2024 BPS Study_Final (8.16.24)

Executive Summary

Average Revenues

Regional Distribution

Weighted Average Shareholder Age (WASA) 52.4

$7,343,435

◼ Northeast ◼ Midwest

17.6% 17.6% 11.8% 35.3% 17.6%

◼ West

◼ Southeast ◼ Southwest

Corporate Structure

Profile

Average Number of Shareholders 3.5 Average Number of Agency Locations 2.6

C Corp 15.7%

LLC 27.5%

Partner ship 2.0%

S Corp 54.9%

Revenue Distribution (as a % of Gross Revenue)

Organic Growth in Net Commissions & Fees (excluding contingents, bonuses & overrides)

18.5%

18.0%

Contingent/ Bonus/ Overrides 7.5%

Other 1.9%

16.1%

14.1%

12.4%

11.3%

Group L/H/F 9.9%

9.4%

9.0%

Commercial P&C 56.3%

Personal P&C 24.4%

Total Agency

Commercial P&C

Personal P&C

Group L/H/F

Median

Top Quartile

Note : Commercial P&C includes Bonds/Surety. Group L/H/F includes Group Medical, All Other Group, and Individual L/H/F .

Revenue and Growth

Account Stratification

Notes

• Agencies with $5-10M in revenue posted the second highest median Commercial P&C (12.4%) and Group L/H/F (9.4%) organic growth rates. • This revenue category generated the highest percentage of revenue from Bonds/Surety business (3.7%) of all revenue categories.

Commercial P&C

Group L/H/F

◼ < $5K

◼ Under 50 lives

36.2%

58.2%

◼ $5K to $10K

◼ From 50-100 lives 16.6%

11.4%

◼ $10K to $25K

◼ Over 100 lives

16.5%

25.2%

◼ $25K to $50K

13.3%

◼ > $50K

22.7%

$5-10M

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