Insurance agencies know this is a hot time for acquisitions and mergers as they watch peer after peer being purchased or folded into a larger operation. The transactions are in part being driven by an infusion of private equity into the independent agency marketplace throughout the country, which has been driving up agency valuations. And…
After a decade of furious deal-making, insurance agency and brokerage mergers and acquisitions ebbed in 2022, likely due to rising interest rates and economic uncertainty, according to two new reports. A report by Optis Partners, an insurance industry consulting firm, notes that the number of M&As among insurance brokerages and agencies in the retail and…
Many agencies that are focused on high growth can run into issues if they write business that drives up the loss ratios of their books of business. Brokerages with high-loss-ratio books can quickly see agency appointments revoked, their reputation sullied and shrinking options for markets with which to place business. That can translate into a…
As your agency grows or if you are struggling to stay on a positive trajectory, it’s important that you know how well your staff is performing and how much you are spending to expand your book of business. Whether you’re growing or in an operational rut, you’ll want to make sure you are doing the…
First came the Great Resignation during the second year of the pandemic as people left their old jobs in droves to find greener pastures elsewhere. To some extent, that’s still going on, but there is a new breed of employee who, for whatever reason, has decided to “quietly quit” their jobs. But they aren’t actually…
This is the second part of a two-part series on the factors you should take into account if you are considering joining an insurance agency cluster. Last week we looked at a number of issues that an agency needs to consider when looking to join a cluster, including area of operations, account ownership and fees…
When most commercial insurance brokerages are in early growth stage, they are focused on putting together a solid team of producers to grow their book of business at a fast, yet manageable pace. Many agencies continue on this path of maximizing their writings, but that can lead to customer neglect and missed opportunities to help…
If your insurance agency is not taking full advantage of LinkedIn to make connections and market your insurance brokerage, you are missing out on a great opportunity to grow your book of business. LinkedIn, as you likely already know, is the social media equivalent of Facebook for the business world and is a great tool…
As we emerge from the COVID-19 pandemic and new volatilities arise, insurance brokerages have to be nimble and forward-thinking to be successful and continue growing. The pandemic has already forced most companies, including insurance agencies, to re-evaluate how they do business, and if the last two years have taught us anything, it’s that companies that…
Insurance agencies move significant amounts of funds through their accounts, particularly when they keep premium deposits in trust accounts before transferring them to insurers. As like any business that has significant cash flow, it’s vitally important for insurance brokerages to have their operations buttoned up tightly to protect against financial fraud. This is especially so…