40 Year Old Progressive Book For Sale

Chesterfield, MI (Macomb County)

40 Year Old Progressive Book For Sale
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Asking Price: N/A

Cash Flow: N/A

Gross Revenue: N/A

EBITDA: N/A

FF&E: N/A

Inventory: N/A

Real Estate: N/A

Established: 1974

40 Year Old Progressive Book For Sale

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Business Description

40 Year Old Progressive Book For Sale

This is a 45 year old agency in Chesterfield Twp.
I have represented Progressive Insurance for the past 40 years.
My book is old, very stable and quite profitable.

12 month moving averages as of month end APRIL 2019:

Written Premium = $946,072 (5% growth over past year)
Combined Loss Ratio = 18% (2016-2019 loss ratio = 23.56%)

The Mix of Business:
Personal Auto Policies = 313 @ $829,483 (87.7%) (75% Retention)
Commercial Auto Policies = ? @ $32,051 (3.4%)
Motorcycle Policies = 127 @ $52,500 (5.5%)
Boat & RV Policies = 87 @ $29,639 (3.4%)
*Written Total = 522 @ $946,072

* The Total "Written" Premium (except Boat, Snowmobile and Trailers)
include the MCCA & State Recoup Assess which pay no commissions.
Based on the actual "Earned" premium my average commission is 9.74%.

Annual Commission = $77,037 (monthly average = $6,420)
The book is at "Tier 2" commission levels currently.
It is actually qualified for "Tier 3" now subject to confirmation @ the
end of June with new auto commissions enhanced as of Aug 3rd.

Current Sale Price Is: $200,000 Cash, No Terms.
Based on $6420/mo you would recoup your investment in 31 months.

Detailed Information

Location:
Chesterfield, MI
Real Estate:
Owned
Building SF:
N/A
Growth & Expansion:
Chesterfield is a dynamic growth area by any measure imaginable. Median home price @ $295000 with new subdivisions and commercial developments sprouting up all around.
Reason for Selling:
Health/Retirement
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Business Listed By:
John Kozak

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