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SOUND UNWAVERING DIRECTION ANNUAL REPORT 2018-2019

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â€˜One TrueNorthâ€™ offers the firm common ground and a renewed focus. Duane Smith, CEO

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Duane J. Smith, CEO

Jason D. Smith, President

One TrueNorth

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D260962_Inside Cover.r1.pdf

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â€˜One TrueNorthâ€™ offers the firm common ground and a renewed focus. Duane Smith, CEO

Duane J. Smith, CEO

Jason D. Smith, President

One TrueNorth

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WELCOME to TrueNorth’s 2018 Annual Report

TrueNorth’s vision, mission and purpose drive our firm’s guiding principles. Together, they underline the company’s commitment to our clients, our colleagues and our communities. At its very core, we are investing in an organization that allows our people to find joy in their work and an opportunity to discover and focus on their passions. In this dynamic environment, the challenge becomes finding balance between passion and value creation. In order to build a legacy company, we must develop a mindset of unwavering direction, rooted in our firm’s purpose and principles. This is why “One TrueNorth” is so much more than a title for this year’s annual report – it’s an atmosphere, a practice and a mentality that lives deep within the soul of this company. Additionally, we often reference the term structured entrepreneurialism. As we grow and look to the future, the relationship between these two words becomes pivotal, both in definition and in practice. When these words function in tandem,

we create an environment where colleagues can operate with clarity, embrace innovation and bring lasting value to the client. In striking this balance, the client benefits, careers prosper and the firm’s future is secure. At TrueNorth, we find stability through our commitment to these two concepts. That means keeping our word, lending a hand, communicating openly and improving on our strengths. Simply put, it’s a commitment to preserve our legacy company and carve a path forward for each and every colleague, regardless of their role, tenure or location. Fond regards,

Duane J. Smith, CEO

Jason D. Smith, President

One TrueNorth

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OUR SOLUTION ONE TRUENORTH

TrueNorth faces complexity just like any business, family or individual. With each stage of maturation and success, there is a degree of uncertainty and discomfort, but our firm has learned that if you remain rooted in your purpose, comfortable with the risk and continue to aspire for more, the unknown becomes nothing more than the natural next step. That’s the essence of One TrueNorth: as we continue to improve our operations and invest in our infrastructure, we want to share our knowledge and best practices with you. We hope our experiences will help you confront your own unique obstacles and address them with direction, confidence and the resources you need to move forward. This is how we intend to confront the natural next step for our legacy company. Protecting and maximizing is more than our mission – it’s a constant evolution and a practice we’re actively living. By investing in our people and creating consistencies in our operations, we’re improving what we do and are thrilled to share that value with you.

Our Mission To assist companies and people with protecting and maximizing assets, resources and opportunities. Our Vision To build a legacy company with our entrepreneurial platform that attracts, develops and coordinates high performing talent and opportunities. Our Purpose To create value.

One TrueNorth

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SOLUTION

OUR CLIENTS

Client experience will be a fundamental focus for our firm in 2019. This initiative extends beyond a particular facet of our business; we are committing to enhancing all aspects of client interaction - including reevaluating what it means to provide value and aligning our specialties to benefit right-fit clients & markets. We will examine critical components of the renewal process and further define what it means to deliver â€˜the TrueNorth wayâ€™ - in other words, how we bring energy, inspiration, confidence, and a sense of respect and appreciation to the client at every stage of the relationship.

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TrueNorth is fueled by a mission to assist companies and people. We do this through offering our clients security and championing their aspirations. Jason Smith, President

4 17 10k 35k

Divisions

Specialties

Insured businesses

Insured individuals & families

One TrueNorth

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OUR SOLUTION PROTECT & MAXIMIZE

Doing business with the client is a commitment to confront and manage all areas of risk and match their needs with innovative solutions. Jason Smith, President

The insurance industry is changing, and along with it, the definition and responsibility of a trusted broker. As TrueNorth grows, we firmly believe that our value transcends the point of sale. As the industry evolves and technology advances, our business strategy remains the same: TrueNorth is committed to helping the client feel secure and supporting their aspirations for the future. Here are a few client stories that demonstrate how TrueNorth has shown value beyond the policy.

