M&A advisory for InsurTech companies
InsurTech transactions today look very different from the SPAC-era full-stack deals. Activity has moved to MGAs, brokerage roll-ups and claims and underwriting technology, where the acquirer is usually a carrier, a broker group like Hub or Acrisure, or a PE platform consolidating distribution. Multiples key off combined ratio for risk-bearing assets and commission durability for distribution, with carrier appointments and treaty terms scrutinised line by line.
Acquirers split between the major brokers (Aon, Marsh, Willis Towers Watson, Hub, Acrisure, Gallagher), the carriers (Allianz, Zurich, AIG, Travelers, Chubb, Munich Re) buying MGAs and underwriting technology, and the PE platforms - KKR, Carlyle, Stone Point, Genstar - that have built brokerage and distribution roll-ups. The largest cheques come from the broker consolidators and the carrier-backed platforms. Flow has direct access to these acquirers.
Flow team has relevant sector experience and has worked with insurtech companies across MGAs and digital brokers, full-stack carriers, embedded insurance platforms, claims technology and underwriting analytics.
"InsurTech" KPIs M&A buyers look at
Key metrics strategics and PE buyers look at when analayzing InsurTech M&A targets
Gross written premium
Net earned premium
Loss ratio
Expense ratio
Combined ratio
Policies in force
Renewal rate
Commission revenue
Claims frequency
Reserves adequacy
InsurTech valuations in May 2026
Public InsurTech comps trade at 1.0x EV/Revenue. Median revenue multiple across InsurTech M&A deals was 0.7x in the last 12 months.
1.0x
Median EV/Revenue as of May 2026 for public InsurTech companies
8.7x
Verisk Analytics is the highest valued public InsurTech company based on EV/Revenue (excluding outliers)
0.7x
Median EV/Revenue across InsurTech M&A deals in the last 12 months
6.0x
Median EV/Revenue across InsurTech VC rounds in the last 12 months
Key recent InsurTech M&A deals
$109M acquisition of Flock by Admiral Group was the largest InsurTech M&A transaction completed in the last year.
See all InsurTech M&A deals| Logo | HQ | Description | Buyer | ||||
|---|---|---|---|---|---|---|---|
Feb-26 | Flock |  | Flock is a fully digital insurer for commercial vehicle fleets in the United Kingdom. London-based, it uses telematics data to reward safe driving with lower premiums, protecting thousands of vehicles for clients like Virtuo and Jaguar Land Rover partners through connected policies. | Admiral Group | $109M | 0.4x | |
Jul-25 | Hourly |  | Hourly is a Palo Alto-headquartered insurtech platform founded in 2018 for managing workers' compensation, payroll, and time tracking. Tailored for small businesses employing hourly workers, it automates compliance with state regulations across 50 U.S. jurisdictions through integrated insurance quotes and payment processing. | weSure | $53M | 15x | |
Mar-26 | TPL Insurance |  | TPL Insurance Ltd is engaged in the business of selling general insurance products to consumers. It offers all lines of general insurance products including Auto, Fire, Marine, Property, Health, Home, Travel and Agriculture with both conventional and Takaful solutions. In addition, it also provides other insurances such as Shop Insurance, Mobile Insurance, Workmen Compensation, Cyber Insurance and others. The operating segments of the group are Fire and property damage; Marine, aviation and transport; Motor; Health; and Miscellaneous, of which key revenue is derived from the Motor insurance segment. | Jazz | $15M | 0.7x | |
