Valuation of Insurance Brokers
Hello,
I am looking for research material for insurance brokerages(Aon, Browns, Gallgher, etc)
I am insurance advisor & account manager myself and considering recent slump in industry valuation I want to find long thesis for individual plays in the sector, but I am lacking valuation books/paper specifically for Insurance Brokerages/wealth managers(even my mom & pop shop has WM department)
r/SecurityAnalysis index has couple materials about carriers but for some reason(I believe I know why) brokerages being ignored completely
On the outside(and inside) brokers are similar to any other "subscription" based business, where you have retention ratio + cost per acquisition=cogs and for revenue we have Value at Risk inflation from carriers + approx customer growth in new market(if entered)
Oiled up with m&a or basic book acquisition.
I can definitely start working with that, but I will appreciate if anyone can reference some good material for industry valuation
Thank you, Finn