Richmond Times-Dispatch, Va., Biz Buzz column [Richmond Times-Dispatch, Va.]

July 29--Remember James A. "Jay" Paul III? In November, he launched Balance for Cyclists, an insurance product aimed at bicyclists because they risk traumatic head injuries and other catastrophic injuries.

Well, things are rolling along nicely.

Recently, he was named Insurance Marketplace Innovator of the Year by National Underwriter Life & Health magazine for "conceptualization of cutting-edge accident coverage for cyclists." The honor was one of just five national awards presented by the publication each year.

Paul, managing director of Balance for Cyclists, with an office in the Innsbrook Corporate Center in western Henrico County, said that so far the insurance is registered in 39 states and being sold in 30 of those. A few details still need to be worked out in the others. He expects to be in 45 states by the end of the year.

A few hundred cyclists have purchased the insurance, he said.

"That's about where we should be," Paul said, "given the marketing we have done and the length of time the insurance has been available. Eventually, we expect to have tens of thousands of customers."

He is a member of the board for Richmond 2015, the nonprofit that is organizing and marketing the world championship cycling event that will be held in the Richmond area in September 2015.

He said his company, like others, is interested in the marketing opportunities the event will offer.

The insurance is offered by Zurich American Insurance Co., a subsidiary of the global insurance giant Zurich. The policy pays lump-sum benefits to the injured and is available in $50,000 increments. For example, a policy that would pay an injured cyclist $250,000 costs $280 a year.

"The aim is to help the injured and their families cope with the extreme adversity that can come with an accident," he said. "There are plenty of bike riders who have businesses and families -- obligations to meet. This helps families deal with the costs incurred, helps keep them from losing everything."

Paul is a biking enthusiast. He has four bicycles of his own, including a 12-gear Cannondale he rode with 25 pounds of gear on a 350-mile Pittsburgh-to-Washington ride during the recent heat wave.

"It was oppressive," he said, "but it was great."

He also does some mountain-bike racing and participates in triathlons.

As with all insurance, Paul explained, the aim of Balance for Cyclists is to offset the frequency of injury -- in this case, catastrophic -- with the number of clients purchasing the policy.

So far, he said, "we haven't had any claims. But when we have 5,000 or 10,000 clients, we'll have them."

When Balance for Cyclists is firmly in place, Paul said, "we plan to roll right into horseback riding," which poses similar risks. His company will also look at policies for participants in skiing and other "gravity sports," as he calls them.

He said a policy might be tailored for motorsports participants as well, "or for anybody who drives a car."

Auto dealer honor

Speaking of honors, honk if you want to salute 38-year-old Liza Borches, the CEO of Carter Myers Automotive. She was tabbed as one of the "40 Under 40" up-and-comers in the auto-dealership business in the most recent issue of Automotive News.

Carter Myers Automotive's website lists dealerships that include four in Chesterfield County -- Heritage Chevrolet at 12420 Jefferson Davis Highway and Colonial Kia, Colonial Honda and Gateway Honda, all at 2200 Walthall Drive. The auto group also runs a Volvo dealership and Colonial Auto Center in Charlottesville, where the company is based, and Honda, Volkswagen and RV dealerships in Staunton.

Borches, the daughter of Carter Myers III, is a University of Virginia grad who earned her stripes with American Honda Motor Co. before joining the family business.

She bought out her father's stake in the company last year to become a fourth-generation dealer principal.

Martin scorecard

The Martin Agency has landed another national-name client. TIAA-CREF picked the Richmond shop as its agency of record. Ad industry reports say the finance firm -- a leading provider of retirement services in the academic, research, medical and cultural fields -- manages $523 billion in assets.

"TIAA-CREF is an amazing financial services company with a rich heritage," said Matt Williams, CEO of The Martin Agency. "We are thrilled to have been chosen as their marketing partner, and we look forward to working with them to promote and evolve this great American brand."

When you're The Martin Agency, part of the Interpublic Group of Cos., you're going to be in the running for more than a few major accounts, and you can't win them all. The company also recently was a finalist for the Simmons Bedding Co. business, but that job went to Kirshenbaum Bond Senecal + Partners, which is based in New York and has an office in Atlanta, where Simmons lays its head.

rhallman@timesdispatch.com

(804) 649-6844

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