Letter from the CEO

We hope this finds you well at the end of another successful quarter.

We are pleased to announce some of our most recent transactions in 2018, totaling in excess of $500MM. Some of the selected transactions include:

  • The majority stake acquisition of NSM Insurance Group by White Mountains Insurance Group. (Financial Advisor to White Mountains)
  • The acquisition of Marine & Crane Businesses from Norman Spencer Agency by Specialty Program Group. (Financial Advisor to Norman Spencer)
  • The acquisition of American Healthcare Indemnity Company by Service Lloyds Insurance Company from The Doctors Company. (Financial Advisor to The Doctors Company)
  • The acquisition of Leitao Insurance by HUB. (Financial Advisor to Leitao Insurance)
  • Aquarian Investors Heritage Holdings closed on acquisition of Investors Heritage Corporation (Financial Advisor to Aquarian)

We are proud that throughout all 20 years in business, M&A Services has maintained its core values: serve clients honestly, professionally and confidentially. All of M&A Services’ advisors are committed to these fundamental principles while at the same time helping clients achieve their corporate development initiatives. We know the insurance industry and our advisors make each client’s project a priority, offering unparalleled concierge-level service.

Our firm utilizes our relationships and experience to provide a comprehensive range of services to insurance related transactions involving insurance companies, runoff businesses, captives, risk retention groups, shell companies, MGA’s/MGU’s, wholesalers, retailers, third party administrators, capital raises, program placements and valuation opinions.

We would like to extend an invitation to both our existing and prospect clients to start a confidential conversation with our team of experts today so we can help your business in realizing your corporate objectives as successfully as we helped all our clients for the past two decades.


Jason C. Murgio

Recently Closed Transactions

Upcoming Industry Events

Upcoming Industry Conferences 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.

  • Atlanta, GA– September 23 – 26, 2018 for WSIA Annual Marketplace
  • San Antonio, TX – September 23 – 26, 2018 during 123rd NAMIC Annual Convention
  • Colorado Springs, CO– September 29 – October 2, 2018 during CIAB Leadership Forum
  • Las Vegas, NV– October 2 – 3, 2018 during InsureTech.
  • Scottsdale, AZ– October 22 – 24, 2018 for 18th Annual Target Markets Summit
  • Miami, FL– October 28 – 30, 2018 during PCI Annual Meeting
  • Grand Cayman– November 27 – 29, 2018 for IMAC – Cayman Captive Forum

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

See all upcoming events here.

MGA Book Roll

M&A Services’ Book Roll offers a unique opportunity for Program Managers and MGA’s 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 withoutgiving 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 Danial Baransky directly at dbaransky@maservices.com . All inquiries are kept confidential and you incur no obligation to M&A Services.


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 Company.

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:

  • Small Southeast Admitted Carrier
  • WANTED – Client seeking Widely Licensed P&C Admitted Carrier

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

Learn more about our Shell Transactions


The valuation and market for insurance distribution businesses is at an unprecedented peak over the past twelve months and is expected to remain high for the next six to eighteen months. Industry valuations are driven primarily by private equity capital that has made significant platform investments in the past three years, leveraging 3:1 and 4:1 with historically low interest rate debt.

Further, stock market prices and trading multiples for publicly traded brokerage firms are at all-time highs, allowing the publicly traded acquirers to compete with the private equity aggregators at the higher valuations. This combination of low interest rate leveraged private equity capital and high priced publicly traded companies has created an expansive and competitive landscape for insurance distribution assets, and therefore, increased the multiples of earnings (EBITDA) valuations for small and mid-sized distribution assets.

Currently, the market is priced at approximately a 50% premium to valuations from two to three years ago.

For more information on Distribution please contact Chris Hughes directly at chughes@maservices.com

Learn more about Distribution services

Agency Financing

Through our registered broker-dealer Merger & Acquisition Capital Services, LLC we develop custom financing solutions for agencies of all sizes.

M&A Services’ team of experienced dealmakers advises our clients through all aspects of capital financing and M&A transactions including sourcing lenders, producing offering memorandums, and assisting in preparing presentations for potential lenders and equity partners.

M&A Services’ expertise and industry knowledge allow us to approach a diverse cross section of capital providers simultaneously which often reduces the total time to fund transactions. Because M&A manages the entire process, agency owners are free to focus on running their business rather than managing the capital raising effort.

If you are currently looking to raise capital for your agency, or MGA, to fund an acquisition, a partner buy-out / buyin, or to refinance existing agency debt, contact us today to learn how Merger & Acquisition Capital Services can develop a customized solution for you.

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

Learn more about Agency Financing

Program Insurance

The appetite for MGU/MGA programs will continue to strengthen in 2018. Many carriers have recognized that organic growth will continue to be challenged as rates continue to soften. Mergers and acquisitions will continue to be one source of potential growth. Also, program managers are seeking a second carrier to diversify their book of business and seeking geographic expansion. Carriers have learned that partnering with a quality program administrator can be very profitable. Competition in the program space will continue to grow which will lead to more ingenuity and creative opportunities.

For more information on programs and how our Program Team might help your MGA/MGU, please contact Frank See at fsee@maservices.com or Paul Surdel at psurdel@maservices.com.

Insurance Programs services offered:

  • Represent MGAs/MGUs seeking program insurance carriers
  • Our program carrier relationships are now over 60 and growing
  • Represent MGAs/MGUs seeking fronting program insurance carriers requiring 100% quota share reinsurance
  • Represent wholesale brokers seeking to bundle certain profitable homogeneous books of business into insurance programs
  • Represent underwriting start-up groups seeking program design and placement consultation

M&A Recent Programs Placed:

  • Successfully placed a program for a MGA that specializes in writing professional liability for small law firms ( 1-10 attorneys). The program was placed with an A rated carrier.

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 20 years and has earned continuous placement within the “Top 5 Financial Advisors in Insurance
Underwriting” according to 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.

Copyright 2018 Merger & Acquisition Services, Inc. & Merger & Acquisition Capital Services, LLC. All Rights Reserved