TrueNorth Value Report 2023-24

SOUND UNWAVERING DIRECTION VALUE REPORT 2023-24

explore what’s possible

what’s possible

Exploring what’s

possible.

Welcome to TrueNorth’s 2023-2024 Value Report! We’re grateful for your relationship and value the opportunity to be on this journey together!

As you explore the pages of this report, you’ll see that the past 18 months have been transformative – yet we’ve remained steadfast in our vision, mission and purpose while charting the course for the next five years and beyond.

In a time of economic uncertainty and industry change, we’ve remained focused on providing value, insight and innovative solutions. We proudly announced more executive leadership advancements as part of our firm’s succession plan and welcomed new talent to the firm. We’ve also collectively donated more time, talent and resources to charitable causes than ever before. In this year’s report, you’ll witness the passion, creativity and commitment within our colleague base to explore possibilities for themselves, our vibrant organization -- and you.

On our quest to positively impact millions of lives, we approach the next five years with clarity, confidence and curiosity. We invite you to contemplate, imagine and explore what’s possible for you, your company and loved ones for the next five years.

Thank you for the trust and confidence you continue to place in TrueNorth. It’s an honor to explore what’s possible with you in 2024 and beyond!

Inspired & energized!

Jason D. Smith Chief Executive Officer

1

Opportunity is

everywhere.

The key is to develop the vision to see it.

Jerem ia h Say

client impact

t n e i l c tcapmi

Exploring what’s possible to unlock .

potential

As we plan TrueNorth’s trajectory over the next five years and beyond, we are taking care to balance growth and innovation while staying true to who we are and what we have worked so hard to build.

our clients

In this business, we innately understand that uncertainty is certain. As an advisor and advocate, TrueNorth aspires to provide our clients with clarity and direction so they can navigate adverse market conditions, overcome industry complexity, explore what’s possible, and ultimately achieve new heights. In the following pages, you’ll see how we’ve spent the last twenty-plus years creating partnerships, building industry acumen, and engineering solutions that extend well beyond any insurance policy.

From our founding, our aim has been to establish TrueNorth as a destination organization - a company that Colleagues and Clients want to work and stay with; a company that Insurers and Professional Service Providers want to collaborate with; a company that Communities want to attract and retain as a job creator, resource, and contributor. If we are successful with these efforts, we’ll most certainly positively impact millions of lives.

Trent Tillman

President & Chief Revenue Officer

5

A partner focused on truly managing your total cost of risk.

organizations have limited resources in compliance, loss prevention, risk management and human resources.

exceptional

- Tim Pickett, Fox River

K& RIS

IN T •

INNOVATION •

N IO

RISK

&H RE C OS YS TE M

Value Report 2023-24

INT ER VE N T

6

LEGAL, REGULATORY & HR COMPLIANCE

& HR ECOSYSTEM RISK

clients’ outcomes.

SAFETY, WELL-BEING & LOSS CONTROL

RISK & HR STRATEGY

I

our insurance and Risk and Workforce Solutions teams to support our

CORPORATE & WORKFORCE INSURANCE PROGRAM

•

framework called the Risk & HR ecosystem. The framework integrates

INTE RV EN TI O

VATION INNO

To support our clients in reducing their total cost of risk, we utilize a

•

•

control are realized.

CLAIMS & EMPLOYEE ADVOCACY

N TIO RA EG

N

partner and resource, ensuring their aspirational goals of clarity and

SYSTEM HR ECO

and tenured professionals that have sat in the same seats as our clients.

•

TrueNorth’s Risk & Workforce Solutions team consists of experienced This perspective allows them to work hand-in-hand as a strategic

COMMUNICATION & WORKFORCE ENGAGEMENT

RI SK

&

TECHNOLOGY & ANALYTICS

EM YST OS EC

R

HR EC OS YS TE M

ION AT GR TE N

H

RISK & EM ST SY O EC

HR

fixed costs of risk. Yet, in an environment of growing complexity, most

expertise

&

Every business desires more clarity and control over variable and

Fox River is thrilled with our decision to consolidate services with TrueNorth. Their across many service platforms enables a more holistic approach and improved care for our teammates. Their team is a natural extension of Fox River, providing additional scale, expanded support. services and

SK RI

HELPING CLIENTS ACHIEVE WHAT THEY WOULD WANT IF THEY KNEW THE POSSIBILITIES.

Explore our Risk & Workforce Capabilities.

approach to

A holistic risk managment.

Regardless of size or industry, we are here to support your business journey.

Whether your focus is on buying insurance and managing core compliance or tackling the large-scale complexities of risk management and financing – we are here to support you.

