Local agencies join forces as First MainStreet Insurance
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Two long standing insurance companies in Mount Ayr moved under one roof last year, and will soon be using the same name.
In 2023, Tyler Insurance account managers Lois Ibbotson and Pam Brokaw, moved into the same building as Ringgold Insurance Services in order to streamline their operations.
Beginning May 1, Ringgold Insurance Services and Tyler Insurance will be known as “First Main Street Insurance Mount Ayr.”
Tyler Insurance Services was acquired by First MainStreet Insurance L.C. (FMSI), an affiliate of TrueNorth Companies L.C., on Dec. 31, 2020.
Phil Tyler owned and operated Tyler Insurance in Mount Ayr for 27 years prior to transitioning to FMSI. Tyler bought the Mount Ayr location and book of business from Bob Roe in November of 1997.
With two locations in Creston and Mount Ayr, Tyler Insurance has provided insurance solutions to Southwest Iowa for over 50 years.
Devon Tyler-Leith joined the partnership to ensure that the FMSI location in Creston remains a local and family run agency.
Ringgold Insurance Services (RIS) also joined the FMSI platform in August of 2022. Ted Smith made the decision to pass the business on to First MainStreet Insurance in order to bring additional resources to Ringgold County.
Ted’s daughter, and FMSI’s new partner, Renda Smith, joined the team and is helping lead the agency forward. Ted will continue to help guide the office in conjunction with Renda.
Formerly known as Cunning Insurance Co., Inc., Ted Smith purchased the insurance book of business in 2008, and changed the name to RIS in 2019. The agency was originally founded in 1927, and operated for over 80 years as Cunning Company Co., Inc.
With the support of FMSI, Ringgold Insurance Services and Tyler Insurance Services gained additional carrier and market resources to further their service.
First MainStreet Insurance local partner Renda Smith
“I liked that the partnership gave us the big company perks, while still feeling like a small agency,” said Renda, “Customers will still be working with the same people.”
Established in 2017 as a holding company, the FMSI model focuses on helping smaller agencies, preserve their business and legacy, while maintaining a local presence within their communities.
Agencies who partner with FMSI gain access to additional resources like accounting, marketing, IT assistance, and employee benefits, while increasing the number of insurance carriers they write policies with.
“We can work with more insurance carriers now,” said Renda, “We went from roughly a dozen carriers to over 44 different options.”
As an affiliated division of TrueNorth, the FMSI platform offers independent agencies the chance to join forces with a larger network.
TrueNorth Companies was established in 2001 when three local agencies merged, creating the largest financial services firm of its kind in Eastern Iowa. Over the years, TrueNorth has become one of the largest privately held insurance companies in the nation, establishing a strong reputation in the industry.
As TrueNorth expanded, the team was approached by a number of agencies in county seat communities looking for a partner that allowed them to continue to provide local support and carry on the legacy they built.
First MainStreet Insurance was developed to support small or family owed agencies, as many of TrueNorth’s senior leaders came from small towns, and understood the importance of maintaining a local presence.
In October of 2023, FMSI announced their newest partnership with United Prairie Insurance (UPI), which fully launched the platform into Minnesota. UPI added 12 locations in the southern half of Minnesota. In total, FMSI acquired or merged with 15 new agencies in 2023.
FMSI has grown to almost 60 locations and more than 200 people spanning four states in just over 4 years, with agencies throughout Iowa, Minnesota, South Dakota and Tennesee.
Based out of Cedar Rapids, FMSI plans to continue growing their network in the four states they currently operate in.
An announcement on their website indicates they are also looking for additional opportunities outside of their current area.
