X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

In spite of a scary economy and a lingering soft market, top-performing agencies are investing in new production talent, according to the Big I’s 2008 Best Practices Study Update.

The study, which includes a “Rule of 20″ statistic that calculates if an agency is creating significant returns for its shareholders, reinforced that positive organic growth has been difficult for most agencies to achieve. Only the $1.25 million to $2.5 million revenue group achieved a “Rule of 20″ result greater than 20, the optimal threshold.Despite these statistics, among the Best Practices agencies that are adding new talent, most agencies with revenues over $2.5 million hired at least 1.5 new producers during the last fiscal year. The largest agencies, those with revenues over $25 million, hired an average of 9.4 producers. The average starting salary across all the revenue categories ranged from $52,000 to $95,000. The largest agencies hired more experienced producers, while those with lower revenue hired producers with either less sales or insurance experience.To view the complete study and a listing of the 2008 Best Practices agencies, visit www.bp.reaganconsulting.com.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?

 

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2022 ALM Global, LLC. All Rights Reserved.