Dowling Hales

What Dowling Hales does

Dowling Hales is a privately held boutique investment bank founded in 1972 that operates exclusively within the insurance sector, making it the longest-tenured specialist advisor in that vertical in the United States. The firm provides four core service lines: (1) M&A advisory, including buyer identification, transaction positioning, competitive process management, and fairness opinions; (2) Capital Markets, acting as co-manager in initial and secondary offerings of insurance-related securities (200+ since 1995); (3) Research, distributed through the proprietary Hales Report and Dowling Portal; and (4) Valuation Services covering ESOPs, perpetuation, gift/estate tax planning, shareholder disputes, and purchase price allocations. Capital markets execution is conducted through the affiliated FINRA/SIPC-registered broker-dealer Dowling & Partners Securities, LLC.

The firm operates across five U.S. offices — New York (headquarters), Evanston/Chicago, Vero Beach, Boston, and Farmington CT — with a 17-person team comprising a CEO, three Managing Directors, a Director of Business Valuation, two additional Directors, a Vice President, three Associates, five Analysts, and a Senior Advisor. The customer base spans four primary segments: retail insurance agencies and brokers, MGUs and program managers, insurance carriers, and private equity/financial sponsors active in insurance distribution. Representative clients named on the firm website include MGM, AGIA, Stealth, Insubuy, Selmanco, and Fred.

Dowling Hales generates revenue primarily through transaction-based fees (M&A retainers and success fees, capital markets co-management fees) supplemented by professional service fees for valuation engagements. The firm reports more than 250 completed transactions since 2010, 75+ of which involved different repeat partners, representing over $10 billion in aggregate advised transaction value during the last decade. Recent 2026 closings include McKee Risk Management (sold to Risk Placement Services, Inc.) and retail agency transactions in Kentucky (Hilb Group) and Louisiana. The firm's go-to-market is sales-led and relationship-driven, leveraging its sector specialization, proprietary research publications, and senior-level direct engagement with insurance intermediaries, carriers, and investors.

Name

Dowling Hales

Legal name

Dowling Hales, LLC

Website

https://dowlinghales.com

Company type

Private

Founded year

1972

Operating status

Operating

Headcount range

11–50 employees

Short description

Dowling Hales is a private boutique investment bank founded in 1972 that serves exclusively the U.S. insurance sector, providing M&A advisory, capital markets, valuation, and proprietary research services to carriers, MGUs, retail agencies, and financial sponsors through five U.S. offices.

Ownership category

akta.pro rank

Product category

Insurance Investment Banking

NAICS

Investment Banking and Securities Intermediation (52315), Portfolio Management and Investment Advice (523940)

SIC

Investment Advice (6282), Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Capital Raising Advisory (Equity & Equity-Linked) (FSAEAGAC)

Keywords

• Insurance M&A advisory
• Capital markets services
• Business valuation services
• Insurance investment banking
• Equity research

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices5 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. M&A Advisory Fees: Advisory fees for mergers and acquisitions transactions including identifying potential buyers, positioning businesses, managing competitive processes, negotiating terms, and rendering fairness opinions.
2. Capital Markets Services: Co-management fees from over 200 initial and secondary offerings since 1995. Arranging placement of corporate debt and equity including private equity and venture capital.
3. Valuation Services: Full valuation services for private businesses including mergers & acquisitions, gift/estate tax planning, buy-sell agreements, shareholder disputes, transaction fairness opinions, ESOPs, and purchase price allocations.

Pricing tiers

Go-to-market motion2 records

Distribution channels2 records

Marketing channels5 records

Core offering

Dowling Hales is a boutique investment bank dedicated exclusively to the insurance sector, providing M&A advisory, capital markets, valuation, capital raising, and equity research services. Founded in 1972, the firm has advised on 250+ transactions representing over $10 billion in aggregate value since 2010 and acted as co-manager on 200+ Initial and Secondary offerings since 1995. Securities-related transactions are executed through its affiliated broker-dealer Dowling & Partners Securities, LLC.

Product overview

Dowling Hales operates as an investment banking firm dedicated exclusively to the insurance sector, offering a unified suite of advisory services rather than a modular software platform. The core offerings include M&A Advisory (identifying buyers, positioning businesses, managing competitive processes, negotiating terms), Capital Markets (acting as co-manager in 200+ Initial and Secondary offerings since 1995), Research (in-depth insurance industry analysis through Dowling & Partners), Valuation Services (full valuation for perpetuation, tax planning, shareholder disputes, ESOPs, purchase price allocations), and Capital Raising (arranging corporate debt and equity placements). All securities-related transactions are conducted through affiliated entity Dowling & Partners Securities, LLC. The Hales Report provides an annual ranking of the top 100 U.S. Insurance Agents & Brokers.

