Inszone Insurance Services Acquires Chelf Insurance Group: Implications for M&A Trends
Independent insurance agency owners observing the slowing trend of M&A activities in the national market might find the recent transaction in Oklahoma noteworthy. Inszone Insurance Services has acquired Chelf Insurance Group, LLC, marking a swift transition from startup to exit in just two years. This move provides insight into current priorities for active acquirers during a period of market cooling. Details of the transaction remain undisclosed.
Recent data from OPTIS Partners, as reported by Insurance Business, indicates a significant decline in the North American insurance agency M&A market. The first half of 2026 recorded 292 acquisitions, a 15% drop from 342 during the same period in 2025. The total number of deals in 2025 was 695, reflecting a 12% decrease from 787 deals in 2024. Despite the downturn, private capital-backed and hybrid buyers accounted for approximately 70% to 72% of the transactions in the first half of 2026, according to AgencyEquity.com and MarshBerry. Smaller agency transactions have been valued at 7.5 to 9.0 times adjusted EBITDA based on CT Acquisitions' 2026 data.
The acquisition of a relatively young agency like Chelf suggests robust agency valuations remain, even as the buyer pool decreases. Co-owners Justin Crane and Nate Crow quickly established Chelf Insurance Group by acquiring a 50-year-old insurance book in 2025 and assembling a team with over 40 years of combined experience, including Deanna Whitley. Chelf Insurance offers a comprehensive range of products, encompassing employee benefits, property and casualty, home, auto, commercial, and workers' compensation coverage.
The decision to sell was driven by resource optimization rather than financial difficulties. As Crane and Crow described, "Justin brought this opportunity to us, and it immediately seemed like a good fit, allowing us to expand on the P&C side and utilize better marketing resources," referring to Justin Stephenson from Stephenson, Baggs & Guthrie, who introduced the opportunity. They further added, "Our initial contact with the Inszone team, including Ken Kaiser and Chris Walters, made us feel right at home," providing the comfort needed to proceed with the deal.
Chris Walters, CEO of Inszone Insurance Services, remarked, "Justin, Nate, and Deanna bring a fantastic blend of new agency energy and decades of established community trust. We are thrilled to welcome them aboard. By providing them with our national platform and advanced management systems, we know they will continue to provide incredible service to the Stillwater community for years to come."
The acquisition extends Inszone's strategy of building regional density in Oklahoma, a path it began in 2024 with the acquisitions of Checotah Insurance Agency and Wood Insurance Agency, among others. This approach highlights how an established platform can rapidly alter competitive dynamics within a state market.
Inszone Insurance Services, established in 2002 and based in Sacramento, California, operates in over 20 states and is ranked among the top 30 agencies by Insurance Journal's Top 100. For agency proprietors contemplating a sale, the key takeaway is that while valuations for solid books remain strong, the shrinking pool of acquirers could limit opportunities to divest at favorable multiples. Brokers facing competition from expanding platforms should note that competitors’ capabilities in technology and marketing can rapidly advance through acquisition, potentially altering the local competitive landscape.