Agency Management

Bank insurance brokerage fee income rose close to 12 percent in the third quarter of 2009 compared with the same period the year before, according to a consulting company.

Rather than dismiss agent and broker complaints as "the nature of the beast," carriers must raise their game to keep their producers satisfied, says NU Editor Sam Friedman on his blog at www.NUSamSoapBox.com.

Bank-owned insurance agencies' average total return on prior year value fell an annual 10.2 percent for the period ending June 30, 2009, according to Bank-Insurance Viability Index.

Merger and acquisition activity among insurance brokerages in 2009 dropped 40 percent over the previous year due to a generally tough economic environment and other factors, an investment banker reported.

BB&T Corp. reported its insurance brokerage division continued to grow in the fourth quarter, primarily on the strength of acquisitions.

Insurance agencies should not be surprised to see less compensation from carriers in the year ahead as many companies reassess their payment arrangements and require more business from them in a difficult economy.

A property and casualty insurance industry initiative has been launched nationwide to increase the use of real-time processing by independent insurance agencies.

Willis Group Holdings plc insurance brokerage said it has extended the contract of Chairman and Chief Executive Officer Joseph J. Plumeri for two more years.