Sica Fletcher

AUGUST 21, 2024

Sica | Fletcher has been providing M&A advisory services to agencies and brokerages of all sizes for a decade. In that time, we’ve represented thousands of clients and quickly became one of the most active boutique M&A advisory firms in the market today. CALL OUR TEAM Why Sica | Fletcher?

Investment Banking 52

Investment Banking Insurance Bank Banking 52

Solganick & Co.

DECEMBER 21, 2023

December 21, 2023 The IT services M&A scene in 2023 has painted a dynamic picture, marked by both cautious optimism and strategic boldness. is a data-driven investment bank and M&A advisory firm focused exclusively on software and IT services companies. Solganick & Co.

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M&A Mergers and Acquisitions IT Investment Banking 52

Sica Fletcher

FEBRUARY 6, 2024

2023 Year-End Index Reflects Continued Emphasis on Strategic Fit for Investors NEW YORK, NY - February 6, 2024 - Sica | Fletcher releases the 2023 Year-End Agency & Broker Buyer Index. According to the report, SF Index members acquired 566 Agents/Brokers in 2023, totaling $2.2B in agency and broker revenue.

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Broker Insurance Mergers and Acquisitions S&P 52

Sica Fletcher

AUGUST 30, 2023

Q2 Broker Buyer Index Shows a 16% Increase in Deal Volume Over Q1 2023 NEW YORK, NY - August 30, 2023 - Sica | Fletcher releases the Q2 2023 Agency & Broker Buyer Index. These 22 agent and broker acquirers accounted for 72% of all deal activity in the insurance brokerage space as of YTD June 2023.

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M&A Insurance Broker Private Equity 52

Sica Fletcher

AUGUST 6, 2024

To begin, we need to start with a few definitions: Investment Banks: We use the colloquial meaning of “investment banks,” which often includes M&A advisory firms and other financial services firms that facilitate the growth and sale of insurance agencies around a possible sale.

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Investment Banking Insurance Bank Banking 52

Sica Fletcher

APRIL 2, 2024

Here is a snippet from our SF Index, which tracks 22 of the most active acquirers in the insurance brokerage space: SF Index Deal Count, 2022-2023 The top 2 acquirers on the SF index also saw the most losses between 2022 and 2023. In contrast, however, the remaining agencies actually saw modest increases in deal count.

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Insurance M&A S&P Broker 52

Sica Fletcher

JUNE 11, 2024

Since H1 2023, the average insurance brokerage valuation multiple has hovered around 11.6x 2023 saw a modest drop in insurance brokerage deal volume, from 1043 in 2022 to 957 in 2023, which experts predicted would remain static as the market regrouped to begin a slow growth into 2025. as of H1 2024.

Broker 52

Broker Insurance Valuation S&P 52

Sica Fletcher

MAY 13, 2024

According to the report, SF Index members acquired 111 Agents/Brokers last quarter, totaling $284M in agency and broker revenue (approximately 21% less than what was acquired in Q1 2023). Many SF Index Members demonstrated steady increases in Q1 2024 deals compared to Q1 2023, while others have taken a strategic pause.

Insurance 52

Insurance M&A Broker Mergers and Acquisitions 52

Sica Fletcher

APRIL 11, 2024

Generally, these fall into two distinct categories of advisory firms or investment banks. M&A Advisory Firms vs. Investment Banks We should emphasize that the comparison information above is generalized , and may not apply to all such firms or banks.

Insurance 52

Insurance Advisory M&A Investment Banking 52

Sica Fletcher

NOVEMBER 9, 2023

Q3 Index Reflects an Emphasis on Strategic Fit for Investors in 2023 NEW YORK, NY – November 8, 2023 - Sica | Fletcher releases the Q3 2023 Agency & Broker Buyer Index. According to the report, SF Index members acquired 402 Agents/Brokers YTD through September 2023, totaling $1.70B in agency and broker revenue.

Broker 40

Broker M&A Insurance Mergers and Acquisitions 40

Sica Fletcher

JULY 1, 2024

Insurance Brokerage Policy Diversification Benchmarks Note: The data above is based on our experience as one of the most active insurance M&A advisory firms in the industry for the last 10 years, as well as from our Sica | Fletcher index, which monitors approximately 70% of insurance M&A deals. Learn more at SicaFletcher.com.

