New Broker - Guidance on BOR / Purchasing a Book

[WolfBroker]

Hi ya'll, I am a startup broker. Have HNW agency experience and now going out on my own to build my own book. I am just a young guy, have a passion for insurance and will be in this field for the long haul.

My question is, I know that people will often buy whole books from retiring agents / brokers, but would it be possible to buy just a portion of a book from an existing broker? For instance, I am able to write with Chubb, so would it be possible to buy and BOR, say 20 or so Chubb policies from a local broker? Just exploring my options!

 

[marindependent]

Would it be possible? Maybe - but how would one accomplish this? Where exactly are the lines drawn? A client has a Main home with Chubb and a Secondary home with Am Mod -does this one transfer over or not, both policies or one? Travelers policies written on their plat program - are those HNW or not?

In addition those HNW policies that you want - are going to cost you a lot more money, one would assume, when you finish negociating, than those policies from Safeco.

Lastly, in my experience writing HNW clients, is that the definition of High Net Worth Insurance is exceptionally debateable. Writing HNW insurance is not just writing Chubb and AIG. Really helping these clients often involves you spending lots of time finding them some obsure insurer that will accept their bizarre risk. I have several notable clients that have policies from six, seven, eight, or more insurers. The inverse of this is also true, just becuase a client has a policy with Chubb - does not make them a HNW client. [In my humble opinion there is probably more HNW business written on standard policy forms from regular insurers than there are with the HNW insurers.]

But yes, you could approach a Broker offering to buy their 20 Chubb policies? I am sure you could.

Best of Luck.

 

[Pedro247]

How do I become an Independent Property & Casualty Broker in Texas. How do I get companies to let me sell their insurance?

 

[Markthebroker]

How do I become an Independent Property & Casualty Broker in Texas.

Get licensed and go work for someone.

How do I get companies to let me sell their insurance?

Do the first one first, then you can start looking at your options and how to get appointed. For the most part your options are very limited until you get some experience.