Letter from the CEO

We hope this finds you well, having a productive yet recharging Summer.

We have closed and announced seven transactions thus far in 2019 totaling over $600MM in transaction value, keeping our Firm on track to surpass our own record year in 2018, when we announced and/or closed 16 transactions totaling in excess of $1 billion in transaction value.

  • Acquisition of Aran Insurance Services Group by JenCap Holdings. M&A Services served as the financial advisor to Aran.
  • Acquisition of PartnerRE NY by Employers Group. M&A Services served as the financial advisor to PartnerRE.
  • Acquisition of Financial American P&C Insurance Company by Transverse Insurance Group. M&A Services served as the financial advisor to Transverse.
  • $100MM recapitalization of Summit Risk Advisors with Colbeck. M&A Services served as the financial advisor to Summit Risk Advisors.
  • Acquisition of Ozark National Life and N.I.S Financial by National Western Life Insurance Company. M&A Services served as the financial advisor to National Western Life Group.
  • Acquisition of Lackawanna Insurance Group by Group 1001. M&A Services served as the financial advisor to Group1001.
  • Private equity backed group acquired nonstandard auto insurance agency


The Firm is also very proud of our own Vice President Paul Procops, for being one of the winners of the 10th Annual Emerging Leaders Award by The M&A Advisor. The Emerging Leaders Awards program—originally known as the ‘40 Under 40 Awards’— were created in 2010 to recognize and celebrate the achievements of the outstanding young professionals who have reached a significant level of success while still under the age of 40. These impressive young professionals have made notable contributions to our industry and to their communities. They are the future of the M&A, finance, and turnaround industry.

Along with Mr. Procops, 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. During our 20+ years in business, we have prided ourselves on offering 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 services.

In effort to continue fostering valuable new and existing relationships, myself and members of our team, will be attending Insurance Industry Conferences this Fall, and will be available for meetings to discuss current projects and how we can be helpful in achieving your company’s financial and strategic goals. Please see the list of conferences below in the Events section of this newsletter and contact Vanessa Silva to schedule a meeting with us.

We look forward to seeing you at one of the conferences we are attending. Or simply contact us to start a confidential conversation with our team of advisors so we can help your business in realizing your corporate objectives.


Jason C. Murgio

Recently Closed/Announced Transactions


See all closed transactions here.

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.

  • San Diego, CA – September 22 – 25, 2019 for WSIA Annual Marketplace
  • Las Vegas, NV – September 23 – 25, 2019 for InsureTech Connect.
  • New York, NY – October 15-16, 2019 for 10th Annual S&P Global Insurance M&A Symposium
  • Scottsdale, AZ – October 21 -23, 2019 for 19th Annual Target Markets Summit
  • Boston, MA – October 20 – 22, 2019 during PCI Annual Meeting
  • Grand Cayman – December 3 – 5, 2019 for IMAC/CCF 2019

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.


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:

  • Widely Licensed admitted P&C Carrier available
  • Single State NJ Carrier, pre-84 premium tax advantage available

UK Opportunity:

  • UK agency “shell” company with UK regulatory authorizations for insurance/investments intermediation, advice and administration

US Agency “shell”:

  • P&C Agency “shell” for sale – Currently licensed in 45 states. Pending licenses in NY, FL, MT and HI.

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 – Beachcomber

Project Beachcomber (or the “Company”) is an Attorney-in-Fact and management company for a “shell” Risk Retention Group that was established to provide general and professional liability coverage to long term senior care facilities nationwide.

The Company was started in 2017, is approved in all states, and operates in 9 states.

The Company and RRG have all requisite licenses and contracts in place to write new business.

The RRG has no written premium and no legacy liabilities. The Company is offered for sale in a single transaction for 100% of the membership interests of the LLC.

For more information on this project please contact Chris Hughes or Trevor Murgio.

Active Project – Grant

M&A has been retained by leading technology company with a 20 year track record. This client is seeking retail nonstandard auto insurance agencies to partner with and/or acquire in order to provide SR22 insurance policies to their existing client base of approximately 100,000 users nationwide.

For more information on this project please contact Dan Baransky.

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.

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 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 Danial Baransky directly at dbaransky@maservices.com . All inquiries are kept confidential and you incur no obligation to M&A Services.


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

Last quarter I asked if the landscape was changing for Program Mangers. I also laid out 5 traits for a successful Program Manager. While you might argue change from one side or the other, there is no doubt that the landscape is changing for agencies. At Target Markets mid-year in Baltimore, there were several good breakout sessions, but the one that I thought had the best interactions revolved around the changing landscape of M&A activity.

Agencies in particular, have seen record transactions over the past year, and it does not look like its slowing down anytime soon. There were 632 transactions in the past 12 months. Highest of any 12 month period in measuring activity. Private Equity has been very active in this space responsible for more than 50% of the transactions. A good portion of this included agencies that also do program business.

What does this mean for you? That depends. Clearly Acrisure, Assured, HUB and Gallagher will continue their buying spree – if even for only a short while. There are numerous business opportunities as they look to expand their collection of agencies. And if you can bring them something unique or specialized and exhibit the five traits listed last quarter, it will help you stand out relative to your peers.

Raymond Rocchio

Managing Director of Insurance Programs

For more information on Programs please contact Raymond Rocchio at rrocchio@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 20 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.

Copyright 2019 Merger & Acquisition Services, Inc. & Merger & Acquisition Capital Services, LLC. All Rights Reserved