One TrueNorth

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Dave Schmitt Construction Dave Schmitt Construction Co. Inc. was started in 1964 by Dave and Lori Schmitt with just two pieces of equipment. Today, Dave Schmitt Construction is a multifaceted excavating and grading contractor with over 80 employees. For nearly 20 years, TrueNorth has strived to meet Dave Schmitt’s business needs, empowering them to grow and diversify their construction offerings. In 2017, Dave Schmitt Construction opted to expand operations and acquire an asphalt pavement preservation company. TrueNorth’s holistic approach helped Dave Schmitt Construction identify and plan for unforeseen risks associated with the purchase, and foster an inclusive culture to support employees and retain key leadership from both organizations.

Like TrueNorth, Dave Schmitt Construction has evolved over the years to meet our clients’ needs. When our team decided to purchase an asphalt preservation company and expand operations, we looked to TrueNorth for guidance and support. Their holistic approach to the acquisition exposed areas of risk and with their help, we were able to plan accordingly. We are grateful for their guidance, insight and support to make this business venture what it was - a significant milestone in Dave Schmitt Construction’s continued success.

54 80+ 20

Years in the construction business

Employees

Years partnering with TrueNorth

John Berns, CEO, Dave Schmitt Construction One TrueNorth

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ContainerPort Group Like many national transportation companies, ContainerPort Group LLC faces a variety of risks. They must recruit and retain great drivers, ensure they operate safely, attract a strong customer base and keep their trucks moving profitably – all while monitoring regulatory changes from federal and state agencies. Out of necessity, many trucking companies adopt a reactive approach and struggle to directly address these risks. TrueNorth has responded to this industry challenge with SYiNERGY: a system-based approach that serves to align the transportation company’s operations, finance and risk teams. When ContainerPort Group (a TrueNorth independent contractor benefits client) purchased ASF Intermodal (an enterprise risk management client) in early 2018, they collectively formed one of the nation’s largest intermodal carriers. With complementary people, processes and systems, TrueNorth led a review and developed an enterprise risk

One TrueNorth

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management strategic plan to take the company forward in the most optimal way. As ContinerPort Group expands into 2020 and beyond, their enterprise risk management architecture is built on stability, yet nimble enough to keep operational pace with the company’s projected growth.

7 45 1,350

Years of partnership with TrueNorth Years in business

Drivers insured

When ASF Intermodal merged with ContainerPort Group to become one of the top ten largest intermodal carriers in the country, having a steward and partner like TrueNorth was critical. It ensured a seamless organizational transition and allowed us to charter a path to maximize our evolving business. TrueNorth’s methodical planning and subject matter expertise allowed us to focus on critical needs and ensure our risk, safety and compliance teams could keep pace. They’ve helped us architect an enterprise risk management infrastructure that will take us into the next decade. Michael Smith, President, ContainerPort Group

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McGrath Family of Dealerships For four generations, the McGrath Family of Dealerships has proudly served Eastern Iowa, providing a friendly environment for the community to purchase and service their vehicles. The organization has lived by the words of founder H.B. McGrath – “We’re in the business of customer service first, and cars second.” His perspective has helped the dealership grow and evolve to what the business is today - 10 car dealerships, four motorcycle dealerships, 900 associates and a healthy trajectory for future success. Like TrueNorth, McGrath is also focused on perpetuating from within and working hard to create a culture where associates consider themselves proud members of a larger family. With a shared vision to embrace evolution and exceed expectations, the TrueNorth team worked closely with McGrath to examine their workers’ compensation program by gathering data on safety and loss-control activities, human resource processes, technology, risk finance and claims. Based on their findings, TrueNorth proposed a strategy that outlined steps to instill a culture of safety and pursue alternative risk financing. The McGrath team felt that the strategy aligned with their vision and the partnership was born. Similarities in the businesses’ shared value hint at an exciting and evolving partnership for years to come.

