Hightown, New Jersey’s Allen & Stults Co., knows what it means to keep something in the family. Founded in 1881, the insurance agency stands out because it’s remained a family-owned business throughout its 134-year history. The firm’s president Charles (Cappy) Stults III represents the fourth generation of his clan to work there, and both his daughter and son-in-law are also employees, which means the tradition will continue into at least a fifth generation. Josh Chetwynd talked to Stults about running a family-owned agency, the insurance business in general and what makes New Jersey a unique market.
IBAMAG.COM: How difficult is it to keep a business like this family-run for so long?
CS: In 134 years, there have been many ups and downs, and at times I feel I have been here the whole time. Simply, though, the keys are exceeding your clients’ expectations, hiring and keeping quality staff, and treating staff well. Give staff independence and educational opportunities. Stay involved in the community and industry. My great grandfather died in his 50s, my grandfather still handled some accounts when he was nearly 80 and my father maintained an office until he was 80. But everyone stayed out of each other’s way. Assisted as needed, but not interfering. What drew me to the business was observing my father and grandfather. I watched how hard they worked. But they never complained or dreaded coming to the office.
IBAMAG.COM: What are the biggest trends you’re seeing in the industry right now?
CS: More consolidation while newer players are getting into the market. More than ever, you have to stay on your toes from week-to-week and month-to-month as new products are always coming out. You can’t assume yesterday will be the same as today. What we’re seeing right now is there has been consistently more than adequate surplus and excess capital for some time. The cycles that used to take place where maybe in six years three were going up and three were going down with a half-year of calm just hasn’t happened for the last 14 years. I don’t know if this is the new normal.
IBAMAG.COM: What is unique about the culture of the insurance business in New Jersey?
CS: I think that both the best and the worst that is in every market is in New Jersey, just more of both. We try to focus on the best, and avoid the worst. If I was talking to you from a mid-state (coal country) Pennsylvania agency that started in 1881 like we did in New Jersey, there would be some differences because there might not be the diversity of their client base in Pennsylvania. New Jersey has always been so diversified.
Fast Facts
Allen & Stults, Co.
Founded: 1881
Coverage: A general agency working in personal, business and life and health insurance markets
Number of employees: 15
Number of policies (approximately) written in the first half of 2015: 3,200
Number of clients: 2,900
