Seeking Advice from Insurance Agency Acquirers & Operators
I’m beginning to spend more time exploring the acquisition of independent insurance agencies and brokerages and would appreciate learning from those with experience in the space. I’m based in the Chicago area and have spent the last 9+ years in commercial insurance and finance. I currently underwrite Financial Institutions, including, insurance companies, banks, asset managers, and other financial institutions. I’m exploring this industry because I work closely with brokers, and understand the carrier side of the business. I also like the relationship-driven nature of the business and the recurring revenue. For those who have acquired, operated, or advised on insurance agency transactions, I’d appreciate any insight on a couple questions: 1. What are the biggest lessons you’ve learned from acquiring an insurance agency? 2. Are there any brokers or advisors you would recommend that focus primarily on independent insurance brokers, particularly in the Chicago/Midwest market? I’m always happy to connect with operators, buyers, brokers, and industry professionals who are willing to share their experience. Thank you in advance for any advice or introductions.