A 90-year-old insurance company is banking on consistency and experience to weather any changes in it leadership.
The Fred A. Moreton & Co. just recently got a new leader -- William (Bill) Moreton, great-grandson of founder J.B. Moreton, which makes the younger Moreton the fourth generation of the family to head the Salt Lake-based, independently owned insurance firm. It is one of the largest insurance brokerages in the West.Bill Moreton this month succeeded his father, Edward B. Moreton, as president and CEO. It was the same situation that occurred in 1968 when Edward Moreton took over from his father, Fred A. Moreton.
Edward Moreton now serves as the company's chairman.
Craig L. Smith, executive vice president and chief operating officer, will continue in those roles.
The agency, which was founded in 1910, employs more than 100 people. It is located at 709 E. South Temple.
Throughout the transition of leadership through generations of Moretons, the company has prospered and grown.
The timeline looks like this:
J.B. Moreton founded the firm in 1910.
The company was writing premiums of $69,000 when the late Fred A. Moreton took over in 1920.
When Edward Moreton became the leader in 1970 at age 38, the company had $4 million in premiums.
This month, when Bill Moreton, 39, takes charge, the company had $200 million in premiums on the books.
Bill Moreton joined the company in 1982 after completing an internship with Lloyd's of London. A Charter Property and Casualty Underwriter, (CPCU), Moreton has an undergraduate degree in economics from the University of Utah.
Through its affiliation with Assurex International, the world's largest held insurance brokerage firm, Fred A. Moreton & Co. provides service capabilities in all parts of the United States and in 36 other countries.