A Company Serving Clients for Nearly a Century With Life Insurance and Planning

There has been evolution in The Ross Companies since it was founded in 1935. 

Think about the times when Isidor Hirschfeld and Benjamin Stern started this firm. The world was in the throes of The Great Depression, and there was a lot of uncertainty. Europe was marching toward war. The New Deal was in its infancy, and a second term for Roosevelt was no sure bet. There were droughts plaguing the nation’s midsection, resulting in the dust bowl. And the insurance industry didn’t have a sterling reputation, something that has lingered despite the best efforts of people like Hirschfeld, Stern, Arnold Ross, and Norman Ross. 

It took boldness to begin this adventure in difficult times, but Hirschfeld and Stern were bold, visionary, and saw the promise that lay in a future beyond The Great Depression. They were true believers in the American Dream, and they put their money where their beliefs lay by launching this company. 

They’re no longer here to talk to, but we’re sure those early days were not easy. People lost fortunes in the stock market crash in 1929, and there were several banking panic waves that shook people’s faith in the entire economic system. 

Plus, this was the era when the public didn’t have a lot of confidence in the insurance industry. There was rapid growth in the previous century, but it was growth that was marred by questionable practices and fraud. Unpaid claims and agents who were portrayed as hustlers rather than businessmen gave the industry a black eye. 

Undaunted, Hirschfeld and Stern began their venture, and they concentrated on insuring businesspeople with legitimate policies backed by companies that were well funded and had excellent reputations. This was the only way their firm could truly gain traction, and it did.

The men led with ethics, principles and were thought leaders in the industry. In 1943, Hirschfeld was among the group of seven insurance brokers who founded the Yale Club Insurance Study Group, which brings together leaders in their field to study the regulatory issues, trends, and other matters that impact the industry and how insurance can be used as a tool to help clients. 

The notion is that insurance isn’t just a product to be used with the most superficial understanding. Hirschfeld and Stern were already moving beyond that when the company’s fortunes took another boost: the pair brought on Arnold Ross, a graduate of the Wharton School at the University of Pennsylvania, and he really upped the firm’s ambitions. Ross was a visionary, seeing many ways to improve the lives of families through the effective deployment of different types of insurance. By using insurance in a more financially thoughtful way, the company’s reputation grew among wealthy and affluent customers. Business grew through basic word-of-mouth referrals because of how Ross had built the firm’s vision, reputation, and capabilities.

Ross kept the firm’s name as he took over when Hirschfeld and Stern retired. He brought his son Norman into the business following his graduation from college. Norman entertained thoughts of adding a law degree, but instead focused on building and continuing his father’s plan. Norman became a chartered life underwriter (CLU), and like his father has been a member and president of the Yale Club Insurance Study Group. 

Norman has continued to evolve the business with an eye always focused on how he can do more beyond insurance to help clients in planning for their futures. A capable executive, Norman has eliminated areas of the business that were just getting by and streamlined the company’s operations. He has also given the company a multi-city footprint by opening an office in Austin, Texas in addition to the New York home office.

The company looks ahead to celebrating a century in business in an industry that continues to evolve and create new opportunities to better serve clients.

For nearly 90 years, The Ross Companies has been advising clients on how to resolve complex financial problems using insurance and other tools. These problems can include estate taxes, succession, buy outs, preservation of assets, or executive compensation. Our long history informs our thinking, and while many situations may be similar, we have learned well that each solution must be unique to the circumstances and individuals being served.