The Challenges of Insured Tech Acquisitions

The insured tech sector has put a lot of funds into companies that we call MGA's. These are managing general agents. They're essentially capital light way to only underwriting pen. But if you look at the top 50 funded insured tech companies, I would say the great majority of them are M GA's. We have not seen any non distressed MGA acquisitions, any. So there's been significant overvaluation of the MGA.