Mike began his insurance career in 1979 with Sentry Insurance, a mutual company. As an exclusive agent, Mike was required to sell all lines of insurance products including personal, commercial, life, health, and series 6. In 1993, Mike transitioned from being a “one-company” captive to a successful independent agent when he joined MACSOM Agency, embracing greater income potential provided by having multiple markets. At the time, the agency’s book was approximately 50% commercial sales and 50% personal sales, with no significant life or health business production. Upon joining MACSOM Agency, Mike quickly consolidated his existing customers, rewrote his lost clientele, increased his production by adding new clients and cross-selling every one of them, all while recruiting other successful experienced captive and independent agents to join MACSOM. Mike’s intentional decision to round out his book of business with life and health production and bring new and successful talent to the agency proved beneficial in more than one way.
His early successes and impact to the agency’s bottom line resulted in Mike quickly becoming Agency President and minority owner. Two years after joining MACSOM, the existing majority owner – Jack Sommerfield Esq. – sold his and the other minority owner’s interest to Mike. Jack agreed to personally finance the agency sale to Mike, knowing he would use the opportunity to build a legacy of servant leadership for DFW and beyond. Mike and Jack remained friends until Jack’s passing in 2017.
In 1995, Mike changed the agency’s name from MACSOM to the Sovereign Insurance Group. Continued channel conflict and confusion with the SIG acronym led to the need for another name change in 2012. CoVerica, proposed by a local PR firm, was selected because of its combining of the theme, “Covering America” with the Latin word “Veritas,” which means truth.
Mike graduated in 1977 from the University of Texas – Austin and has held his Certified Insurance Counselor (CIC) designation for 23+ years.
Mike has served on many advisory boards but the most notable was in the beginning, three years after becoming an independent agent and subsequently, Agency President in 1997. At that time, Mike was indoctrinated into Safeco’s President’s Council, two years before normal eligibility. Mike was later asked to serve on Safeco’s National Advisory Council, where he served for more than ten years. He partnered with Safeco on multiple industry-leading initiatives, including the development of their producer training program. Mike was also President for Safeco’s National Advisory Council from 2006 to 2007.
As Chairman and CEO, Mike continues to give insight toward CoVerica’s future objectives at a high level, acting as the agency’s Visionary, as defined in Gino Wickman’s book TRACTION. He currently provides the leadership team with vision casting, guides in critical issue and/or conflict resolution solutions, while continuing to oversee our positive, profitable and unique CoVerica culture.
Mike remains active as a mentor to other business professionals, including our members, on an as-requested or as-needed basis. He thoroughly enjoys helping others understand the importance of change, stating that “agency principals must spend time intentionally planning the future of their business, should they desire to create a lasting legacy.” Part of Mike’s mentorship on legacy includes discussion regarding the importance of perpetuation planning.
He is also committed and available to advise with book and/or agency acquisition strategies and often spends his time helping others weigh personal and professional opportunities, specifically when legal expertise is needed from an experienced and objective perspective. His first-hand knowledge on legal issues was hard-earned and he has ample experience as plaintiff and defendant. This only strengthens the value he adds considering his forty plus years in insurance sales and twenty-eight years of ownership of a best-in-class independent agency.
Mike’s successful entrepreneurial experience paired with his willingness to help others in critical times of need has helped build longevity, loyalty and a growing, thriving business. He is known to many as an insightful business development advocate and is happy to provide his mentorship to any individual associated with the CoVerica family of companies.