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Dec 30
NextGen New York 2024: A Year in Review
​This year, NextGen New York successfully brought together young agents from across the state for a series of impactful events focused on networking, advocacy, education, and community service.

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Here's a look back at our exciting year:

January 2024
  • Statewide Coffee and Connect Virtual Call: We kicked off the year with a virtual call, allowing insurance professionals from all corners of the state to connect and learn about getting involved with Big I NY/NextGen.
  • Lobbying Day in Albany: Our members gathered in Albany to advocate for our industry, meeting with legislators to discuss key issues affecting our agencies and clients.

March 2024
  • Shot Clock Social (Syracuse)
  • Hatchets and Hops (Buffalo)
  • NextGen St. Patrick's Day Happy Hour (Westchester)

April 2024
  • National Big “I" Legislative Conference in DC: NextGen members represented New York at the national level, participating in discussions and lobbying on behalf of insurance agents and clients in Washington, DC.

May 2024
  • Go Big: A highlight of the year, our Speed Networking Session led by NextGen Chair Ashley Engl saw a great turnout and fostered many new connections.

June 2024
  • Big I CNY Golf Outing (Syracuse)
  • NextGen Happy Hour (Buffalo)

July 2024
  • Volunteering with Beds for Buffalo: Throughout the summer, NextGen members in Buffalo dedicated their time to volunteering with Beds for Buffalo, making a positive impact in the community.

August 2024
  • Speed Networking Event in Syracuse
  • Launch of NextGen Southern Tier with a Happy Hour (Binghamton)

September 2024
  • National Big "I" Young Agents Leadership Institute in Indianapolis: Ashley Engl and Ashley Rogan (Smit)  represented us at this event, gaining valuable insights from other young agent committee leaders from across the country.

October 2024
  • CE Trivia and Karaoke (Syracuse)
  • 9th Annual Speed Networking Event (Buffalo)
  • Food Drive: Throughout October, our members participated in a statewide food drive that supported a variety of food banks throughout New York.

December 2024
  • Shop Till You Drop for Charity (Syracuse): Members in Syracuse shopped for a cause, supporting local charities.
  • Shop Till You Drop for Charity (Buffalo): Members in Buffalo fundraised for Kelly for Kids, unfortunately our shopping event was cancelled but we will be delivering a monetary donation in early 2025!

Thank you to all our members for making 2024 an incredible year. We look forward to continuing to grow in 2025!

Please join us January 30th at 9am for a Zoom call where we'll share some insights of who we are, what we do, and why you should get involved. 

Check out our NextGen page​ for more information.
Dec 23
Hochul Vetoes Wrongful Death Bill for a Third Time

New York Gov. Kathy Hochul this weekend once again vetoed legislation to dramatically expand the categories of damages that can be recovered via lawsuit for an alleged wrongful death. In the veto message, Gov. Hochul emphasized that the bill posed a risk to the financial well-being of the state's healthcare system and could lead to higher costs, including insurance premiums.

Big I New York has been a staunch opponent of the proposal, citing a multi-billion annual impact on insurance premiums and other costs to New York families and businesses. The governor wrote that although she had proposed several changes to make the bill more palatable, the third iteration did not go far enough to address concerns.

In a statement issued Saturday evening, Big I New York Board Chair David Bodenstein thanked Gov. Hochul for protecting New York residents and businesses. Leading up to the veto, Big I New York members delivered hundreds of letters to the governor urging her to prioritize affordability amid the economic challenges facing consumers.  

Thank you to those members who participated in the call to action. The support of the grassroots advocacy network is essential, especially on high profile issues such as this. ​

Dec 21
NEWS RELEASE - Big I NY Lauds Gov. Hochul Veto of Wrongful Death Bill

​​(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 veto by New York Gov. Kathy Hochul of Assembly Bill 9232-B. This bill would have expanded 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 agents and brokers are very pleased that Gov. Hochul vetoed this costly bill. We strongly believe that the families of accident victims should receive fair compensation for their losses. However, we also believe they can obtain it under current law. This bill would have imposed crippling costs on all New Yorkers, including small businesses and health care providers, by driving up liability insurance premiums. Many New York businesses already have difficulty purchasing liability insurance protection at an affordable cost, if it is available at all. This bill would have worsened an already bad situation. We wish to thank Gov. Hochul for this action to protect New York residents and businesses."​​

Dec 20
Contractors Required To Register With State Under Law Effective Dec. 31

​New requirements taking effect on December 30 will force construction contractors wishing to big on public works projects to register with the New York State government. Big I New York members who insure contractors may hear about this from their clients.

Under a law enacted in 2022 and amended in 2023, these contractors must register with the New York State Department of Labor. They will receive certificates of registration that will enable them to bid on and work on public works projects and certain private projects that are subject to the public works law contained in the state's labor law. The law applies starting on December 30, 2024. Contractors who knowingly bid on these projects without having registered may be subject to fines.

