Sica | Fletcher review: agency valuation, M&A advice and fees
Sica | Fletcher is an M&A advisor that works only in insurance. It sells agencies, brokers, MGAs and wholesalers for their owners, advises buyers and helps owners plan a handoff to the next generation.
A founding partner leads every deal. Fees aren't published.
- Best for
- Owners ready to sell who want a senior partner running the deal
- Works for
- Sellers and buyers, plus owners planning a handoff
- Services
- Sale advice, buyer advice, ownership planning and financial diligence
- Agency size
- Every size, it says
Our take
Sica | Fletcher is a sale advisor first. Its seller service covers the valuation, pitch deck, buyer marketing, offer review, documents, compliance checks and the final negotiation.
Valuation here sits inside a sale or ownership plan. An owner who needs a formal appraisal for taxes or a buy-sell agreement may want a valuation firm instead.
It also advises buyers, and its diligence arm works for Acrisure. Ask how it manages conflicts when a client of either practice bids on your agency.
Pros
- A founding partner leads every deal
- Full seller service through the final negotiation
- Checks offers for compliance issues and conflicts
- Covers specialty businesses such as surety, stop loss and MGAs
- Publishes regular insurance M&A research
Cons
- Valuation comes inside a sale or ownership plan
- Fees aren't published
- It says evaluation and presentation take a few months
- Advises buyers, and its diligence arm works for Acrisure
Who they work for
Sellers
Its seller service runs from valuation and pitch deck to buyer marketing, offer review, data room and final negotiation.
Buyers
Buyers get acquisition strategy, target search, financial models, valuation guidance, diligence and negotiation help.
Check for conflicts. Sica | Fletcher advises sellers and buyers, advised ALKEME on a 2025 deal and its SF | Diligence arm works for Acrisure. Ask whether any buyer in your process is a client.
Services
| Service | What you get |
|---|---|
| Selling an agency | Valuation, pitch deck, buyer marketing, offer review, documents, compliance review, data room and negotiation |
| Buying an agency | Strategy, target search, financial models, valuation guidance, diligence and negotiation |
| Ownership planning | A baseline value, ways to raise or protect it and passing the agency to the next generation |
| SF | Diligence | Financial and operating risk reviews with written diligence reports |
Agencies they work with
- Agency size
- Every size for sellers, it says
- Types
- P&C agencies, benefits brokers, MGAs, wholesalers, personal lines, surety, life and health, self-insured and stop loss specialists
- Where
- United States
How they value an agency
- Method
- A valuation built for the sale, using live deal data and a competitive process
- Earnings measure
- Adjusted EBITDA, cleaned up the way a buyer would
- What adjusts the value
- Growth, who owns and controls the book of business, client concentration, carrier relationships, swings in contingent pay, specialty focus and deal terms
Sica | Fletcher adds back personal and one-time costs. It also takes earnings down for a below-market salary or rent, put-off maintenance and income that won't repeat.
Terms on this page in plain words
- EBITDA
- Yearly profit before interest, taxes and the accounting write-offs called depreciation and amortization
- Book of business
- The agency's clients and policies and the commissions they bring in
- Earn-out
- Part of the price paid later, only if the agency hits targets after the sale
- Equity rollover
- Taking part of the price as stock in the buyer instead of cash
- Perpetuation
- Passing ownership to partners, producers or family instead of selling to an outside buyer
- Success fee
- A fee paid to the advisor when the sale closes, often a share of the price
- Retainer
- A fee paid up front or monthly while the advisor works, whether or not a deal closes
- Tail
- A set period after the agreement ends when you still owe the fee if you sell to a buyer the advisor introduced
Valuation reports, cost and timing
- What you get
- A valuation and presentation, a strategy session, sale materials and an offer review
- Turnaround
- A few months for the evaluation and presentation, depending on how fast information comes in
Selling your agency with them
Introductory call
You talk through goals and timing.
Information and analysis
You send information electronically and Sica | Fletcher analyzes it.
Strategy session
It presents the value and the options.
Execution
Once retained, it runs the agreed plan through closing.
Deal structure advice
Sica | Fletcher tells sellers to separate cash and guaranteed money from earn-outs and rollover stock, and to check whether the buyer can pay what it owes later. Its private equity guidance covers buyer debt, preferred shares, shareholder rights and who gets paid first.
Succession and after the sale
Its ownership advice sets a baseline value, looks for ways to raise or protect it and plans a handoff to the next generation.
Credentials and transactions
- Team
- Managing partners Michael J. Fletcher and Al Sica. Peter Herman is a CPA and Bill Schoeffler belongs to the American Society of Appraisers
- Securities
- Its site says it doesn't underwrite securities or handle securities trades for others
Recent transactions
| Deal | Year | Role |
|---|---|---|
| Fillmore Insurance Agency to World Insurance Associates | 2026 | Seller advisor |
| Safe Harbour Insurance Management to ALKEME | 2026 | Seller advisor |
| Surety Bonds to The Hilb Group | 2026 | Seller advisor |
| ALKEME recapitalization with GCP | 2025 | Advisor to ALKEME and GCP |
Confidentiality
- Data room
- Managed by Sica | Fletcher during the sale
Fees and engagement terms
Sica | Fletcher sets its terms after the strategy session, when you retain it. No fees or contract terms are on its site.
Before you retain it, get in writing
- The success fee and the price it is measured on
- Whether earn-out and stock payments count toward the fee
- Any retainer or expenses
- Exclusivity and the tail
Sica | Fletcher alternatives
- Legacy AdvisorsFree first valuationSeller-only advisor paid only when the sale closes
- MarshBerryQuote onlyOne client per deal, plus standalone valuations
- Reagan ConsultingFees not publishedDiscloses its hourly, retainer and success fee mix
- Dowling HalesFees not publishedInvestment bank with many dated 2026 sales
- OPTIS PartnersQuote onlyFair market valuations and perpetuation planning
See every option in insurance agency valuation.
Frequently asked questions
How much does Sica | Fletcher charge?
Its fees aren't published. Terms are set once you retain it after the strategy session.
Does Sica | Fletcher represent buyers or sellers?
Both. Its seller and buyer services are separate, and a founding partner leads every deal.
How does Sica | Fletcher value an agency?
As part of a sale or an ownership plan, starting from adjusted EBITDA and current deal data.
How long does the first evaluation take?
A few months, depending on how quickly the information comes in.
How we researched this review. We based this review on the terms and product pages published by Sica | Fletcher, reviewed in October 2026, together with our team's experience working with insurance agents and agency owners since 2008.
Corrections
Vendors change their pricing all the time and they don't email us when they do. So if you see a price on here that's gone up, a plan Sica | Fletcher quit selling or a contract term that reads different now, let us know and send the link to the page where Sica | Fletcher has it. Somebody here pulls up that page and checks it before we change anything on ours.