2024 & BEYOND NEW RISK & WORKFORCE SOLUTIONS: •

iNergyCMS: an AI-driven DOT Compliance Platform powered by Haul

•

iNergyContract: an AI-driven Contract Review Platform powered by LegalSifter

•

TN Center for Financial Well-Being: Personal Financial Wellness & Loan Program

•

Infrared Camera Thermal Imaging: Mitigate Risk in the Agriculture Industry

•

HR Technology Consulting: HR Systems, Process Mapping Consulting

•

Employee Engagement Strategy

•

Employee New Hire Onboarding Platform Last May, we hosted our first-ever MAX Summit, connecting more than 300+ leaders with the latest insights and resources in Risk and Workforce Solutions.

Scan to learn more.

Vogt Energy Solutions has chosen TrueNorth as our insurance brokerage firm, not only because they were able to secure us the coverage that we needed, but also because I was impressed with the option of having access to a Risk Solutions team. I am a one-woman show who does not have enough time in the day to conquer every task in front of me, and I really don’t have a ‘supervisor’ or upper-management I can turn to… I recognized the need to have someone to confer with regarding safety standards and expectations… [Now] that we have access to Risk Solutions, we intend to utilize it to the

fullest.

- Jessica Padgett, Vogt Energy Solutions LLC

7

Take control of health insurance .

spend

PROTECT & MAXIMIZE THE OVERALL HEALTH OF YOUR WORKFORCE. Today’s employers have more access to data than ever before – and benefit plans are no exception. Employer-sponsored

i3 is a holistic, physician-led risk management approach to healthcare designed to offer positive outcomes for your employees and positive outcomes for your plan.

organizations are inundated with data, all in the name of attracting and retaining a top-tier workforce. Unfortunately, key data points in segmented systems hinder an employer’s ability to predict risk and add value to employees.

Key Benefits COST SAVINGS

Revolutionize healthcare spend by integrating risk metrics & negotiating costs.

INTEGRATION Remove silos of information & silos of care.

INTERVENTION Direct communication to employees from healthcare providers.

INNOVATION Introduce solutions to eliminate gaps in care analysis.

What if you could make informed decisions for your organization and your human capital with integrated data?

TrueNorth’s i3℠ healthcare platform integrates workers’

EMPLOYEE WELL-BEING

Empower your workforce with telehealth, virtual care, and personalized health resources.

RETENTION & ATTRACTION

Stand out in the competitive landscape by offering a total benefits package.

24/7 ADVOCACY

Provide employees and their families with peace of mind with round-the-clock support.

compensation claims, medical and pharmacy claims, and electronic health records from providers, allowing employers to gain unprecedented insight and aid decision-making for your organization and workforce.

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Value Report 2023-24

Scan to learn more and watch our i3 healthcare platform in action. Part of the Trucking Industry? Flip to p13 to see how i3 supports an industry on the move.

Laying a clear path .

forward

PROTECT & MAXIMIZE BUSINESS OWNER ASSETS.

layoffs, and an unplanned exit as the business is forced to shut

By failing to prepare, you are preparing to

down or transfer at a price less than what the owner wants.

- Benjamin Franklin

More than 50% of businesses fail as a result of unintended consequences.* These consequences can lead to bankruptcy,

fail.

Divorce, Disagreement, Disability, Distress and Death.

•

Serve as an organization’s contingency plan

•

Influence annual income and overall business value

•

Promote exit-readiness among stakeholders

•

Create clarity and drive performance

BILIT ISA

Y

REEME AG

NT

VORCE DI

D

A VIABLE TRANSITION PLAN CAN:

DIS

These consequences are often referred to as The Five D’s:

STRESS DI

DEATH

Without a proper plan in place, business owners could be risking

As one of our Executive Benefits offerings, we design every

their biggest asset: their business. Transition planning doesn’t

transition plan with careful thought, leveraging our knowledge

necessarily mean transitioning today. Our financial risk

and capabilities to empower decision-making and create a clearer

management team is skilled in developing transition plans that

path forward for your business, your family and your legacy.

can preserve workforce morale, promote organizational stability and secure strong financial outcomes.

Scan to learn more about The Value Accelerator.

*The Impact of Unintended Consequences on Business Value (exit-planning-institute.org)

9

control

Finding ways to personal insurance costs.

TODAY’S INSURANCE MARKET REQUIRES CONSUMERS TO THINK OUTSIDE THE BOX. The cost for personal insurance is on the rise. While consumers may feel tempted to shop around for the lowest price, several insurance carriers have begun declining or even surcharging consumers for changing providers.

Did you know?

Between May 2022 and May 2023, the average home insurance premium increased 21%. In some states, the jump was 30% or more.

Find coverage that fits your needs and supports your aspirations.

FIVE TIPS to help control rising insurance costs: 1. Review your current policy. Understand limits, deductibles and any endorsements you may have.

2. Assess changes in your home. Have you recently made renovations, improvements or additions? These could impact your premium and coverage needs.

3. Bundle Policies. If you have multiple policies, bundling them together can result in discounts.

4. Understand policy exclusions. Knowing what is covered can help you make informed decisions about your needs.

5. Consult a specialist. We’re happy to discuss any concerns or questions you have about your coverage and make necessary adjustments.

