SRS Insurance was originally founded in 1982 by its original owner, Jerry Weaver of Weaver Industries. Jerry spent most of his career in the contract manufacturing business. Jerry built multiple companies over the years and in 1982 had a dream of forming a group of service companies to support his manufacturing operations. The dream was born by incorporating the first insurance agency called called Weaver Diversified Insurance Inc. Jerry worked on his strategic plan from 1982 to 1985 when finally the service entity concept became a reality. In 1985 Jerry Weaver hired his first employee Terry Young. Terry became the agency president and managed the startup and ran the insurance agency operation.
Shortly after the agency began operations they made their first acquisition in Guntersville, Alabama. The Chambers Agency was acquired from Gene Chambers who had been in business many, many years there in the Marshall County area. Chambers Insurance was an "old town" agency servicing clients in their local community from auto insurance to main street commercial business. Over the next couple of years, Weaver Insurance continued to grow their operations and in 1991 they acquired a small town agency in Centre, Alabama by the name of Chester Insurance. Once again this was a traditional old town agency in business for 50+ years and was operated by Mrs. Chester. Chester Insurance had primarily a personal lines book of business. In 1992, Weaver Insurance acquired a book of business from an Agency in Anniston, Alabama. This book of business was predominately commercial and was rolled into the Weaver Insurance Gadsden operations.
In 1994 Weaver Insurance made its largest acquisition. That agency was in Gadsden, Alabama by the name of Banks and Company. The Banks Insurance Agency had been in business for approximately 80 years. It had an exceptionally well-rounded stable of companies at the time of the acquisition. Mr. Banks, the father and majority owner of the agency was looking for a way to retire and perpetuate the operation with his two sons. Weaver acquired 50% of their agency and merged offices. Over the next couple of years, one of the sons chose to get out of the business and Weaver acquired his interest and a couple of years later we acquired the other sons’ interest as well.
Safe Risk Loss Control Department...
During this same period of time, Weaver Insurance established a loss control department called Safe Risk. Safe Risk is a loss control division that provides safety and loss control services to internal agency clients as well as external clients. Through the years some of their larger clients have been manufacturing companies, a chain of nursing homes, major hospitals, and a wide variation of other clients both small and large.
Work Comp Claims Administration Company...
In 1997, Weaver Insurance funded the start-up of a third party administrator (TPA) called Millennium Risk Managers (MRM) in Birmingham, Alabama. MRM focuses solely on processing workers compensation claims for large self-insured employers and state associations. Tom Roper and Terry Young formed a partnership under the name of MRM to begin the TPA operation. Tom was no stranger to this industry. He had been deeply involved in the self insurance work comp arena for many years. Tom was also instrumental in creating the largest PPO (Preferred Provider Organization) for workers compensation claims in the state of Alabama. To this day MRM still owns 25% of this PPO.
Approximately, three or fours years after MRM’s initial onset, Weaver Insurance and MRM acquired another TPA called Association Resources, Inc. and rolled that organization into the MRM structure. ARI was a major player in the work comp claims administration arena in Alabama as well.
SRS Insurance Group...
In 2007 Terry Young acquired 100% control and interest in Weaver Insurance Group and changed the name to Southern Risk Services, LLC. Today, SRS Insurance is a multi-line, full service, independent agency. Our business is approximately 75% commercial and 25% personal lines. Through the years we have merged the outlying offices into a single facility in Gadsden, Alabama. We also now have a corporate office located in Birmingham, Alabama. In our primary service center located in Gadsden, Alabama we have approximately 8 employees generating just shy of $9 million premium per year.
SRS has developed a strategic plan of growth over the next three to five years. They will be hiring two additional staff during the first half of 2010. SRS Insurance is presently looking for an acquisition to grow the organization, increase premiums, obtain additional markets, and enhance the overall operations and services for their clients.
If we can be of any service to you, your family or business, please do not hesitate to give us a call!
SRS Insurance Group
Cell: 1-256-504-3288 1-256-504-3288