John Ritenour Speaks On The Growth of IOA Sports
John Ritenour was among the founders of the Insurance Office of America, which got founded in1988. As among the first executives in insurance, he extensively focused on ensuring the clients’ needs get taken care of and primarily concentrated in amateur sports and professional organizations. He anticipated ensuring he prepares and covers the client’s risks incurred in their day to day life.
He realized there was a gap in sports insurance, and thus, he developed an Insurance of America Sports practice. He ensured the gap became a business to business (B2B) insurance used in the sports industry. Having introduced this, John Ritenour ensured he got the insurance plans for sports leagues, teams, municipalities, entertainment venues, and all business communities in sports.
John Ritenour ensured that all business leaders in sports could get IOA in their unique needs. By maintaining the legacy, he ensured that he passed on everything to his son Heath Ritenour and currently serves as the industry chairman and CEO.
John Ritenour acknowledged by ensuring all the sports teams get a customized plan since every sport has its unique complications and risks. He always provided that amateur sports and professionals who have devised knowledge I in sports and a proper business model assess the nature of threats.
Offering insurance for sports needs a significant valuation and proper consideration of the worst-case scenario. It requires much mitigation since it gets associated with huge risks. Thus IOA had to develop an appropriate policy of relief. They raised two of the most common examples termed as serious. They include one as if their players sustain significant injuries when revenue gets lost, resulting in cancelled games. It gets well seen during the Covid 19 pandemic that all teams get lost in the entire season since no games get played. In such a situation, it can call for the whole industry to go bankrupt unless the insurance receives the proper coverage.