PBN Fastest Growing Companies 2022
3. $250,000 to $5 MILLION: Thompson Insurance Group
CEO (or equivalent): Kenneth Thompson, president and principal
2021 revenue: $3.5 million
2019 revenue: $1.9 million
Revenue growth: 81.3%
NETWORKING, CUSTOMER REFERRALS and charitable contributions helped East Providence-based insurance agency Thompson Insurance Group raise awareness and almost double its profits last year compared with 2019.
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“These three [years] combined account for 65-68% new-business growth,” agency President and Principal Kenneth Thompson said.
Thompson Insurance’s revenue grew 81.3% last year compared with 2019. It’s tracking to surpass 2021’s numbers by at least 19% by the end of the year.
Since buying his first agency in 2007, Thompson has steadily added five more agencies, with an additional agency pending for 2023. He also consolidated two offices in Woonsocket into one.
In 2020, the agency remained open, helping auto, home and commercial clients and new customers who couldn’t reach their agents when COVID-19 shuttered other businesses.
“We were up and running and fully functional without missing a beat,” Thompson said. “They’d say, ‘I love that you’re open. I can’t reach my own agent. Here’s what I have going on. Can you help me?’ ”
