Although Ringler was already the country’s largest structured settlement company at the time it acquired Galaher, the move made sense, says Hunt. The structured settlement industry is “ripe for some consolidation.” A larger company is better able to reinvest in the business. Ringler went looking for a quality company that would benefit from joining Ringler. Galaher had excellent information technology in its business. Also, adding Galaher provided an opportunity to have relationships with the larger CPA firms in the country. Hunt does not believe that the Galaher acquisition will have much effect on the structured settlement marketplace. Customers should not see much change.
One change that is visible on Ringler’s website is a new look associated with rebranding. Hunt explains that the rebranding was driven by consultants who worked with Ringler. The view was that Ringler needed to rethink its branding, looking ahead to a new approach to its business. Ringler is “moving from the broker of a product to a consultant for settlement solutions.”
On a personal note, Hunt says that things have gone very well in the two years since he joined Ringler. As for Ringler’s future, it is investing in training and development to move employees from brokers to settlement consultants. Ringler also has a number of strategic partners, and those relationships allow Ringler to bring more products and services to the table when consulting with an injured party. Ringler is also moving to attract more young and diverse talent into its team of consultants.
Hunt says that one challenge for Ringler and its consultants is to get past the notion that they are selling an interest rate product. There is a continuing challenge to educate everyone, including the plaintiffs’ bar, about what structured settlement consultants can do for their clients. It is also important for Ringler not only to maintain sound enterprise management, but also to make sure that the plaintiffs’ bar understands that Ringler is a solid company to deal with.
Geoffrey E. Hunt serves as the President and CEO of Ringler Associates, chosen unanimously by the Board of Directors. His experience in finance, management and the insurance industry spans over 30 years. His experience includes time spent with Deloitte, Liberty Mutual, and Narragansett Bay Insurance Co., which he co-founded. The Settlement Channel is a featured network of Sequence Media Group.