(Insurance Marketplace Analysis, Policygenius)

Our team has built trusted relationships with a variety of carriers to help you review and evaluate your options. That’s the advantage of working with a broker. Our personal solutions specialists routinely meet with clients to evaluate their coverage and present options.

Our Personal Solutions Team is equipped to help you meet your personal goals while keeping your financial wellness in mind.

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Value Report 2023-24

We have relied on TrueNorth and predecessor They companies for have always been informative, supportive, an advocate and worked tirelessly to bring us confidence and peace of mind. They ask all the right questions and provide us with winning strategies. We appreciate our relationship.

three generations.

- Scott & Julie Gasway

Specialization

driven.

ALIGNING SOLUTIONS TO ADDRESS RISK .

Today, we are partnering with companies to shift mindsets and redefine their understanding of insurance. In doing so, we hope to elevate insurance from a mere purchasing exercise to a strategy companies can use to

OUR DEDICATED INDUSTRIES

reach new heights.

When searching for a partner to protect and maximize your

Our recently expanded alternative risk capabilities help our

business, it’s important to have a relationship and a resource

clients successfully manage and finance risk. In the following

that understands the nuances of each challenge and opportunity

pages, you’ll see how pairing robust risk management

you face. Our clients’ trust in TrueNorth spans many industries

solutions with captive strategies can help organizations

and we continue to expand our reach, investing in talent

predict and reduce risk over time.

and innovation that meet industry demands and help you explore what’s possible.

We have always emphasized specialization because to achieve great results, Understanding our clients’ challenges and we must begin with objectives enables TrueNorth to implement the right solutions at the right time, - Stuart Haker driving maximum impact.

great clarity.

Executive Vice President Risk Management

11

TN Truck Thought is a monthly podcast featuring some of the brightest minds in trucking. Last year, 11 industry leaders joined to provide expertise.

An industry leader, advocate and

innovator.

KNOWLEDGE IS POWER, ESPECIALLY WHEN FACING CHALLENGES HEAD ON. For the transportation industry, 2023 presented challenges and opportunities unlike any other. In response, we saw heightened innovation, collaboration and growth throughout the industry.

Did you know?

More than 99% of trucking companies operate fleets with fewer than 100 trucks.

Our Evolution & Investment in the Middle Market In 2023, we intensified our investment in the Middle Market segment, where over 99% of trucking companies operate fleets with fewer than 100 trucks. This strategic move reflects our dedication to specialization and elevates our level of service.

In addition to the value we provide the industry, TrueNorth colleagues are committed to participating in a variety of associations. From speaking engagements to conference attendance, our colleagues were involved in more than 50 transportation and logistics events last year. We look forward to continuing our engagement for years to come.

Flip to p30 to read more on our impact.

This year marks our fifth Transportation Risk Summit, offering industry leaders the opportunity to network and share strategic insights. This exclusive event will discuss navigating challenges and driving innovation in the ever-changing trucking landscape.

2024 experience

Scan here to learn more.

12

Value Report 2023-24

During Truck Driver Appreciation Week, we thanked drivers for keeping our economy moving.

HIGHLIGHTING INNOVATION IN A TIME OF UNCERTAINT Y:

1. Final Mile Insurance Exchange

3. Navigating Compliance with Confidence with TrueNorths iNergy CMS Powered by Haul

TrueNorth’s partnership with Haul aims to transform the

Like many industries, the Final Mile sector grapples with

landscape by introducing unique, comprehensive solutions

operational inefficiencies, high equipment rental volumes,

tailored for Transportation & Logistics companies. Going

interchange agreements, and other complexities that hinder

beyond traditional insurance offerings and introducing a

seamless operations. We’ve designed this online exchange

new way to manage compliance aspects under one hub!

for property and casualty insurance exclusively for the Final Mile transportation sector. It enables businesses to

Industry Challenges Addressed:

secure their assets with advanced technology that simplifies

•

the insurance process.

empower

With innovation at our core, we’re committed to our clients’ success like never before.

- Peter Berg, Final Mile Practice Leader

2. Enhancement Feature

Say goodbye to manual entry and hello to efficiency in

Seamless Tracking and Reporting: Addresses compliance updates to further reduce risk.

•

Visibility and Verification: Analyze data for enhanced safety and driving behavior.

•

Insurance Limitations: Insurance companies restrict coverage to scheduled auto policies, leading to increased claims denial and rising insurance costs.

recruiting and onboarding. We’re proud to announce integration capabilities between Tenstreet and TrueNorth’s proprietary IC admin platform, Overdrive. The partnership enables automated data flow from contractor applications to OverDrive, simplifying insurance and contracting processes.

Innovation in action

Our client, Don Hummer Trucking, is transforming their workforce healthcare with the i3 platform.

13

Designing solutions to meet the industry’s

needs.

INTRODUCING TRUEAG℠ TrueNorth’s Agribusiness Team is partnering with companies to shift mindsets and elevate insurance from a mere purchasing exercise to a strategic approach to managing and financing risk.

