Terry Payne

Terry Payne said it was merely by accident that he got into the insurance business just before graduating from the University of Montana with a business finance degree.

“I never envisioned myself in the insurance business or intended to have a career of it,” he said. “I’ve always loved the business of business. And insurance simply was a mechanism to get involved with that—dealing with clients, helping to build a company where we are serving the interests of individuals and businesses.”

In 1972, he formed Terry Payne & Co., in Missoula founded on three core values of which still apply to his businesses today: clients, colleagues and communities.

“By serving these three constituents, if we do that well, everything else will take of itself,” he said. “And how we serve them—with integrity, respect, accountability, excellence and balance—is the essence of our presence and our future.”

The foundation of any company or any enterprise is the culture that exists within that entity, he said. “That’s an every day, constant job that we must work diligently on.”

In January 2001, Hoiness LaBar, Montana International of Helena and portions of Terry Payne & Co. merged to form Payne Financial. The two companies employ 650 people at 40 offices in 30 cities in Montana, Idaho, Oregon and Washington. They are now one of the largest private insurance brokerages in the United States.

His company recently acquired Western States Insurance to form PayneWest Insurance, the largest privately owned insurance agency in the western U.S. and a top-40 nationally ranked agency. Payne is chairman of the board for PayneWest, which serves 30 communities in four states and about 700 employees.

Even so, he said the company’s roots in Montana continues to be one of the greatest places to do business, with more than 400 employees.

“Our most successful and highest growing areas are in Montana, still,” he said. “Montana has proven time again to be a great place to do business. The quality of people here are equal to or exceed those of any other are you’ll find anywhere.”

And, he said, it’s the people within his enterprises that count the most to him.

“I’ve been blessed by having outstanding people that are really responsible for our growth and success overtime,” he said. “It’s not me. It’s we.”

Beyond his individual business accolades, Payne also was a director of many Washington Corp. entities and served as director of First Interstate BancSystem Inc. He formerly served as director and regional vice president of the National Association of Surety Bond Producers.

“The growth of our company has transcended any dream or aspirations we ever had,” Payne said.

He and his wife, Patt, have two sons, and one granddaughter.