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Our research team’s latest report compares the top insurance agency investment banks of 2024. To begin, we need to start with a few definitions:
Investment Banks: We use the colloquial meaning of “investment banks,” which often includes M&A advisory firms and other financial services firms that facilitate the growth and sale of insurance agencies around a possible sale.
Insurance Agency Investment Banks: Investment banks that specialize in the insurance industry. As a standard, we looked at investment banks with a deal history for clientele comprised of at least 85% insurance companies, agencies, or brokerages.
Using these definitions, we began with a total sample size of ~30 investment banks, after which we procedurally eliminated the lower-performing models and rank-ordered those scoring above 80% on the following algorithm:
Insurance Agency Investment Banks: Ranking Criteria
% Principal Involvement | Success Rate | # Transactions (H1 2024) | Awards |
35% | 30% | 25% | 10% |
The percentage of deals per quarter involving an investment bank’s principals, which connotes the level of attention clients can expect to receive | The percentage of clients taken on by an investment bank whose deals are brought to close | The total number of transactions recorded by an investment bank throughout Q1 2024 and Q2 2024 | Any notable recognition or accolades related to investment banking services. Awards must be granted by an investment banking or M&A institution |
The following table contains the top 10-scoring insurance agency investment banks. For owners who are considering taking their companies to market, we have also included their average deal value and a list of specialized services they provide to help them determine the best possible fit.
The Top Insurance Agency Investment Banks of 2024
Name | % Principal Involvement | Success Rate | # Transactions (H1 2024) | Awards | Average Deal Value |
100% | 95% | 47 | #1 Insurance Agency (S&P Global Data) | $10M-$1B | |
90% | 96% | 1 | 2024 Advisors to Watch (AdvisorHub) | $250M | |
89.9% | 71.2% | 12 | Top M&A Insurance Advisor (Dowling Hales) | $250M | |
97.4% | 72.6% | 8 | Advisory Excellence in Strategic Investments (S&P Global) | $500M | |
84.0% | 73.47% | 15 | Excellence in Financial Services (ADV Ratings) | $300M | |
63.6% | 76.4% | 25 | USA Investment Bank of the Year (Global M&A Network) | $175M | |
51.1% | 74.1% | 29 | Investment Bank of the Year (EMEA) | $200M | |
44.5% | 70.8% | 18 | Achievements in Defense & Government Market M&A (GovCon Wire) | $300M | |
31.8% | 68.5% | 59 | Excellence in Green Finance (Macquarie University) | $114M |
Sica | Fletcher
Sica | Fletcher is a boutique investment bank specializing in M&A advisory services. Founded in 2014, they have consistently ranked at the top of the S&P Global Data's rankings for investment banks, totaling an average of 100 deals per year. This feat is all the more impressive given their relatively small size when compared to some other investment banks on this list. Their size also provides a hidden value for prospective clients in that it ensures that the firm's principals touch on every deal that they handle.
During their tenure, Sica | Fletcher has handled deals of every size, from startups and SMBs to enterprise-level companies, for a total of $1B in deal value. This makes them the ideal match for just about any insurance agency or brokerage of any size.
Sica | Fletcher Stats
Contact | % Principal Involvement | Success Rate | # Transactions (H1 2024) | Awards | Average Deal Value |
100% | 95% | 47 | #1 Insurance Agency (S&P Global Data) | $10M-$1B |
MidCap Advisors
MidCap Advisors is an insurance agency investment bank specializing in sell-side advisory and due diligence services on the buy side. In addition, its management teams provide financing opportunities for sellers seeking to grow their companies prior to a sale in exchange for a smaller payout and a longer deal duration.
MidCap Advisors has an impressive close rate, and the relative size of its team suggests a high level of principal involvement. Although its deal history indicates relatively limited activity per quarter, its placement on AdvisorHub’s list of “Advisors to Watch” suggests that H2 2024 will likely see more activity.
MidCap Advisors Stats
Contact | % Principal Involvement | Success Rate | # Transactions (H1 2024) | Awards | Average Deal Value |
90% | 96% | 1 | 2024 Advisors to Watch (AdvisorHub) | $250M |
Dowling & Partners Securities
Dowling & Partners Securities specializes in equity research and broker-dealer services, providing investment banking services for insurance agencies as part of their capital markets department. This makes them ideal for agencies seeking a holistic approach to the M&A process, particularly those seeking funding in the final stages before closing.
Dowling & Partners has a solid reputation within the insurance industry, as evidenced by their deal history so far in 2024. Based on the respective size of the bank, there is a high likelihood that clients will have the opportunity to work with the firm's principals.
