I work for a captive company but I am considering purchasing an independent agency that is for sale. The owner/agent wants to retire. They have most of their policies with Safeco. The captive company I work for now puts new production quotas on agents who take over an agency. Does anyone know if Safeco typically does that when someone new takes over policies? What is their quota for new agents? Thanks!
Safeco's Quotas
- Thread starter garach
- Start date
Hard to say, especially without knowing what state or area you are in.
Safeco will want a premium commitment (many carriers do). Is the book big enough to meet this?
You actually have to talk to Safeco about this, no good way around it. Basically, you have to know if they will move the appointment over to you and then it should be just the original agents agreement. If it requires a new appointment to place new business, then find out what that will take.
Dan
Safeco will want a premium commitment (many carriers do). Is the book big enough to meet this?
You actually have to talk to Safeco about this, no good way around it. Basically, you have to know if they will move the appointment over to you and then it should be just the original agents agreement. If it requires a new appointment to place new business, then find out what that will take.
Dan
- 1,016
Each state may be different. But here in Ohio, I was told by a Safeco rep that as far as direct appts are concerned, they want to see a 1M BOB, or at least close to that.
- 1,473
Safeco does have production requirement. Most companies do have that. It might be 100k a year in new business or so. Maybe less if the book your buying is big book.
Ask the owner to talk to the market rep for requirement and ash them.
Ask the owner to talk to the market rep for requirement and ash them.
- Thread starter
- #5
stalwartprincipal
New Member
- 4
I was just appointed with Safeco and they requested a $25,000 commitment for the first year. I have a start up agency as well so getting appointed if you have a book already should not be that hard, although it depends on who the rep is and the territory.
dahonored1
Expert
- 86
I'm from NYC and I don't see much people using safeco. are they even competitive?
- 977
I'm willing to bet their quota will be nothing like what your captive carrier had.
I just got appointed with Safeco (1 yr old scratch agency) and they had a moderate premium commitment, but it just so happened that the same premium amount they requested is the same number for new agency bonus program, so if for some reason I don't hit that number I don't see there being a problem. YMMV.
I just got appointed with Safeco (1 yr old scratch agency) and they had a moderate premium commitment, but it just so happened that the same premium amount they requested is the same number for new agency bonus program, so if for some reason I don't hit that number I don't see there being a problem. YMMV.
