For what it's worth, my agency is 6 miles from the NY border and we write a good deal of P & C in NY. Allstate has been very competitive in our area for the last 5 years(cattaraugus,allegany,erie countys) I also have a friend who owns an allstate agency in NY and has done very well with persistency, growth, etc over the last five years.
I considered expanding into NY and did speak with them about a contract. Found out they are captive in NY and operate under both captive and IA's here in Pa ?? Not a marriage I was interested in...otherwise, everything looked very do-able.
FYI bobson, I offered 4X on another Erie agents book a few years ago and "did not" come in as the highest bidder. Valuations consider PIF growth trends, persistency, competitive position and history of competitive position, agency expenses/profitability, internal systems, etc. I expect to put my agency out to bid when I sell and will surely get over 3X due to those exact same factors
I considered expanding into NY and did speak with them about a contract. Found out they are captive in NY and operate under both captive and IA's here in Pa ?? Not a marriage I was interested in...otherwise, everything looked very do-able.
FYI bobson, I offered 4X on another Erie agents book a few years ago and "did not" come in as the highest bidder. Valuations consider PIF growth trends, persistency, competitive position and history of competitive position, agency expenses/profitability, internal systems, etc. I expect to put my agency out to bid when I sell and will surely get over 3X due to those exact same factors