With $3.8 billion* tied to agricultural losses, Iowa’s derecho storm system forced farmers to rebuild in the midst of a hardened insurance market. Seeing farming cooperatives struggle to rebuild, our agribusiness team took time to listen and implement a solution no other broker was offering

In September of 2023, TrueNorth was proud to form TrueAG℠, a captive solution that offers agriculture cooperatives: •

Ownership and transparency around their cost of insurance

•

More underwriting control

•

Stability when it comes to risk financing

•

Underwriting and investment profit opportunities

farming cooperatives.

Did you know?

The TrueAG captive is an innovative outcome of a year-long study that began in the Spring of 2022 and finished in May of 2023. The captive, strictly owned by farming cooperatives, was formed in September 2023 and officially established January 1, 2024.

Iowa Governor’s Office: Presidential Major Disaster Declaration *(iowa.gov)

14

Value Report 2023-24

Learn more and connect with our innovative Agribusiness Team with more than 50 years of industry experience.

Our commitment to .

specialization

Learn more about our Construction Team and capabilities.

CONTRACTORS FACE RISK THE MOMENT THEY STEP ON THE JOBSITE.

The approach has paved the way for dedicated focus areas

To find success in this hazardous and highly regulated industry, contractors must confront risks that vary from state to state - all while keeping their OSHA recordable incident and experience modification rates below industry averages.

depend on us the way

among specific construction verticals, including: •

Telecommunications

•

Electric Utility

•

Vegetation Management

•

Energy

•

Civil

•

Tank Maintenance

Our utility partners we depend on TrueNorth...

PRIMED TO KEEP PACE WITH INDUSTRY DEMANDS

- Tammy Kent, CEO, OneSource Restoration (OSR)

Today, our team of more than 20 construction specialists

This is where our specialization-driven approach comes into play: TrueNorth’s Construction Practice helps contractors in various industry sectors properly identify, mitigate and transfer risks that could threaten company assets and weaken their balance sheets. Our practice provides surety, insurance, risk management, and safety solutions custom-tailored to meet the needs of specialty contractors. By focusing on specific industry verticals, our team of specialists can successfully match each contractor’s unique risks with the appropriate coverage.

embraces a 1:1 mentorship model. This allows new team members to learn from more tenured colleagues on both the sales and operational side - so we can create value for even more industry verticals in the months and years to come.

Did you know?

To maintain their license, Iowa insurance agents are required to complete 36 hours of education over three years.

Construction team members log over 200 hours each year.

15

Exploration is really the of the human spirit.

essence

Fra nk Borm an

colleague impact

eugaelloc tcapmi

Our

colleagues are our #1 asset.

At TrueNorth, it’s no secret that our value is fueled by 632 exceptional, collaborative and resourceful individuals that make up our colleague base. Our shared vision builds career momentum, deepens our firmwide capabilities and fosters individual growth.

We aspire to be a career destination where colleagues can find purpose and pursue their fullest potential.

our #1 asset

We also make efforts to ensure TrueNorth is a place that nurtures creativity, collaboration and well-being.

We firmly believe these commitments grant One TrueNorth colleagues the opportunity to hone their performance and explore what’s possible.

Honoring these commitments, it’s a privilege to welcome Samantha Rogers as our Vice President of Human Resources. Her executive leadership will provide vision and instill confidence in our colleagues to grow and succeed.

electric!

The culture at TrueNorth is I’ve always enjoyed watching TrueNorth grow and evolve into one of the in our region. I look forward to being a contributor to their mission and exploring new heights as an executive member of the TrueNorth team.

best workplace cultures

- Samantha Rogers

Embracing our entrepreneurial spirit, we thrive on developing and maximizing our firm’s most valuable asset: our people. Together, we create a vibrant and inclusive workplace where talent flourishes, change is embraced, tenure and performance are celebrated, and opportunities for learning abound. This approach to human systems paves the way for sustainable growth, meaningful impact and a brighter future for TrueNorth’s colleagues, clients and shared communities.

Samantha Rogers VP of Human Resources

Matt Rathje

Chief Operations Officer

We’re hiring!

Browse our career opportunities and join our talent pool.

19

Purpose. Place. Performance.

We aspire to be an employer of choice, sharing a commitment to be part of something greater than anything we could accomplish alone.

INSPIRED BY OUR PURPOSE Value creation is at the core of everything we do. We strive to make a positive impact in our communities and the industries in which we specialize. Colleagues

COLLEAGUES & COUNTING:

632 COLLEAGUES ACCEPTED 6 INTERNS FULL-TIME POSITIONS

42 NEW HIRES 82 OWNERS 33 PROMOTIONS A Unique BENEFIT

Colleagues are our biggest advocates!

Our Referral Benefit rewards colleagues when they create connections for TrueNorth with new clients or new hires.

IN $41.3K PAID REFERRALS REFERRALS 21 CLIENT FROM COLLEAGUES 14 COLLEAGUE REFERRALS 20

Value Report 2023-24

are inspired by a shared mission, understanding how their individual contributions contribute to our collective success.

