Letter from the CEO

We hope this finds you well after another successful quarter and a pleasant Summer.

M&A Services had the pleasure to welcome to the team Mr. Raymond Rocchio as our new Managing Director of Insurance Programs. Mr. Rocchio comes to M&A with over 20 years of experience in the insurance & reinsurance industry.

We are very pleased to have Ray joining M&A and excited about his background in the insurance program world. His experience in developing and structuring specialty programs will truly help our clients find the best available options. Having worked with Ray in the past, we know the capabilities he brings and look forward to him working with existing and new clients.

On another exciting note, our Firm was selected as a finalist in 5 categories for the 17thAnnual M&A Advisor Award.

  • M&A DEAL OF THE YEAR ($250MM-$500MM)– Acquisition of majority equity stake in NSM Insurance Group by White Mountains
  • FINANCIALS DEAL OF THE YEAR– Acquisition of majority equity stake in NSM Insurance Group by White Mountains
  • CORPORATE/STRATEGIC DEAL OF THE YEAR ($250MM-$500MM) – Acquisition of majority equity stake in NSM Insurance Group by White Mountains
  • BOUTIQUE INVESTMENT BANKING FIRM OF THE YEAR– Merger & Acquisition Services, Inc.
  • INVESTMENT BANKER OF THE YEAR– Jason C. Murgio, CEO, Merger & Acquisition Services, Inc.

Since its inception in 2002, the M&A Advisor Awards have been recognizing the leading dealmakers, firms and transactions. And each year it celebrates the creativity, perseverance and ingenuity of our industry’s professionals.

The Finalists have been selected from the nominees in the first stage of evaluation, and the independent panel of judges will now focus their attention on the challenging task of selecting the ultimate award winners that will be announced at the Awards Gala on Tuesday, November 6th at the New York Athletic Club.

Finally, myself and members of our team, will be attending several 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 experts so we can help your business in realizing your corporate objectives.


Jason C. Murgio

Recently Closed 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.

  • Atlanta, GA – September 24 – 25, 2018 for WSIA Annual Marketplace
  • Las Vegas, NV – October 2 – 3, 2018 for InsureTech Connect.
  • 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.

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 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:

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


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

As carriers continue to look for growth, opportunities to work with MGA/MGU’s have focused on relationships that build on profit sharing or involve some form of captive approach. Carriers are looking to share risk and reward with successful, structured MGA’s. As the cost of capital continues to increase, carriers are actively looking to put their capital to work through strategic relationships or outright acquisitions.

Opportunities for program managers continue to expand as carriers look for quality program administrators that can give them access to business they could not develop on their own. Program managers continue to look for ways to expand relationships with their current clients and provide either additional services or coverages. Managers are looking to consolidate business and build leverage through scale while the cost of capital is still relatively cheap. We have built a solid history of finding these types of programs and matching them with other MGA’s or carriers.

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 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