Sica Fletcher Index: Total Agency-Broker M&A Revenue Down 38% YTD

The 22 acquirers that make up the Sica Fletcher Index were involved in 142 agent-broker deals in the third quarter to match the amount of deal from the same quarter last year.

Members completed 385 acquisitions for the year as of September 30. This was 4% less than a year ago. Total revenue acquired thus far in 2024 was $1.1 billion, a 38% decreased compared to 2023 at this point. The average agency size in revenue was about $2.7 million. The average size was about $4.2 million through September last year.

Sica Fletcher, an insurance industry-focused advisory firm, said the numbers “demonstrate a notable trend in terms of buyer appetite.” The firm said its Agency & Broker Buyer Index typically captures 70% of all agent-broker deal activity but has accounted for 66% through September. New market entrants have become more involved, “driven by [private equity] interest in the insurance sector.”

Private equity-backed BroadStreet Partners led the SF index with 68 deals through September. That’s 23 more deals than last year at this time. Hub International and Inszone Insurance were next with 45 and 35 deals, respectively. Private equity made more than 90% of SF Index transactions YTD. Gallagher led public companies with 24 deal for 2024 as of September 30.