TOGETHER, OUR PEOPLE ARE:

Exceptional | Far from ordinary, custom and unique. That is what it takes to create value at TrueNorth and it is how we aspire to serve our clients and communities, as well.

C ollaborative | Connection Generates Power. TrueNorth colleagues

work together to leverage our strengths and seek out opportunities. Our collective capabilities and resources have the power to produce remarkable outcomes and lasting results.

Resourceful | Create, innovate and deliver solutions. We use our

time and talent to create, innovate and deliver solutions. This means we are continually looking for opportunities to seek out answers and offer support.

INSTILLING THE VISION Hosted quarterly by TrueNorth’s Executive Team, “Shifting Talks” are all-colleague meetings designed to shift and open mindsets, encourage growth and foster colleague connections as One TrueNorth.

In 2023, this series focused on “Unpacking the Structured Entrepreneurial Platform” with each meeting outlining the value of our firm’s critical indicators: growth, profit, client experience and our colleague base.

Experience a work environment where innovative ideas are welcome and individuals are empowered to challenge the status quo. We invite you to join our team and explore what’s possible!

EXECUTIVE LEADERSHIP EVOLUTION We have taken executive-level stability to heart as we prepare TrueNorth for everything the future holds. In January of 2024, it was a privilege and honor to announce the following significant leadership advancements that will fuel and strengthen our planned trajectory in the years and decades to come.

Robynn Westphal, Chief Legal Officer Prior to CLO, Robynn served as TrueNorth’s General Counsel and Lead Counsel for our Transportation division. Robynn joined TrueNorth in 2006 and has helped shape our firm’s resources and capabilities through various industry, volunteer and association engagements throughout her tenure.

I am

honored to have been appointed Chief Legal Officer of such an

incredible organization. My 17 years at TrueNorth have provided me an opportunity to learn directly from the firm’s founders, collaborate with skilled teams to provide

exceptional service and achieve professional and

personal growth with the support of TrueNorth’s executive team. I will continue to use these valuable lessons and experiences to lead TrueNorth’s legal initiatives, leveraging the team’s integrity and talent to provide TrueNorth support and guidance.

Chris Gulker, Executive Vice President, Transportation Overseeing the strategic direction of the division, Chris Gulker has been an integral part of the TrueNorth family for over a decade, his dedication and strategic insights have played a pivotal role in guiding the firm’s approach to supporting trucking companies and drivers.

I am

thrilled to take on the role of Executive Vice President for

TrueNorth’s Transportation division. My years at TrueNorth, dedicated to working with the drivers we serve, have given me

valuable insights

into shaping effective strategies for supporting trucking companies and their drivers. I am committed to driving innovation and excellence in our services as we continue to navigate the dynamic landscape of the transportation industry.

Did you know?

TrueNorth has one of the leading internship programs in the region and many of our colleagues began their TrueNorth careers this way.

This year, we introduced ten young professionals to One TrueNorth.

Discover our award winning internship experience.

21

Pride in

performance.

Recognized and rewarded based on merit, we ensure that individuals are acknowledged for their achievements. This is just one of many ways we embed continuous improvement and accountability into our culture.

INDUSTRY RECOGNITION:

#50 Top 100 Largest Brokers in the U.S. Business Insurance Each year, Business Insurance recognizes the top 100 largest brokers in the nation. We are proud to be recognized each year for our growth as a privately-held risk management and insurance brokerage firm.

#35 Top 100 Independent Agency, Property/Casualty Insurance Journal

We are proud to be recognized as a growing, privately held leader in the property and casualty sector.

Cornerstone Designation Chubb

Top Workplace U.S.A & Iowa

Insurance Journal

Energage, USA Today & Des Moines Register

It’s an honor to be nationally recognized

2023 was the second

among the country’s top commercial lines

consecutive year TrueNorth

insurance brokers.

earned national, state and

NODS TO COLLEAGUE ENGAGEMENT & CULTURE:

Coolest Places to Work, Large Group Category

Corridor Business Journal (CBJ) For the eighth year running, TrueNorth

industry recognition from Top Workplaces. This year, we also ranked 21st among Iowa’s midsize businesses.

Based soley on colleague feedback, we are proudly recognized as a leading workplace in the areas of: •

Compensation & Benefits

is proud to be listed among the region’s

•

Innovation

Coolest Places to Work.

•

Leadership

•

Purpose & Values

•

Work-Life Flexibility

Division II Champions Corridor Corporate Games

Throughout the tournament, nearly 100 TrueNorth colleagues participated in CCG’s planned events by organizing,

Community Service Award Nationwide 22

#31 Top 50 Commercial Lines Agency

Value Report 2023-24

competing, volunteering and cheering on colleagues.

Experience what it means to be part of One TrueNorth.

Growth = Opportunity, Legacy, and .

