Pat Ashcraft, Executive vice president, Towerstone
Specialty: Oil & gas
An Oklahoma native, Pat Ashcraft always had an interest in the oil & gas business. Originally planning to study petroleum engineering, Ashcraft’s love of the oil & gas industry reignited when he became a retail broker in Dallas in the 1980s. “I quickly learned that the industry had many unique risk exposures and sophisticated coverage requirements,” he says. “Off-the-shelf insurance products didn’t seem to fit, and it looked like an area that required expertise that a lot of insurance agents didn’t possess at that time.”
Ashcraft’s knowledge of the oil & gas exploration and production business enabled him to establish his own company, Energy Risk Associates, which became a premier broker for the energy industry. Now as an EVP with Towerstone, Ashcraft applies his knowledge of mid-stream oil & gas field operations, including natural gas pipeline and transmission operations, pipeline and plant compression operations, natural gas treating and natural gas liquids production, when servicing clients.
“The oil & gas industry keeps reinventing itself with new science and new technology,” he says. “The shale revolution started in North Texas and totally transformed the global supply chain for both oil and natural gas. As the world looks to transition away from carbon-based fuels, the oil & gas industry in our country is now well positioned to meet demand in the interim period.”