LOS ANGELES (PRWEB) November 09, 2020
Poms & Associates, an independent, full-service insurance brokerage and risk management firm, announced today that its founder and president Dave Poms has been inducted into Insurance Business America’s (IBA) Hall of Fame as part of its 2020 class. IBA’s newest class of Hall of Fame inductees includes 26 stewards of the industry who have dedicated their careers to insurance – and continue to impact its future trajectory.
“The insurance industry, at its core, is about people – a fact that has never been more apparent that this year, in the middle of a global pandemic that has tested every area of the industry,” write IBA editors in its 2020 Hall of Fame special report. “The 26 insurance professionals who make up IBA’s fourth annual Hall of Fame have tirelessly given their time and expertise to the industry for more than 35 years; along the way, they’ve improved the lives of countless insureds and have leveled the playing field for the colleagues who came after them.”
Over his 38-year career, Poms has been a driving force behind the creation of many public entity pools in the western U.S., including the New Mexico Public Schools Insurance Authority (NMPSIA), which helps New Mexico’s school system provide unique coverages that are not commercially available in the insurance market.
Poms’ work with public entities goes back to the mid-1980s when insurers started to retreat from the public entity marketplace. This exodus followed the erosion of sovereign immunity – a protection for public entities under the Eleventh Amendment of the U.S. Constitution, granting that “a state may not be sued without its consent.” Without sovereign immunity, the number of lawsuits involving public entities started to rise and insurers were on the hook to pay large settlements. The insurance industry struggled to rate this new exposure adequately and many exited the market. Since then, Poms’ focus on serving public entities has been to stay on top of any new exposures that come to the forefront and manage those exposures through a combination of innovative approaches to loss control and the broadest insurance coverage available.
Poms founded Poms & Associates in 1991 based on the premise that knowledge is the best insurance – that the best way to help businesses and organizations is to serve not only as an insurance broker but also as an educator about best practices in how to reduce risk and prevent loss before an incident occurs. With a company-wide emphasis on education, Poms & Associates today is among the top 50 privately held brokerage firms in the U.S. with six branch offices in three states. The company has been repeatedly recognized as one of the “Top Insurance Workplaces” by Insurance Business America magazine.
For more information about Poms & Associates, visit https://pomsassoc.com/.
About Poms & Associates
Poms & Associates is a leading independent, full-service insurance brokerage and risk management firm with a proven track record of providing innovative and customized solutions to businesses in high-risk industries. Founded in 1991, the company was built on the premise that knowledge is the best insurance – that is, the best way to help businesses and organizations is to serve not only as an insurance broker but also as an educator about best practices in how to reduce risk and prevent loss before an incident occurs. Poms & Associates today offers a wide range of products and services, including property and casualty insurance for commercial organizations and public entities, risk control, human resources and employee benefits and private services for high net-worth individuals. Among the top 50 independent brokerage firms in the U.S., Poms & Associates is headquartered in Woodland Hills, Calf. It maintains branch offices in Los Angeles, Sacramento, Calif., the San Francisco Bay Area, Albuquerque, N.M. and Dayton, Ohio. For more information, visit https://pomsassoc.com/ and follow on Twitter @Poms_Associates.