M&A Services, Inc. Newsletter Q1 2023

Letter from the CEO

We are pleased to announce that Merger & Acquisition Services, Inc. is celebrating its 25th year in business.

During the past 25 years we have offered incomparable concierge service to our new and existing clients, while utilizing our relationships and our experience to provide a comprehensive range of insurance investment banking and advisory services.

Our business philosophy since the firm’s inception has been to provide unbiased, focused, and value-added advice to our clients and I am proud to say our team continues to deliver on that promise every day.

Our staff brings together professionals with more than 100 years of combined experience in insurance, reinsurance, investment banking, regulatory matters, and actuarial analysis. All engagements undertaken by the firm involve our senior advisors who play an active role throughout the entire assignment; a commitment that separates our firm from a number of its competitors within the insurance marketplace. In 25 years, the firm has grown dramatically, and expanded its geographic presence with offices in New York, NY; Palm Beach, FL; Mystic, CT; Atlanta, GA; and Grand Cayman, Cayman Islands.

Merger & Acquisition Services has a long track record of closed transactions, working with both domestic and international clients. The firm has completed over 200 insurance assignments and has been acknowledged in past years as the Top Insurance Advisor by Deal Volume for Insurance Underwriters, as ranked by S&P Global Market Intelligence. Some of our closed transactions have also been recognized by The M&A Advisor as Financial Deal of the Year (2021), Cross-Border Deal of the Year (2021),Corporate/Strategic Deal of The Year (2019 and 2018).

2022 was another very strong year for our firm. More prominently, Merger & Acquisition Services successfully advised Fortitude Re in their acquisition of RX Life Insurance Company from Heritage Insurance and their acquisition of Plans’ Liability Insurance Company; Northeast National Brokerage in their sale to Integrated Specialty Coverages; Mutual of America Financial Group in their acquisition of Landmark Life Insurance Company; and Global Indemnity Group in their sale of American Reliable Insurance Company’s Farm, Ranch, and Equine book of renewal business to Everett Cash Mutual.

Most importantly however, throughout all our years in business, Merger & Acquisition Services has maintained its core values, which are to serve clients honestly, professionally and confidentially.

Merger & Acquisition Services and our team of advisors would like to thank all our clients for their trust and allowing us to assist in meeting their business developments objectives since 1998.

Lastly, I would welcome prospective clients, both buyers and sellers, including insurance carriers, MGAs/MGUs, insurance agencies and third-party administrators, to reach out to us and start a confidential conversation.  Please reach out to Vanessa Silva at vsilva@maservices.com to schedule a time to connect with one of our senior advisors during any upcoming industry events or at any other time that may be convenient. All inquiries are kept strictly confidential.

Looking forward to assisting you for many years to come.


Jason C. Murgio


Upcoming Industry Events

Throughout the year M&A Services travels to numerous locations, whether hosting a hospitality suite, serving as a panel speaker or just being on hand to meet face to face with clients and prospective clients to discuss the insurance marketplace.

Our advisors believe this interaction is critical to keeping pace with changing market conditions.

The list below represents select locations where our advisors will be available to meet with new and existing clients.

  • Boston, MA – May 1-3 – for Target Markets Mid-Year Meeting
  • Atlantic City, NJ – June 4-6 – during PIA NY/NJ Conference
  • San Diego, CA – September 17-20 – for WSIA Annual Convention
  • National Harbor, MD – September 17-20 – during NAMIC Annual Convention
  • Colorado Springs, CO – September 29 – October 3 – during CIAB Leadership Forum
  • Scottsdale, AZ – October 16-18 – for 23rd Annual Target Markets Summit
  • Las Vegas, NV – October 31- November 2 – for InsureTech Connect 2023
  • Boston, MA – November 5-7 – during PCI Annual Meeting
  • Grand Cayman – November 28-30 – during Cayman Captive Forum 2023
  • Las Vegas, NV – December 4-6 – during PLUS Conference

If you would be interested in meeting with us please contact Vanessa Silva at vsilva@maservices.com to schedule an appointment.

Additionally, our team is available for virtual meetings and conference calls to address any questions you may have regarding new strategies that are available to carry on with your corporate development goals.

All inquiries are kept strictly confidential.

See all upcoming events here.


M&A Services is considered to be the trusted source for insurance companies and agencies that seek to start up an insurance carrier operation, expand their geographic footprint or enter the US insurance market. Successfully completing over 100 Insurance Shell Company transactions in the past 10 years, M&A Services continues to be the leading advisor throughout the United States.

M&A Services brings a team of senior financial advisors who can assist in all matters of a transaction and are available to discuss the process of buying and/or selling an Insurance Shell Account.

Current L&H Opportunities:

  • Wanted – Client seeking widely licensed life, annuity or health company
  • Single state L&H New York Shell

Current P&C Opportunities:

  • Widely licensed P&C Carrier Shell
  • Regionally licensed P&C Shell with both California and New York licenses

US Agency Shell Company:

  • 39 state agency shell company available for sale.


Please contact Paul Procops at pprocops@maservices.com  to learn more about the process and the opportunities above.

Learn more about our Shell Transactions

Active Project – Drive 

M&A has been engaged to sell a specialty commercial automobile insurance group. The group consists of a MGA, TPA, insurance statutory entity and a reinsurance vehicle. The group significantly outperforms the broader industry from an underwriting and loss ratio perspective.

For more information on this project please contact Paul Procops.

Active Project – Head Start

M&A has been engaged to sell a shell insurance agency. The company has never written any business. The company is licensed in the following 39 states: AK, AR, AZ, CA, CO, CT, DC, DE, FL, HI, IA, IL, IN, KS, LA, MD, ME, MO, NC, ND, NE, NH, NJ, NM, NV, OK, OR, PA, SC, SD, TN, TX, UT, VA, VT, WA, WI, WV, WY. All licenses are in good standing.

