American Heritage Insurance Group

About American Heritage Insurance Group

American Heritage Insurance Group, LLC was founded in December 2001 in downtown Cincinnati. The organization began with one agency contracted and $0.00 written premium. Today, just a little over four years later, American Heritage operates five regional offices in southwest and central Ohio and will produce in operating year 2005 over $7,500,000 of written premiums.

The operation is owned by two partners, Vincent Petreccia and Michael Rice. Both partners have substantial experience and knowledge of the insurance industry.

Vin began his career with the Travelers Insurance Company in 1970. While with Travelers, Vin held positions in the Personal Lines Division in their Providence, Rhode Island and Portland, Maine offices. Vin's responsibilities included agency relations and underwriting. Vin then moved to the Metropolitan Property and Liability Insurance Company in 1975, where he was the Manager of the Career Sucess School for agents, with responsibility for the development and implementation of their product and sales training in New England, New York, Ohio, and California. Vin also managed the Business Accounts division for Metropolitan and as the Director of this operation, developed and implemented a Personal Lines Group Division. Through this Division, Vin and his staff wrote $25 million dollars of personal lines business in four years. After leaving Metropolitan, Vin owned an independent insurance agency in West Warwick, Rhode Island. This agency was part of the Boucher Group and Vin's book of business was comprised of 70% commercial lines.

Mike has spent his entire life and almost his entire career in the insurance industry. Mike grew up in the insurance business around an independent agency founded by his grandfather and then run by his father. After graduating from Vanderbilt University Law School and spending a brief time with the Taft, Stettinius & Hollister law firm in the late 1980's, Mike spent 12 years with American Financial Group, Inc., and its insurance affiliates, Great American Insurance Group and Great American Financial Resources. At Great American, Mike served in various capacities, including corporate council, agency services administrator, and product manager. Mike served as a Vice President of Great American and ultimately found himself involved in the technology side of the business through the start-up and successful launch of an in-house software operation and as Director of AFG's Year 2000 Project Office. In 2000, Mike resigned from AFG/Great American and formed an insurance technology company called Applied Business Technologies Corporation, which provide on-line rating and underwriting (quote to issue technology) for the insurance industry. Mike and Vin got together in early 2001 while working on sales of the software for ABTC and developed a business plan, which ultimately formed their partnership.

Today, American Heritage operates five offices in southwest and central Ohio: the main and administrative office of the organization is in central Cincinnati and is located in Montgomery, Ohio; an office in Milford, Ohio serves both the eastern section of Hamilton County and most of Clermont County; a Middletown, Ohio office, an office in London, Ohio (in Madison County) about 20 minutes south of Columbus, and new office in 2005 in Springfield, Ohio. All five offices offer a varied mix of business and customer base.

The operation is supported with an excellent staff of qualified and experienced personnel. There are nine full-time underwriters and customer service representatives. Two of the nine full-time individuals focus on commercial lines accounts. American Heritage also has on staff five full-time producers, in addition to the owners, that produce new business for the organization.

While experiencing this incredible growth, American Heritage has still maintained an excellent record of producing profitable business for its carriers. In most instances, American Heritage has produced very profitable loss ratios in the mid to low 50's and in a few cases mid 40's. One large book of business (in excess of $1,000,000) finished year-end 2004 with a loss ratio under 30.

American Heritage is generating these kinds of results with lots of hard work, an aggressive marketing plan, and a commitment to serving existing and prospective customers with extraordinary service.