NUMBERS THAT POINT TO

what’s possible

Relevancy

I had the privilege of joining One TrueNorth 16 years ago as the firm’s first financial analyst. Today, it is my immense honor to lead our organization forward alongside the Executive Team as Chief Financial Officer.

There were many headwinds and much economic uncertainty heading into 2023.

Global unrest, economists signaling a looming recession, a continued hardening insurance market, persistently high inflation and rapidly rising interest rates were just a few of the concerns.

REVENUE

Despite these challenges, 2023 was a solid financial performance year for TrueNorth.

I’ve been extremely pleased with how our colleagues have embraced and continue to maximize what we refer to as our 3R’s (Revenue, Resources, Reinvestment).

$9M $144M 2001

2024

Profitable revenue growth allows us to create opportunities for colleague growth, innovation and perpetuation - all of which we need to uphold our unwavering

COLLEAGUES

commitment to staying privately held and perpetuating TrueNorth from within.

While we’ve experienced growth since 2001, we don’t simply aspire to be the biggest in our industry; rather, our focus

96

2001

632 2024

is to remain relevant, championing innovation and value-added solutions to protect and maximize our clients’ assets, resources and opportunities.

OWNERS

We hope our partnership with you will lay the groundwork for growth and opportunity in the years ahead.

6

2001

82

Chad Thurm

Chief Financial Officer

2024 23

Did you know?

On average, TrueNorth invests over $1,000 per colleague in emplyee education each year.

Fostering a sense of

place.

The physical and virtual environment we create is one that nurtures creativity, collaboration, and well-being. We provide a flexible and inclusive workspace that adapts to the evolving needs of our colleagues.

Our

TRUEINVESTMENT TrueInvestment statements are a tool we use to break down the value we offer each colleague beyond the scope of traditional compensation.

BENEFITS THAT SERVE & SUPPORT TODAY’S WORKFORCE

SUPPORTING GROWTH & ADVANCEMENT

As one of the country’s leading insurance

environment of learning and growth that

brokers, TrueNorth is uniquely positioned

empowers our colleagues to embody the

to protect and maximize our workforce with

best versions of themselves. When our

many of the same innovative solutions and

colleagues feel empowered, they can

benefit enhancements we offer our clients.

cultivate growth mindset, seek out what’s

Reinvesting in our colleagues is a pivotal goal for TrueNorth. Every year, our team strives to create robust benefit solutions, Physical Health

Intellectual

educational opportunities and memorable

Financial

Community Impact

events to help our colleagues unlock their

Rewards & Recognition

Social & Emotional

Did you know?

We provide uncapped time off, paid paternal leave, flexible work environment, financial planning insight, 401k employer match, and many wellness programs including free counseling sessions and financial incentives for tracking healthy habits.

24

Value Report 2023-24

full potential.

best

We truly are the and always striving to get better. Continuous improvement and progress over

perfection!

- TrueNorth Colleague 2023 To p Wo r k P l a ce s fe e d b a c k

At TrueNorth, we aspire to foster an

possible, and further the organization in ways that strengthen our collective value.

TrueNorth’s development programs are focused on the next generation of colleagues and leaders and creating a culture of innovation, collaboration, and continuous learning.

Among many colleague resources, we are proud to offer: •

Personalized coaching and mentoring

•

Immersive colleague and leadership development experiences

•

Opportunities for cross-functional collaboration and networking

Opportunities

abound.

COMMUNITY, INDUSTRY & INTERNAL RECOGNITION:

Ali Palmersheim

Abby Scheitlin

Matt Evans

Trent Tillman

Jason Smith

Randy Rings

Bill Teubel

Anne Parmley

Duane Smith

Amy Sauter

Sue Nelson

Jacob Pipkin

Adam Shanahan

Manny Hoyt

Aaron Brown

Kelly Stanfield

Melissa Tillotson

Allison Marriott

Aaron Brown | Appointed to 2023 Leadership Academy, CBJ Abby Scheitlin | United Way of East Central Iowa BOLD Program Adam Shanahan | Appointed to 2024 Leadership Class, Iowa Motor Truck Association Ali Palmersheim | United Way of East Central Iowa BOLD Program Allison Marriott | 2023 TrueBlue Award Winner of the Year, TrueNorth Companies Amy Sauter | Women of Achievement in Leadership Honorees, Waypoint Services Anne Parmley | Corridor Leaders 250, CBJ Bill Teubel | Corridor Leaders 250, CBJ Duane Smith | Corridor Leaders 250 | #8 Most Influential in the Eastern Iowa Corridor, CBJ Jacob Pipkin | 2024 Leadership for Five Seasons Graduate, Cedar Rapids Metro Economic Alliance

Jason Smith | Corridor Leaders 250| #5 Most Influential in the Eastern Iowa Corridor, CBJ Kelly Stanfield | 2023 Elevate Program Graduates, Women Lead Change (WLC) Manny Hoyt | Appointed to 2024 LEAD Class, American Trucking Associations Matt Evans | Corridor Leaders 250, Corridor Business Journal (CBJ) Melissa Tillotson | 2023 Elevate Program Graduates, WLC Randy Rings | Corridor Leaders 250, CBJ Sue Nelson | Women of Achievement in Leadership Honorees, Waypoint Services Trent Tillman | Corridor Leaders 250, CBJ *Not listed here are 30 additional colleagues who were recognized internally for their impactful influence and effort.

