From Captive P&C Agency to Independent P&C Agency

Feb 12, 2019

  1. MrMadeWhole
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    MrMadeWhole New Member

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    Seeking advice from my wise insurance forum brothers & sisters. We're exiting the captive agency space and moving to the independent agency space. We've been in the captive agency biz for 3.5 years. What options are available for us to get carrier appointments either directly or otherwise that make good business sense? Also, are there other approaches to overcome this challenge. Lastly, please be specific and put it where the goats can get it. Thanks in advance for your time and consideration.
     
  2. EugeneM
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    EugeneM Guru

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    check out the sites search feature. It has been discussed a lot over the years. happy hunting!
     
    EugeneM, Feb 13, 2019
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  3. NCAgent828
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    NCAgent828 Super Genius

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    What type of insurance are you wanting to sell? This may help determine your best options. I was a captive producer for about 10 months before opening my own agency as an Indy agent. Coming from captive will help because captives send monoline business a lot to me. Happy to write for the extra money in the beginning. Opened in April 2018 with SIAA.
     
    NCAgent828, Feb 14, 2019 at 12:05 AM
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  4. MrMadeWhole
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    MrMadeWhole New Member

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    Will do EugeneM. Thanks.

    NCAgent828 - Home, auto, flood, watercraft & small businesses. Does SIAA require you to have $250K, 500K or 1 million in premium before they will talk with you? Thanks.
     
  5. NCAgent828
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    NCAgent828 Super Genius

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    No, I joined SIAA as a scratch agency. $0 premium on the books.
     
    NCAgent828, Feb 14, 2019 at 3:47 PM
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  6. Charlie Downey
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    Charlie Downey New Member

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    carriers remain reluctant to appoint new agencies and actually we are seeing the trend go the other way, reducing the size of agents appointed. There are over 1,000 Clusters of agents and aggregators out there. Our retail agency Joined National Insurance Group and are now owners. there are a thousand options all with a little different twist. Look out for long term contracts , who owns the Business produced, back out fees and commission %'s. Hope that helps.
     
  7. NCAgent828
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    NCAgent828 Super Genius

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    Everything he said is 100% on point.
     
    NCAgent828, Feb 14, 2019 at 4:43 PM
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  8. Tom_Insurance_Guy
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    Tom_Insurance_Guy New Member

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    I too am also trying to go independent and get out of being captive. I am looking at which aggregators are good to work with. I just forgot what my LSA from State Farm about non-compete. The last thing i remember is that I can't take another State Farm clients while working at State Farm. Forgot the rest because I didn't think I would want to leave State Farm.
     
  9. MrMadeWhole
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    MrMadeWhole New Member

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    Thank you both for the insight.
     
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