The 22 acquirers that make up the Sica Fletcher Index were involved in 111 agent-broker deals in the first quarter 2024, totaling $284 million in revenue.
That is a 21% drop in revenue from what was acquired during the same quarter a year ago when 116 deals were made, said Sica Fletcher, an insurance industry-focused advisory firm who added that many of its index members “demonstrated steady increases in Q1 2024 deals compared to Q1 2023, while others have taken a strategic pause.”
“Investors continue to be more selective when evaluating acquisition opportunities, with many well-funded buyers in the market still mindful of the high cost of capital,” the firm said in its Q1 2024 Agency & Broker Buyer Index. Sica Fletcher said the index accounts for 71% of deal activity in the first quarter.
BroadStreet Partners led the index during the first quarter for the second consecutive year, while Gallagher matched its total of 10—tied with Hub International.
![](https://www.insurancejournal.com/app/uploads/2024/05/Sica-Flecter-Q1-2024-AB-deals.png)
The 4 public companies in the index made 14 acquisitions while private-equity backed buyers made 97.
Related: OPTIS: Insurance Agency M&A Down 18% in Q1 2024
Topics Mergers & Acquisitions Agencies
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