The sellers' market for insurance agencies got another jolt of momentum during the past six months, as USI and Hub both announced they are being acquired by private-equity investors.
The prominence of the investors involved (Goldman Sachs and Morgan Stanley) and the aggressiveness of the multiples of historical EBITDA they paid (earnings before interest, taxes, depreciation and amortization of roughly 10.5 and 12.5, respectively) have sent shock-waves through the industry.
Today, speculation is rampant that one or perhaps several of the other public brokers will soon announce their own private-equity deals.
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