Marktlink → Sectors → Financial Services → Insurance

  • Updated February 27, 2026

Broker roll-ups and premium growth sustain high valuations

Insurance brokerage is the most active M&A segment in Financial Services. Multiples have expanded 29% since 2020, driven by PE platform consolidation, mandatory spending characteristics, and recurring commission income. European broker valuations are at historic highs with top platforms reaching 15x EBITDA. The convergence with asset management creates additional buyer demand. InsurTech matures as acquisition targets for carriers seeking digital distribution.

Jeroen van den Berg

Sector Lead Financial Services • 14 years • 90+ transactions

“Insurance brokerage is the single most active M&A segment we see in Financial Services. Multiples have expanded 29% since 2020 and show no sign of reverting. Why? Mandatory spending, recurring commissions, fragmented markets, and PE platforms with unlimited appetite for add-ons. If you are an insurance broker with over EUR 1M EBITDA, you will have multiple bidders. The question is not if you sell, but when and to whom.”

Sector at a Glance

  • Updated March 2, 2026
VALUATION RANGE

0.0x – 0x

↑ +0.3x vs 2024

EBITDA Multiple
Deals in 2025

0

Active Buyers

0+

Enter your figures → see your position instantly

Valuation Development

Insurance valuations proved remarkably resilient through rate hikes, with broker multiples expanding consistently since 2020.

5-Year Multiple Range

2021 PEAK

0.0x avg

Strong: PE-driven consolidation

2023 DIP

0.0x avg

Modest dip: financing cost impact

2025 NOW

0.0x avg

Recovery: convergence + PE dry powder

Subsegment Analysis

Insurance Brokerage / Distribution

[XX] deals in 2025

Multiple Range

0x – 0x

+0.4x
Buyer Mix
PE 55% • Strategic 35%
Key Valuation Driver
Recurring commission income, book retention rates, and multi-line capability
Am I in this segment? →

InsurTech / Digital Insurance

[XX] deals in 2025

Multiple Range

0x – 0.0x

+0.5x
Buyer Mix
PE 40% • Strategic 50%
Key Valuation Driver
AI-driven underwriting, embedded insurance distribution, and platform scalability
Am I in this segment? →

Specialty Insurance / MGA

[XX] deals in 2025

Multiple Range

0.0x – 0x

+0.2x
Buyer Mix
PE 30% • Strategic 55%
Key Valuation Driver
Underwriting expertise, niche market positioning, and loss ratio track record
Am I in this segment? →

Claims & Administrative Services

[XX] deals in 2025

Multiple Range

0x – 0x

+0.1x
Buyer Mix
PE 35% • Strategic 50%
Key Valuation Driver
Contract base, automation capability, and operational efficiency
Am I in this segment? →

Buyer Landscape 2025

Overall Buyer Type Distribution

  • What drives premium valuations

Commission retention rate above 90%

+0.0x to +0.0x

Multi-line capability (P&C, life, health, specialty)

+0.0x to +0.0x

Organic growth track record above market average

+0.0x to +0.0x

Digital distribution / embedded insurance capability

+0.0x to +0.0x

Diversified client base (no client >10% of revenue)

+0.0x to +0.0x

Which of these buyers match your firm?

BuyersChecker analyzes your profile against our active buyer database.

Recent Transactions

Anonymized Marktlink cases showing the broker platform premium and digital vs traditional gap in insurance.

Platform Add-On

Brokerage

Multi-branch commercial insurance brokerage with 6 offices across the Netherlands, strong P&C portfolio, 93% retention rate, and growing employee benefits book

REVENUE

€0.0M

EBITDA

€0.0M

MULTIPLE

0.0x

DURATION

0 months

93% retention rate
6 offices
88% commission recurring

Key Insight

The 93% retention rate and multi-branch geographic coverage made this an ideal platform add-on. The PE buyer already operated 15 brokerages and valued the Netherlands footprint and employee benefits growth trajectory. Brokerages with advisored M&A processes achieved approximately 25% higher multiples than unrepresented sellers.

