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.
READ MORELooking for new hires has become a major topic of discussion not only in the insurance industry but really everywhere. The service industry is the one we all probably notice the most – going out to dinner has been …. different! When it comes to hiring the right people, it goes without saying that it is much easier, cost-effective, and simply smoother to find and keep good help. What makes the retention of employees easier is making sure you have the right fit for the job.
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In the last two years, workers across the country have walked away from their jobs at an alarming rate. A record-setting 4 million people in the US quit their jobs in April 2021 as vaccination rates increased and employers called workers back into the office, according to a recent Forbes article. By November 2021, that number had risen to 4.5 million for the month.
READ MORERisk Rating 2.0, FEMA’s new pricing methodology for the NFIP has been in place since Oct. 1, 2021. However, there is a significant change in agent responsibilities beginning with policies renewing on or after April 1, 2022.
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For many agencies, their growth strategy includes an acquisition component, and the current conditions in the insurance marketplace make growth by acquisition strategy very achievable. It is no secret that over half of the current agency owners are approaching retirement age. When you couple that with low-interest rates, the anticipated changes in taxes, and the presence of private equity driving the multiples for agencies up, for many agency owners there may never be a better time to sell their agency.
READ MOREDenver, CO: The Trusted Choice Disaster Relief Fund donated $5,000 to support the victims of the Marshall Fire that destroyed 1,000 in Colorado on December 27, 2021. The funds were distributed to community members who lost their homes because of the fire.
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It is no secret that over half of the agency owners today are at or nearing retirement age. Current agency owners are facing a transition in their agency within the next 5-10 years.
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