CLIENT SPOTLIGHT: Factory Five Racing

Factory Five Racing was founded in 1995. Over the years they have grown from a start-up business in a small garage to become the world's largest manufacturer of "build-it-yourself" component car kits. They employ a full-time crew of about 40 people, and are located in Wareham, Massachusetts (about an hour south of Boston). They make their products right here in the USA, in the heart of New England where American manufacturing was born.
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Fred and Danny Magnanimi grew up watching their father create beautiful, handcrafted jewelry in the family's Cranston, RI jewelry manufacturing business. When the boys grew up, Fred moved to New York and began working on Wall Street as an investment banker, while younger brother Danny, still enamored by the family business, stayed home. Increased competition from overseas businesses created significant challenges for the business, but Danny was confident he could find a way for the family business to evolve and thrive. This was his mission, this was his passion.
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        Counsel to broad range of insurance-related businesses

        The Insurance Practice Group is engaged with a wide variety of insurance-related businesses, including life, property and casualty insurers, workers’ compensation insurers, non-profit hospital service corporations, reinsurers, health maintenance organizations, insurance agencies and insurance services companies.

        Insurance Licensing to Regulatory Compliance

        The members of the Group serve as counsel to domestic insurance companies in Rhode Island, and insurance companies, agents and brokers engaged in business in Rhode Island and Massachusetts. We represent Massachusetts agencies with respect to Rhode Island licensing issues. In addition to dealing with varied issues such as obtaining insurance charters, holding companies and agency licenses, these attorneys have extensive experience in rate hearings, form filings, compliance matters and all aspects of regulatory counseling. We counsel clients with respect to consumer complaints, company and agency licensing issues and all other aspects of insurance business operations in Rhode Island and Massachusetts. The Firm also provides coverage and defense services in errors and omissions, directors and officers, employment and lead paint issues.

        Insurance Agency Mergers & Acquisitions

        The Group has substantial experience in mergers and acquisitions. We represented a large insurance agency in its acquisition by a regional bank and advised an agency on a joint marketing agreement with a Rhode Island bank. Other matters include the representation of investors in the acquisition of an insurance company, the acquisition of insurance agencies and acting as special counsel to the Rhode Island Department of Business Regulation in the Receivership of three insurers. We also have expertise in the administrative and appellate processes associated with insurance rate-setting and regulations and represent clients in policy interpretation issues, loss coverage, anti-trust issues and bonding claims and other aspects of insurance in state and federal courts. Additionally, members of the Group represent numerous insurance agencies and companies before the Rhode Island and Massachusetts Divisions of Insurance.

        Several of the group's attorneys participate actively in insurance related organizations including: Federation of Regulatory Counsel, Inc. (FORC), RI Governor's Insurance Council, Federation of Defense & Corporate Counsel (FDCC), DRI-The Voice of the Defense Bar,  Defense Counsel of Rhode Island (DCRI), and Litigation Counsel of America. Also, they contribute articles to The Anchor, a quarterly publication of IIARI, and to FORC e-alerts with respect to Rhode Island regulations updates.