TrueNorth’s proposed strategies align with what McGrath envisions for our robust risk management program. We’re especially thrilled to implement TrueNorth’s approach to workers’ compensation. The common ground our companies share with regard to location, history, experience, growth and culture all seem to point to a strong and enduring partnership.” Pat McGrath, President, McGrath Automotive

10 4 900

Car dealerships

Motorcycle dealerships

Associates

One TrueNorth

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OUR SOLUTION GROWTH LEADERS Scott Griffin Employee Benefits

Bill Zenk Transportation

Stu Haker Risk Management

hand-selected three successful producers and assigned them a new level of divisional leadership. In an effort to LeftInto2018, right:TrueNorth Scott Griffin, Bill Zenk, Stu Haker

advance the firm and encourage perpetuation, these three producers collectively work to share divisional best practices and mentor the next generation of insurance professionals. If you were to sit back and take stock of the many opportunities that your industry, firm and clients have given you - you’ll likely feel an innate responsibility to give back. This role allows me to do that. It’s a chance for me to take my knowledge and skill and use them to create value, drive better outcomes and achieve more consistent results for everyone. Put simply, if we are conducting ourselves professionally with the clients’ best interests at heart, we are fulfilling our potential – and just maybe, helping others reach theirs. Scott Griffin I love watching the development of TrueNorth’s entrepreneurial platform and advocating for team members that aspire to do great things with our clients, communities and the industries we serve. After 15 years with TrueNorth, I’ve found joy in witnessing and helping others achieve their potential - it’s on par with any personal success I’ve achieved in my career. Becoming a growth leader feels like a continuation of my personal growth journey and another opportunity to share my experience and perspective with others.

3 197 45

Growth leaders

Combined clients

Years of experience

Bill Zenk The growth leadership position allows me to focus on what I believe to be the two most important things we do at TrueNorth: provide a world-class client experience to our customers, and lead a talented group of producers on the quest to find more customers who deserve to experience what ‘world-class’ truly means.

One TrueNorth

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Stu Haker

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TRUENORTH OUR PEOPLE

The One TrueNorth approach is allencompassing. It’s a shared mentality among colleagues that spans TrueNorth locations and divisions to impact every aspect of our company. It’s the joy that comes from watching colleagues grow, achieve and discover their passion. It’s the satisfaction that comes with making a true and lasting difference. It’s the sense of pride and belonging you feel in knowing that you are a part of something greater.

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345 2 $750k

Colleagues

We aspire to provide vision and instill confidence in others to succeed. Duane Smith, CEO

New locations

Community giving

100

Charitable causes supported

One TrueNorth

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WHEN YOU WORK

AT TRUENORTH, YOU ARE A PART OF SOMETHING

GREATER In this annual report, we feature six individuals that not only understand, but embody what that means. Each of them have played a pivotal role in shaping our culture by

‘bleeding blue.’

AS CEO, I’m often asked how TrueNorth has successfully built such an incredible culture. Collectively, we possess an energy that many organizations find difficult to replicate. For me, the real challenge is how we plan to preserve the culture as our firm continues to grow. I believe the answer lies in empowering our colleagues to live out their purpose and carry the movement forward. When I reflect on my career at TrueNorth, much of my success stems from building trust and placing the interests of others before my own. Pursuing genuine relationships and positive outcomes are all part of the “One TrueNorth” mindset that we aspire to instill among colleagues throughout the organization. We are proud and humbled to employ so many individuals that willingly take part in the One TrueNorth initiative and “bleed blue” for this organization. We applaud them for the commitment they consistently make to better themselves and advance the organization.

1,000

Justin Futrell Producer Coordinator

“

Justin Futrell Started July 2016

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Enrollment systems prepared for 3,750 employees

Jennifer Carroll Benefit Systems Administrator

A 2016 Cornell College graduate, Justin leads with enthusiasm and kindness. Eager to make a difference, Justin is always looking for ways to support his clients and the community at large. This past November, Justin coordinated a fundraiser and completed over 1,000 pull ups in one day to bring water to Kinyeto, a rural community in the Singida region of Tanzania.

