SUNZ Insurance CEO talks about the pandemic, and the bounce-back he hopes is coming
SUNZ Insurance, a national worker compensation insurance company based in Bradenton, has grown from 16 employees in 2013, when Steven Herrig bought the company, to 365 today, making it one of the largest and fastest-growing in Manatee County.
A local company with a national reach, SUNZ is licensed to write policies in 20 states and operates in all 50.
Yet despite its meteoric growth, SUNZ has not been immune to the economic downturn caused by the COVID-19 pandemic.
“Premiums are a byproduct of payroll, which is a product of the market. The contraction of the payroll has resulted in a contraction in premium levels,” Herrig, 59, said Wednesday from his office atop the former First Bank building at 1301 Sixth Ave. W.
“We have seen a contraction of 20 to 30%. I was prepared for more,” Herrig said of the economic tailspin that followed lock-down measures meant to curb the spread of the virus.
But the last month has brought a recovery. “July represented a nice uptick with things coming back online. I think we will have a nice bounce-back, given our position in the business,” he said.
Through the worst of the pandemic, SUNZ managed to retain most of its workforce. Most of its losses came through attrition, rather than layoffs or furloughs.
The company recently announced several personnel changes, including the promotion of Rick Leonard to president, the promotion of Alicia Christiansen to director of sales operations, and the addition of Paul Marks as executive vice president of sales.
“Rick has been with the company since I came here as a consultant in 2011. He, and other members of the team, deserve a great deal of credit for how far we have come,” Herrig said.
SUNZ Insurance now works with companies that include Professional Employer Organizations (PEOs), staffing agencies and large companies.
SUNZ started as a small office in downtown St. Petersburg, offering coverage only in Florida. After Herrig acquired the company in 2013, he relocated it to Sarasota. After purchasing the First Bank building for $2.295 million, he moved the company to Bradenton, helping set the stage for downtown revitalization.
“We love the west coast of Florida and expect further expansion at our corporate headquarters in the coming years ahead. We are passionate about investing in the revitalization of our hometown of downtown Bradenton,” Leonard said in a statement.
SUNZ recently announced it had renewed its first client, EnterpriseHR, for the 15th year in a row.
“It is a very difficult space to operate in. It takes a unique understanding of the risk analysis of the business,” Herrig said. “Adjusters like to work here because they are allowed to do their job. We require them to talk to the claimant to ensure they are getting the treatment they need. Where the claimant is happy, you don’t get into an adversarial relationship. Just be nice to people,” Herrig said.
For more information about SUNZ, visit https://www.sunzinsurance.com/
This story was originally published August 5, 2020 at 4:21 PM.