25

Individual commitment to a group effort that is what makes a team work, a society work, a company work, a civilization work.

Vince Lom ba rd i

community

impact

ytinummoc

tcapmi

A legacy of community

stewardship.

From the very beginning, TrueNorth aspired to be a community steward and advocate.

We are fortunate and grateful that TrueNorth has and continues to hold tremendous influence within our shared communities.

This year, there was certainly no shortage of opportunities to engage our colleague base, volunteer our time

community

and talent, or contribute to transformative projects. Consequently, 2023 ushered in a new, more sophisticated approach to community impact initiatives, allowing TrueNorth to concentrate our philanthropic ambitions and abilities with more thoughtful intention than ever before.

While the firm’s Community Impact Fund continues to support causes that closely align our philanthropic pillars, TrueNorth’s Legacy Foundation has given us the unique opportunity to mature our corporate giving and make a greater, more sustainable impact on causes that matter most to our colleague base.

We would like to take this opportunity to extend our sincere thanks to the many insurance carriers and business partners who have contributed to the TrueNorth Legacy Foundation.

The generosity of One TrueNorth.

Our colleagues are doing amazing things to serve and support their communities - and it speaks to the spirit of our organization. Last year, we set out to grow our volunteer time-off and employee contribution match programs and were successful in both endeavors.

As we look ahead to 2024, we are making strides to ensure every colleague, client, and community partner is aware of our impact and has tools to join in and contribute to it. If 2023 is any indication, the coming year will be full of opportunities to honor and amplify good work, extend our philanthropic reach and broaden our collective impact.

Matt Evans Board Chair,

TrueNorth Legacy Foundation

Anne Parmley

Community Impact Director, TrueNorth Companies

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OUR PHILANTHROPIC PILLARS:

Community impact &

advocacy.

As TrueNorth’s footprint continues to expand, our definition of community has evolved, aligning closely with our firm’s philanthropic pillars. These areas EMERGENCY PREPAREDNESS & RESPONSE

of focus capture our commitment to enriching communities, industries and relationships in ways that provide unique and lasting value. TrueNorth’s partnership with organizations throughout the country, whether it be through industry awareness or local community connections, have been sources of passion, necessity and focus for our colleagues.

CHILDREN & EDUCATION

A hearty example of our commitment to community can be found in the Transportation industry. Since 2016, TrueNorth has been a corporate member of the American Trucking Associations (ATA). Today, we’re proudly affiliated with more than 30 trucking and logistics associations throughout the country. In 2023, TrueNorth also became the 21st member of ATA’s Trucking Cares Foundation (TCF) Founder’s Club. Members of the Trucking Cares Foundation are anticipated to donate $3.7 million in contributions over the next decade, amplifying charitable impact of the foundation.

VIBRANT COMMUNITIES

DIVERSITY, EQUITY & INCLUSION

HOW WE MAKE AN IMPACT HEALTH & WELLNESS

Community Impact Fund

United Way Workplace

TrueNorth Legacy Foundation

Campaigns

Community Outreach Committee

Colleague Donation Match

First MainStreet Local Love ENTREPRENEURIALISM & INNOVATION

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Value Report 2023-24

Volunteer Time Off

CHICAGO OFFICE - LAWRENCE HALL TrueNorth was honored to join Lawrence Hall at their Fall Fête event, where they recognized the legacy of TrueNorth principal and longtime benefactor, Gerry Magner, and met their fundraising goal of over $275,000.

TrueNorth doesn’t take “no” for an answer and acts as an when going into the field to find providers that will agree to carry the risk that our agency absorbs by working with the youth and families that we serve. TrueNorth has continued to support our mission by attending our annual events and participating in volunteer work at the agency. We can’t put a dollar amount on the partnership and value that TrueNorth brings to us at Lawrence Hall, and we are extremely grateful for the opportunity to work alongside TrueNorth year after year.

ambassador to our mission

- Devan Hughes, Chief Financial Officer, Lawrence Hall

2023 OUTREACH

BY THE NUMBERS: DOLLARS DONATED:

$1.3M

FOUR OAKS CAUSES IMPACTED:

...Your commitment has been instrumental in enabling us to reach and uplift children and families throughout Iowa through our extensive continuum of care. Together, we are building a

brighter

future for the communities we serve.

- Mary Beth O’Neill, President & CEO, Four Oaks

Over 330 VOLUNTEER TIME OFF USED:

1,100 Hours COMMUNITY OUTREACH EFFORTS:

$18,000

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Some Community Outreach members

Our collective energy makes a

difference.

