Passing the Torch and Leaving a Legacy: Insight from RPS’ Joel Cavaness

Joel Cavaness, co-founder of Risk Placement Services (RPS), has taken on the role of chairman for the Americas, specialty, at the firm this year after a successful tenure as president from 1997 to 2023. Under Cavaness's leadership, RPS achieved substantial growth and became one of the largest US wholesale brokers, managing general agents, and program managers. Transitioning to a new generation of leaders at RPS, Cavaness expressed confidence in the organization's continued success.

He believes that the incoming leaders are well-equipped to lead RPS into its next phase and is excited to see where the next generation of leadership takes the company. In an interview with Insurance Business, Cavaness attributed RPS's success to the quality of its team, emphasizing the importance of surrounding oneself with a good team for exponential success. Building a culture of loyalty and excellence has been instrumental in propelling RPS to new heights, along with a strategic approach to mergers and acquisitions.

Reflecting on his journey in the insurance industry, Cavaness shared that he grew up in the industry, initially planning to join his family's retail agency. However, his career path led him to underwriting roles at insurance companies before co-founding RPS with David McGurn in 1997. One of Cavaness's fondest memories at RPS was meeting his wife through the company, highlighting the vibrant community of professionals they have built together.

His legacy at RPS is not just about achievements but about leaving behind a great business and opportunity for the next generation of leaders in the insurance industry.