Dowling & Partners Securities Stats
Name | % Principal Involvement | Success Rate | # Transactions (H1 2024) | Awards | Average Deal Value |
89.9% | 71.2% | 12 | Top M&A Insurance Advisor (Dowling Hales) | $250M |
Ardea Partners
Ardea Partners is a boutique investment bank specializing in strategic advisory services for insurance agencies. Its team prioritizes the long-term value of your agency, making it a particularly good partner in private equity acquisitions. This also makes it ideal for smaller agencies seeking to grow and take advantage of the current insurance M&A market.
Because Ardea Partners is a smaller firm, we assume that the bank's principles are likely to be involved in a majority of the deals that they manage. While they do not appear to have the bandwidth required to process a large deal volume, they likely make up for this by providing senior attention.
Ardea Partners Stats
Contact | % Principal Involvement | Success Rate | # Transactions (H1 2024) | Awards | Average Deal Value |
97.4% | 72.6% | 8 | Advisory Excellence in Strategic Investments (S&P Global) | $500M |
Keefe, Bruyette, & Woods (KBW)
Keefe, Bruyette, & Woods (KBW) represent insurance agencies and brokerages as a part of a larger focus on financial services companies. A subsidiary of Stifel International, KBW has a wealth of resources at its disposal to help insurance agencies raise capital and provide equity research services to evaluate buyer offers.
KBW doesn’t provide quite the level of principal attention that some of the other banks on this list provide. However, their relatively small staff suggests a decent likelihood that someone with experience will be on your team. Combined with their fundraising abilities, KBW makes an excellent option for insurance agencies providing an extended array of financial services.
Keefe, Bruyette, & Woods (KBW) Stats
Name | % Principal Involvement | Success Rate | # Transactions (H1 2024) | Awards | Average Deal Value |
84.0% | 73.47% | 15 | Excellence in Financial Services (ADV Ratings) | $300M |
Piper Sandler
Piper Sandler is an insurance agency investment bank specializing in strategic advisory services for enterprise-level companies. As such, they specialize in developing strategies that optimize rapid growth for insurance agencies prior to a sale. It is currently ranked as the #2 advisor in the US for M&A-announced deals over $1B, suggesting a propensity for handling larger clients and more complex deal structures.
Because they are a larger firm, Piper Sandler is less likely to have one of their principals on any specific team. However, with a wealth of transactions per quarter and a solid success rate, they make an excellent choice for larger insurance agencies considering a sale.
Piper Sandler Stats
Contact | % Principal Involvement | Success Rate | # Transactions (H1 2024) | Awards | Average Deal Value |
63.6% | 76.4% | 25 | USA Investment Bank of the Year (Global M&A Network) | $175M |
Houlihan Lokey
Houlihan Lokey is a global investment bank specializing in M&A advisory, capital markets, and financial services, including restructuring and valuation. Although they specialize in insurance, they provide services to a variety of subsectors associated with finance, making them an ideal choice for an insurance agency seeking a holistic financial strategy or a more diverse array of expertise and resources.
As one of the larger firms on this list, Houlihan Lokey is less likely to have any of their principals working on client accounts. The work delegated to their teams, however, does see a high degree of success, which suggests an ability to handle a wide variety of clients.
Houlihan Lokey Stats
Contact | % Principal Involvement | Success Rate | # Transactions (H1 2024) | Awards | Average Deal Value |
51.1% | 74.1% | 29 | Investment Bank of the Year (EMEA) | $200M |
Raymond James Financial
Raymond James Financial is one of the larger investment banks on this list, targeting industries ranging from retail to industrial. Focusing on insurance as part of its financial services department, it provides full-service Insurance agency investment banking services designed to meet the needs of larger insurance agencies and brokerages.
Based on the size of their operations, clients are very unlikely to work with senior management at Raymond James. In contrast, they employ an entire department of specialized professionals to handle client cases, which helps their overall score.
Raymond James Financial
Contact | % Principal Involvement | Success Rate | # Transactions (H1 2024) | Awards | Average Deal Value |
44.5% | 70.8% | 18 | Achievements in Defense & Government Market M&A (GovCon Wire) | $300M |
Macquarie Group
Macquarie Group is a global investment bank targeting insurance agencies worldwide. With arguably the most extensive reach of any firm on this list, it is able to provide resources and funding to insurance agencies of all sizes, despite the website’s emphasis on serving mid-market insurance companies in life, health, and property.
It's very unlikely you would work directly with any of the firm's principals at Macquarie Group. That being said, they handle an impressive number of transactions per year, suggesting an ability to get deals through in a timely manner and the resources to handle a large volume of deals.
Macquarie Group Stats
Contact | % Principal Involvement | Success Rate | # Transactions (H1 2024) | Awards | Average Deal Value |
Macquarie Group Website | 31.8% | 68.5% | 59 | Excellence in Green Finance (Macquarie University) | $114M |
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 SicaFletcher.com.
Contact: Mike Fletcher
Managing Partner, Sica | Fletcher