The price that your agency commands depend on several factors, including what is most important to both the buyer and the seller, the synergies that exist between agencies owned by a potential buyer and seller agency, and the risk level that both parties are willing to assume in the agency sale.
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There is an incredible opportunity in the insurance industry for someone who wishes to own their own business. With over half of the agency owners facing retirement in the next 5-10 years, a strong desire by many agency owners to remain independent, and the goal to offer the same opportunity to the next generation that their agency provided to them – there is no better time for future owners.
READ MOREInsurance Services Office (ISO) in mid-2021 released its first multi-state Homeowners’ filing in over 11 years. This most recent filing took effect beginning March 1, 2022.
READ MOREYou are already aware that not all professional liability policies for insurance agents extend the same coverage benefits. However, an important coverage component has become increasingly valuable in the insurance agents’ professional liability marketplace: a deductible reduction feature.
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Over the past several years I have worked with many agency owners across the country helping them understand the value of their agencies. It is some of the most rewarding work I have ever done, and I have learned a lot about agencies and agency owners as a result of this work.
READ MORECertificates of insurance (COIs) account for more headaches at the agency level than just about any other issue. Because COIs create so much angst, the Big “I” Virtual University regularly hosts webinars about them.
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I USUALLY USE THIS SPACE TO talk about the great things we are doing and what is happening in the industry, however, this time I am going to talk about something that I know resonates with everyone.
READ MOREThe annual Big “I” Legislative Conference will take place April 27-29 at the Renaissance Washington, D.C. Downtown Hotel. During the conference, independent insurance agents and brokers from across the country will share their perspectives with legislators on issues important to the independent agency system.
READ MORE[On February 4, 2022], cannabis-related legislation passed the U.S. House of Representatives as part of the “America Creating Opportunities for Manufacturing, Pre-Eminence in Technology, and Economic Strength Act of 2022″ or the “America COMPETES Act of 2022.” The Big “I”-supported cannabis legislation, titled H.R. 1996, the “Secure and Fair Enforcement (SAFE) Banking Act,” was added to the broader legislation as an amendment the night before.
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It is no secret that merger and acquisition (M&A) activity in the independent agency space is at an all-time high. While it took a brief pause in the first quarter of 2020, it has been going strong through the end of 2020 and continues at a record pace in 2021.
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