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Insurance Agencies (P&C + Life)

The 3 anchors. Don't leave the meeting without them.

1THE PRICE
N/A (EBITDA is industry standard; revenue multiple of 1.0x–1.5x gross commissions used for smallest book purchases)
Typical deal: $3M
2THE LEVER
Policy retention rate >88%
Push this up, multiple goes up
3THE LANDMINE
Single carrier dependency
Surface this in the first 15 min
SDE multiple
N/A (EBITDA is industry standard; revenue multiple of 1.0x–1.5x gross commissions used for smallest book purchases)
EBITDA multiple
P&C commercial lines focus: 7x–10x EBITDA (mid-market; PE-driven roll-ups at 12x–14x for platforms). Small personal lines (<$1M revenue): 4x–6x EBITDA. Life agencies: typically lower, 4x–6x, due to less recurring/renewal premium stability. Internal perpetuation valuations: ~9.3x EBITDA (Reagan Consulting 2024 data)
Deal size range
$500K – $20M+
OPEN

Open the meeting

Three things to nail in the first 10 minutes.

  1. 1

    P&C commercial-focused agencies trade at 7x–10x EBITDA mid-market; PE roll-ups pay 12x–14x for platforms.

  2. 2

    Small personal lines agencies under $1M revenue: 4x–6x EBITDA. Internal perpetuation: ~9.3x EBITDA per Reagan Consulting 2024.

  3. 3

    Revenue multiples of 1.0x–2.0x gross commission income for smaller book purchases.

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