DATASORA

Mid-2026 agency-and-broker multiple observations put PE-backed platforms at $50m+ revenue at 12–16x adjusted EBITDA on primary deals and 14–18x on continuation or secondary recaps.

• Aon’s NFP print (~14x) remains the public anchor.
• Acrisure and Hub recaps in 2023–24 set the upper recap band.
• Aon–USI at ~14.5x synergized EBITDA now refreshes the 2026 tape.

Analyst note — Sponsors can still exit. That keeps roll-up dry powder in the market and keeps independent construction and casualty producers in play for Howden, Gallagher, and the remaining PE platforms.

PwC’s mid-year 2026 insurance deals outlook says megadeals still dominate value while private equity stays active across L&A, P&C, and distribution — increasingly via sidecars, reinsurance, cat bonds, and minority structures.

• PE demand remains strong but more selective on underwriting quality.
• Alternative asset managers want liability origination plus investment-management mandates.
• Distribution roll-ups continue even as organic broker growth cools.

Analyst note — The Aon–USI print at ~14.5x is the new comps tape for every PE-backed broker still in the market. Specialty MGAs that cannot show loss-ratio discipline will not clear that bar.

Deloitte’s 2026 insurance M&A outlook flags specialty property and casualty, excess and surplus, and managing general agents as the P&C sleeves still drawing private capital — with brokerage M&A shifting from land-grab to digestion.

• Underwriting flexibility and fee-based MGA economics remain the pitch.
• Broker buyers are integrating, simplifying, and doing tuck-ins rather than new platforms.
• Selectivity on underwriting quality is the gating item, not dry powder.

Analyst note — Sompo does not need to outbid PE for MGAs. It needs to be the capacity those MGAs cannot replace — especially in construction casualty and specialty property.