Loudoun’s oldest business—Loudoun Mutual Insurance Company, founded in 1849—has announced three internal promotions as well as plans for expansion of its Waterford offices.
Kimberly Fry is a company vice president. David King was named senior vice president. Tim Koppenhaver was promoted to executive vice president.
Fry, who joined the company in 2014, was appointed treasurer last year upon the retirement of Lloyd Hutchison. From a background in public accounting, Fry quickly acclimated to insurance accounting and has greatly assisted Loudoun Mutual as its accounting and finances have grown more complex.
King joined the company as vice president of marketing in 1999. Always in insurance, he has held both underwriting and marketing positions. At Loudoun Mutual, he is responsible for field underwriting, marketing and management. He has been one of the company’s primary architects of its new products and rate designs that have contributed to LMI’s growth and profitability.
Koppenhaver is the company’s longest serving employee, having joined it in 1987 as a personal lines underwriter—a position that soon expanded to both claims and accounting. In the early 1990s he was named assistant claims manager and then transitioned to assistant treasurer. In line with the company’s growth, he was promoted to vice president and underwriting manager in 2003. Under his leadership, LMI’s underwriting has been consistently profitable.
The company is rated A Excellent by A M. Best. Originally serving Loudoun County, the company is represented statewide, mostly down to Richmond, the Shenandoah Valley and the central Piedmont regions. Over the past decade, the company has grown from $23,000,000 in revenue and 39,000 member/policyholders to $51,000,000 in revenue and 59,000 member/policyholders. Ranked as the second underwriter of farms in Virginia behind Farm Bureau, and the third writer of fire insurance, the company is also the 13th largest writer of homeowner insurance in Virginia. In 2015, the company was named one of the top 20 performing personal lines companies in the U.S. by Conning and Company.
The company has 38 employees, 32 on site in Waterford. Taking into account projected growth over the next five years, the company estimated it needed headquarters space of between 12,000 and 15,000 square feet. The current 20,000-square-foot space is not efficiently laid out, according to President/CEO Christopher G. Shipe. The company has hired Berryville architect Allen Kitselman, of Main Street Architecture, to redesign of existing space.
Additional expansion plans may hinge on the outcome of the still-running debate over the legal status of two alleys shown crossing the property on old village maps. The Board of Supervisors was scheduled to hold a public hearing on Wednesday, June 15, to begin the agreed-upon on process of formally abandoning public use of alleys. The alleys have never been opened or used, but the company is aware there may be objections that could lead to litigation to settle the alley issue once and for all.