Differentiator

Problem solved

Functional benefit

Products and services

• M&A Advisory Investment banking advisory services for insurance sector M&A, including identifying potential buyers, positioning businesses for optimal valuations, managing competitive processes, negotiating financial terms, and rendering fairness opinions.
• Capital Markets Equity and debt capital markets execution services for insurance-related issuers; since 1995, Dowling Hales has acted as co-manager in over 200 Initial and Secondary offerings through its affiliated broker-dealer Dowling & Partners Securities, LLC.
• Research Insurance industry research and equity analysis delivered through the Dowling & Partners research team, providing timely, actionable, and insightful information to guide client investment decisions.
• Valuation Services Full valuation services for private insurance businesses covering mergers and acquisitions, gift/estate tax planning, buy-sell agreements, shareholder disputes, ESOPs, and purchase price allocations, with benchmarking advice for long-term agency valuation.
• Capital Raising Assistance arranging placement of corporate debt and equity for insurance clients, including private equity and venture capital; covers financing requirements analysis, optimal capital structure determination, business plan preparation, capital source identification, and due diligence management.

Quantifiable outcome

• 250+ transactions completed since 2010
• +2 more outcomes

Named customers10 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

One partnership is on record.

• Dowling & Partners Securities, LLCcoreTechnology or IntegrationAffiliated broker-dealer entity that conducts all securities-related transactions. Dowling & Partners Securities, LLC is a separate legal entity providing capital markets services including co-management of equity and debt offerings. Located at 190 Farmington Ave, Farmington, CT.

Scale indicators6 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• MarshBerry: MarshBerry is a leading advisory firm focused exclusively on insurance distribution, providing M&A, consulting, and valuation services to insurance agencies and brokerages. It is the closest direct competitor to Dowling Hales, serving overlapping client segments with similar transaction-fee advisory services.
• Optis Partners: Optis Partners is an investment banking firm focused on the insurance industry, providing M&A advisory, capital raising, and consulting services to insurance agencies, brokerages, and carriers. It competes head-to-head with Dowling Hales on insurance distribution transactions and agency perpetuation mandates.
• Reagan Consulting: Reagan Consulting is an insurance distribution-focused consulting and M&A advisory firm serving independent insurance agencies. It is directly comparable to Dowling Hales on insurance agency valuations, perpetuation planning, and M&A advisory mandates.
• Trinity Hunt Partners: Trinity Hunt Partners is a private equity firm and advisory platform focused on insurance distribution and related services. While primarily a sponsor, it transacts in the same insurance M&A ecosystem as Dowling Hales and often sits across the table from them on agency acquisitions.

Broad incumbents

• Keefe, Bruyette & Woods (KBW): KBW is a Stifel-owned investment bank with a long-established specialty in insurance and financial services M&A, equity research, and capital markets. It competes with Dowling Hales on larger insurance M&A mandates and equity offerings while operating as part of a much broader platform.
• Piper Sandler: Piper Sandler is a diversified investment bank with a dedicated insurance practice covering agencies, carriers, and insurance services. It is comparable to Dowling Hales as a competitor on insurance M&A and capital raising mandates, while also serving many adjacent sectors.
• JMP Group (JMP Securities): JMP Securities is a middle-market investment bank with a meaningful insurance practice spanning equity research, capital markets, and M&A. It is comparable to Dowling Hales on insurance equity offerings and agency M&A, but operates across multiple sectors and under the Citizens Financial Group umbrella.
• Goldman Sachs (Insurance Group): Goldman Sachs operates a global insurance investment banking practice that competes with Dowling Hales on the largest insurance M&A and capital markets transactions. While not a direct boutique competitor, it sets pricing benchmarks and frequently co-manages offerings where Dowling Hales' broker-dealer participates.

Others

• EPIC Insurance Brokers & Consultants: EPIC is a large insurance brokerage that has been an active acquirer in insurance distribution. It is comparable to Dowling Hales as a recurring strategic buyer on insurance agency M&A mandates the firm advises on, rather than as a competing advisor.
• Risk Placement Services (RPS): RPS is a specialty insurance wholesale/distribution platform that appears in Dowling Hales' transaction track record as a strategic acquirer (e.g., McKee Risk Management). It is relevant as a repeat counterparty on M&A mandates the firm advises, not as a competing advisor.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/dowling-hales

Revenue estimate

Valuation estimate

Number of profiles

Profiles17 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Dowling Hales