Middle-market deal volume rose sharply in the third quarter of 2015 to 107 transactions from 86 during the second quarter. Median LTM valuation multiples declined sharply to 7.6x, trailing EBITDA. Although expressed demand remains solid, an increase in the supply of businesses exploring a sale, combined with poor equity market performance and increased volatility, contributed to a reduction of transaction valuations. Consolidation among insurance will continue to propel transaction activity across the sector.
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