Introduction from Brian

Dec 28, 2007

  1. banker
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    banker New Member

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    I am glad I found this site. I am a banker with 15 years experience looking to make a career change and get into the insurance industry. I would like to purchase an existing book from a State Farm or AllState agent in NY or Florida. I would greatly appreciate any advice as to the pro's and con's between NY and FL and State Farm and AllState. All comments are welcome.
     
    banker, Dec 28, 2007
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  2. somarco
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    somarco That Medicare Guy

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    Cant tell you a lot about the P&C business, but I do know enough to stay away from HO business in FL.

    Also, have no idea about the regulatory climate for P&C in NY, but for life & health it sucks. Almost any state is easier to work with than NY.
     
    somarco, Dec 28, 2007
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  3. moonlightandmargaritas
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    moonlightandmargaritas Guru

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    There is no homeowner's business in Florida except for the state risk pool (Citizen's) which agents can sell. Big premium too! The state is a little archaic (surprise, surprise) in how they hnadle it though.

    You won't be buying a State Farm book - the agents do not own the book. When an agent retires, they split the book about four ways to start new agents.

    Good luck!
     
  4. banker
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    banker New Member

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    Thanks for the insight on State Farm. I have not gotten that far with my due diligence on State Farm. I know that AllState agents can sell their book to a prospective buyer but you must be approved by them first. I like the fact that you earn commission on renewal premium. That's something I am not used to from the banking industry.
     
    banker, Dec 28, 2007
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  5. FELLNINS
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    FELLNINS New Member

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    I would suggest looking for an independent agency
    I am quite partial though ................but there is a lot more freedom if you cannot write a piece of business with State Farm or other captive writers you have to give it up..........with an independent agency you can place it with many different companies or broker it.
     
  6. jdog1963
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    jdog1963 New Member

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    Hey Banker,
    Look up an article in the magazine" Exclusive Focus" called "Taking a stand in Canada" by Jim Fish. Some pretty interesting insight on the new business model for Allstate Canada.


    Good Luck with your due diligence


    Jason
     
    jdog1963, Jan 19, 2008
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