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Insurance agency deals keep premium pricing despite fewer buyers
MarshBerry data shows $1 million-plus adjusted EBITDA agencies averaged an 11.8x multiple in H1 2025, while smaller brokerages traded around 7x to 9x adjusted EBITDA.
Insurance Business reports that agency deal activity has slowed, but pricing has held up for sellers as a smaller, better-funded group of buyers continues to compete for targets. MarshBerry data cited by Insurance Business shows agencies with $1 million or more in adjusted EBITDA averaged an 11.8x multiple in the first half of 2025. In contrast, lower middle market brokerages, with $2 million to $10 million in revenue and $750,000 to $2 million in adjusted EBITDA, transacted at roughly 7x to 9x adjusted EBITDA between 2024 and Q2 2026, based on MarshBerry and OPTIS Partners figures. Even as deal volume declines, Insurance Business notes that overall pricing has not “bargained down.” According to OPTIS Partners data, North American agency deal volume fell to its slowest since 2016, with 292 acquisitions recorded through June, down 15% versus the same period in 2025, and full-year 2025 closing 12% below 2024 for the third consecutive year of decline. In a concrete example of the market dynamic, Insurance Business says Cole Tynes, who sold an agency operated under family leadership since 1926, did not have the deal terms disclosed. The article also highlights Inszone Insurance Services as a major buyer, noting Tracxn data that Inszone has completed 137 cumulative acquisitions since 2002, and that private capital-backed and hybrid buyers accounted for about 70% to 72% of announced deals in the first half of 2026, per MarshBerry. The firm recently acquired Hocker Family Insurance, a Morgantown, Kentucky agency founded in 1926 and still led by the fourth generation of the Hocker family.