UNITED WAY WEEK United Way Week is a chance to have fun and put collective effort into supporting area nonprofits in our local communities and all the good work they do.

Did you know?

93% participation, we raised $231,465.20 for United Way

With

organizations across our regional locations.

In 2021, First MainStreet Insurance began the journey of establishing our Local Love program. This outreach program furthers our commitment to communities, honors the philanthropic legacy of our founders and encourages us as colleagues to perpetuate that legacy for years to come.

Each FMSI agency partner receives Local Love dollars to donate to charitable causes in their local community.

Since it’s inception, the Local Love program has donated nearly $250,000 to 35 communities in three states.

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Value Report 2023-24

2023 NUMBERS: DOLLARS DONATED:

$125K

COMMUNITIES IMPACTED:

35

CHARITIES BENEFITED:

195

Learn more about FMSI’s Local Love program.

A team of colleagues volunteering for United Way Day of Caring.

Denver, CO colleagues volunteer for the food service program at Denver Rescue Mission.

TrueNorth leaders take a ‘pie in the face’ in the name of raising money for Sleep in Heavenly Peace.

Taking a break to play with adoptable puppies from Cedar Valley Humane Society.

Volunteering for Meals from the Heartland in West Des Moines, IA.

Spreading Christmas cheer by wrapping gifts for Willis Dady.

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2023 Legacy Foundation inaugural grant .

cycle

A new facility will allow us to more teens and kids, to be open more often when kids need a to be... and also provides a place for the community to use.

serve safe

place

Celebrating its first full grant cycle in 2023, our private foundation furthers

This year, our Legacy Foundation board

our commitment to our communities,

following nonprofit recipients:

was honored to award grant funding to the

honors the philanthropic legacy of our founders and with colleague involvement, perpetuates that legacy for years to come.

The TrueNorth Legacy Foundation focuses on three of TrueNorth’s six philanthropic pillars:

Boys & Girls Clubs of the Corridor, Unlocking the Future Capital Campaign

Tanager,

Camp Tanager Phase II

Foundation 2 Crisis Services, Building a Foundation to Mental Wellness Capital Campaign

Theatre Cedar Rapids,

Building Expansion Capital Campaign

J oh n Tu r s i

Le gacy Found ation Gra nt Re c i pi e nt & Executive D irec tor, B oys & Girls Club of t he Co r rid or

Cedar Rapids Public Library Foundation, Westside Library Capital Campaign

Wellspring Community,

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Together we can make a greater impact.

Scan to learn more about the TrueNorth Legacy Foundation.

Value Report 2023-24

Print Shop Project Start Up in Denver, CO.

Founders Fund Award Winner, Star 1 Search and Rescue, Ames, Iowa

Grant recipients were chosen based on three key criteria: They presented a need and future vision for a transformational gift; demonstrated alignment with the foundation’s areas of impact; and possessed a champion from within TrueNorth’s colleague base.

Foundation 2 Crisis Services

Boys & Girls Clubs of the Corridor

Cedar Rapids Public Library Foundation

Tanager

SECOND ANNUAL FOUNDER’S FUND AWARD In December, TrueNorth’s Legacy Foundation awarded its second annual Founders Fund Award to Safety & Loss Control Specialist, Craig Fink.

This award recognizes one TrueNorth colleague for their exceptional commitment to a community organization through volunteerism and other means.

Star1 Search & Rescue is a nonprofit professional

Theatre Cedar Rapids

Wellspring Community

volunteer group that provides Iowa law enforcement and public safety agencies with vital search and rescue resources.

Craig’s involvement, engagement and passion for Star1 was evident in his application. Our hope is that a gift of this stature will not only be to the cause receiving it but will inspire our colleagues to nominate nonprofits like Star1, so we can lend TrueNorth’s advocacy and leave a for years to come.

transformative

lasting impact

Watch a video about the Founder’s Fund award and winner.

Anne Pa rm ley D i rec tor of Communi t y I mpa c t

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what’s possible

Aspiring & aligning to something .

greater

All too often, strategic plans are written to achieve success without contemplating and protecting what makes an organization special. Last year as an executive team, we set our sights on exploring what’s possible for TrueNorth for the next five years and beyond. The Vivid Vision we created extends far beyond measurable goals – it serves as a compass and internal filter, capturing with vivid clarity the aspirations, beliefs and dreams we hold for TrueNorth.

On the following page, we invite you to take part in this same exercise and contemplate what the future could hold for you, your company and your loved ones in 2024 and over the next five years we encourage you to share the second card with someone you can trust to hold that vision with you.

There is power in setting goals and taking action. There is power in believing in yourself and realizing your potential.

As you’ve seen outlined in the pages of this report, TrueNorth is well-positioned for the future. We look forward to serving you in the years to come.

We are the ones to determine how far we go and what’s truly possible - let’s chart the course together, Jason D. Smith Chief Executive Officer Chad Thurm

Chief Financial Officer

Trent Tillman

President & Chief Revenue Officer

Matt Rathje

Chief Operations Officer

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