To state the obvious, the marketplace for agency sales has changed dramatically over the past nine months or so. Simply stated, the merger and acquisition activity over the past three years was not sustainable, driven in large part by strong public broker market valuations, easy credit, private equity activity and institutional acquisitions.
In 2008, as money and credit tightened, M&A activity slowed and a perfect storm had arisen:
o Credit markets became frozen or inaccessible to many.
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