Inc. Magazine has released its 23rd annual Inc. 500 ranking of the fastest-growing private companies in the country.
FirstComp Insurance Company, an Omaha Neb.-based workers’ compensation insurance company serving small and medium-sized businesses through independent insurance agencies, was awarded its first-ever spot on the list at 455 with what Inc. calculated to be an average annual sales growth of 325% and $51.2 million in revenue. The Inc. Magazine listing marks the company’s first national recognition of its growth. FirstComp is one of three Omaha companies to make this year’s list.
Luke Yeransian, FirstComp’s founder and CEO, left the insurance division of Omaha billionaire Warren Buffet’s Berkshire Hathaway companies in 1996 to start the monoline company serving what he refers to as “main street” businesses.
“FirstComp’s niche – serving small businesses in small towns through small agencies – has proven successful because people who put their heart and soul into their business will only come to us with legitimate claims,” said Yeransian. “FirstComp puts its agents first when it comes to customer service, providing a long-term market and forging loyal relationships with its agent- partners.”
In 2003, FirstComp’s policyholder surplus nearly doubled, marking the fifth consecutive year of underwriting profitability. The company’s combined loss and expense ratio has reportedly beaten the industry’s ratio by more than 30 percent every year since its founding.
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