BINGHAMTON, N.Y. — The Northwoods Corporation entered into a management agreement March 1 with the Norman Shadduck Agency, located at 32 Broad Ave., in Binghamton.
Under the agreement, Northwoods now manages the daily operations of the agency. David Shadduck remains the agency’s sole owner and president. Shadduck and the agency’s one employee remain with the agency, which Northwoods hopes to grow with the addition of four new employees over the next six months, says Northwoods EVP Tony Vecchiotti.
“They’re established, the name’s been known, and yes, they have an excellent reputation,” Vecchiotti said. The agreement with Northwoods opens up new opportunities for the agency and its clients, he adds.
Now that it’s under the Northwoods umbrella, the Norman Shadduck Agency and its clients have access to more insurance carriers. Northwoods works with 25 different carriers, including larger national carriers and a number of New York–based carriers. The expanded staff will boost the level of service provided.
“This is a great opportunity for Northwoods Corp. and Shadduck Agency, but most importantly for our current and future clients,” David Shadduck said in a press release.
The agency remains at 32 Broad Ave., where Northwoods was already leasing space from Shadduck for an agency it owns, called The Cardell Agency, for the past 14 months.
Northwood’s management model means it splits commissions with the agency and manages the daily operations like paying rent, hiring and training employees, and providing benefits. Northwoods also holds the necessary licenses and manages agreements with the insurance providers with which it works.
The company is able to do this efficiently and with better economies of scale, Vecchiotti says, due to its size. Northwoods, based in Williamsville, owns or has management agreements with about 33 different insurance agencies. Along with the Binghamton location, the company has 14 offices including Bath, Hornell, Seneca Falls, and Geneva, along with several locations in western New York. Northwoods (www.nwcins.com) employs just under 100 people.
Norman Shadduck, Sr. founded the Norman Shadduck Agency in 1961. His sons Norm, Mark, and David purchased the agency in 1988. Mark and Norm Shadduck have since retired.