Creative Opportunities


FIRST has a proven track record of offering effective creative solutions to the financial needs of agency customers. This includes basic business loans, revolving lines of credit and agency acquisition and perpetuation, as illustrated on other pages. FIRST also has experience developing more creative financial solutions to allow customers to pursue unique business opportunities. Here is an example of one such solution.

The Need
In response to a virtual collapse of the medical malpractice insurance market a few years ago, one agency decided to start a Risk Retention Group (RRG) to provide coverage for its clients. For it to happen, the agency needed funding to finance the start-up and operations of the RRG.

A capital investment was required from each doctor or practice wishing to join the RRG. Many needed funding for their contribution.

Local financial institutions were unable to handle either request, given the volatility of the insurance market at the time and the risk involved in the new business venture.

The Solution
FIRST met the agency’s needs with a two-tiered solution. FIRST provided the agency with a $1 million, five year loan to finance the agency’s initial equity investment in the RRG.

FIRST also provided each member with a two year loan to finance their first and second year capital contribution. In addition to these loans, FIRST provided the premium financing on the RRG’s insurance coverages.

The Results
In the RRG's first year, FIRST financed almost $1 million in capital contributions for doctors who joined the RRG. The agency’s satisfaction is evident: The agency continues to be an exclusive agent with FIRST.

FIRST can help your agency with most creative opportunities that address the needs of your market. By counting on the decades of experience present at FIRST, your agency will be able to build the necessary solutions to help grow your business.