Thompson Insurance Group announced that Andrew Thompson (pictured above) will take over as chief executive officer, succeeding his father, David Thompson, who founded the company nearly five decades ago.
David Thompson will continue to be involved in the business on a full-time basis, according to a company statement. His ongoing role will focus on providing strategic input and guidance as the firm transitions into its third generation of family leadership.
Andrew Thompson has worked at the company for more than 20 years. His responsibilities have spanned multiple operational and client-facing functions, including oversight of office administration, internal workflows, and client engagement.
He began his career at the company in 2001 at the age of 16. He obtained his insurance license by 18 and later earned a degree in business administration from Youngstown State University. He holds the Certified Professional Insurance Agent (CPIA) designation.
In addition to his executive duties, Andrew serves on the boards of several nonprofit organizations, including the American Red Cross, Homes for Kids/Child & Family Solutions, and the Animal Welfare League.
Thompson Insurance Group operates through four dedicated business units: The Gibson Agency, which provides personal and commercial lines coverage; Thompson Private Client Services, which serves high-net-worth individuals; PetBizInsurance.com, focused on insuring pet care professionals; and Gibson Agri & Equine Insurance, which serves clients in agriculture and equine industries.
The company has reported growth across all four of its business units. In 2023, personal lines at The Gibson Agency grew 11.2%, PetBizInsurance.com rose by 16.6%, and Gibson Agri & Equine Insurance recorded a 22.1% increase.
The transition at Thompson Insurance Group comes at a time when many insurance agencies are facing questions about long-term leadership planning. Industry data shows that fewer than 60% of agency owners have formal succession plans in place, despite a significant number intending to pass ownership to family members.
The data also shows companies that adopt structured approaches to succession often benefit from increased stability and continuity, particularly when leadership remains within the family.
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