Total Agency-Broker M&A Revenue Down 26% in 2024
Total Agency-Broker M&A Revenue Down 26% in 2024 2025
The 22 acquirers that make up the Sica Fletcher Index were involved in 533 agent-broker deals in 2024, down 6% from 2023. Members completed 146 acquisitions during the fourth quarter of 2024. This was 11% less than a year ago.
Total agency-broker revenue acquired in 2024 was $1.6 billion, a 26% decrease compared to 2023. The average agency size in revenue was about $3.1 million—about 21% lower than in 2023.
Sica Fletcher, an insurance industry-focused advisory firm, said the year’s final tally reflects “a recalibration in the market as buyers prioritize smaller, strategic acquisitions and reassesses valuations amid evolving financial conditions,” as the volume of sub-$1 million deals in 2024 “continues to outweigh the volume of larger deals.”
The firm said its Agency & Broker Buyer Index captured 65% of all 2024 agent-broker deal activity, which is down from the usual 70%. The drop indicates more activity by newer market entrants.
Private equity-backed BroadStreet Partners led the SF index with 85 deals in 2024. That’s 24 more deals than last year. Hub International and Inzone Insurance were next with 62 and 48 deals, respectively.
Private equity made more than 88% of SF Index transactions in 2024. Gallagher led public companies with 45 deals in 2024.
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