R. MICHAEL STROMAN
R. Michael Stroman has over 42 years of experience in the insurance industry. Currently serving as an industry consultant, he assists insurance purchasers, insurance companies and agents, and their attorneys, accountants, and other industry advisors, with agency management, claims consulting, underwriting practices, standard of care, and other technical assistance.
Mr. Stroman has completed more than 80 sales of insurance agencies and provided numerous clients with transaction advisory services, assisting with identifying merger & acquisition candidates, the structuring of transactions, agency valuation, general insurance company, and agency consultation. He also designs and consults with insurance companies and agencies regarding marketing programs and sales force management.
Beginning his insurance industry career as an underwriter for an insurance carrier, Mr. Stroman then served as an officer and executive responsible for production, marketing, acquisitions, and administrative functions for an agency providing services from Wholesale Brokerage to Benefits Sales generating approximately $41 million in premium volume for 18 standard markets and more than 100 excess and surplus lines markets, and employing 48 people. In 1996, Mr. Stroman founded Millennium Insurance Agency, Inc., serving as its President, and growing the firm to a $1.3 million revenue stream before selling the agency to Dean & Draper Insurance Agency, LP in 2004.
He has been an active participant in the Texas and Independent Insurance Agents of Houston since 1985, serving as president, on the Board of Directors, and as chairman or co-chair of numerous committees. He also is active at St Luke’s United Methodist Church, having served as Chairman of the Executive Committee and Board of Stewards in recent years. Mr. Stroman earned a Bachelor of Arts in Managerial Studies from Rice University, and is very involved with his family and his four (soon to be five) grandchildren.
2004 to 2006 – Dean & Draper Insurance Agency, LP, Producer
1996 to 2004 – Millennium Insurance Agency, Inc., President and Owner
1992 to 1996 – Financial Guardian of Texas, Inc., Executive Vice President
1983 to 1992 – John R. Ray and Sons, Inc., Vice President and Shareholder, Producer
1982 to 1983 – American General Fire and Casualty Co., Assistant to the President, Marketing Representative
1981 to 1982 – Bayly, Martin and Faye, San Antonio, Account Executive
1980 to 1981 – Travelers Insurance Company, Underwriter/ Account Analyst
EDUCATION AND MEMBERSHIPS
- Bachelor of Arts degree, Managerial Studies, Rice University, 1980
- Member of the Houston Association of Insurance Agents and the Texas Association of Insurance Agents
SELECTED SUMMARIES OF RECENT ENGAGEMENTS
- Provided expert report for a case involving an application of Uninsured/Under-insured motorist coverage for an employee of the largest distributor of industrial, medical and specialty gases in the United States. Our client, a global risk management and workforce productivity solutions firm, was dismissed prior to trial, largely based on this report.
- Provided expert report to Defendant’s Counsel in a case involving Plaintiff’s demands for return of all fees paid to our client, the defendant, for several years of service because of our client also receiving contingency payments from several insurance carriers. The case was dismissed prior to trial.
- Provided damages claim report which assist in the filing of a complex claim following a fire loss at a funeral home in Cleveland, TX. Mr. Stroman identified well over $125,000 of additional damages, quantified the additional claim in his report to the client, and they were paid appropriately.
- Scheduled to testify during arbitration in May 2011 for a case involving the acceptability of a life insurance program for a wealthy client which the cash value of the insurance policy declined significantly when the stock market declined in 2008.