How would joining Iroquois benefit your agency the most? Answer three short questions to find out.

The answers to these three questions will determine how Iroquois would benefit your agency.

Which would add more value to your agency?

A. Increasing bonus and contingency revenue
B. Adding new carriers strategically to write more new business and retain more renewals
C. Both – it’s not either/or

A: Increasing bonus and contingency revenue

Earning more bonus/contingency revenue is one of the primary reasons independent agents join Iroquois. They know that bonus/contingency revenue is the largest single contributor to agency profitability and equity value.

  • Iroquois earned more than $45 million in bonus revenue in 2020, up 32% over 2019.
  • Iroquois’ $1.5 billion of aggregated premium allows us to negotiate among the very best incentive compensation arrangements with our carrier-partners.
  • Iroquois’ consistent performance in generating low loss ratios with a 5 year 15% compound annual growth rate is how we maximize our incentive compensation deals.
  • Iroquois’ Bonus Plan, our unique bonus distribution methodology, allows Members to earn up to 100% (or more) of their pro-rata share of Iroquois’ enhanced bonus distribution.
  • Iroquois members qualify for bonus/contingency payouts with as little as $50,000 – $100,000 in written premium.
  • Depending upon how much premium you have with Iroquois carriers, you could still earn profit sharing with a loss ratio as high as 70%.
  • Some members have quadrupled their bonus/contingency revenue by joining Iroquois.
  • Iroquois’ size, geographic spread of risk, and consistent performance accounts for our outstanding bonus/contingency payouts, but in the unlikely event that Iroquois did not earn bonus with a particular carrier, we are the only network that offers a guarantee.
  • The Iroquois Bonus Guarantee (IBG) pays Members who meet reasonable targets for growth and profitability with the non-bonus paying carrier.
  • How much more profitable and valuable would your agency be with 2x – 3x more bonus and contingency revenue?

Want to learn more about how Iroquois could boost your bonus/contingency revenue, without giving up your equity or changing how you do business?  Contact us at learnmore@iroquoisgroup.com.

B: Adding new carriers strategically to write more new business and retain more renewals

Iroquois works with more than twenty national, regional and specialty carries in each of our 5 Regions.  Iroquois can help you obtain new carrier appointments with low volume requirements and with bonus/contingency earned at lower premium thresholds. 

  • Iroquois members produced $330 million of new business premium in 2020, up 12% over 2019. 
  • Iroquois works with select carrier-partners in preferred personal lines, commercial lines, and specialty lines. 
  • Iroquois’ national carrier-partners writing the most new business include Travelers, The Hartford, Liberty/Safeco, CNA, Chubb, Guard, MetLife, Allstate/Encompass, Amtrust, and Nationwide. 
  • Iroquois’ regional and specialty carrier-partners writing the most new business include MSA, State Auto, Grange, Donegal, Markel, Employers, Hanover, W.R. Berkley, and Foremost.
  • Iroquois has preferred wholesaler relationships with Burns & Wilcox, XS Brokers, US Risk, TAPCO. 
  • How much more new business would you be able to write and renew with additional top ranked carriers in preferred personal lines, small and middle market commercial and specialty lines?

Want to learn more about how Iroquois could help you optimize your market selection to write and retain more business at higher profit margins? Contact us at learnmore@iroquoisgroup.com.

C: Both – it’s not either/or

Earning more bonus/contingency revenue is one of the primary reasons independent agents join Iroquois.  They know that bonus/contingency revenue is the largest single contributor to agency profitability and equity value. 

  • Iroquois earned more than $45 million in bonus revenue in 2020, up 32% over 2019.   
  • Iroquois’ $1.5 billion of aggregated premium allows us to negotiate among the very best incentive compensation arrangements with our carrier-partners.
  • Iroquois’ consistent performance in generating low loss ratios with a 5 year 15% compound annual growth rate is how we maximize our incentive compensation deals. 
  • Iroquois’ Bonus Plan, our unique bonus distribution methodology, allows Members to earn up to 100% (or more) of their pro-rata share of Iroquois’ enhanced bonus distribution.   
  • Iroquois members qualify for bonus/contingency payouts with as little as $50,000 – $100,000 in written premium.
  • Depending upon how much premium you have with Iroquois carriers, you could still earn profit sharing with a loss ratio as high as 70%. 
  • Some members have quadrupled their bonus/contingency revenue by joining Iroquois.
  • Iroquois’ size, geographic spread of risk, and consistent performance accounts for our outstanding bonus/contingency payouts, but in the unlikely event that Iroquois did not earn bonus with a particular carrier, we are the only network that offers a guarantee. 
  • The Iroquois Bonus Guarantee (IBG) pays up to 3.5% to Members who meet reasonable targets for growth and profitability with the non-bonus paying carrier. 
  • How much more profitable and valuable would your agency be with 2x – 3x more bonus and contingency revenue? 

Adding new Carriers strategically to write more new business

Iroquois works with more than twenty national, regional and specialty carries in each of our 5 Regions.  Iroquois can help you obtain new carrier appointments with low volume requirements and with bonus/contingency earned at lower premium thresholds. 

  • Iroquois members produced $330 million of new business premium in 2020, up 12% over 2019. 
  • Iroquois works with select carrier-partners in preferred personal lines, commercial lines, and specialty lines. 
  • Iroquois’ national carrier-partners writing the most new business include Travelers, The Hartford, Liberty/Safeco, CNA, Chubb, Guard, MetLife, Allstate/Encompass, Amtrust, and Nationwide. 
  • Iroquois’ regional and specialty carrier-partners writing the most new business include MSA, State Auto, Grange, Donegal, Markel, Employers, Hanover, W.R. Berkley, and Foremost.
  • Iroquois has preferred wholesaler relationships with Burns & Wilcox, XS Brokers, US Risk, TAPCO. 
  • How much more new business would you be able to write and renew with additional top ranked carriers in preferred personal lines, small and middle market commercial and specialty lines?

