Buying a Book of Business

[P&C I Agent of IL]

I have heard it said by several agents from various classes or agencies, "I am going to buy a book of business." I am wondering how I could purchase a book of business, where do I go to find those that are available, how do you evaluate fair market value, what are the legal entanglements involved, and anything else related that would be important to know. Would someone be better off trying to buy a whole agency?

I am really green when it comes to Insurance, my background is in business management, sales & marketi, I figured a good way to get a jump start on a book would be to buy one?

Please help guide me. Thanks in advance!

[carlos gil]

I may be able to help.

Carlos Gil
Sales & Marketing Manager
Fiesta Franchise Corporation
16162 Beach Blvd Suite 100
Huntington Beach, Ca 92647
(714) 842-5420 Ext 237
(714) 842-5401 Fax
(714) 916-1758 Cell
E-mail: E-mail: CGil@FiestaInsurance.com

[sunflower_gal]

Try checking out the website http://www.Agencies4SaleListings.com. They have available agencies and books of business for sale on the website. They also have some articles on the site that might answer some of your questions.

You can also check out the websites of many different insurance agency consultants to find articles and resources to start your research into buying a book of business and what you need to know to prepare yourself for a successful transaction.

Good luck!

[ncoghill]

InsuranceJournal.com also has Agency listings.

Check out the current "Agencies For Sale" ads online - http://www.insurancejournal.com/classifieds/?cat_id=1

Or you can post your own ad, stating that you are looking for a book of business, here's a link to similar "Agencies Wanted" ads: http://www.insurancejournal.com/classifieds/?cat_id=2

There is a charge for submitting your own ad posting, however you can include as much text in the ad as you like, there are no word restrictions, so you can make it as descriptive as you like. You can also include web links, email addresses and a jpeg logo.

InsuranceJournal.com is the highest trafficked b2b P&C insurance news site on the internet.
Ads can be uploaded via a self-serve site 24/7, once submitted, ads are live instantly.
Option to also feature ad in weekly email newsletter, sent to over 13,000 subscribers.

To submit a new ad, visit our self-serve site:
https://www.insurancejournal.com/classi ... eatead.php

[TheInsKid]

You may want to talk to these folks; they can offer services to assist you in acquiring an agency. (or find others who do teh same thing) It is very helpful to have someone on your side that knows the business and can help you throughout the process otherwise; you may find "Buyer Beware" is very true when playing in the insurance marketplace. I have done it both ways, used a consultant and purchased on my own and I would not do it alone again, learned my lesson !!

Good Luck

http://www.ganisco.com

[ffisher]

In buying a book of business, here is always the potential for E&O claims. Often, the seller buys Tail coverage to cover that exposure. However, tail is limited to the amount of time in the future any covered claims can be made and is also expensive . We have a Market that may be willing to write the E&O for the Buyer AND INCLUDE Prior acts coverage for the Book being acquired if it otherwise meets underwriting criteria.

Feel free to call me at 310-322-1301 or email me at ffisher@e-o.com

Regards

Fred Fisher,JD.,
CEO
ELM Insurance

[FARMERSGURL]

You may want to try contacting Ganis Consulting at (800)528-1325 or check out their website at www.ganisco.com. They have over 25 years experience owning and operating insurance agencies. They offer full agency valuation, summary agency valuation, aquisitions brokering as well as agency consulting services. The person to contact would be Stuart Ganis.