The professional liability marketplace is ever-changing—carriers entering and exiting the marketplace, changing rates, and fluctuating underwriting positions. Typically, the longer a carrier has been in the professional liability marketplace, the more stable it is when it comes to making changes.
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PIIAC Bulletin
Are YOU the Future?
Keeping and retaining talent has been on the minds of agency owners from the day I entered this industry. It has remained in the top 5 concerns of agency owners in literally every survey I have ever read.
READ MOREFalling Short
Financial ratings give insight into a carrier’s ability to pay claims, which, along with the potential of financial loss, are ultimately the reasons businesses purchase insurance. However, insurance companies can only pay claims if they have the funds to do so. It is not uncommon for an insurance carrier to become insolvent, leaving it unable to pay claims.
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What Factors Impact an Agency’s Selling Price?
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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5 Key Behaviors of Great Agency Owners
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.
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