The agency is founded by prominent Lynchburg businessman and Virginia state legislator Peter J. Otey. The earliest written record of business is dated 2 days after Lincoln's re-election on November 10, 1864. With the Civil War blazing all around Lynchburg, the company issued a $10,000 policy to McDaniel-Irby for fire damage.
Early 20th century
James A. Scott has joined the firm and the last of the Oteys exit the business.
The agency is incorporated with headquarters in The Lynch Building at 913 Main Street, downtown Lynchburg.
As a result of James A. Scott bringing in his son, K. Duvall Scott, the agency is named James A. Scott & Son, Inc.
An advertisement hangs outside the executive conference room which conveys the principles that drive Scott's future direction and hold true to this day. The concept of offering a unique value-added package remains a corporate priority.
Following Duvall Scott's death, Mrs. Scott approached Mr. C. Raine Sydnor about purchasing the agency. Mr. Sydnor is a career life insurance agent with no particular knowledge of the property and casualty business, thus presenting him with a difficult decision to make. In July, he accepts. Even after having an offer to sell later that year, he holds to his decision and begins to build the values that exist in the company today.
Scott Insurance moves from The Lynch Building at 913 Main Street to the newly constructed "uptown" location of 2241 Langhorne Road, where the office remains until 1992.
After building a clear vision, especially in terms of hiring exceptional talent (whether from within or outside the industry) as a critical part of the business, Raine Sydnor retires, selling his interest to Clay Chapman, Bob Nein, Bill McBratney, Leonard Morris, and Dick Royer. Again, Mr. Sydnor's concern for fostering great talent, regardless of industry experience, set an unmistakable tone for the future.
Scott's Employee Stock Ownership Program (ESOP) is put into place by then president, Bob Nein. This decision is regarded as being extremely visionary on the part of Mr. Nein, as the concept of ESOPs had just been recognized by the federal government. Scott is one of the first corporations in the country to recognize this opportunity.
An entrepreneurial company, Self-Insurance Services (SIS), is founded in Richmond, proving to be highly successful. SIS offers small and mid-size businesses the advantages that larger companies are afforded in purchasing Workers' Compensation and has saved its members millions.
Expanding business allows for the opening of a new office in Roanoke, Virginia.
Bob Nein retires, and Walker Sydnor becomes president, a position he holds today. Early in his presidency, Sydnor recognizes the value of investing in pure talent, perpetuating the philosophy of his predecessors. He begins to actively build and grow Scott's first true commercial lines talent pool, paving the way for the producer culture that exists today. The agency becomes 85% employee-owned at this time.
Corporate Headquarters in Lynchburg moves to its current location at Old Graves Mill Road, again demonstrating leadership's foresight, as this area has since become an established business center.
Further expansion leads to the opening of a new office in Richmond, VA.
Further expansion allows for the opening of a new office in Greensboro, NC.
The expanded regional concept becomes more and more a trademark of Scott, and offices open in both Charlotte, NC, as well as Knoxville, TN.
Scott organizes its first captive insurance company in the Cayman Islands in October; this was a significant entry into the alternative market and has proven itself to be immensely successful.
Expansion allows for the opening of a new office in Nashville, TN.
Expansion allows for the opening of a new office in Raleigh, NC.
Agency milestone reached as revenues surpass 30 million and more than 200 employee-owners celebrate the 30th anniversary of their ESOP. We're still growing!
Scott selected as a "Best Place to Work" twice, first by the regional Blue Ridge Business Journal, and secondly, by the national publication, Business Insurance.
Scott selected at as a "Best Place to Work in Virginia" by Virginia Business magazine, the Virginia Chamber of Commerce, and the Virginia SHRM (Society for Human Resource Management) association. Scott Benefit Services charters its first benefits captive insurance company.