As the year winds down, we are pleased to report that our ever-growing group of nearly 5,000 business intermediaries has provided us with a fresh crop of seller leads from independent insurance agencies and brokerages throughout North America (including Canada). As reported by our strategic partners Marsh Berry, only 10% of all deals in the $1M range are publicly known. These issues also impact our ability to openly communicate leads, even on a double blind basis. The listings below are just a small sample of some of the new independents provided to us during the previous month. For full details, please call Springtree Group at (972) 395-8811 or contact us online.
SHOP A: Langly (Vancouver), British Columbia — A life insurance agency that operates in all provinces of Canada, excluding Quebec. Reported Revenue $930K / Asking Price $1.2M. Agency nets over 44% with an EBITDA of 49%. Primary carriers include Assumption, Manulife, Equitable Life, Royal Bank of Canada, Unity and IA Pacific. The company provides traditional life insurance products such as: whole life, term life, critical illness, segregated funds, and disability insurance.
SHOP B: San Francisco, California — Property & Casualty agency. This is a very tightly held organization that will require and NDA to see anything more than what we are providing. $2.4MK Reported Revenue / Asking Price is open. Employs six top producers, plus the owner who also produces, as well as 14 support staff. Seller would like to remain involved for another 3 years for the transition, and then retire. We are looking for a buyer that does not have current operations in the San Francisco Bay Area.
SHOP C: Dallas, Texas — $100K price drop. This is an Independent Non-Standard personal lines shop. New Asking Price $125K / Reported Revenue $165K. Seller wants to retire after 32 years running agency. Quick Quote management system. Direst appointments with National Lloyds, Progressive, and Dallas National but mainly writes thru G/As. An ideal bolt-on at a less than 1x multiple.
SHOP D: Fort Lauderdale, Florida — Property & Casualty Insurance Brokerage Agency. Asking Price $7M / Reported Revenue $3.2M. This relocatable Florida based insurance agency specializes in the Condominium and HOA marketplace. Highly profitable and fully staffed. Well rounded book of business with no major customer concentration. Two of the principals will remain as producers after the sale (already netted out of the EBIT).
Having access to sellers can be difficult, because open exposure of the desire to sell can be a concern for sellers, due to the impact this information could have on markets, employees, clients and the competition. Springtree Group leverages our network of business intermediaries, consultants, attorneys, CPAs, bankers, DOIs, Web services, VC and private equity firms to provide you with insight into new buying opportunities in the insurance space. Being associated with STG provides you access to the strongest array of financial tools and services available to support your acquisition, perpetuation and operational needs in any part of the U.S. Please call Springtree Group at (972) 395-8811 or contact us online for additional information on services and opportunities.