May 13
M&A is Hotter Than Ever Among Agencies
The Numbers Tell The Story
An eye-opening OPTIS Data announcement reports 151 announced insurance agency mergers and acquisitions during the first quarter of 2019, i.e. one more deal than was announced in Q1 2018.The data covers U.S. and Canadian agencies selling primarily property-and-casualty insurance, agencies selling both P&C and employee benefits, and those selling only employee benefits. The report breaks down buyers into four groups: private equity-backed/hybrid brokers, privately held brokers, publicly held brokers, and all others.
FinTech Draws High Achievers
Former Superintendent of the New York State Department of Financial Services (DFS), Maria T Vullo (pictured below), has joined the FinTech Innovation Lab New York as a Regulator-in-Residence. FinTech Innovation helps early—and growth—stage enterprise tech companies accelerate product and business development through engagement with top financial services and venture capital executives. In her three years […]
Higgins’ Initiative Takes Hold
AGENTS: LET’S GET IT “OUT THERE” NOW Ed Higgins of the Thousand Islands Agency has worn a lot of hats, almost all as a leader and advocate for independent agents, past President of Big I New York, an instructor and author of bright ideas for agents seeking to sustain their businesses, grow them and prosper […]
Saving the Insurance Consumer
Insurance consumers desperately need to be saved… Saved by those of us who care about their engagement with our industry. As the world has changed, more direct advertising to consumers is occurring in multiple media forums. Self-service engagement has been touted as having the advantage of an investment of “15 minutes or less.” Price is […]
Road Rage
By Sue C. Quimby, CPCU, AU, CIC, CPIW, DAE – Assistant Vice President/Media Editor Aggressive driving, also known as road rage, is becoming an increasingly more common occurrence, and too often leads to accidents, injuries and even death. Most people probably do not realize that road rage accidents are often excluded from coverage under a […]
PIANY Presents Distinguished Insurance Service Award to Miret, Posthumously
GLENMONT, N.Y.—The Professional Insurance Agents of New York State, awarded Emilio Miret its Distinguished Insurance Service award, posthumously, at the association’s Long Island Regional Awareness Program, held May 1 at the Crest Hollow Country Club, Woodbury, N.Y. This award recognizes an individual who has established a history of service, dedicated leadership and attention to the […]
Thomas Named PIANY’s Long Island RAP Industry Professional of the Year
GLENMONT, N.Y.—The Professional Insurance Agents of New York State presented Maria Thomas with its Industry Professional of the Year award at the annual Long Island Regional Awareness Program. Thomas is vice president of Brokerage Sales & Client Relations for Friedlander Group. Thomas has worked in the insurance industry for 35 years, including both brokerage and […]
Ohio National Life Insurance Company’s Termination of Trail Commissions
The issue of termination of trail commissions has been a popular topic in insurance industry news since Ohio National Life Insurance Company terminated trail commissions. More specifically, by letter dated September 21, 2018, Ohio National wrote to various agents and broker-dealers “to provide notice of termination of any and all selling agreements” [effective December 12, […]
No Good Deed by an Insurer Goes Unpunished
Recommendation of Contractor by Insurer not Employment of Contractor I’ve been involved in insurance claims for more than 51 years and it is invariable that even when an insurer does everything required of it by a policy of insurance the person insured is seldom totally pleased, the person insured wants more than the policy promises, […]