Insurance 52

Insurance M&A Advisory Funds 52

Sica Fletcher

JULY 11, 2024

However, the brokerage's tech stack now handles many of these job functions, which significantly improves the bottom line and increases profitability. The expansion of modern capital structures means that M&A advisory teams put in significantly more work when evaluating acquisition offers, resulting in a longer deal duration.

M&A 52

M&A Insurance Debt Equities 52

Sica Fletcher

JUNE 14, 2024

Factors Affecting EBITDA Because EBITDA refers to a general assessment of an insurance agency’s profitability, factors affecting it are those that relate to the agency's bottom line. S&P Global Data, PitchBook, PWC) or through M&A indexes provided by M&A advisory firms. Learn more at SicaFletcher.com.

Insurance 52

Insurance Valuation M&A S&P 52

Sica Fletcher

AUGUST 14, 2024

The difference between investment banks and M&A advisory firms, for example, is particularly difficult to understand. About Sica | Fletcher: Sica | Fletcher is a strategic and financial advisory firm focused exclusively on the insurance industry. Learn more at SicaFletcher.com.

Investment Banking 52

Investment Banking Insurance M&A Bank 52

Sica Fletcher

JULY 31, 2024

Predictions in H2 2023 suggested that 2024 would be a year of slow recovery, largely dependent on the Federal Reserve’s decision to cut interest rates. in H2 2023 to 287.4B. Deal volume has experienced a drop from 2023. Look at industry publications and data centers to identify which advisory firms have the best reputations.

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M&A Insurance Debt Equities 52

Sica Fletcher

OCTOBER 23, 2024

The following article discusses how to value a Registered Investment Advisory firm (RIA) prior to taking it to market. RIA Transaction Payout Averages 2023: Self-Represented vs. Professional Representation With that in mind, we must be clear that the following article is not meant to encourage owners to attempt a self-valuation.

Valuation 52

Valuation M&A Insurance Advisory 52

Sica Fletcher

JULY 2, 2024

The graphic below illustrates the dramatic differences in activity among the top 25 buyers between 2022 and 2023. In a clear example of buyers’ extreme variability, big players like PCF came in at #2 overall in 2022 but dropped all the way back to #20 by the end of 2023. Learn more at SicaFletcher.com.

Insurance 52

Insurance M&A Private Equity Advisory 52

Sica Fletcher

MARCH 8, 2024

EBITDA Multiples for Insurance Agencies, 2018-2024 (Projected) M&A Deal Volume for Insurance Agencies, 2018-2024 (Projected) *S&P Global Data taken from ,,, “Insurance Brokers and Servicers Sector View 2024” The most important news this data offers is that insurance M&A is not actually in the tailspin that many “experts” claim it to be.

Insurance 52

Insurance M&A S&P Valuation 52

Sica Fletcher

MARCH 28, 2024

H2 2024 Will See Increased Deal Volume & Value If Interest Rates Lower Insurance M&A Buyers Are Looking For New Things In 2024 Equity will play a larger role in deals H2 2024 Will See Increased Deal Volume & Value If Interest Rates Lower 2023 is widely regarded as one of the worst years for M&A in recent memory.

M&A 52

M&A Insurance Mergers and Acquisitions Equities 52

Sica Fletcher

MAY 15, 2024

In addition, third-party M&A institutions like S&P Global Data or Statista can provide more generalized data. About Sica | Fletcher: Sica | Fletcher is a strategic and financial advisory firm focused exclusively on the insurance industry. Learn more at SicaFletcher.com.

Insurance 52

Insurance M&A S&P Valuation 52

Sica Fletcher

MAY 8, 2024

And it certainly does not stop less-than-reputable advisory firms from agreeing to represent you and taking their regular retainer fees, despite knowing full well your agency can’t be sold. seller's discretionary earnings, discounted cash flow), they are so rarely used in insurance M&A that we do not include them here.

Insurance 52

Insurance M&A Valuation Advisory 52

Sica Fletcher

APRIL 30, 2024

Selecting the Valuation Method Insurance agency valuations typically occur in one of the following four methodologies EBITDA (Earnings before Interest, Taxes, Depreciation, and Amortization): A calculation of an insurance agency's profitability calculated by subtracting taxes and operating expenses from its overall revenue.

Insurance 52

Insurance Valuation M&A S&P 52

Sica Fletcher

JULY 23, 2024

On average, brokerages that represent themselves take home 30% less than those represented by an experienced M&A advisory firm. Consult data sources like S&P Global data to get an idea of a firm’s activity within the industry. Talk To An Advisor We acknowledge our bias on this one, but the research doesn’t lie.

