IRVINE, Calif. — Portfolio is celebrating its 25th year in business as reinsurance program manager for dealers. Events are scheduled to be held throughout the year honoring agents, employees and other contributors to the company.
Over the last year, Portfolio achieved a landmark 1 million contracts per year and enjoyed a 22% overall growth rate compared to 2013. In the company’s 25 years of existence, its dealer reinsurance companies have earned $1.4 billion to date.
“It was a rewarding milestone to achieve at the quarter century mark,” said Brent Griggs, president and CEO of Portfolio. “We see it as evidence of how vital we are to the dealer’s success in the automotive marketplace, so we won’t be resting on our laurels.”
In 1990 when Portfolio was founded, reinsurance was an unproven business model but in the years since, the company has seen the concept receive complete acceptance, says Portfolio founder Steve Burke.
Portfolio will be hosting a cocktail reception to recognize agents at the Agent Summit in Las Vegas on March 2. To honor its top agents, Portfolio will be holding a Portfolio Pacesetters retreat during the Indy Car Toyota Grand Prix in Long Beach, Calif., in April. Other events will be announced throughout the year culminating in a December gala for employees in Irvine, Calif., and Dallas, Texas.
“When I look at the 1.4 billion earned by our dealers’ reinsurance companies inception-to-date I am grateful to all those who placed their trust and energies into making our mutual success happen,” said Burke.
Portfolio is a reinsurance manager of vehicle service contracts, warranties and other F&I products offered and sold in dealerships. The services are marketed to dealers through a nationwide network of independent agents and reinsurance specialists.