Valuations of firms with responsibilities delegated to them from carrier partners reached unprecedented valuation levels in 2025—and the momentum continues. According to MarshBerry’s 2025–2026 valuation update, based on deals completed by MarshBerry in 2025 of firms with delegated authority, such as MGUs, MGAs, program administrators, and coverholders, have seen valuations increase 65% over the past six years, with 2025 transactions achieving an average pro forma EBITDA multiple of 19.4x.
Two primary forces drive this surge:
- Limited supply of high-quality firms with delegated authority
- Superior growth prospects with emphasis being placed on incubation strategies
From organic growth through policy count, exposure base, and program expansion, to inorganic opportunities and the rising trend of incubation models, the sector has become one of the most attractive segments for investors and acquirers.
As a result, the delegated authority market has become “the bell of the ball” when it comes to buyer appetite. But while valuation fundamentals may seem straightforward, the details matter and can influence enterprise value materially.
If you’re curious how today’s valuation market translates to your organization, we encourage you to start the conversation.