Feb-26 | Pension Box |  | Pension Box is a Mumbai-based digital platform delivering pension solutions tailored for India's private sector workforce. The service enables micro-contributions to individual retirement accounts via mobile app, integrating UPI payments and employer-sponsored schemes under the National Pension System. Users access personalized investment options in equity, debt, and hybrid funds managed by partners like HDFC Pension and UTI Retirement Solutions. Launched in 2021, the platform targets unorganized sector workers, facilitating portable pensions across job changes with automated compliance for EPFO transfers. | Rainmatter Capital | $2.0M | - | |
May-26 | Agenium.ai | | Agenium.ai is a no-code SaaS platform offering new-business and underwriting solutions to life, health, and annuity insurers, reinsurers, distributors, and third-party administrators. | Main Capital Partners | - | - | |
Apr-26 | TALENTOMOBILE |  | TALENTOMOBILE develops mobile-first solutions using AI, chatbots, and ML for fintech and insurance, including digital onboarding, KYC, ID OCR, chatbot quotes, and AI vehicle detection. | Lutech | - | - | |
Apr-26 | ITH Life | | ITH Life supplies digital life insurance and financial solutions to agents, brokers, carriers, IMOs, FMOs, and PEOs. | Associate Owners Group | - | - | |
Apr-26 | New England Property & Casualty | | New England Property & Casualty is an independent insurance company writing personal and commercial lines including vehicle, home, property, and medical coverage. | King Insurance | - | - | |
Mar-26 | SK Trend |  | SK Trend builds IT solutions for the insurance sector, including website design, customer support, bid tools, stock lists, and commission tracking. | Vesta Software Group | - | - | |
Mar-26 | Trellis Technologies | | Trellis Technologies is a property and casualty insurance platform using consumer-permissioned data for pre-filled quotes. Trellis Connect simplifies applications for auto, home, and renters policies while enhancing privacy and accuracy. San Francisco-headquartered since 2019, it integrates with carriers and agents across the U.S. personal lines market. | Gen Digital | - | - | |
Feb-26 | Krose |  | Krumiri Rossi is an artisanal biscuit producer from Casale Monferrato in Piedmont, Italy. | Arthur J. Gallagher | - | - | |
Jan-26 | Third Wave Insurance | Third Wave Insurance is an insurtech firm leading digital transformation in the sector through advanced technology integration. | TPG | - | - | ||
Jan-26 | Mutuus Insurtech |  | Mutuus Insurtech is a digital insurance broker specializing in policies for entrepreneurs in Brazil. Launched in 2017, it allows quoting, purchasing, and managing business coverage including liability, property, and employee benefits through a unified platform. Canoas-headquartered in Rio Grande do Sul, Mutuus serves small and medium enterprises via mutuus.net. | ASAAS | - | - | |
Jan-26 | Obie | | Obie is a U.S. insurtech company offering property and casualty insurance plus risk management for real estate investors and landlords across all 50 states. The platform delivers customized policies for rental properties with guaranteed competitive rates through automated underwriting and portfolio analysis tools. | Baldwin Insurance | - | - | |
Dec-25 | mTek |  | mTek is a digital insurance platform enabling paperless policy issuance, claims processing, and customer servicing. Based in South Africa, it powers brokers and insurers with mobile apps for quote generation and e-signatures compliant with FSCA regulations. The platform supports life, short-term, and health products, integrating with banks like Standard Bank for seamless payments. | bolttech | - | - |
Most active buyers of InsurTech companies
Equal Parts, King Insurance and weSure are the most active acquirers of InsurTech companies in the last three years.