Want to learn more about how Iroquois could help you optimize your market selection to write and retain more business at higher profit margins? Contact us at learnmore@iroquoisgroup.com.

Which is more important to you?

A. Adding more profit to your agency’s bottom line
B. Adding more top line growth and productivity

A: Adding more profit to your agency’s bottom line

Increasing agency revenue and profits is the primary reason most independent agencies join Iroquois.  We don’t just talk about how we can increase an agency’s revenue, we back it up with a financial analysis using each agent’s own premium and loss ratios, so you would know exactly how much more you could have earned last year had you been with Iroquois.

  • Best Practices and Reagan Consulting tell us that bonus/contingency revenue is the single largest contributor to agency profitability. 
  • According to Best Practices, top performing Agents & Brokers of all sizes generate approximately 6.5% of total agency revenue from bonus/contingency. (How does your agency compare?)
  • Iroquois members report bonus/contingency revenue as high as 15% to 25% of total agency revenue, which drives EBITDA margins over 30%. 
  • Iroquois’ low minimum premium thresholds for bonus/contingency eligibility means that a higher percentage of agency premium is contingency eligible. 
  • Iroquois’ size ($1.6 billion), geographic spread of risk (44 States), and performance (15% CAGR) means that Iroquois members earn bonus/contingency at a higher level and more consistently.
  • How much more profitable would your agency be if all of your preferred personal lines and commercial lines markets were contingency eligible and earning consistently at a high level?   

And there are no initiation fees or monthly dues at Iroquois, so your increased revenue drops directly to your bottom line!  Want to learn more about how Iroquois could boost your bottom line? Contact us at learnmore@iroquoisgroup.com.

B: Adding more top line growth and productivity

Iroquois offers a wide range of tools and support services to partner with member-agencies to drive top line growth and productivity.  Access to additional carriers is a common benefit of various clusters, networks, wholesalers, and aggregators that has limited value in and of itself.  Iroquois’ unique value is in matching member-agencies to the right markets for their specific circumstances and in providing the expertise, tools, and support services to build productive agent-carrier partnerships long term.

  • Iroquois members report Revenue per Employee, a key productivity metric, as high as some of the largest national brokers. 
  • Iroquois provides essential field support with a team of 47 highly experienced Regional Managers to partner with member agencies to grow effectively. 
  • Iroquois offers producer training programs in partnership with core carriers such as Hartford, Liberty, Travelers, Chubb, and State Auto. 
  • Iroquois offers producer financing programs contributing as much as $36,000 over a 12-month period to share the cost and ensure the success of a new producer.  (Some reasonable restrictions apply, and a member’s request for a producer loan must be approved.)
  • Iroquois offers new business incentives, consolidation bonuses, and book transfer support.
  • Iroquois offers IQ dollars for smart business development initiatives. 
  • Iroquois offers Development Loans to support growth and productivity strategies that include a provision for loan forgiveness if reasonable growth targets are achieved.
  • Iroquois provides Best Practices data and benchmarking information gleaned from 40+ years’ experience to help members operate more efficiently and profitably.

Want to learn more about how Iroquois can help your agency grow top line and improve productivity?  Contact us at learnmore@iroquoisgroup.com.

As an agency owner, which would help you the most?

A. Assistance with Acquisitions
B. Growing agency value
C. Achieving your desired goals at time of sale

A: Assistance with Acquisitions

With over 2,200 member agencies owned primarily by the baby boomer generation, Iroquois is involved with 5 to 7 agency sales each month.  Iroquois can match the members looking to acquire with the members who are ready to sell. 

  • The Exchange Program is an ultra-confidential internal marketplace for those members wanting to sell their agency or grow through acquisition. Sellers can be matched with multiple buyers, and buyers can have first looks at potential acquisition targets.
  • Iroquois can provide Loan Validation services to help buyers with down payments.
  • Iroquois has a preferred relationship with Live Oak Bank and various consultants to help with agency valuation and purchase/sale transactions.

Iroquois Regional Managers can also assist an agency in developing an internal or external perpetuation plan, and Iroquois has vendor partners who can assist with agency valuations and sales.

If you would like to know more about how Iroquois could add value to your agency, Contact us at learnmore@iroquoisgroup.com

B: Growing agency value

However it is calculated, an agency’s value is a function of its revenue and the added value it can bring to its buyer.  Creating a larger and more predictable revenue stream from bonus/contingencies through Iroquois adds to each Member’s value.  Iroquois’ revenue-enhancing strategies and its resources and strategies to stimulate growth combine to maximize both top-line growth and bottom-line  profitability, thereby making each Member’s agency that much more valuable.

Want to learn more about how Iroquois can provide information, guidance and incentives to help your agency maximize agency value?  Contact us at learnmore@iroquoisgroup.com.

C: Achieving your desired goals at time of sale

Iroquois seeks to understand each Member’s goals for its perpetuation and offers assistance for reaching those goals but, as in all other respects, each Member determines the level of Iroquois’s involvement and which strategies and resources are best for their agency and situation.  Iroquois’ involvement could be in developing a detailed plan for maximizing agency value years before its anticipated sale, identifying potential agency acquirers, or in reviewing and giving counsel on proposed purchase agreements and structure.  Hundreds of Member Agencies have transferred ownership over the past few years, so we have seen every possible structure of acquisition, sale, or merger. 

Want to learn more about how Iroquois can help you prepare for perpetuation?  Contact us at learnmore@iroquoisgroup.com