When Michael Thoreson took over ownership of Shane Lanning’s long-standing Farmers Insurance agency in Hastings on July 1, it was more than a career move. It was a reunion, a continuation of tradition, and the start of a new chapter for both the business and the community.
Thoreson, now officially the owner of the Michael Thoreson Agency, is not a newcomer to the world of insurance. He has been in the business since 1996, starting nearly 30 years ago and never stepping away from the industry. Before arriving in Hastings, he spent 17 years with Farm Bureau Financial Services in Spirit Lake, Iowa. Before that, he logged 12 years with Pharmacists Mutual, a niche insurance company, traveling throughout Wisconsin, Michigan, and Iowa. “This is the only thing that I know. I’m a dinosaur,” he said with a grin. “Dinosaurs have to dinosaur. That’s all they know.”
For him, this move is as much about family as it is about business. Seven years ago, his youngest son showed promise as a swimmer but had no competitive opportunities in Iowa. That summer, the boy joined the Riptide team in Apple Valley, where he trained alongside future Olympian Regan Smith. The coaches encouraged him to stay, and the family made it work. Thoreson’s wife moved to Apple Valley and began teaching in District 196, while he commuted back and forth from Iowa.
That arrangement lasted for years, but the loss of his mother almost two years ago made him reevaluate his priorities. “It was all about getting family back together,” he said. By November, he had left Farm Bureau. In that model, agents do not own the business they build, so leaving meant starting from scratch. Soon after, he spoke with a Farmers district manager, who mentioned that Lanning might be looking for a new partnership or an option to grow his agency.
The first conversations took place in late December and early January. Over the next six months, the two met regularly, building a deal that would transfer ownership to Thoreson while keeping Lanning in the picture. That was non-negotiable. “The only way I would do this is if Shane was willing to stay on,” Thoreson said. “They have such a great legacy here with three generations. I come from four generations of insurance myself. Client retention is very important, and we want people to understand that it’s going to be business as usual. Shane’s still here, you’re still going to work with Shane. Mike’s going to bring some new things into the toolbox, things like health insurance, more financial services and life insurance, and focus a lot on new business.”
This shared approach works because both men bring different strengths to the table. Lanning is highly technical, knowing policies down to the specific form numbers. Thoreson sees that as an asset, especially for maintaining relationships with existing clients. “Shane’s going to have the ability to meet with clients more often and talk about their specific products,” he explained. “I can go out and seek new business. Retention is key. We’re at about 88 percent now, and we’d love to push that above 90. That means for every 100 people, we lose 10 each year. If we could get that to 92, that would be fantastic.”
The numbers matter, but so does the human side of the business. Client turnover can happen for reasons no one can control, like a customer passing away or moving away. But keeping the people they have and adding new ones is the focus. “Retention is very important. We monitor it. They monitor it. It’s the lifeblood of the agency,” Thoreson said.
One of the cornerstones of their shared vision is community involvement. The building’s location on a main route into Hastings, coupled with its large parking lot, offers a unique opportunity for public events. Lanning already made strong community connections through fundraisers like the car washes hosted by local sports teams. “Last year they raised $16,000 for the different sports organizations,” Thoreson said. “It might cost us a few hundred dollars for water, if that. And Shane has that program down to such a science. I saw it roll out the other day, and it was awesome.”
Thoreson wants to expand on those efforts. He envisions food trucks, face painting, donuts and coffee, and even free visits with Santa so families do not have to pay for holiday photos. “I’ve always given back to my community,” he said. “We’re planning to continue that here, but also ramp it up even more. That’s ultimately what it’s all about, is community.”
Hastings offers him a larger stage than his last market. “My entire county before was 17,000 people. Hastings is 22,000 by itself. I have opportunities here I’ve never had before,” Thoreson said. In just the first weeks, the agency has already been involved in Rivertown Days, volunteering at the gates, and they are lined up for golf outings and a pet expo with 19 vendors scheduled for September in the parking lot.
While Hastings is home base, the agency’s footprint will be wider. Thoreson is licensed in Wisconsin, Iowa, Utah, and Arizona, with plans to expand his team’s licensing as well. Farmers gives its agents the ability to access other insurance companies if a client’s needs fall outside Farmers’ appetite. “If they come to me with an insurance problem, we probably have a solution,” he said. That flexibility means customers are less likely to look elsewhere.
Both Thoreson and Lanning also build their businesses on relationships, not purchased leads. “If people trust you, they’re going to talk about it, and they’re going to tell their friends and family,” Thoreson said. “That’s how we build our brand.”
Another area Thoreson plans to grow is health insurance and financial services, topics many agents avoid. He believes personal conversations are vital for health coverage decisions, especially in the Affordable Care Act and Medicare markets. “If people make the wrong choice, it can be catastrophic,” he said. “Talking to someone one-on-one, who understands the system, can make all the difference.”
The numbers support his focus. About 10,000 Americans turn 65 every day, a trend expected to continue through 2031. Alongside that, the largest transfer of wealth in history is happening as baby boomers pass assets to the next generation. “We want to have those conversations about estate planning, charitable giving, and what people want to be involved in,” Thoreson said. His goal is to make the agency a one-stop resource where clients can get answers without having to go elsewhere.
The building itself adds to the charm. Once a Country Kitchen restaurant, it still boasts the generous parking lot that made those car washes possible. “I love coming into Hastings, love the parking lot, love the building,” Thoreson said. He admits he does not yet know the full history of the site or the city, but he is eager to learn.
Even the weather has been a talking point. After years of intense storms in northwest Iowa, including two derechos in one year, he has found Minnesota’s summer to have its own quirks. “One night it’s 50 degrees, then it’s 95,” he said. As an insurance professional, weather is never just small talk. “You almost become a meteorologist in this profession. You are constantly watching it in case there’s going to be hail or wind, because you know you’re going to have to triage calls the next day.”
For Thoreson, this move is about more than buying an agency. It is about blending old and new, honoring the relationships Lanning has built, and adding services and community outreach that will help the business grow. It is also about making insurance, a topic most people would rather avoid, into something approachable. “Nobody likes insurance,” he admitted, “but we’re going to try to make it fun.”
With plans for more events, expanded services, and a focus on building trust, the Michael Thoreson Agency is stepping into its new role in Hastings with confidence, a clear plan, and an open door for the community.