Royal Oaks Insurance
16161 Ventura Boulevard
Encino, CA 91436
d. (818) 788-9611
West Los Angeles III
2004 TO CURRENT:
Mr. Petrie is managing member of Royal Oaks Insurance Services LLC, an
insurance risk management and brokerage firm he founded. The brokerage
services include a broad array of commercial insurance, including professional liability, media and cyber liability, construction, property, liability and personal lines (home and auto) insurance. In addition, specialized life and health insurance services are offered. Mr. Petrie has a joint venture relationship with Elkins Jones Insurance Agency, Inc. for the past 9 years wherein Elkins Jones provides back office support. Elkins Jones has a 30+ years history of providing insurance brokerage services on a national platform. Elkins Jones recently merged into HUB International Inc., the 7th largest broker in the world.
Mr. Petrie is the first to develop and offer a risk purchasing group for
directors & officers and professional liability for private equity firms. He has
worked with private equity firms to provide commercial insurance for portfolio
companies and risk management due diligence on acquisitions. He has provided insurance services for a large national trust company and all trust owned properties, including 120 properties in 10 states, and continues to handle many of their high value properties. This trust company is the largest in the U.S. based on the average sized trust account. He has placed construction insurance, including owner controlled “wraps” for high end residential properties, as well as commercial properties including, multi-family housing, retail, office, and hotels. He has broad experience in marketing and placing commercial property and liability insurance, including office, retail, manufacturing/industrial, warehouse, apartments, and mobile home parks. He has worked extensively with business executives and
affluent clients to provide personal insurance services, including personal lines, life insurance and disability insurance. Having a legal and accounting background has been of great benefit when dealing with client’s legal counsel and financial officers, especially in construction projects and during takeovers/mergers.
2000 to Current:
Mr. Petrie works closely with private equity funds and their portfolio
companies to ensure comprehensive professional liability coverages (including D&O/EPL/E&O coverages). In addition, he provides merger and acquisition insurance services that encompass due diligence and cost analysis for clients looking to acquire target companies. In one case, his due diligence prevented a client from making a $150 million acquisition in the final days of a scheduled closing. In the past 18 years, he has managed insurance services for portfolio companies including theatre operations and construction of a $30 million theatre in Las Vegas, a shipping logistical company with $60 million in annual revenues; the largest Hispanic newspaper company in the U.S., a publishing company operating in Canada and the U.S. with $65 million in annual revenues, telemarketing companies, as well as due diligence on many other target companies. Mr. Petrie continues to
represent real estate owners/developers and has placed owner-controlled insurance programs (OCIPs) / construction wraps including a condominium development ($20 million), a mixed retail/office development ($45 million), an office development ($50 million), many commercial rehabilitations, and high-end homes ($10 million +). He is currently working on a $400 million hotel/condo project along with a $70 million mixed office/retail project. These construction projects require communications with clients and their attorneys, and being an attorney, Mr. Petrie’s experience provides the smooth interplay between the insurance and the contracts, which can
be quite complex for many clients. Many of Mr. Petrie’s clients result from legal
and client referrals.
1994 to 2000:
Insurance broker with Armstrong Robitaille Insurance Agency – one of the
largest privately-owned agencies in Southern California.
1992 to 1994:
Established and served as Managing Director of Union Bank of California’s
first formal insurance agency. At the time, Union Bank was the 4th largest bank in California and the 22nd largest bank in the U.S.
1990 to 1992:
Mr. Petrie served as special in-house legal counsel to an exclusive managing
general agency generating $40 million in annual premiums in a directors and
officers liability insurance program. During this period of time, the program’s loss ratio declined from 78% to 52% due to Mr. Petrie’s direct recommendations. This program placed and monitored over 25,000 directors & officers liability policies and had an average of 600 outstanding claims (lawsuits) ... that were managed by Mr. Petrie. Mr. Petrie coordinated and handled these claims with Chubb’s internal claims department as well as outside legal counsel representing the insureds.
Expert Fee Engagements:
Mr. Petrie has been engaged as an expert in connection with insurance
matters. In one example, he was engaged as an expert to provide a comprehensive review and report on a professional liability (directors & officers) issue involving a large public company ($1 billion+ market value) and an investigation by the Securities and Exchange Commission (SEC) and U.S. Department of Justice (DOJ).
Mr. Petrie was engaged by the board of directors and worked extensively with the board and its outside legal counsel. The company expended in excess of $20 million in legal fees on this matter.
Mr. Petrie has also been engaged by a law firm as an expert witness to
provide his opinion on whether or not an insurance broker acted negligently in its representation of an insured by failing to recommend and procure adequate insurance. The underlying litigation resulted in a $6 million judgment against the insured and Mr. Petrie was engaged by the law firm representing the injured party.
Mr. Petrie was engaged by a pre-eminent plaintiff’s law firm as an expert
witness to provide his opinion on whether a key exclusion in a commercial general liability policy was ambiguous and if so, what other claim or coverage options may be available in a case involving a wrongful death and resulting claim against a security company.
Mr. Petrie was engaged by a client leasing several warehouses to audit and
advise it on the reasonableness of the landlord’s allocation of insurance premiums to the lessee pursuant to the terms of the lease. The engagement was recommended to the client by its law firm.
Mr. Petrie has a legal background and has been engaged as co-counsel on
various litigation matters, which have resulted in recoveries exceeding $30 million for various individual clients.
Mr. Petrie utilizes his degrees in finance, accounting and a legal background
to assist clients in designing custom made insurance solutions to complex business risks.
Mr. Petrie received his BS in Business Administration with double majors in
accounting and finance from the University of Colorado in 1978. He received his JD in Law from the University of Missouri in 1981 ... and is a member of the Missouri Bar Association.