PBN C-SUITE 2021 AWARDS
Michael Edwards
Falvey Insurance Group Ltd. chief financial officer
Falvey Insurance Group Ltd. in North Kingstown has grown its revenue 60% over the past three years, which Chief Financial Officer Michael Edwards credits to the company’s culture and doing the right thing.
“We have a strong culture here, it’s been going on for years and it’s really our mantra,” said Edwards, who joined the firm in 2000 as its corporate controller. “Just keep doing the right thing. That’s it. There’s really no secret formula. It’s just constantly getting out to the brokers, getting the right clients and servicing them.”
Falvey has also benefited from specializing in high-tech and life sciences, Edwards said. The company has six offices across North America and another in London that opened in 2017, all of which provide local policy issuance in more than 160 countries.
“In a hard market period with price increases, we’re in a nice niche for the last few years,” he said. “We’re riding the wave but doing the right thing consistently and being in a position to ride that wave.”
In 2020, Falvey grew its revenue to more than $24 million annually, from under $15 million in 2018, all while driving down expenses by 22% and increasing profitability.
“Mike Edwards is frankly the best CFO for a midsize company in Rhode Island, and his leadership and foresight have given me the ability and freedom to be entrepreneurial and grow the company,” said J. Michael Falvey, the company’s founder and CEO. “His cash management and budgeting skills have allowed FIG to not only grow but to reduce debt and increase our profit margins from 3.94% to 39.48% in the last three years.”
Edwards was on the same page with the boss from the outset, Falvey said. The Providence College undergrad also has his MBA in finance and entrepreneurship from the Olin School of Business at Babson College.
“I kind of fell for the entrepreneurial bug and was in the middle of getting my MBA when I realized I might not be the best entrepreneur but definitely wanted to work in the entrepreneurial setting,” Edwards said. “I found that best setting with Mike Falvey. The timing was right and I’m happy to have been able to help him grow the company.”
The COVID-19 pandemic has hamstrung many companies’ productivity, but not Falvey’s, Edwards said.
“We’ve always put a lot of emphasis on technology and our relationships, so as we got into the pandemic, we were ready to work from home, and since those relationships were so strong with the right brokers and organizations, we didn’t need to cold call or do introductions that are hard to get into in a pandemic,” Edwards said.
Edwards is quick to share credit with others of the company’s success, including with Controller Julie Hencler and the accounting team.
“They’re terrific, and all of them came into Falvey at the entry level. They didn’t skip steps; they’ve worked their way up,” Edwards said. “I take a lot of joy in the success they’ve seen here.”
Roxanne Nelson, director of people operations at Falvey and a 20-year colleague of Edwards, said, “Mike never offers his opinions without first asking for your thoughts, which leads to more meaningful discussions and solutions that may not have been accomplished at first.”
Edwards has made an impact on company lingo as well. According to Jack Falvey, chief operating officer, it’s not uncommon for other senior leaders “to use Mike’s terminology a few years after he first speaks them into existence, including servant leadership, balance scorecard approach, and customer-focused solutions, to name a few.”
Hencler credits the “culture of trust” Edwards has built with employees as a reason for longevity, as his staff’s average tenure is eight years, with a retention rate of over 80%, she said.
“I find that people stay here,” Edwards said, “because they come looking for jobs and finding careers.”