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Sica | Fletcher Agency and Broker Buyer Index Indicates Market Remains Strong

Updated: Feb 8

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. An analysis of the most active acquirers in the insurance brokerage space reveals 13% higher average revenue values but lower transaction volume than 2022 as the year closed.


The Sica | Fletcher Index stands as the leading report on mergers and acquisitions within the insurance brokerage sector. Leveraging self-reported data from 22 of the most active acquirers in the space, the index monitors M&A transactions representing 71% of all agency and brokerage deal activity in 2023.


According to the report, SF Index members acquired 566 Agents/Brokers in 2023, totaling $2.2B in agency and broker revenue. Hub International leads the group in deal activity at 62, followed by BroadStreet Partners at 61 and Assured Partners at 51.


While over half of SF Index Members decreased their deal volume this year, Broadstreet, Assured, and Gallagher all demonstrated notable increases in deal volume, outpacing their 2022 momentum by over 30%. Private Equity-backed firms have dominated the space consistently for several years in terms of the number of transactions and represent over 89% of SF Index transactions during 2023.


“Sica | Fletcher’s 2023 Year-End Agency & Broker Buyer Index reveals that despite the hike in interest rates in 2022, the insurance brokerage market has remained very resilient,” says Managing Partner Mike Fletcher. “Additionally, buyers are becoming more selective and transaction structures are diversifying, making it more important than ever to leverage an advisor and run a competitive bidding process.”


For more details, download the 2023 Year-End Sica | Fletcher Agency & Broker Buyer Index here.


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About Sica | Fletcher: Sica | Fletcher is a strategic and financial advisory firm focused exclusively on the insurance industry. The firm was founded in 2014 by Michael Fletcher and Al Sica, two of the industry's leading dealmakers who have advised on over $17.5 billion in insurance agency and brokerage transactions since 2014. According to S&P Global, Sica | Fletcher ranked as the #1 advisor to the insurance industry for 2017-2023 in terms of total deals advised. Learn more at SicaFletcher.com.


Contact: Mike Fletcher

Managing Partner, Sica | Fletcher



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