Thinking of Selling my Book of Business.

Jul 10, 2015

  1. gavros777
    Offline

    gavros777 Super Genius

    Posts:
    130
    Likes Received:
    1
    State:
    Florida
    But i don't know the details of the process can someone explain to me how is done?
     
  2. indienoise
    Offline

    indienoise Guru

    Posts:
    959
    Likes Received:
    20
    State:
    South Carolina
    It's a serious matter that you could very easily get taken for a ride on if you don't know what you're doing and the other guy does.

    Talk to a broker who specializes in buying/selling agencies and books of business, it may cost you some money but more likely than not you'll be better off for doing it anyway.
     
  3. insurance1822
    Offline

    insurance1822 Guru

    Posts:
    1,626
    Likes Received:
    14
    State:
    Alabama
    Why would you sell your book? Sit on it & let it slowly die off. Why liquidate for 1.25-2.5x the annual income when you could let it fizzle out & still draw an income?
     
  4. FL P&C Broker
    Offline

    FL P&C Broker Guru

    Posts:
    994
    Likes Received:
    0
    State:
    Florida
    Depends if he completely wants out of the business. Even if you let attrition run its course you still have to pick up the phone, etc.

    ----------

    What state is the book in and what is the size of the book?
     
  5. gavros777
    Offline

    gavros777 Super Genius

    Posts:
    130
    Likes Received:
    1
    State:
    Florida
    Thanks for the help guys!
    The state is florida and my book is around $21000.
     
  6. FL P&C Broker
    Offline

    FL P&C Broker Guru

    Posts:
    994
    Likes Received:
    0
    State:
    Florida
    $21,000 in commissions or $21,000 in premium?
     
  7. gavros777
    Offline

    gavros777 Super Genius

    Posts:
    130
    Likes Received:
    1
    State:
    Florida
    Commissions per year.
    Sorry for not clarifying it earlier.
     
  8. lauren0312
    Offline

    lauren0312 New Member

    Posts:
    5
    Likes Received:
    0
    Gavros where in FL are you located?
     
  9. jkearns
    Offline

    jkearns Expert

    Posts:
    68
    Likes Received:
    0
    That's a small book, but where in FL are you located and what carriers are you appointed directly with? Are you captive or broker? If broker, what intermediaries are you brokering through (Superior Acccess, Insurance Noodle, etc)?
     
  10. gavros777
    Offline

    gavros777 Super Genius

    Posts:
    130
    Likes Received:
    1
    State:
    Florida
    Hello guys, sorry for the late reply. I got into a different business and was pretty busy. I still have my insurance book if you're interested. I'm located in polk county florida.
    My book is with assurance america.
    I don't use intermediaries.
    It's close to $8,000 commission yearly. My loss ratio is around 40%.
    I'm willing to sell my book times 1 if you're interested.

    I can email you my production summary if you give me your email or fax #.

    I lost my homeowners clients as the upcic insurance company without informing me in advance moved all my clients to another agency cause i didn't meet the production requirements.

    Now all i have is the auto book. I was thinking to sit on it but i'm afraid of assurance america doing the same thing the homeowners company did.

    So i prefer to sell it, if anyone is still interested.
     
Loading...