Despite the challenges of falling premium rates, an annual study of independent agencies by the Independent Insurance Agents & Brokers of America finds the best agencies continue to reinvest in themselves.

"This year's study indicates that the Best Practices Agencies are proactively taking steps to grow even in a very soft market and during tough economic times," said Madelyn Flannagan, IIABA president for education and research.

Although positive revenue growth was difficult to achieve, Best Practices agencies continued to invest in new staff. The majority of those agencies with revenues over $2.5 million hired at least 1.5 new agents during the last fiscal year, with the largest agencies hiring an average of 9.4 new producers, the survey reported.

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