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M&A Insurance S&P Valuation 52

Sica Fletcher

SEPTEMBER 12, 2024

Changes in the Valuation Process Valuation is the first formal step in the M&A deal process, taking place once the seller has gathered all their preliminary documents and made any necessary changes to the company's internal structure to make it more profitable. Think Long-Term. Learn more at SicaFletcher.com.

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Insurance Valuation M&A S&P 52

Sica Fletcher

OCTOBER 16, 2024

As of 2023, the market remains strong with RIAs of every size seeing moderate growth from their pre-pandemic numbers, as shown below: EBITDA Multiples for RIAs: 2020-2024 As is the case in many other industries, the RIA M&A market is robust but growing increasingly more complicated. Learn more at SicaFletcher.com.

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Valuation Mergers and Acquisitions Insurance M&A 52

Sica Fletcher

MAY 29, 2024

That being said, M&A activity did see drops in deal value and overall volume in 2023, however, this decrease comes with two important caveats: The declines noted came primarily from megadeals and larger agencies valued at over $100MM. When we remove this element, deal volume actually held steady. Learn more at SicaFletcher.com.

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M&A Insurance Equities S&P 52

Sica Fletcher

SEPTEMBER 17, 2024

About Sica | Fletcher: Sica | Fletcher is a strategic and financial advisory firm focused exclusively on the insurance industry. Founders Michael Fletcher and Al Sica are two of the industry's leading dealmakers who have advised on over $16 billion in insurance agency and brokerage transactions since 2014.

Insurance 52

Insurance Valuation Profitability M&A 52

Sica Fletcher

SEPTEMBER 3, 2024

Financing options offered by the seller, based on the book's performance over time. About Sica | Fletcher: Sica | Fletcher is a strategic and financial advisory firm focused exclusively on the insurance industry. Payments based on the passage of a certain amount of time or the transfer of a certain percentage of clients.

Insurance 52

Insurance Business Valuation M&A 52

Sica Fletcher

MARCH 26, 2024

The advisory team targets a single high-profile buyer on whom they focus their marketing efforts. If you are interested in selling your insurance agency and aren't sure what to do next, we encourage you to speak with a trusted M&A advisory firm to identify your next steps. Account-Based. Learn more at , ,, SicaFletcher.com.

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M&A Insurance Valuation Advisory 52

Sica Fletcher

MARCH 14, 2024

About Sica | Fletcher: Sica | Fletcher is a strategic and financial advisory firm focused exclusively on the insurance industry. According to S&P Global, Sica | Fletcher ranked as the #1 advisor to the insurance industry for 2017-2023 YTD in terms of total deals advised on. Learn more at , ,, SicaFletcher.com.

Insurance 52

Insurance Valuation M&A Consulting 52

Sica Fletcher

JUNE 20, 2024

PE firms rely on leveraged buyouts (LBOs) for the lion's share of their deals, which often involve using the acquired company’s assets as collateral to insure the loan used to purchase it. The buyer pool has increased dramatically over the last two decades, from ~5 key players in 2007 to 50+ in 2023. in 2020 to 9.5%

M&A 52

M&A Insurance Valuation Equities 52

Sica Fletcher

APRIL 18, 2024

It’s common to see deals completed in which earnouts make up the lion's share of payments to sellers. About Sica | Fletcher: Sica | Fletcher is a strategic and financial advisory firm focused exclusively on the insurance industry. These goals might include: A pre-arranged timeframe (i.e., Learn more at SicaFletcher.com.

Insurance 52

Insurance Equities M&A Finance 52

Sica Fletcher

MARCH 12, 2024

They include: Insurance Agency Valuation Trends and Challenges: 2024 Edition Despite many industry descriptions of Q2 2022-Q4 2023 as a poor period for M&A activity, insurance agency valuations have remained strong during this time. Learn more at , ,, SicaFletcher.com.

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Valuation Insurance M&A Profitability 52

Cooley M&A

JANUARY 30, 2025

Setting the stage: 2024 by the numbers [1] Technology remains the top target Similar to levels in 2023, the top sectors targeted by activists in 2024 were technology (24%), healthcare (13%), industrials (18%), and communication and media (13%). With the 2025 proxy season in full swing, lets take a fresh look at the landscape.

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Investors M&A S&P Management 93