More information is available from a Department of Labor news release.​

Dec 20
Authorization for NFIP Ends Tonight

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UPDATE: On Saturday, December 21, President Biden signed ​a bill passed by both hourses of Congress that  funds the government through March 14. The bill also reauthorized the NFIP through that date.

"It's like deja vu all over again." -- American philosopher, war hero, and member of the National Baseball Hall of Fame Lawrence Peter (aka "Yogi") Berra

Due to congressional inaction, the authority of the National Flood Insurance Program (NFIP) will expire at 11:59 pm tonight, Friday, December 20. Merry Christmas.

For years, the expiration of the NFIP's authorization has been tied to the federal government's fiscal year. When the fiscal year expires, so does the NFIP. Though the government's fiscal year ends on September 30, Congress habitually enacts what are known as "continuing resolutions" authorizing the government to spend money temporarily until a budget is enacted. The current continuing resolution runs out tonight and the NFIP with it.

Until such time as Congress reauthorizes the program, the NFIP will be unable to issue or renew policies. It can, however, pay claims out of its reserve funds. 

A proposed continuing resolution to fund the government until mid-March 2025 was defeated yesterday in the House of Representatives. News reports indicate that a vote on an alternative measure may occur this afternoon. If it passes, the Senate concurs, and President Joseph R. Biden, Jr. signs it, the government will remain operating and the NFIP will continue in business as usual. Otherwise, the NFIP and many other parts of the government will cease operating and remain that way until a funding bill is approved.

Big I New York members should advise affected clients accordingly.

Dec 20
DFS Seeks Big I NY Input on Windstorm Deductible Trigger

The New York State Department of Financial Services (DFS) and Big I New York met on Thursday to discuss pending regulatory action addressing the establishment of uniform standards around the windstorm deductible trigger.  A recently-enacted law​ requires DFS to issue a regulation setting standards for the triggers.

Colloquially referred to as the “three C’s”, we emphasized the importance of prioritizing clarity, choice, and competition throughout the rulemaking process.  With more than 100 definitions in use, it can be difficult for consumers to make an informed decision, not to mention the confusion that multiple definitions can cause in the aftermath of a storm.  Additionally, many definitions are effectively the same but use different language.  Big I shared perspective on several areas that are ripe for simplification and greater uniformity.

While clarity is the primary objective, choice and competition are also important considerations.  Big I reiterated that DFS should be cautious about creating additional market disruption and recognize that consumers prefer to have options that align with their tolerance for risk and affordability.  This opened a dialogue around areas that could offer consumers choice, such as preserving the option to choose from more than one windspeed trigger.

The DFS shared that they will continue to meet with stakeholders as they prepare to issue their proposed rule, at which point Big I NY will review and provide comments as needed.  The rule will apply to all policies issued or renewed on or after the 180th day after it is adopted.  We appreciate DFS leadership on this and look forward to helping develop a windstorm definition environment that fosters a healthy and competitive insurance marketplace.  
Dec 18
Big I NY Meets With DFS Again About Homeowners Market

Big I New York met with the New York State Department of Financial Services (DFS) Deputy Superintendent of Insurance Bhavna Agnihotri and other DFS leaders on Monday regarding the state of the homeowners insurance market. The conversation focused on market disruptions expected when thousands of Adirondack Insurance Exchange and Mountain Valley Indemnity Co. policies are cancelled on December 31, 2024. 

Big I NY President and CEO Lisa Lounsbury, AVP of Government Relations Travis Wattie, and AVP of Research and Information Tim Dodge expressed continued concerns around the homeowners insurance market and anticipated challenges resulting from the mass December 31 cancellations. 

DFS said that they have been working with these insurers to “over-communicate" with affected policyholders about the upcoming cancellations. As DFS also regulates the state-chartered banking industry, they have been informing mortgage lenders about the implications of the situation. Lastly, they are monitoring incoming consumer complaint activity for any signs that the insurers are not meeting service performance standards, particularly regarding claims handling. 

The department reported some measures that should have long-term positive effects. These included the hiring of additional actuaries to speed up the review of carrier rate and form filings. In addition, they said that they will ask the state legislature to give them new authority. The proposed bill would permit DFS to hire outside consultants to review filings when examiners' workloads become untenable. 

For detailed background and agency resources on this matter, please visit   Big I NY December 12, 2024 post regarding Adirondack and Mountain Valley 

We expect regular meetings with DFS about the state of the market to continue into the new year.

Dec 18
2025 Predictions

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 high revenue due to large rate increases will experience a dip in their overall revenue and growth as a rate correction occurs. For agencies that shrunk in policy count while rates were at their high, the gap created by rates stabilizing will be more severe than those agencies that maintained high policy retention rates during the hard market.

