Originally Syndicated on May 31, 2024 @ 8:52 am
About Heath Ritenour.
Heath Ritenour, CEO and Chairman of IOA Group, also serves as chairman of the Insurance Office of America (IOA). Heath worked as a commercial insurance broker with IOA beginning in 1996. He became CEO in 2008 and chairman in 2019.
Since taking over, IOA has grown annually, growing revenue from $70 million to $286 million by EOY 2022. IOA is one of only four independent, privately held brokerages among the top 25 insurance brokerages in the United States that has grown almost entirely organically rather than through mergers. Heath’s leadership has helped IOA achieve major rankings during his tenure, including National Underwriter’s Agency of the Year and Best Workplaces USA 2023, among many others.
Heath attended Liberty University, where he studied business administration and played football. He is currently licensed for health and life insurance, as well as property and casualty general lines.
Heath is president of the IOA Foundation, a board member of Cogent Bank, and an elder of Grace Church in Longwood, Florida. He has served on the Seminole County Public Schools Foundation, Lifework Leadership Orlando’s Advisory Board, the Arnold Palmer Medical Center Foundation, and the Seminole State College Foundation.
However, managing a full-service insurance business is usually a simple task. Agents for the company canvass new consumers and create bespoke insurance policies for those who enroll. Agents earn paid for policy sales and renewals.
Allegation against Heath Ritenour
John Ritenour and Heath Ritenour are the subject of multiple Civil Racketeering “RICO” claims from various legal firms and states, involving fraud, theft, a “Ponzi Scheme,” and stock manipulation.
John Ritenour, Heath Ritenour, and the Insurance Office of America, Inc. have filed an application for a temporary restraining order (“Motion”), seeking an injunction against the defendants.
The IOA argues in the Motion that print and video content contain “defamatory” information in the form of extracts from grievances and other legal papers, as well as summaries of cases and the identities of the individuals involved.
The parties defending the Motion are looking for witnesses to testify about the allegations made against the Insurance Office of America, John Ritenour, and Heath Ritenour.
Examples of these allegations include the following: Defendants Valli, John, and Heath (wife and son) are the founders/corporate officers of Defendant IOA, one of the largest insurance firms in the United States, according to the plaintiff’s Amended Complaint filed in Broward County Circuit Court.
These defendants allege that they formed a “family-oriented” insurance company that promises to be “partners” with its sales force in order to provide the best working conditions and earnings in the industry. These are the classic “wolves in sheep’s clothing” since they amassed wealth by engaging in numerous fraudulent schemes that directly harmed the plaintiff and those in a similar situation, including
- “Cooking the Books” to Steal Insurance Commissions from IOA’s Sales Representatives
- Purchasing “books of business,” failing to pay bills on time, and using a variety of corporate companies and real estate deals to disguise their criminal riches.
- Bullying, dishonesty, discontinuing, threatening, and “mobster-like” actions to manipulate the stock of Defendant IOA by making the company appear healthy by declaring huge accounts as IOAs; and
- Attempting to intimidate a witness.
According to the lawsuit, Defendant John, Valli, and/or Heath stepped in and stole a few significant accounts obtained by an associated sales member, claiming that Defendant John, Heath, or an additional appointed IOA member is the “producer” or “lead producer” or “co-producer” of the report without first discussing the matter with the sales associate. John is sometimes so arrogant that he tells the agent that’s “exactly how this one goes,” in fact. In the end, this huge account may become a “status” description where IOA “REBATES” its insurance premiums in exchange for the ability to use a corporate symbol and have its identity shown at a sporting facility.”
The claims listed above are taken verbatim from court documents. The accusations and concerns have not yet been resolved by the court as of the date this Notice to Witness is being issued.
The IOA Journey of Heath Ritenour
The chairman and CEO of the Insurance Office of America, Heath Ritenour, is seated in the executive suite. He is skilled in risk management, specialised market coverage, and personal and corporate insurance. He is equally at ease delivering guidance to individual policyholders as he is providing sophisticated coverage to large corporations.
Heath Ritenour had to start from the bottom in order to reach this level of success. He started working with IOA in 1996 as an intern while still in college, and then as an insurance agent.
Heath Ritenour spent time learning the ins and outs of the insurance industry rather than attempting to capitalise on his father’s reputation. Ritenour spent 12 years making up to 100 cold calls a day to build his own clientele. Instead than concentrating on closing business, he focused on making connections. This method helped him progressively gain loyal consumers who referred him to others.
Ritenour states he would not change anything about those difficult years. He gained valuable industrial knowledge and expertise that he would not have had otherwise.
The Bottom Line
All of the charges described above are based on legal papers, but they have yet to be determined by a court of law. Heath Ritenour has made many changes in the Insurance Industry so that he can maximise his profit. He has done many scams and frauds in order to acquire wealth. In short, to gain profit he has created a family-oriented insurance company that partners with a sales force to provide a large number of commissions in the insurance industry.
