Renae Flanders, CFO of World Insurance Associates, oversees finances at one of the fastest-growing insurance brokers in the U.S. The firm has acquired more than 200 agencies over the last six years and recently received $1 billion in investment from Goldman Sachs Asset Management to continue its strong growth.
This makes Flanders’ job, who took over as CFO in April, all the more demanding and dynamic. Her experience in a variety of leadership roles, plus having a strong finance team, helps her meet the challenges of the modern insurance industry.
Renae Flanders
CFO, World Insurance Associates
First CFO Position: 2009
Notable Previous Employers:
- Private Health Management
- Aon
- Johnson & Higgins
This interview has been edited for brevity and clarity.
BOB VIOLINO: What has transpired since World Insurance received a $1 billion investment from Goldman Sachs Asset Management, in terms of continuing its rapid growth?
RENAE FLANDERS: World Insurance Associates has continued its rapid growth trajectory, both organically and through strategic M&A [mergers and acquisitions]. Our long-standing partnership with Charlesbank remains strong, and the addition of Goldman Sachs Asset Management as a sponsor in October of 2023 has further fueled our momentum.
The significant Goldman investment has not altered our business model but has instead accelerated our growth plans exponentially. We remain committed to acquiring assets that align with World’s vision and are well positioned to seize growth opportunities ahead.
What has been your role in overseeing finances during this time, and how has your experience with complex M&As helped you prepare?
FLANDERS: As a relatively new colleague to World, I feel privileged to have inherited such a strong, adaptable finance team, which is critically important given the dynamic environment of a company that engages in multiple acquisitions. With each acquisition, the finance team must quickly adapt to ensure all reports are updated, accurate, and representative of the underwritten diligence.
Earlier in my career, I engaged in various M&A deals, both big and small, handling everything from sourcing to diligence to post-close integration and reporting. Interestingly enough, the small deals were often harder to integrate than the large deals due to less infrastructure and a greater need for change management.
I learned early on that communication is the key component to managing the anxiety and stress that comes with such transitions. I lean on my years of experience to ensure I am leading the team with clarity, transparency, calmness, and a strong sense of purpose. That mantra has seamlessly translated to my role at World.
Have your previous roles provided any additional perspective to help you in your position as CFO?
FLANDERS: My diverse roles across finance, operations, strategy and business leadership have provided invaluable perspectives that I rely on every day. Every experience, whether challenging or positive, has contributed to shaping me into the leader I am today.
While the positive experiences far outweigh the challenging ones, it is the challenging experiences that have taught me the most about patience, resilience, and leadership.
I am deeply grateful for the mentorship I have received throughout my career, which has been instrumental in my growth as a leader. I am equally committed to mentoring others — lifting them up to reach their full potential.
What are some of the key trends in the insurance sector today, and how are you helping World Insurance navigate them?
FLANDERS: Insurance is all about managing risk, which has rapidly evolved primarily due to the growing reliance on technology. Traditionally, risk meant safeguarding assets, managing potential liabilities, ensuring directors and officers were indemnified and offering competitive benefits to employees.
While those risks remain foundational, the entire industry has pivoted, as cyber risk remains the number one risk facing organizations. Whether in the form of data breaches within the organization or through vendor vulnerabilities, cyber threats lead to business interruptions, supply chain challenges, reputational risk and ransom demands — all requiring expert guidance from brokers and advisors.
Add in the uncertainty surrounding the U.S. presidential election, and we find ourselves living in a time of very heightened risk.
