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Monarch E&S has a long history with IBA West’s Young Agents and Brokers Conference because connecting with young agents is a priority for Monarch CEO, Derek Borisoff.
“ We get the most bang for our buck as a sponsor of the YBAC conference,” said Borisoff. “YBAC gives us access to young, energetic retail agents that are new to the industry. We have a great opportunity to introduce our fine company to them.”
Supporting YBAC also makes sense with Borisoff’s personal business philosophy that has been the driving force behind the company’s success. “Supporting YBAC is always a ‘no-brainer’ for us. Of course you want to invest money in the people who help make your company grow,” explained Borisoff.
When Borisoff took over as president of Monarch E&S Insurance Services in 1994 at the age of 33, he instituted a people-focused business philosophy. He recently said his goal in the coming years is to grow the company and make it one of the largest independent E&S shops in the state. What started as a small office in Burbank has grown to eight offices located in San Diego, Rancho Mirage, Simi Valley, Novato, Fresno, Hawaii and Arizona, in addition to the main office in La Crescenta. The company currently employs over 70 people.
Borisoff believes if you plan it, it will happen. During his senior year of college at USC Borisoff worked as an intern for NAPSLO, a trade association representing the surplus lines industry and the wholesale insurance marketing system. By the time he graduated he knew he wanted to work in the excess and surplus part of the industry.
While he could have easily gone to work for this father, Bob A. Borisoff, past president, CEO and one of the founders of California-based Speare & Company Insurance Agents & Brokers now owned by Wells Fargo. Borisoff didn’t want to risk souring his relationship with his father. Something he had seen happen to others who worked together. In addition he was fascinated with the surplus lines industry because he could work with both agents and insurance companies.
In a recent interview Borisoff recalled how he often kept his father company at the office on Saturday mornings, ”I’d sit across the desk from him and listen to him speak on the phone to clients. He taught me a lot about service and gave me people skills,” said Borisoff. “He treated his clients very well, he treated them as his friends and I followed that example.”
As a young corporate president Borisoff brought energy and innovative ideas to the business. He personifies the entrepreneurial tenacity that is the hallmark of Monarch’s approach to the marketplace. Monarch is widely regarded for its continuous efforts to expand products and recruit top talent, and retain some of the most experienced people in the industry.