Michael Todd Scott
Business Attorney at Bloomington, IL
Business Attorney at Bloomington, IL
|Vermont - VT||5 years|
|Illinois - IL||27 years|
We have not found any instances of professional misconduct for this lawyer.
Michael is VP & Associate General Counsel, Insurance for FBN. In this role he leads the insurance legal, regulatory, brokerage, and compliance functions for the FBN family of companies. Specifically, Michael provides legal counsel, guidance and oversight of all areas of the Company’s insurance and risk management programs; manages FBN brokerage relationships, including all associated insurance coverages and claims matters; manages FBN’s self-insured risk vehicles, including captive insurance companies; strategically manages total cost of risk in connection with Treasury and Finance; advises and helps structure FBN Insurance with respect to agency and AIP issues as well as with reinsurance and other capital markets; provides strategic support for insurance corporate development initiatives and integration of newly acquired businesses post-closing; and manages, counsels, and advises on matters with respect to the US Federal Crop Insurance Program.
Prior to joining FBN, Michael was an attorney at Allison & Mosby-Scott where he headed the firm’s Business Law practice and served as President of Allison & Mosby-Scott Risk Management, the firm’s risk management consulting practice. Michael’s practice areas included business and commercial litigation; business organization and transactions; mergers and acquisitions; ERISA; contracts; crop insurance and captive insurance company taxation, formation and regulation.
Previosuly, Michael was Vice President, Insurance & Risk Management at Archer Daniels Midland Company (ADM) and President and General Counsel of Agrinational Insurance Company, the captive insurance company of ADM. Under his leadership Agrinational became one of the most admired captive insurance companies in the world. Agrinational was named the 2012 Captive Insurance Company Association Outstanding Captive award winner as well as the 2012 World Captive Forum Award of Excellence winner. Agrinational was also one of the ﬁrst companies to receive Department of Labor approval to reinsure US employee beneﬁts.
Prior to his time at ADM, Michael served as a corporate attorney for State Farm Insurance Companies in Bloomington, Illinois.
Michael also has extensive experience in business formation, mergers and acquisitions and regulation. He oversaw the acquisition of a crop insurance MGA, its growth to $500 million of gross written premium, and ultimately its sale for a gain of $120 million. He was also responsible for the formation and operation of an Illinois captive insurance subsidiary and the acquisition and operation of an Arizona insurer licensed in 42 states.
Michael is a frequent speaker on risk management, insurance, and captives and is a published author who has served on many boards. He is a faculty member for the National Alliance for Insurance Education, he served as a Director and member of the Audit Committee of United Insurance Company, a Cayman Island insurer, served on the Chubb and Swiss Re Client Advisory Panels and currently serves as a Director for the Captive Insurance Companies Association. He has also served in leadership roles at the American and Illinois State Bar Associations.
In addition to being licensed to practice law in the State of Illinois and the State of Vermont, Michael holds the CPA, CRM, CPCU, CLU, ChFC, FLMI, ARM, ARC, AIC, AMIM, ARe, AIAF, AU, and CGMA designations. He is also a member of Lawyers of Distinction and is included in the 2021-2022 Marquis Who's Who in America. He is a graduate of the University of Illinois and Southern Illinois University School of Law.
Michael and Michelle, his wife of 27 years, have three children and live in Bloomington, IL. Michael enjoys golf, sports with his kids, and travel.
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