Sell Your Insurance Broker Business in Australia

If you operate an insurance broker business in Australia and you have searched “sell my insurance broker business in Australia”, the variables that drive your sale price are Australia-specific in ways the broader category data does not capture. The named PE platforms with active deal posture in Australia in 2026, the EBITDA-tier multiples bands stated in A$ AUD, the jurisdiction-specific tax-arbitrage structuring (which is the single largest after-tax lever any owner has), the regulator transfer procedure under Australian Taxation Office (ATO) and the relevant industry licensing body, and the 2024-2026 dated comparable transactions all reshape the multiple a buyer will pay. This page walks through the Australia valuation framework as insurance broker businesses are actually trading in mid-2026, the named buyers actively acquiring here, and the regulator transfer + tax structuring that determine net-of-tax proceeds.

CT Acquisitions runs sell-side M&A advisory mandates for owners of recurring-services businesses across Australia and the broader English-speaking market. The introductory conversation is confidential and NDA-protected. This page is the localised valuation framework for 🇦🇺 Australia insurance broker sellers, built from named-and-dated 2024-2026 transactional research rather than generic broker-listing rules of thumb.

The Australia insurance broker M&A landscape in 2026

The detailed market sizing, named-buyer table, EBITDA-tier multiples bands, regulator transfer procedure, jurisdiction-specific tax-arbitrage structuring, and 2024-2026 dated comparable transactions for Australia insurance broker are set out below. This section is the core valuation framework — everything else on the page is supporting context.

10. INSURANCE-AGENCY (Australia)

Market context

• AU general insurance market A$77.9B GWP in FY25, of which **A$35.6B (~46%) intermediated broker channel** (NIBA 2025).
• NIBA: 14,264 member brokers and authorised representatives, **622 intermediary firms** placing business with APRA-authorised insurers as at June 2025.
• Geographic: NSW (Sydney CBD wholesale + lender-of-last-resort underwriting agencies) ~38%; VIC (Melbourne corporate + Steadfast/AUB head offices) ~28%; QLD ~13%; WA ~9%.
• **The defining structural feature is the cluster network duopoly: Steadfast (34% intermediated GWP share) and AUB Group’s Austbrokers (~12-14%) together intermediate roughly 75-80% of broker-placed business** — a structure unique among English-speaking markets.

Named buyers 2024-2026

• Steadfast Group (ASX: SDF) — Robert Kelly CEO, HQ Sydney. Largest broker network AU+NZ; 421 network brokers (up from 402) and **~34% intermediated GWP share**. FY26 acquisition spend ran A$238.9M H1 plus A$195M flagged H2. TAKEOVER LIVE: **Amwins (US wholesale distributor) + Dragoneer Investment Group consortium offered A$7.7B / A$6.00 per share cash (51.9% premium to A$3.95 last close)**. Board unanimously recommends. Dragoneer takes retail broking, Amwins takes underwriting agencies. FIRB + ACCC + NZ OIO approvals push close into H2 2026.
• AUB Group (ASX: AUB) — HQ Sydney, ~A$11B placed premium, 6,000 employees. EQT + CVC Asia Pacific consortium walked away December 2025 after AUB confirmed A$5.25B / A$45-per-share non-binding bid. Bid collapsed; AUB pivoted to **UK acquisition of Prestige Insurance (Northern Ireland) January 2026**.
• **Ardonagh Group (UK; backed by Madison Dearborn Partners + HPS Investment Partners + Abu Dhabi Investment Authority) — Completed A$2.3B take- private of PSC Insurance Group (formerly ASX: PSI) on 11 October 2024** at A$6.19 per share. **Then merged PSC AU/NZ operations with Envest (the Pemba Capital-backed platform) to form a combined entity placing ~A$3.3B GWP**. [CORRECTION: Buyer was Ardonagh, not Ares Management — common error.]
• Envest (Pemba Capital Partners + Macquarie Capital Principal Finance).
• Arthur J. Gallagher & Co. (NYSE: AJG) — Active AU consolidator. Recent: Tresidder Insurance Brokers (1 April 2025); **MACK Insurance Services (5 August 2025)**.
• Marsh McLennan AU / Aon AU / WTW AU — Marsh holds ~20% intermediated GWP share, Aon 13%. Limited mid-market bolt-on activity 2024-2026.

Multiples bands (AUD)

• sub-A$2M EBITDA: 4.5-6.5x SDE for AR-status; 5.5-7.5x EBITDA for AFSL- licensed standalone. Commission-book sale: **2.5-3.2x recurring commission revenue**.
• A$2-5M EBITDA: 7.0-9.0x EBITDA when sold into Steadfast/AUB cluster; 8.0-10.0x for strategic. Commission-revenue equivalent: **3.0-3.8x recurring commission income**.
• A$5-15M EBITDA: 9.5-11.5x EBITDA core range; 10.5-12.5x for underwriting agencies with binder authority and >25% EBITDA margin. **PSC/Ardonagh A$2.3B / A$6.19 implied ~14x trailing EBITDA**.
• A$15-50M EBITDA: 11.0-13.5x EBITDA; underwriting-agency holdcos at 13-15x.
• A$50M+ EBITDA: 13-16x. **AUB Group A$5.25B EQT bid implied ~16x EBITDA before collapse; Steadfast Amwins/Dragoneer A$7.7B implies ~17x EBITDA on FY25 base**.

Regulator transfer

Insurance broker licensing federal, not state. Key regulator is ASIC.

