$11,000,000 Multi-Location Insurance Agency for sale

Nueces County, TX

$11,000,000 Multi-Location Insurance Agency for sale
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Asking Price: $4,999,999

Cash Flow: $628,000

Gross Revenue: $1,333,000

EBITDA: $844,000

FF&E: $75,000

Inventory: N/A

Real Estate: $250,000

Established: 2005

$11,000,000 Multi-Location Insurance Agency for sale

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Business Description

Asking $4,999,999 - Negotiable

Founded in 2005 as a scratch agency, this business has grown to a large full service insurance agency with over $11,000,000 in annual premium. Multiple appointments with P&C carriers as well as Life, Health and Employee Benefits carriers. Gross revenues are $1,333,000 with EBITDA at appx $850,000. That's 3.75X Commissions or 6X EBITDA. Include the buyers new Debt Service and it's $150,000 positive on day one! Commissions Breakdown: Allstate Book - $700,000, TX Windstorm - $576,000, All other markets - $57,000. Owned building: Complete certified metal re-roof in 2016, Hardi-Plank Siding and Hurricane Windows in 2019. Solid Retention rates of 89% for Auto and 91.59% on Homeowners. Total P&C Retention is 88.04% Low Loss Ratio at 32.96%.

Detailed Information

Location:
Nueces County, TX
Inventory:
Included in asking price
Real Estate:
Owned
Included in asking price
Building SF:
1,100
Employees:
9
Furniture, Fixtures, & Equipment (FF&E):
Included in asking price
Facilities:
Two locations are leased and the third is owned.
Competition:
Three locations throughout Corpus Christi. All locations are located in high impression/traffic areas.
Growth & Expansion:
Corpus Christi, TX is located on the coast of the Gulf of Mexico. Mortgage Lenders require Windstorm/Hail insurance as a requirement of a mortgage, as well as fire insurance. If the property is in a High-Risk Flood Zone FEMA Flood insurance is also required. Texas Windstorm Insurance Association(TWIA) is the state Risk Association that writes Windstorm/Hail insurance.
Support & Training:
Sellers are willing to train buyers on agency management system and office equipment.
Reason for Selling:
Retiring out of State
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Business Listed By:
Donald Morrison

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