For more information on this project please contact Paul Procops or Trevor Murgio

Active Project – Alliance

M&A has been retained by a well-capitalized insurance group looking to acquire, through a loss portfolio transfer or reinsurance agreement, blocks of annuity (fixed or variable), life and/or Long Term Care Business. Our client is well versed in the management of these books of business and looking for carrier partners who seek a long term solution for blocks of business which are no longer core to their operations.

For more information on this project please contact Jason Murgio or Paul Procops.


2022 was a banner year for Insurance Distribution M&A activity with valuations reaching all time highs early to mid 2022. During the 3rd and 4th quarters of 2022, and into 2023, the federal reserve quickly raised the fed funds rate from near 0% to targeting 4.75 – 5.0% as of April 2023. Banks quickly followed suit and residential and commercial debt is now in the 6 – 10% range.

The quick rise in commercial interest rates on private equity backed insurance aggregators resulted in the market digesting these higher interest rates and caused some groups to prioritize cash usage in M&A transactions.

Now, well into 2023, the insurance distribution marketplace has largely accepted the higher interest rate environment and we are not seeing a corresponding effect on valuations. We expect the remainder of 2023 to continue be a robust year for insurance distribution valuations and deal structures, with quality, at-scale firms commanding very high multiples.

For more information on Distribution and on how we can help you achieving your corporate strategic goals please contact Chris Hughes directly at chughes@maservices.com

Learn more about Distribution services

Agency Financing

Locking in a lower interest rate for your agency’s financing needs is more critical than ever as the Federal Reserve is projected to raise interest rates at least one more time in 2023. Merger & Acquisition Capital Services, LLC offers customized financing solutions for agencies of all sizes through our licensed broker-dealer.

Our team of experienced dealmakers at M&A Services assist clients through every step of the capital financing and M&A transaction process. We source lenders, produce offering memorandums, and create presentations for potential lenders and equity partners.

With our extensive industry knowledge and expertise, we can simultaneously approach a diverse range of capital providers, significantly reducing the time needed to fund transactions. By managing the entire process, we enable agency owners to focus on running their business instead of managing the capital-raising process.

Merger & Acquisition Capital Services can develop a tailored solution to meet your agency’s specific needs whether you’re raising capital for an acquisition, partner buy-out/buy-in, or refinancing existing agency debt.

Please contact Trevor Murgio directly at tmurgio@maservices.com . All inquiries will be held strictly confidential.

Learn more about Agency Financing

MGA Book Roll

M&A Services’ Book Roll offers a unique opportunity for Program Managers and MGAs to maximize the fee income stream of their existing books of business without selling their agency. This strategy is ideal for principals that recognize the value of the business they produce but not interested in divesting ownership. It allows agency owners to extract the embedded value of stable, low loss ratio business by partnering with highly rated paper who can assist and foster growth of existing books of profitable business. The program provides the following benefits for agency principals:

  • Allows the principals the ability to monetize their agency immediately without giving up any control or ownership
  • Continue to receive a market based commission structure
  • Partnership with established, financially sound, committed “A” rated carriers
  • A long term appointment contract offering stability and consistency in your markets
  • There is no financial obligation borne by the program manager to participate as M&A Services’ fees are borne by the carrier

M&A Services has nearly two decades of experience in the insurance sector, working with carriers, program managers and agencies, allowing us to help parties maximize their revenue stream. If you would be interested in learning more about how this Book Roll program works and if your agency might qualify, please contact Daniel Baransky directly at dbaransky@maservices.com. All inquiries are kept confidential and you incur no obligation to M&A Services.

Program Insurance

We continue to see private equity strong at work in the marketplace. Whether it is the continued development of acquisitions on the distribution side or the development of program capacity through the creation of new carriers, private equity is hard at work. The creation of these carriers should theoretically add more capacity for both new programs or the movement of programs to a more ‘user friendly’ environment. Often these new carriers will combine both the new capacity and the ability to acquire the distribution as part of the process.

Now that face to face meetings at conferences are happening mostly in the way they used to before the pandemic, we look forward to getting back to the good old handshake meetings and sitting across the table and discussing program opportunities.

For more information on Programs or to schedule an appointment with our advisors please contact us at info@maservices.com.

Learn more about Program Business services

Our Services

Merger & Acquisition Services is a boutique investment bank, specialist advisory and financial services firm devoted specifically to participants within the insurance industry.

Our mission is to provide concierge-level services and expertise within the insurance industry by assisting firms with their corporate development and acquisition/divestiture objectives. M&A Services has closed nearly 200 transactions over the past 25 years and has earned continuous placement within the “Top 5 Financial Advisors in Insurance Underwriting” according to S&P Global Market Intelligence/SNL Financial.

Our Services include:

  • Carrier M&A Transactions
  • Agency M&A Transactions
  • Agency Financing
  • Capital Raising
  • Strategic Advisory
  • Valuation Services
  • Program Business
  • Renewal Rights
  • Fronting
  • Reinsurance

CALL US TODAY at 212-750-0630 for a confidential consultation with one of our senior advisors.


Any information provided herein is indicative only, subject to change without notice, and does not constitute an offer to purchase or sell. Principals retain the exclusive right to negotiate and evaluate any transactions, and advisors of Merger & Acquisition Services, Inc. and Merger & Acquisition Capital Services, LLC. have no authority to do so. Merger & Acquisition Services, Inc. does not underwrite securities, nor advise on, nor effect transactions in securities for the account of others.

* Investment banking services and securities transactions are provided through and completed by Merger & Acquisition Capital Services, LLC., a broker-dealer registered with the U.S. Securities and Exchange Commission and member of FINRA and SIPC.

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