Staffing Challenges

For many agents, finding and keeping talent has been the number one factor keeping them up at night.  The continuity issues that are created when an agency has lost key people or has no next-generation employees who are willing to stay with the agency through a sale cause the agency's retention risk to increase. Agencies that face this issue should expect sale structures that include a retention clause if they expect to command a competitive multiple.

The use of Virtual Assistants (VA) will increase among agencies who want (or are forced) to have a lean team but keep high efficiency. VA usage isn't a new topic among the industry, but there is a great divide among agencies who have learned to leverage their power and agencies who have played with the idea but are not leveraging all of the benefits within their agency. There is lots of room for utilization increase among agencies of all sizes.


Interest Rates Drop: Spurring M&A Activity  

If interest rates remain stable or drop, many sellers may want to exit before their revenue drops, staffing challenges increase,  and the need for efficiency through technology and innovation continues. Many agency owners near or past retirement age will be contemplating an exit and those looking to grow by acquisition will have greater opportunities for acquisition.  

In one of our latest Insurance Refocused episodes with Mike Strakov and Mike Wagar from Live Oak Bank, we asked them their predictions from a banking perspective. Their predictions touched on rates, PE buyers activity, agency multiple trends, market softening and what that will look like for agencies.  

Listen to the full episode here: https:​​//agency-focus.com/insurancerefocusedpodcast


Smaller Agencies 

There will be acquisition opportunities with reasonable rates on smaller agencies who can't command PE multiples will be able to be purchased at reasonable rates. This will be based on their risk and overall expected cash flow. Given the expected correction in revenue due to the market softening, now is not the time to assume a rule of thumb multiple of revenue to all agencies as this practice can lead to many buyers overpaying for agencies.

Small independent insurance agencies will face the necessity of being highly adaptable to thrive in a digital and competitive marketplace. One effective strategy is to collaborate with insurtech firms or to implement digital platforms. It is crucial for these agencies to focus on technology integration that enhances human interactions, ensuring a tailored customer experience. Furthermore, by tapping into the expertise and resources of insurtechs, small agencies can protect their data and operations while offering clients more robust cybersecurity measures.

Dec 12
What You Should Do About Impending Adirondack Cancellations

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 and trying to replace the policies in a market with little capacity for them. In addition, members have told us that, despite multiple efforts to contact affected clients, some clients have not responded. Some of them will wake up on New Year's Day without home insurance.

Because of this, many of you are naturally concerned about your errors and omissions liability exposure. Clients who have uninsured losses may threaten legal action. To protect your businesses, here's what we suggest:

Consider making one final written attempt at outreach. We developed a form letter​ last summer for our members to use when writing to affected clients.

Consider (if you have not already done so) contacting clients in multiple ways – U.S. mail, email, phone calls, text messages. Give them many opportunities to receive your message.

Document every communication attempt you make. Make notes in your agency management system if you have one or in electronic or paper client files if you do not. Note the date and time you called or emailed; the name of the person you contacted; the name of the person who answered the phone if you left a message; and any other key details. The late attorney Jim Keidel frequently referred to documentation as an agency's “get out of jail free card" (Monopoly players will get the meaning.) Your documentation will help your agency beat an E&O claim if a client pursues one.

This is the worst personal lines insurance market in memory. We hear every day from members struggling to take care of their clients. We have had regular meetings with the state Department of Financial Services since the Adirondack situation erupted to impress on them the need for reforms to keep carriers in the market:

Big I NY, DFS Meet a Second Time About Personal Lines Market (Aug. 1, 2024)

Advocating for Our Insurance Community: Addressing Market Challenges in New York (Aug. 23, 2024)

We expect to have another one soon. While we have no magic market solutions to offer (we wish we did,) please know that your representatives on the Big I New York board of directors and our staff are making every effort to return the markets to a condition where every person who needs to buy home and auto insurance can do so easily.

Dec 12
NEWS RELEASE - Big I NY Urges Veto of Wrongful Death Bill


(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 agents and brokers strongly oppose this costly bill. While we all want to see the families of accident victims fairly compensated, current law already gives them the ability to pursue that. This unnecessary bill will drive up costs for all New Yorkers, including small businesses, by forcing higher liability insurance premiums. It is already extremely difficult for some New York businesses to even purchase liability insurance, and this bill would make that vital coverage even less available.

New York cannot afford one more cost hike. We urge Gov. Kathy Hochul to protect all New Yorkers by vetoing this bill."

Urge Governor Hochul to VETO Wrongful Death Expansion​



Big I New York has represented the common business interests of independent insurance professionals since 1882. More than 1,750 agencies and their 13,000 plus employees currently rely on the DeWitt, New York-based not-for-profit trade association for legislative advocacy, continuing education and other means of industry support. In addition, most Big I New York members proudly identify themselves as Trusted Choice® agents and brokers, a national consumer brand uniting more than 21,000 independent agencies across the United States. For more information, go to www.trustedchoice.com or www.biginy.org.


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