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2025 Predictions

Body: By AgencyFocus​Looking ahead to 2025, our AgencyFocus team put together some of our predictions for what agencies should be expecting in the upcoming year based on trends in data we have seen this year. Good news for almost everyone- we believe the market will begin to soften.M&A Trends: Growing Divide in Agency Valuations M&A activity will remain strong but the gap between those that command strong multiplies and those that command weaker ones will continue to widen. This will be based on agency performance, risk, and transferability.Softening Market: Overall Revenue Dip Based on Retention Rate As the market begins to soften, many agents who saw an all-time…

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What You Should Do About Impending Adirondack Cancellations

Abstract: To protect your businesses, here's what we suggest. Body: ​On December 31, 2024, all remaining personal lines insurance policies issued by Adirondack Insurance Exchange and Mountain Valley Indemnity Co. will be cancelled:Adirondack's Demotech Rating Withdrawn (May 29, 2024)Adirondack Insurance Exchange: Your Questions Answered (June 18, 2024)Adirondack To Agents: Start Replacing Our Policies (July 11, 2024)Adirondack Insurance Exchange, Mountain Valley Advise Clients To Replace Their Policies (July 23, 2024)Adirondack, Mountain Valley Withdrawal From the Market: Your Questions Answered (Aug. 2, 2024)We know that Big I New York members who were agents of those companies have been under enormous strain. You have been completing new applications…

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NEWS RELEASE – Big I NY Urges Veto of Wrongful Death Bill

Subtitle: Insurance trade group opposes increased costs for state businesses Abstract: Big I New York and its member independent insurance agents and brokers strongly oppose this costly bill. Body: ​(DeWitt, New York, Dec. 12, 2024) — David Bodenstein, chair of the board of Big I New York and president of Mike Preis, Inc. in Jeffersonville, New York, issued the following statement today in response to the delivery to New York Gov. Kathy Hochul of Assembly Bill 9232-B. This bill would expand the categories of damages that could be recovered in a lawsuit for an alleged wrongful death.“Big I New York and its member independent insurance…

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