BUYER POOL ANALYSIS
Selling a insurance agency to Strategic / Industry buyers
Industry operators, larger competitors, and corporate buyers acquiring for synergies, geographic expansion, or capability fill. Typically pays a premium for clear strategic fit but discounts for integration cost and overlap.
Quick answers
- What multiple does this buyer pool pay?
- Median EV/EBITDA 14.58x across 5 disclosed deals (P25: 14.04x, P75: 17.2x). Median EV/Revenue 5.53x across 15 deals. Median deal value: $1300M.
- How many disclosed transactions?
- 15 deals total (15 from 2018+), filtered to Strategic / Industry acquirers of insurance agency businesses.
- Most active buyers
- Brown & Brown, Inc. (4) · Arthur J. Gallagher & Co. (4) · WTW (Willis Towers Watson) (2) · Ryan Specialty (1) · Marsh McLennan (1) · Aon plc (1)
Recent disclosed deals
Strategic / Industry acquisitions of insurance agency businesses with named target, named acquirer, and disclosed financials.
| Year | Target | Acquirer | EV | EV/EBITDA | EV/Rev |
|---|---|---|---|---|---|
| 2026 | Newfront Insurance | WTW (Willis Towers Watson) | $1050.0M | — | 5.53x |
| 2025 | Accession Risk Management Group (Risk Strategies / One80 Intermediaries) | Brown & Brown, Inc. | $9825.0M | — | 5.78x |
| 2025 | AssuredPartners | Arthur J. Gallagher & Co. | $13450.0M | 14.3x | 4.64x |
| 2025 | Newfront Insurance | WTW (Willis Towers Watson) | $1300.0M | — | 5.53x |
| 2025 | RSC Topco, Inc. | Brown & Brown, Inc. | $9825.0M | — | 5.99x |
| 2025 | Velocity Risk Underwriters, LLC | Ryan Specialty | $525.0M | — | 6.48x |
What this buyer pool prices for
Strategic buyers — operators in adjacent geographies, larger competitors, or corporate consolidators — price for synergies and capability fill. They tend to discount integration cost and overlap risk but pay above market when there's clear strategic fit (key customer relationship, license, geography, technician/professional team). Multiples are competitive with PE for fee-viable deals; below PE for sub-scale acquisitions.
Methodology note
Multiples shown are computed from disclosed M&A transactions in the ExitValue.ai database, filtered to insurance agency businesses acquired by strategic / industry buyers. EV/EBITDA outliers outside the [0.5x, 60x] band and EV/Revenue outliers outside [0.05x, 25x] are excluded from medians. Where available, post-2018 transactions are weighted; otherwise the all-time sample is used. Deal counts shown reflect deals with disclosed financials only — total transaction count for this buyer pool is typically 2-3x larger. Full methodology
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