TrueNorth offers me an avenue to help people and it’s fun to see my relationships with co-workers evolve into friendships. I enjoy listening to clients, understanding their struggles, and then working closely with my team to consult and offer advice. I love seeing a business owner’s reaction when our team has offered a solution to an ‘unsolvable’ problem.

One TrueNorth

Pull ups

Jennifer Carroll started at TrueNorth in 2001 – just a month after the firm was founded. Over the last 17 years, Jennifer has felt challenged, rewarded and honored to play a role in the company’s growth. Although playing a part in a growing organization can be challenging, Jennifer finds comfort in the many friendships she’s made and the support she receives from her team members.

“

The level of trust I’ve built over the years in this firm and among my teammates offers a security that I’m sure would be hard to find anywhere else. That is why I consider TrueNorth much more than my employer it’s a home where I can feel supported and appreciated for the talents and gifts I have to offer.

Jennifer Carroll Started June 2001

“

For me, it all begins with the statement our principals used to build the company: people will determine who wins. I bleed blue because we, as an organization, have always put people first. As long as we have each other’s backs and believe and execute on our firm’s core values, everyone wins! Amy Sauter Started November 1997

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OUR PEOPLE BLEEDING BLUE

At TrueNorth we realize that a truly great culture is defined by a strong commitment - one that takes place at every level, from every member of the team in every location. Duane Smith, CEO

Years of service

Amy Sauter Executive Assistant Amy’s contribution dates back to the days of Insurance Service Corporation – years before TrueNorth’s founding. Offering corporate support and executive assistance for over 20 years, Amy’s commitment to excellence and friendly personality are appreciated by colleagues and clients throughout the firm.

Years of industry experience

Jessica Bauman Director of Operations With 13 years of experience in the insurance industry, Jessica describes herself as an “insurance and human resources guru.” We agree. In just under a year, Jessica has helped our Chicago location streamline processes, enhance efficiencies and foster a culture of inclusion among staff and producers.

“

Brandon Besong Producer Coordinator

A developmental producer in TrueNorth’s risk management division, Brandon is responsible for enhancing the firm’s cyber liability practice. The specialty educates clients and colleagues on cyber risks that businesses often overlook. With Brandon’s help, TrueNorth clients stay proactive and vigilant against the growing threat of cyber attacks.

“

TrueNorth was one of the first companies to see my potential and offer me an opportunity to grow. I look to my team for mentorship and appreciate the chance to gain firsthand experience. Becoming a cyber specialist at TrueNorth has allowed me to develop a niche and provide value where it’s needed while learning from other specialists and understanding their unique processes at the same time.

TrueNorth understands that success comes with the perfect blend of growth, client experience, people and finance. Every colleague is empowered to contribute and evolve to better themselves, their teams and the organization as a whole. This firm believes in collaboration, innovation and community. I am passionate about TrueNorth’s future and inspiring my colleagues to grow personally and professionally. Jessica Bauman Started February 2018

Client visits

Brandon Besong Started June 2017

13,000 “Hellos” Samantha Pipkin Corporate Support Assistant Samantha’s story of evolution speaks to the courage it takes to make important choices and pursue your passion. Originally hired in our transportation division, Samantha spent nearly two years as a service manager before deciding to apply for an open position on TrueNorth’s corporate support team as our front desk receptionist. The new role offered a variable pace and the opportunity to interact with individuals throughout the organization.

“

TrueNorth’s culture has really captivated me. The people at TrueNorth seem to embody the positive and hardworking culture that the company has created and continues to maintain. This makes coming to work and doing my job a pleasant experience, and motivates me to continue to grow and improve.