1. AFSL change of control: If acquirer crosses 15% voting power threshold in an AFS-licensed body corporate, ASIC must be notified under s912DAB Corporations Act.
2. **From 16 June 2025, all AFSL applications, variations, suspensions, cancellations and change of details must be lodged through the new ASIC Regulatory Portal**, replacing the legacy eLicensing FS01/FS03 forms.
3. AR appointments: Acquirers operating an “authorised representative” cluster (Steadfast Network, Austbrokers, Resilium, Ausure) appoint the seller’s brokers as ARs under the buyer’s existing AFSL via ASIC Form FS30.
4. NIBA Code of Practice: Voluntary code; most platform buyers require NIBA membership continuation as a condition precedent.

Timeline + cost: 15%+ change of control notification is a notification, not approval; completion-day mechanics clean. Full AFSL variation runs 3-6 months at ASIC Regulatory Portal with statutory fee ~A$3,500-A$8,000. FIRB notification required where foreign acquirer >A$339M (2025 threshold), 30-40 business days. ACCC informal merger review where combined AU broker share >20%.

Recent transactions

• Ardonagh Group / PSC Insurance Group — A$2.3B (closed 11 October 2024).
• AUB Group / Tysers UK — A$880M / £600M (closed September 2022).
• **Amwins + Dragoneer / Steadfast Group — A$7.7B (announced late 2025, in due diligence as of June 2026)**.
• **EQT + CVC Asia Pacific / AUB Group — A$5.25B (announced October 2025, COLLAPSED December 2025)**.
• Arthur J. Gallagher / Tresidder Insurance Brokers (1 April 2025).
• Arthur J. Gallagher / MACK Insurance Services (5 August 2025).

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How CT Acquisitions runs Australia insurance broker sale mandates

CT Acquisitions is a US sell-side advisor with active cross-border M&A deal flow into Australia. Our practice connects Australia owners to: (a) the named Australia PE platforms documented above with active deal posture in your size band and sub-vertical; (b) cross-border US strategic acquirers running an international rollup thesis in your vertical; (c) UK / European PE platforms (Apax, Cinven, EQT, Bridgepoint, Hg, Inflexion, CVC, Permira, BC Partners, Hellman & Friedman, Carlyle, KKR, etc.) running cross-border platforms. The introductory conversation is confidential, NDA-protected, and walks through the band-specific buyer pool, the regulator-transfer timeline at Australian Taxation Office (ATO), and the tax-arbitrage structuring that determines your net-of-tax proceeds.

Frequently asked questions: selling Australia insurance broker businesses in 2026

What multiple should I expect for my Australia insurance broker business in 2026?

Multiples band, premium drivers, and discount drivers are set out in the named-buyer + multiples sections above. The headline answer: most owner-operator sub-A$2M EBITDA businesses trade 3-5x SDE; mid-market A$2-5M EBITDA businesses trade 4-7x EBITDA; platform-candidate A$5-15M EBITDA businesses trade 6-9x; add-ons to a PE platform or public strategic trade 7-11x; and A$50M+ EBITDA strategic transactions reach 9-14x depending on sub-vertical and recurring-revenue mix. The actual band for your business depends on the premium/discount drivers documented in the multiples section above.

Which PE platforms and strategic acquirers are actively acquiring Australia insurance broker businesses in 2026?

The named-buyers section above lists the 3-5 most-active acquirers in Australia for insurance broker as of mid-2026, with ownership, HQ, recent acquisitions, and approximate revenue band documented per buyer. The Australia buyer pool typically includes (a) Australia-domiciled PE platforms; (b) cross-border US or UK strategics running international rollup theses; (c) listed-company strategics on Australian Securities Exchange (ASX); and (d) the global PE platforms (Apax, Cinven, EQT, Bridgepoint, etc.) running cross-border platforms.

How does the Australian Taxation Office (ATO) regulator-transfer procedure affect my sale timeline?

The regulator-transfer procedure section above documents the specific consents, novations, or new-entity applications required for a Australia insurance broker sale. Typical timeline is 60-180 days for most industry licences; some specialised regulators (financial-services AFSL transfers, healthcare CQC/HIQA/HSE notifications, environmental EPA permits) can run 6-12 months. Pre-sale engagement with the regulator 12-18 months before LOI removes most timing risk and is the highest-ROI pre-sale workstream.

What tax-arbitrage structuring is available to Australia insurance broker sellers in 2026?

The tax-arbitrage structuring section above documents the Australia-specific levers available. For most owner-operators with 15+ year holds, the jurisdiction-specific tax relief framework can reduce effective CGT on a multi-million sale to a small fraction of headline gain. The specific arbitrage depends on: (a) ownership tenure (15+ year holds unlock the most powerful exemptions); (b) seller age (some reliefs are age-gated at 55+); (c) entity structure (share sale vs asset sale, individual vs corporate seller, holdco vs trading-company structure); (d) post-completion plans (rollover into replacement asset; super contribution; retirement). Pre-sale tax-structuring engagement with a Australia-domiciled adviser is the single highest-ROI pre-sale workstream after regulator-transfer planning.

What recent 2024-2026 dated comparable transactions in Australia insurance broker should I know about?

The recent-transactions section above lists the 1-3 most-relevant dated comparable transactions in Australia insurance broker from 2024-2026 with named buyer, named target, approximate consideration where disclosed, and source citations. These transactions anchor the multiples band that buyers will reference when underwriting your sale and are the single most-cited piece of evidence in any sell-side IM.

Does CT Acquisitions advise on cross-border M&A from Australia?

Yes — CT Acquisitions is a US sell-side advisor with active cross-border deal flow into Australia. The introductory conversation maps your trailing-12-month revenue and EBITDA in A$ AUD to the band-specific buyer pool, identifies the 18-24 month pre-sale workstream priorities specific to Australia insurance broker, walks through the named buyers actively acquiring in Australia at your size band, and pre-positions the tax-arbitrage outcome that determines your net-of-tax proceeds.