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Sica | Fletcher Broker Buyer Index Indicates Shift In M&A Activity

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. An analysis of the most active acquirers in the insurance brokerage space reveals higher average revenue values but lower transaction volume compared to 2022 as the market enters Q4.

The Sica | Fletcher Broker Buyer Index stands as the leading report on mergers and acquisitions within the insurance brokerage sector. Leveraging self-reported data from 22 prominent agent and broker acquirers, this index monitors M&A transactions representing 73% of all agency and brokerage deal activity as of YTD September 2023.

According to the report, SF Index members acquired 402 Agents/Brokers YTD through September 2023, totaling $1.70B in agency and broker revenue. While 41% of SF Index Members increased their total deal volume in Q3, buyers were more focused on strategic fit than volume, as deal count is down 21% compared to the same period in 2022.

Broadstreet leads the group in number of deals at 45, followed by Hub International at 42 and Assured Partners at 34. 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 YTD September 2023.

“Sica | Fletcher’s Q3 2023 Agency & Broker Buyer Index emphasizes a quarter-over-quarter shift in market direction, as buyers are more closely examining the fit of potential acquisitions, from growth profile to specialties and other demographics,” says Managing Partner Mike Fletcher. “This focus can be attributed to echoes of a more selective market from the beginning of the year resulting from external macroeconomic factors.”

For more details, download the Q3 2023 Sica | Fletcher Agency & Broker Buyer Index here.


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. 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

Contact: Mike Fletcher

Managing Partner, Sica | Fletcher


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