Myron F. Steves & Co. since 1955

Myron F. Steves & Co. opened for business in 1955 with one employee and $10 in the bank. Fifty years later, it is a multi-million dollar operation with more than 200 employees, and it is parent to a collection of companies. Though many things have changed, Myron Steves has not outgrown the entrepreneurial spirit that Myron F. Steves, Sr. built his company on. This year Myron Steves celebrates its 50th anniversary.

Myron F. Steves, Sr. Begins a Career in Insurance

Upon graduation from Emory University, Myron F. Steves got his first taste of the insurance business working for Retail Credit Company (now Equifax) in his hometown of Atlanta. But it wasn’t until he worked for American Mutual Liability Insurance Company in New Orleans and Mobile that he gained real experience in insurance.

He had been in the National Guard, and considered a career in the military rather than insurance, but an unfortunate car accident changed the direction of his life. The accident left him with a broken hip and disqualified him for military duty.

He continued with his career in insurance with an upbeat attitude, “If I’m going to be in the insurance business, I better try to be the best that I can be.”

American Mutual offered him the chance to take classes to learn about different lines of insurance the company dealt with. After a few classes, he heard about a new designation in insurance that was just coming about given by the Insurance Institute of America, the Chartered Property and Casualty Underwriter (CPCU).

Myron earned his CPCU designation in 1949 and went to the annual CPCU meeting which met in Dallas that year. This was another turning point in his life. He made contacts at this meeting that would change the direction of his insurance career.

The general agency side of the insurance business had piqued his interest. At the CPCU meeting in Dallas, he had met John S. Dunn who was forming a new company, Lone Star General Agency. John hired Myron to manage it, and it brought him to Texas.

It was about this time that Myron got the idea of going in to business on his own, “I decided that if I could do what I was doing for John S. Dunn, I could do it for myself.”

Myron F. Steves & Co. Opens for Business

In 1955, Myron used another contact he had made at the 1949 CPCU meeting to start his business, Edward Schulenberg. He partnered with an insurance company Edward partly owned, Cravens, Warren & Schulenberg. Myron would receive 75% of the profits and the rest would take 25%. Myron F. Steves & Co. shared its first office with its partner agency in a house at 2424 W. Holcombe.

Cravens, Warren & Schulenberg put $10 in an account at Fannin Bank to start Myron F. Steves & Co. That was the only money they would have to put in.

Later that year, Myron was clued into an opportunity with Olympic Insurance, a company in California that was interested in expanding into Texas. Brent Warren, Ruddy Cravens and Myron drove to California while Edward Schulenberg took the train to meet with them. All four men fatefully pulled up to their hotel at the exact same time. They made the deal with Olympic, and it turned out that Olympic would be a mainstay of their business for several years.

Myron F. Steves & Co. was doing well until September 10, 1961 when hurricane Carla hit the Texas Gulf Coast. By this time Myron had gained full interest in his company. He had bought a reinsurance policy that would have protected the company from commission losses in the event of a hurricane, but the policy terminated shortly before Carla hit. Feeling the devastation from Carla, Olympic Insurance Company decided to pull out of Texas and cancel their contract with Myron Steves.

Losing Olympic seemed like it might put Myron Steves out of business, but the company again found its footing. Myron F. Steves & Co. began doing business with Guaranty National Insurance Co., and found a niche in surplus lines, a direction that Myron Steves still continues in today.

Partnership of the children

Today Myron Steves is a partnership of Myron’s three children, Fred Steves, Buddy Steves and Terry Steves Skinner. At the time, it was more common to make heirs a minor partner in your business, but Myron made them equals.

“People in the business thought it was unusual that I had divested myself in this way,” Myron said. “It turned out that doing it this way, they even worked harder. The first year afterwards I made more out of my 25% then I had made out of the whole thing before that.”

Fred was the first of the children to join Myron Steves in 1972. He had been practicing law in the military and in a law firm before joining his father to learn the business. He is now Executive Director of the Property and Casualty Division. Three years later, Buddy joined after completing his Master’s degree from the University of Pennsylvania and working at the university hospital. He has been responsible for the direction of the Healthcare Division, and he is now Managing Director and Principal of this division. Terry joined in 1988 and helped her father develop the Educators Professional Liability Program for which she is now the Managing Director. Myron F. Steves no longer has a financial stake in the company he founded, but his children own it entirely and continue his legacy.

Myron F. Steves Retires

Myron didn’t actually retire until 1989, but one insurance trade magazine tried to oust him prematurely. In 1982, the Houston Independent News issued a special report falsely announcing Myron’s retirement. Myron has kept a copy of that issue of the Independent News and still has a good chuckle when he takes it out.