Digital Distribution

InsurTech

AI-driven commercial insurance comparison and binding platform serving SMEs across DACH, with embedded insurance capability and 200+ carrier partnerships

REVENUE

€0.0M

EBITDA

€0.0M

MULTIPLE

0.0x

DURATION

0 months

AI comparison engine
200+ carrier partnerships
Embedded insurance

Key Insight

The 200+ carrier integration and AI-driven comparison engine created a distribution moat. The strategic buyer was acquiring digital distribution capability that would take 3+ years to replicate. Embedded insurance functionality — allowing non-insurance businesses to offer policies — was the emerging value driver.

Specialty Niche

MGA

Managing General Agent specializing in cyber insurance and professional liability, with delegated underwriting authority from 4 carriers and a growing premium book

REVENUE

€0.0M

EBITDA

€0.0M

MULTIPLE

0.0x

DURATION

0 months

Cyber insurance specialist
Delegated underwriting
4 carrier authorities

Key Insight

Cyber insurance expertise and delegated authority from 4 carriers created a specialist position that carriers and brokers both valued. The growing cyber premium book was the primary attraction — the buyer was acquiring underwriting expertise and distribution in Europe’s fastest-growing insurance line.

Operational Value

Claims Services

Independent claims management company providing motor and property claims handling for 3 regional insurers, with experienced adjusters but limited technology investment

REVENUE

€0.0M

EBITDA

€0.0M

MULTIPLE

0.0x

DURATION

0 months

3 insurer contracts
Experienced adjusters
Limited tech investment

Key Insight

Claims administration without technology differentiation trades at modest multiples. The buyer valued the experienced adjuster team and insurer contracts, but the limited automation investment capped the valuation. Claims firms investing in AI-driven automation and digital FNOL achieve 1-2x higher multiples.

Recognize yourself in these cases? Compare your situation.

Market Trends 2025

Broker multiples expanded 29% since 2020

Insurance broker EBITDA multiples averaged 11.8x in H1 2025, expanding steadily from 9.4x in 2020 — a 29% increase. Advisored deals traded approximately 25% higher than unrepresented sellers, underscoring the value of competitive M&A processes.

Source: Sica Fletcher 2025 Valuations Report

0.0x

avg EBITDA multiple H1 2025

European broker consolidation intensifies

The best-performing European insurance platforms reach 15x EBITDA. PE-backed brokers drive 60-70% of European transactions. Market fragmentation and generational transition from founders to professional management sustain M&A momentum.

Source: MarshBerry European Distribution 2024

0x

top platform multiples in Europe

Insurance-AM convergence creates new buyers

Asset and wealth management firms are entering insurance M&A, paying an average 15.5x EBITDA for insurance targets. The convergence of insurance, private credit, and retirement products creates new acquisition logic for wealth platforms.

Source: Capstone Insurance Services June 2025

0.0x

avg AM buyer pays for insurance targets

InsurTech matures as acquisition target

Mature InsurTech companies with proven profitability command 12-18x EBITDA. AI-driven underwriting, embedded insurance, and claims automation are the highest-valued segments. As InsurTech matures, early acquirers benefit from favorable valuations.

Source: Finro InsurTech 2025, Deloitte Insurance M&A

0–0x

EBITDA for mature InsurTech

What This Means for You

Interactive tools that give you immediate insights—or full reports in your personal portal.

30 sec

Marktlink Multiple

Your estimated valuation

Direct: Indicative multiple

Portal: Detailed range + comparable deals
+ factors breakdown

Start tool

30 sec

BuyersChecker

How many buyers match you

Direct: Number of matches

Portal: Buyer profiles + alerts when
new buyers match

Start tool

30 sec

Benchmark Tool

Your performance vs sector

Direct: Position indication

Portal: Full benchmark report
+ quarterly updates

Start tool

30 sec

Buyer Appeal Scan

Which buyers want you

Direct: Top buyer type

Portal: All buyer types ranked + appeal factors
+ matching profiles

Start tool

1 min

Timing Scan

Market timing analysis

Direct: Timing score

Portal: Detailed timing report
+ market alerts

Start tool

2 min

Sale Readiness Test

How prepared are you

Direct: Readiness score

Portal: Full assessment
+ personalized action plan

Start tool

Industry Report 2025

Everything on this page, plus: 12 additional deal cases, detailed subsegment analysis, and 2026 outlook.

Follow This Sector

Receive updates when valuations change, new buyers emerge, or relevant deals close.

  • Valuation changes
  • Deal announcements
  • New buyer profiles
  • Quarterly updates