Scott Michaletz (left) with sons Matt and Jon
The art of risk management By Pete Steiner Photos by John Cross
S
cott Michaletz likes getting to know his customers. He prides himself on taking care of their needs. That might be why one of those customers is still with Kato Insurance 45 years after starting out with Scott’s father, Jerry, while Scott was still in grade school. Now, with Scott’s sons, 26-year-old Jon, and 24-year-old Matt having joined the business, there’s a strong possibility that some of the agency’s current 2100 individual and family accounts and 500 business clients will still be with the new generation four
decades down the line. Jerry Michaletz arrived in Mankato in 1960, getting restless with his job in retail. Starting the Michaletz Agency, he offered life and health insurance along with pension and profit-sharing plans. In 1963, with Dan Coughlan, Jerry helped found North Mankato’s first bank since the Great Depression of the 1930s. Housed in a trailer across from Spinner’s, Valley National Bank was initially capitalized at just $200,000. Jerry could offer insurance to the bank’s customers, although
Spotlight
24 • April 2013 • MN Valley Business