration for multi-line insurance coverages for client base. TPA specialty niche is workers compensation. In 1999 acquired a competitive company and also acquired 25% ownership in the largest PPO network in the state of Alabama for workers compensation called ALAMED. This PPO processes approximately $450,000,000 in work comp claims per year. TPA has 50+ employees and one fulltime attorney on staff, and processes over $125 million dollars in work comp claims annually as well as over 10,000 claims per year.
Captive Insurance Operations – CEO and shareholder. Started captive insurance operation for manufacturing group in 1993 and made first trip to Bermuda in 1986. Have traveled extensively to captive domiciles both US and offshore and over 100 trips to Bermuda since 1986. Developed and managed all aspects of captive operations such as rating, underwriting, billing, binding, policy issuance, legal, claims, auditing, marketing, loss control and developed third party insurance programs in the South East United States selling insurance products to restaurants and wholesale/retail gasoline distributors. Utilized in-house captive to achieve risk bearing entity and created cost center conversion to profit center. Generated $40,000,000 of revenue in third party business in three years.
Retail Operations - Partner and shareholder of independent insurance agency, Insurance Solutions Group LLC. Started agency in 1985 and grew it through acquisition of seven other retail agencies throughout Alabama in the first ten years. Presently have 35 employees and ongoing successful operation generating $20,000,000+ in premium revenue.
National Association CICA- (Captive Insurance Companies Association) – CICA is the largest insurance association in the world for the “captive or alternative” insurance arena. Terry served on all committees and went through all chairs of the international association. Terry served as chairman of the board and is currently an Honorary Member of the international association.