Buy and sell or wait and see? When it comes to agent/broker mergers and acquisitions, it all depends on who you're talking to. On one hand, the bad economy and soft insurance market have negatively affected agency valuations, resulting in a sluggish market. On the other hand, the threat of expiring Bush-era tax breaks–and the presence of tempting acquisitions for buyers who have access to financing–could spur more potential dealmakers to get off the fence and do a deal before the tax breaks are history.

To get a 360-degree view of the current M&A landscape, AA&B spoke with five different experts on the market.

Although each had his own opinion on where the market was heading and when–and there was even some divergence on the current state of the market–everyone agreed that the recession and the soft insurance market have put a damper on M&As. And although activity is up this year compared with 2009, the boom days of high-priced deals and an avalanche of activity are gone, possibly forever. Moreover, future activity largely hinges on whether the economy rebounds enough to give both buyers and sellers the impetus to get back in the game.