See all InsurTech acquirers| Logo | HQ | Description | Key acquisitions | ||
|---|---|---|---|---|---|
Equal Parts | | Equal Parts is a developer of AI-powered platforms for insurance agencies. The company offers tools that process client data to generate actionable insights for cross-selling and upselling products. Headquartered in New York, Equal Parts integrates machine learning models to analyze policy details, renewal patterns, and customer behaviors. Its platform automates workflows such as quoting, binding, and servicing for personal and commercial lines. Launched in 2022, Equal Parts targets independent agencies seeking to scale operations amid rising competition from insurtechs. | AssurelyLumen Insurance Technologies, LLCBlue Star Insurance Agency | 2 | |
King Insurance | | King Insurance is a San Diego-based brokerage firm providing property and casualty coverage, employee benefits, and surety bonds to businesses in California since 1990. The agency places risks with carriers including Liberty Mutual, CNA, and Zurich for industries like hospitality, construction, and transportation. It designs group health plans, 401(k) administration, and workers' compensation programs for mid-sized employers. King Insurance maintains a dedicated claims department for policy advocacy. | New England Property & CasualtyMorin AssociatesPRL Associate+1 | 1 | |
weSure |  | Wesure Global Tech Ltd is a real internet community insurance company in Israel. It is involved in the home, property, and compulsory car insurance industries. | HourlyAyalon Insurance | 1 | |
Vesta Software Group | | Vesta Software Group is a Boston-headquartered firm that acquires, manages, and scales software companies in vertical markets like public safety, construction, and healthcare. Its portfolio includes over a dozen businesses providing ERP, CRM, and compliance tools to enterprise clients. The group focuses on buy-and-build strategies to consolidate fragmented sectors, serving industries through SaaS platforms. | SK TrendArenimTelMachineMax+1 | 1 | |
Gen Digital | | Gen is a cybersecurity pure-play that offers security, identity protection, and privacy solutions to individual consumers. The firm's cyber safety offerings, via brands such as Norton, Avast, and LifeLock, have long maintained their positions as some of the most recognizable consumer-focused security and identity-protection products. | Trellis TechnologiesMoneyLionNortonLifeLock | 1 | |
Baldwin Insurance | | The Baldwin Insurance Group Inc is a United States-based insurance distribution firm. Its products include Business Insurance, Benefits Consulting, Reinsurance, Specialty MGA, Embedded Insurance., Personal insurance, etc. | ObieCapstone GroupCAC Specialty+1 | 1 | |
Lutech |  | Lutech is a Milan-headquartered digital transformation firm delivering ICT solutions across Italy and Europe. With 2023 revenue surpassing 400 million euros and 3,000 employees, it provides cloud migration, cybersecurity, CRM implementations via Salesforce, and data center designs. Acquired by Seven Srl in 2022, the company operates in 12 countries, serving sectors like finance, public administration, and manufacturing. | TALENTOMOBILEValyrian Enterprise SolutionsAtos Italia+1 | 1 | |
Admiral Group | | Admiral is a personal lines insurer that operates predominantly in the United Kingdom. The business is primarily a motor insurer with UK and European auto insurance accounting for the majority of gross premium. The company also has a nascent but growing UK home insurance division. Admiral was established in 1993 to sell nonstandard risk motor insurance. These nonstandard policyholders included younger drivers, female drivers, drivers wanting to pay by credit card, and drivers based in London. Over the years the company has expanded its nonstandard risks perimeter. | Flock | 1 | |
Rainmatter Capital | | Rainmatter Capital is a Bengaluru-based venture fund investing in Indian fintech startups focused on capital markets. It provides $100K to $1M in seed funding, workspaces, and mentorship in exchange for minority stakes, backing companies like Zerodha subsidiaries. | Pension Box | 1 | |
Associate Owners Group | Associate Owners Group runs a financial services organization and distribution platform for agents. | ITH LifeYour IANetExit Insurance Services+1 | 1 |
Founders and investors we've worked with
We've supported winning builders across InsurTech and beyond.
Rebellion Pay
We acted as exclusive sell-side advisor to Rebellion Pay, Spain's leading Gen Z neobanking platform, on its sale to Turkish consumer fintech unicorn Papara.
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MAILINGWORK
We acted as exclusive sell-side advisor to MAILINGWORK, a Chemnitz-based email marketing software platform, on its sale to French digital marketing leader Positive Group.
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TestSolutions
We acted as exclusive financial advisor to Swiss PE firm Patrimonium on its majority stake acquisition of TestSolutions, a Frankfurt-based software testing and IT services provider.
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HAPPYCAR
We acted as exclusive sell-side advisor to HAPPYCAR, a Hamburg-based pan-European rental car comparison and booking platform, on its sale to Dutch online price comparison player EasyTerra.
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Resillion
We provided buy-side advice to a dominant TIC industry player on the carve-out and acquisition of Resillion (fka Eurofins Digital Testing), a Hasselt-based digital testing, cybersecurity and forensics provider.
See moreRecent M&A advisory track record
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