John Ritenour launched the Insurance Office of Florida, which later became the Insurance Office of America, in 1988. His son, Heath, joined the company in the early 2000s after completing a summer internship. Father and son have always worked well together as a team, and the development and launch of IOA’s sports division to provide customized insurance coverage for sports clients were no different.
It All Started with a Phone Call from the Orlando Magic
John Ritenour was sitting at his desk one-day several years ago when he received a phone call from a representative of the Orlando Magic. The team plays in the National Basketball Association (NBA). The representative asked whether IOA would be interested in sponsoring the team for an upcoming public relations event.
Although John Ritenour was immediately interested, he asked the Orlando Magic representative why the team did not ask their current insurance provider to do this. Ritenour was surprised to learn that the Magic had already made the request, but the company that provided the team’s insurance declined it.
John and Heath Ritenour Took Immediate Action
Almost immediately after hanging up with the Orlando Magic representative, John talked to his son about creating a partnership with the team as its official insurance broker. John Ritenour proposed that representatives from IOA hold events with the Orlando Magic Youth Foundation in the local community. John Ritenour proposed this idea to the team along with the idea of providing local charities with tickets to Magic games.
The biggest part of the proposal to the Magic was for IOA to do what it refers to as a deep dive into the team’s current risks and vulnerabilities. John Ritenour and Heath Ritenour assured the team that they would inform them of gaps in coverage that could put its profitability at risk. The Ritenours then presented the Magic with their findings, along with recommendations to fill their coverage gaps.
Confidence of the Orlando Magic Inspired IOA to Create a Separate Sports Division
The NBA team enthusiastically accepted IOA’s proposal, which gave John and Heath the idea to create a separate insurance division just for sports teams and sports-related businesses. Each insurance policy written by the IOA sports division considers the client’s unique risks and worst-case scenarios. Neither John Ritenour nor Heath Ritenour could create such robust insurance coverage for a niche industry without their in-depth knowledge of the sporting business model satta matka.
Heath Ritenour Continues to Grow the IOA Sports Division After His Father’s Retirement
John Ritenourretired from the company he founded with his wife in 2018, but both remain available to Heath for consulting. As a new CEO who led IOA through a global pandemic, Heath Ritenour feels confident about the company’s future. His father shares the same sense of confidence. Father and son have always worked well together as a team, and the development and launch of IOA’s sports division to provide customized insurance coverage for sports clients were no different.