Brooke Insurance Imploding... Opportunity?
Moderators: Josh, independent guy
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Rochambeau
- Insurance Journal Addict
- Posts: 41
- Joined: Wed Mar 05, 2008 12:31 pm
Brooke Insurance Imploding... Opportunity?
Does anybody know the details of ownership of Brooke agencies? As it seems Brooke is circling the drain, it seems possible that there may be some acquisition opportunities out there. There is a Brooke franchise in my town and I was wondering if it might be worth inquiring about buying the book of business at a fire-sale price. Is a Brooke book even resellable by the owner of the franchise?
Re: Brooke Insurance Imploding... Opportunity?
Brooke is done!
Re: Brooke Insurance Imploding... Opportunity?
Seems that the franchises do not OWN their book of business - so, they can't legally sell it. I hear from some marketing reps that have contracts with Brooke that they (the parent) are supposed to be sending letters of release - but the franchises haven't gotten them yet, haven't been paid in a month or more, leases haven't been paid (as they WERE paid by the parent) - I'd stay away from the purchase.
Now......if you can pick up the LEASE on the office space.......maybe THAT would be worht something.......and maybe the local phone numbers.....
Good luck!
Now......if you can pick up the LEASE on the office space.......maybe THAT would be worht something.......and maybe the local phone numbers.....
Good luck!
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gregcw
- Insurance Journal Addict
- Posts: 160
- Joined: Fri Jun 24, 2005 3:29 pm
- Location: Newport Oregon
Re: Brooke Insurance Imploding... Opportunity?
This is a for what its worth comment: Brooke Insurance is listed on the Oregon DOI Website five times.
Once as BROOKE AGENCY SVCS COMPANY LLC, Non-Resident License Number: 813451 with 12 affiliations.
Once as BROOKE AGENCY SVCS CO LLC, Resident License Number: 816344 with 20 affiliations.
Once as BROOKE FRANCHISE CORPORATION, Non-Resident License Number: 816187 with 1 affilliation.
Once as BROOKE CAPITAL CORPORATION, Non-Resident License Number: 818730 with no affiliations.
Once as BROOKE INVESTMENTS INC, Non-Resident License Number: 819159 with no affiliation.
With the exception of BROOKE AGENCY SVCS CO LLC they all have the Overland Park, KS address
If I were a Brooke Franchisee I think I would contact the DOI and the Insurance Carriers to determine what resolutions can be achieved. The Franchisee's wants to protect their income, the DOI wants to protect the policy holders and the Carriers their blocks of business. There may be some logistics involved but with all parties working together it would seem that there should be a good resolution that is favorable to all parties.
Once as BROOKE AGENCY SVCS COMPANY LLC, Non-Resident License Number: 813451 with 12 affiliations.
Once as BROOKE AGENCY SVCS CO LLC, Resident License Number: 816344 with 20 affiliations.
Once as BROOKE FRANCHISE CORPORATION, Non-Resident License Number: 816187 with 1 affilliation.
Once as BROOKE CAPITAL CORPORATION, Non-Resident License Number: 818730 with no affiliations.
Once as BROOKE INVESTMENTS INC, Non-Resident License Number: 819159 with no affiliation.
With the exception of BROOKE AGENCY SVCS CO LLC they all have the Overland Park, KS address
If I were a Brooke Franchisee I think I would contact the DOI and the Insurance Carriers to determine what resolutions can be achieved. The Franchisee's wants to protect their income, the DOI wants to protect the policy holders and the Carriers their blocks of business. There may be some logistics involved but with all parties working together it would seem that there should be a good resolution that is favorable to all parties.
Gregcw