Samantha Pipkin Started September 2015

One TrueNorth

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21 2 40

New team members from 2018 acquisitions New TrueNorth locations in Ames, Iowa and Denver, Colorado

2018 marked the largest summer intern class in TrueNorth history. Over the last several years, our Talent Experience team has worked diligently to build an inclusive intern program that fosters growth and innovation. This year, we introduced 12 students to TrueNorth and tasked them with projects that impact our entire organization. In 2019, we intend to expand the program to other TrueNorth locations, furthering our investment in the next generation of insurance professionals.

Positions filled throughout our locations

Every year, TrueNorth aspires to achieve excellence and 2018 was no exception. Throughout the year, we received a number of regional and industry accolades. This recognition is a tribute to the assurance we offer our clients and industry partners and shows what we can accomplish as One TrueNorth.

2018 Intern Class

It was an empowering feeling to work at TrueNorth through the summer and know that my work mattered. It’s so much more satisfying than getting a grade on a project - knowing that TrueNorth would take it, add to it and continue to refine it for the future. Jacob Kinnetz, Employee Benefits Intern

OUR PEOPLE

RECOGNITION & SUCCESS As our founding principals stated in 2001, our “people will determine who wins.” I feel privileged to work alongside individuals that take pride in developing solutions that support, protect and advocate for our colleagues, carriers, clients and communities. Dru Bridges, COO

One TrueNorth

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OUR PEOPLE PHILANTHROPY

In 2018, TrueNorth donated over $750,000 to charitable organizations throughout the country. While our financial contributions were certainly significant, we are also proud of the TrueNorth employees that serve their communities by sitting on philanthropic committees, nonprofit boards and actively volunteer their time and talent.

Annual United Way campaign.

Our Chicago office worked with Heartland Alliance to provide gifts for a family of six.

TrueNorthâ€™s Arlington office wears purple to support the fight against Lupus.

TrueNorth interns volunteer at a local food bank.

Our Chicago office raises money for Muscular Dystrophy Association.

Toys for Tots gifts from our West Des Moines office.

One TrueNorth

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Teri Copler

Mallory Mohwinkle

Max Smith

Duane Smith

Linsey Eiben

Melissa Tillotson

OUR PEOPLE

INDIVIDUAL ACCOLADES Teri Copler, Governor’s Volunteer Award, State of Iowa • Max Smith, AIDCO Hall of Fame Induction, Nationwide Insurance • Linsey Eiben, All-Star Award, ICR Iowa • Mallory Mohwinkle, 2018 Graduate, Leadership for Five Seasons, Cedar Rapids Economic Alliance • Duane Smith, Most Influential People in the Corridor, Corridor Business Journal • Melissa Tillotson, 2018 TrueBlue Winner, TrueNorth

One TrueNorth

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VISION OUR FIRM

TrueNorth has evolved with the understanding that in order to provide an exceptional client experience and preserve our culture, we must adopt a unified approach and a common focus. Going forward, we intend for ‘One TrueNorth’ to become a mantra for the firm and have its place among TrueNorth lexicon just as “people will determine who wins” became a part of our fabric when the firm’s founding principals coined that phrase in 2001.

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4 50 8 1

Time winner of MarshBerry’s “Best of the Best”

Profit will determine who exists. Technology will determine who competes. Quality will determine who grows. People will determine who wins. TrueNorth Principals

Ranking in Insurance Journal

Ranking among “Coolest Places to Work” Ranked CBJ Best Business Insurance

One TrueNorth

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Dru Bridges Josh Budke

Trent Tillman

300+ 11 1

Jason Smith

Duane Smith

Bill Teubel

Randy Rings

Dan Driscoll

Max Smith

TrueNorth colleagues

Extended Executive team members Common message Jeff Sheetz

Adam Rathje

In 2018, TrueNorth made the decision to appoint an extended executive team to offer support and share insight with the firm’s corporate leadership. The team has great traction and continues to experience positive momentum. In hand-selecting these seven additional influencers, we’re introducing valuable perspectives that will impact our plans for the future.

