Introduction from Brian

[banker]

I am glad I found this site. I am a banker with 15 years experience looking to make a career change and get into the insurance industry. I would like to purchase an existing book from a State Farm or AllState agent in NY or Florida. I would greatly appreciate any advice as to the pro's and con's between NY and FL and State Farm and AllState. All comments are welcome.

 

[somarco]

Cant tell you a lot about the P&C business, but I do know enough to stay away from HO business in FL.

Also, have no idea about the regulatory climate for P&C in NY, but for life & health it sucks. Almost any state is easier to work with than NY.

 

[moonlightandmargaritas]

There is no homeowner's business in Florida except for the state risk pool (Citizen's) which agents can sell. Big premium too! The state is a little archaic (surprise, surprise) in how they hnadle it though.

You won't be buying a State Farm book - the agents do not own the book. When an agent retires, they split the book about four ways to start new agents.

Good luck!

 

[banker]

Thanks for the insight on State Farm. I have not gotten that far with my due diligence on State Farm. I know that AllState agents can sell their book to a prospective buyer but you must be approved by them first. I like the fact that you earn commission on renewal premium. That's something I am not used to from the banking industry.

 

[FELLNINS]

I would suggest looking for an independent agency
I am quite partial though ................but there is a lot more freedom if you cannot write a piece of business with State Farm or other captive writers you have to give it up..........with an independent agency you can place it with many different companies or broker it.

 

[jdog1963]

Hey Banker,
Look up an article in the magazine" Exclusive Focus" called "Taking a stand in Canada" by Jim Fish. Some pretty interesting insight on the new business model for Allstate Canada.


Good Luck with your due diligence


Jason