I'M Coming to UT Next Week. Who Wants to Talk Insurance and Independance?

[shawnmwalker]

I'll be in UT next week.

Who wants to talk Insurance and Independence? Give me a call.

 

[jkearns]

I'm a captive, but not a prisoner. I'm a local agent with one of the major captive carriers (my bread and butter), which also I'm free to broker lines of insurance, that my captive doesn't write or declines (dessert), plus I'm nationally licensed in multiple states and appointed with a few national carriers, plus choose to work with a few GA's or brokerages, where I have the freedom to write standard or non-standard business without premium requirements, monthly or annual fee's, or a buy-in into a group,like a cluster or agency association, plus I get a great commission split or 100% of the commission, and I own the book of business. Locally, I am reconized as one of the main insurers in the country and nationally, I'm reconized as a specialist in certian insurance products for specific industries. Best of both worlds, if you ask me, wouldn't you agree?

 

[shawnmwalker]

Jkearns,

It sounds like you are in a good place, Sir.

Are you in UT, Maybe we could dive a bit deeper into your post in person.


My signature block is not designed to offend, these are simply the definitions pulled from the dictionary.

Independent: Free from outside control; not depending on another’s authority.
(Synonyms: Liberation, Freedom, Unconventional)

Captive: A person who has been taken prisoner, confined, or kept under restraint.
(Synonyms: Prisoner, Jailbird)

 

[indienoise]

I used to make similar arguments about staying with my captive carrier. Looking back, my arguments were more for my own benefit than for anyone else.

In the long run, I couldn't convince myself to do so, and knew the longer I waited, the more painful parting would be.

I hope you are truly as happy where you are as you say. I don't know anything about Farmers's contract, so maybe you're in a better position as far as book ownership, but it would be unusual for a captive for ANY of your book to be truly yours, much less business brought to a brokerage.

 

[cgreene]

That is about the only good thing about farmers is your own the book. They seem to be great on west coast. In south they won't let you get a non residents license anywhere.

 

[indienoise]

You own the book? You can sell it to anyone, not just back to farmers or another farmers agent? You can leave farmers and roll the book to other carriers? I know with allstate and nationwide you own a financial stake in your book but are likited in what you can do with it.
Is that state-specific maybe? Ive been told by other farmers agents they have a non compete. Maybe it depends on when you signed on with them? Contracts have changed perhaps?

 

[cgreene]

Farmers agents have told me when they leave it's theirs.

 

[jkearns]

Jkearns,

It sounds like you are in a good place, Sir.

Are you in UT, Maybe we could dive a bit deeper into your post in person.


My signature block is not designed to offend, these are simply the definitions pulled from the dictionary.

Independent: Free from outside control; not depending on another’s authority.
(Synonyms: Liberation, Freedom, Unconventional)

Captive: A person who has been taken prisoner, confined, or kept under restraint.
(Synonyms: Prisoner, Jailbird)

I do not reside in Utah, but I have my non-resident license there. Wouldn't mind some additional appointments for that state purticullary and other non-resident states.

What can you offer me?

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cgreene and indienoise,

I purchased my Farmers book from a retiring agent, who had stage 3 or 4 cancer. You own the book, whoever you sell it to, Farmers has to approve the sell, but you can sell it back to the company too. As of now existing Farmers Agents can't purchase other agents book when retiring. If you sell it back to Farmers, you are basically selling it at book value. Selling it to a new agent, you can usually get to 1.5 to 2 times the amount of the books worth. The good thing about Farmers having a general agency to broker through or write outside business directly or broker after Farmers has declined it or has not appetite for the business is that is all separate business, which you can keep or sell in addition to other prospects looking to purchase.

If they retire from being a Farmers Agent and they sell it back to Farmers, it's no longer there book. The same would apply, if they sale it to a new agent.

As for getting a Farmers appointment in Non-Resident States is hard, cgreene. Usually, you need a good reason or special circumstances, but broker all you want in the non-resident states through Farmers owned-operated general agency.

 

[insurance1822]

Wow I sure wish I was a farmers agent.

 

[cgreene]

Yeah farmers has to decline it that's the problem.