Q&A with Richard Corroon

Richard Corroon, CPCU is president of Wilmington, DE-based Weymouth, Swayze & Corroon, an IA&B member agency which celebrated its 90th anniversary in 2023.

Q. First and foremost, tell us how you got your start in the industry and how your career progressed. (And inquiring minds want to know your connection to the global broker Willis Group!)

A. As in many insurance families, I resisted entering the industry after graduation, but my father put some pressure on me after my two years in the shipping industry selling cargo space. My grandfather and his brother founded Corroon & Black which grew through mergers and acquisitions and eventually became the U.S. division of Willis Group, so there was a strong foundation in the industry. I am third generation and now have a son who is fourth generation in insurance (and I’m hoping for more)!

Q. Your career has taken you from Lloyds of London in the United Kingdom to a wholesale broker in Bermuda. What professional accomplishment are you most proud of and why?

A. I was transferred to Bermuda to start up the Willis office in the early ‘90s, and my primary role was to place high excess liability limits for the largest clients in the Willis Group system. The job was fantastic, and I gained a lot of experience dealing with Fortune 100 clients. Lloyds was a fascinating experience, and I was there when brokers still carried a cardboard binder around the market and got individual underwriters to accept a portion of every risk – typically 1-10%. I feel very fortunate to have had these industry experiences, but my proudest accomplishment was starting my own firm in 2000.

Q. What does your typical workday look like today, as president of Weymouth, Swayze & Corroon?

A. Like every IA&B member, I start my day with the best intention of completing my to-do list, which includes servicing clients, trying to generate new business, meeting with our various markets, etc. However, it seems like no day goes by without some surprise, like a claim, coverage or contract interpretation request, new business opportunity, or some other issue that lands in your lap.

Q. Weymouth, Swayze & Corroon just celebrated its 90th anniversary – a noteworthy milestone. To what do you credit the agency’s longevity?

A. As I often say, if you have a good product and a good reputation, you take care of your customers, you work hard and “show up” every day, you will succeed in this business. Of course, a lot of the credit goes to our founders, including Philip Weymouth Sr. and Jr., and Bruce Swayze, and I have tried to carry on the tradition of both the Weymouth organization (established in 1933) and Corroon & Black (established in 1905). And of course, having a great team is the key because you cannot be around for 90 years without that!

Q. Your agency has relied on IA&B for its E&O insurance for many years. Why does your agency choose IA&B?

A. We love the IA&B organization, the product, and the people we deal with. IA&B – along with Westport and Swiss Re – have been our E&O partners for decades.

Q. Thank you for your past service on the IA&B Board of Directors, including a term as chairman of our Delaware association. What about IA&B membership do you value the most?

A. Being able to pick up the phone or go onto the IA&B website and get instant information on any of the unending complicated issues our industry deals with is invaluable. And industry advocacy is always of the utmost importance. My years on the IA&B board were very rewarding, especially being able to spend time with other small business owners. It reaffirmed my belief in the industry and the U.S. economic system.

Q. What keeps you busy outside of work?

A. During Covid, we purchased a home on the Eastern Shore of Maryland, and we have embraced the Chesapeake Bay lifestyle. I also like to ski, play tennis, and hunt. The youngest of our four children is heading off to college next year so we look forward to the “empty nest” phase!