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I would be super careful buying into a Captive agency right now, more so t
IMO - it is likely both.
These guys are already warning you about the specific Insurer, so Ill spend a minute scaring you away from the Captive market and possible P&C in general. [Not a big NY agent guy, Im in CA.] But I do see a lot of similarities: Lots of Govt Regulation, Inflation, Risk Situation is changing, Insurers leaving, Closing down markets.
During these unusal times, I think its NUTS to tie yourself to just one insurance group. I have over 30 insurers to use and...its still not enough. If you are really going to sell, process, and present insurance - there has never been a better time to be an independent. But - going independent is Super Hard and not for most.
If you did want to seriously look at a captive agent insurer situation, Id go work for one for a long time before taking the plunge. Some guys do OK with it and get rich. But most of those folks have the "old contracts" and have a "wife across the street" who sells as an independent.
Best of Luck to you.
If those captive books were a good idea, you wouldn't need a recruiter to sell you on the "opportunity". Agents would be snatching it up.
Furthermore, while it's a lot easier to make it with an independent book than a captive book, I'm willing to bet those captive agents that did well would have still done considerably better if they were indy.