1、Q1 2025Insurance Distribution010203Introduction andHoulihan Lokey CredentialsInsuranceBrokersWholesale Distribution and Managing General Agencies(MGAs)Executive Summary Featured Transactions Rate Environment Growth and M&A Activity Public Valuations and Market Data Private Equity-Backed Broker Lands

2、cape Excess and Surplus Lines(E&S)Market Update Wholesale Brokerage Market Update Market Dynamics M&A Activity Private Equity-Backed MGA Landscape MGA Business Model and Market Dynamics Private Equity Investment ConsiderationsTable of ContentsIntroduction andHoulihan Lokey CredentialsLeading Capital

3、 Solutions AdvisorNo.1Global Restructuring AdvisorNo.1Global M&A Fairness Opinion Advisor Over the Past 25 Years2,000+Annual Valuation EngagementsNo.1Global M&A AdvisorAbout Our Firm4Learn more about how our advisors can serve your needs:Corporate FinanceFinancial andValuation AdvisoryFinancial Rest

4、ructuringOur Industry CoverageCORPORATE FINANCEFINANCIAL RESTRUCTURINGFINANCIAL AND VALUATION ADVISORY2024 M&A Advisory RankingsAll Global TransactionsDealsAdvisor415Houlihan Lokey1406Rothschild&Co2371Goldman Sachs&Co3342JP Morgan4309Morgan Stanley5Source:LSEG(formerly Refinitiv).Excludes accounting

5、 firms and brokers.2024 Global Distressed Debt&Bankruptcy Restructuring RankingsDealsAdvisor88Houlihan Lokey159PJT Partners Inc248Rothschild&Co344Lazard440Perella Weinberg Partners LP5Source:LSEG(formerly Refinitiv).2000-2024 Global M&A Fairness Advisory RankingsDealsAdvisor1,243Houlihan Lokey11,045

6、Duff&Phelps,A Kroll Business21,020JP Morgan3792UBS4698Morgan Stanley5Source:LSEG(formerly Refinitiv).Announced or completed transactions.Houlihan Lokey,Inc.(NYSE:HLI)is a leading global investment bank with expertise in mergers and acquisitions,capital solutions,financial restructuring,and financial