OUR VISION

EXTENDED EXECUTIVE TEAM Josh Budke, Executive Vice President, Employee Benefits • Trent Tillman, Executive Vice President, Transportation • Max Smith, Executive Vice President, Risk Management • Jeff Sheetz, Chief Information Officer • Adam Rathje, Vice President of Corporate Strategy • Randy Rings, General Counsel • Dan Driscoll, Director of Strategic Expansion and M&A

One TrueNorth

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OUR VISION

FINANCIAL FORECASTING It’s an interesting notion, “run your company like it’s for sale and you’ll never have to sell it.” TrueNorth is coming upon some significant milestones. Our charter demands that we make strategic investments to perpetuate the company from within. Bill Teubel, CFO

As a privately-held organization, TrueNorth holds ourselves accountable to sustain a certain level of financial stewardship in order to experience continued success. Financial stewardship allows us to support our people and invest in leadership well into the future.

$28.2M

$56.9M

25 20

$21.6M

20 20

$9M

5 201

5 00 01

At the meeting, I shared with board members that we didn’t meet the year’s revenue budget. We came in a bit below and there are specific reasons as to why: this year, we divested our interest in a few initiatives and have set goals to improve retention and adopt a more consistent client experience in 2019.

2 20

10 20

I just attended our 2018 year-end board meeting where we annually review the firm’s performance and discuss TrueNorth’s financial outlook for the coming year.

$100.2M $225.5M

In light of the year’s shortcomings, it’s important to observe TrueNorth’s overall growth. Within the past three years, our firm has grown by 50 percent. These are enviable metrics, but by the law of large numbers, targeted financial goals will become more difficult to reach as we continue to grow. All in all, TrueNorth had a very successful year – a successful stretch of years, for that matter. Since our beginnings in 2001 through today, the firm has grown from six company owners to over 60. This tenfold increase is an opportunity we trust diligently work to leverage and sustain. As we embark on 2019 planning, I’m proud to report that TrueNorth has healthier metrics and stronger critical indicators than we have had in years. This is all designed with purpose and intent – to give members of our organization the chance for advancement and growth, and to sustain the firm so we can continue to improve, enhance and expand our offerings well into the future. Ultimately, while we came up short on some specific targets this year, the recognition has motivated and inspired us to improve. We have never been better positioned to hit our 2019 numbers (which, by the way, are some of the best in the industry). There is nowhere else I’d rather be.

50 60 $74M

Percent growth in the last three years

Owners of the company

Revenue in 2018

One TrueNorth

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OUR SOLUTION REGIONAL GROWTH

To address the complexities of a growing firm, TrueNorth has identified leadership in three of our emerging markets: Chicago, Denver and Central Iowa. These regional business units will play a pivotal role in expanding the TrueNorth brand throughout the country.

Meet Our Emerging Leaders I am truly humbled to be a part of such an amazing leadership team. I believe it is my responsibility to steward and lead this region by championing great teamwork among colleagues, creating lasting partnerships with carriers and ensuring every aspect of our region growth, finance, people and culture - are second to none. Aaron Ellsworth The ongoing collaboration with Cedar Rapids has enabled me to lead growth in the Chicago area. Our local teams and clients appreciate the additional support and subject-matter expertise. This evolving partnership is a huge part of our regional success. Rusty Magner

Rusty Magner Chicago, Illinois

I am thrilled to be a part of one of the nationâ€™s fastest-growing insurance agencies and feel honored to be recognized as a leader for our colleagues in Central Iowa. Lane Danielsen Our Central Iowa team continues to live our mission of protecting and maximizing our clientsâ€™ assets, resources and opportunities. Kyle Mertz

Lane Danielsen & Kyle Mertz Central Iowa

Aaron Ellsworth Denver, Colorado

Ames, IA Arlington, TX Brentwood, TN Cedar Falls, IA Cedar Rapids, IA* Chicago, IL Denver, CO Grand Rapids, MI Longmont, CO Moline, IL Peoria, IL Perry, IA West Des Moines, IA

15 6 3

TrueNorth offices throughout the country States with TrueNorth locations Regional business units

*Home office

One TrueNorth

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TrueNorth 2018 Annual Report