This is the 23rd in our series of conversations with former leaders of Independent Insurance Agents of Virginia. Rick Farmar served as IIAV president after being elected in 1998 at the convention at The Homestead in Hot Springs, Va. This is the 23rd in our series of conversations with former leaders of Independent Insurance Agents of Virginia. Rick Farmar served as IIAV president after being elected in 1998 at the convention at The Homestead in Hot Springs, Va.
"Change with change" is a favorite adage and has served as a creed of sorts for Richard A. Farmar, III, CPCU, AAI. One doesn’t have to be engaged with Farmar very long before the phrase is interjected. Being able to recognize a changing environment, study the elements facing him and, as a result, alter his course, has served him well.
Farmar’s father worked with DuPont and the family lived in Ohio at the time of Rick’s birth. In 1964, the family moved back to Warsaw, Va. and the B.H. Baird Insurance Agency Inc. that was founded in 1895.
Rick enjoyed his youth and excelled in athletics. As captain of the Rappahannock High School football, basketball and track teams, he was not a stranger to hard work and discipline.
After high school, Rick headed off to Hampden-Sydney College where he continued to play football as a wingback under legendary coach Stokely Fulton. A government and foreign affairs major and Kappa Sig frat boy, Farmar graduated in 1979.
He contemplated going to law school but was asked by his father to join the agency. So in the fall of 1979, Rick Farmar began his insurance career. The agency had begun moving a book of business from Royal Globe Insurance Company to Reliance Insurance Company and Rick spent a great deal of his first year "appraising the book." "That first year," Rick said, "was quite a transition for any college student."
Rick’s father was quick to introduce professional associations and civic groups as an important pathway to improving his industry knowledge and increase his exposure within the community.
Rick rapidly become involved in the Northern Neck Independent Insurance Agents Association and was elected president. On the statewide level, the IIAV Young Agencts Committee was attractive to him and he chaired YAC for a number of years. Farmar was named Young Agent of the Year in 1986. Rick took education very seriously and earned his AAI and CPCU designations early in his career.
Once on the IIAV Board of Directors, Farmar rose through the chairs and was elected president in 1998. This was at a time when IIAV and PIA were seriously discussing merger and this issue alone dictated the majority of his "break bread and discuss merger" work during Farmar’s term.
In addition to his professional success, Rick considers his personal life blessed as well. He met his wife, the former Sue Hinton, at a social function just before she headed to Virginia Tech to begin her college career. They married in 1885 and have two beautiful daughters. One daughter is a student at Virginia Tech and the other attends St. Margaret's School in Tappahannock.
Rick has always enjoyed hunting and has mounted trophies from his expeditions, including bears, mountain lions and elk. He, Sue and the family relax by fishing and playing tennis, and they all love to travel. The Farmars have a getaway home at Nags Head and a timeshare in Montana. Of course, their home on the Rappahannock offers the perfect setting for an outing on the river and the Chesapeake Bay.
Today, Rick still works hard and serves his community with distinction. He serves on the Keystone Insurance Group Board of Directors, is chairman of the board of the Bank of Lancaster and has served in just about every capacity with the local Jaycees, Chamber of Commerce and Rotary Club. Farmar is also a long-time member of Ducks Unlimited, is vice president of the Tidewater Foundation (a 501c3 organization), is emcee of the annual Holly Ball and works with FAPT – a group that works with troubled kids and at-risk children.
The B.H. Baird Agency has seen significant growth since Rick's father brought him into the business, not only due to expansion at the Warsaw office but also the addition of satellite offices and away-from-office producers. The staff has grown to nearly 20. Rick's flair for adapting to change suits him well for the current soft market and offers a real opportunity for growth.
In 1979, when Rick was considering joining the agency there wasn’t much advice from others in the industry. Farmar’s father encouraged him to join the agency and "give it a try." For today’s youth considering the independent agency business as a career choice, Farmar offers this, "Work hard, provide service to your clients and enjoy the eventual success." He adds, "This is a cyclical business. It runs from the competitive soft markets we are experiencing today to the very hard markets. Plan for both." In his 30-plus years in the agency business, Farmar has seen many, many changes. "I don’t have the same relationships with carriers I had in years past," he said. "A handshake used to go a long way. It meant a lot. Now, the business is too much of a numbers game; it is strictly business."
Farmar continues to see erosion in the personal lines market and an agency "needs a good plan for personal lines to remain successful." He said, "Learning how to deal with the Internet is key to keeping up in this area." Rick continues to do a lot of research to position his agency for the demands of today and to be a player in the future.
Where does Farmar see the independent agent 10 years from now? He is very positive. With a lot of hard work and a focus on branding, the market share of the independent agent can level off. But the agent must adapt to change. The role of the independent agent will always be significant in the commercial lines department.
Rick remains a big supporter of the Independent Insurance Agents of Virginia. He is concerned about the branding avenues being taken nationally. But be certain that nothing will remain the same and the independent insurance agency system will be faced with changes and lots of them. Rick Farmar and the B.H. Baird Insurance Agency, Inc. are expecting change. They are planning for it and will adapt. "Change with change." Good words to live by.
If you missed the previous articles you may find them on our website at www.iiav.com under News.
Danny Mitchell (dmitchell@iiav.com), IIAV Membership/Marketing Director
Independent Insurance Agents of Virginia