Ron Ginn became captivated by a book of compounding tables while stuck waiting in the conference room of his grandfather’s insurance office when he was around 12 years old. Taking to finance at a young age, when stocks traded by the 1/8th, he began asking questions, which quickly led to learning about the equity and derivative markets and about real estate investment valuation. He ran the numbers for and bought his first house, with guidance, when he was 15. In college, Ginn studied finance, cost accounting and real estate in an effort to gain a full stack understanding of the economic world.
After college, Ginn traded in equities markets for a firm out of Boston and managing his own rental properties. He spent a couple of years in Washington, D.C., selling consulting memberships to CFOs, while working on creating a real estate financial software company accompanied by a patent for a non-statistically derived, forward-looking data point to improve mortgage prepayment assumptions. However, a Supreme Court decision invalidated this type of patent.
Ginn then moved back to Florida with his wife and into the property insurance industry, given the intersection of his family history in insurance with New York Life and his lifelong interest in real estate. He opened a small property & casualty agency, brokering a wide variety of home insurance companies. It was eye-opening for him too see into the operations of many companies and understand just how behind the times the industry really is.
After years of learning software business models and crowdfunding business methods applied in finance (sparked by Zopa in 2005), Ginn saw that insurance is not immune to the trend. As a financial engineer, he smelled the opportunity and narrowed in on what is now commonly called “peer-to-peer insurance” back in 2013. While iterating on the financial model, he quickly realized that blockchain is the enabling technology for scalable trust networks. He has enjoyed his research and observations of the pendulum changing directions in the risk markets, away from monolithic organizational structures, back toward, as his grandmother says, “The way we used to do it.”