Property & Casualty
Also known as: P&C · P/C
Property and casualty (P&C) insurance covers physical property and legal liability, distinct from life and health insurance — most independent insurance agencies focus exclusively on P&C.
What is property & casualty?
P&C is the broad category covering personal lines (auto, home, umbrella) and commercial lines (BOP, GL, WC, commercial auto, specialty). It is distinct from life insurance (which covers human life) and health insurance (which covers medical costs and disability).
Most independent insurance agencies are P&C-focused. The P&C distribution market is fragmented — tens of thousands of agencies — and consolidating rapidly as institutional buyers acquire smaller agencies into roll-up platforms.
P&C valuations differ significantly from life/health agency valuations. A P&C book has recurring premium and renewal-driven economics; a life/annuity book has one-time commission spikes and trail commissions. The two are often valued separately even when they coexist in one agency.
Why it matters in agency valuation
MyAgencyValue and most agency M&A activity centers on P&C. If your agency is mixed P&C/life/health, expect the buyer to value the P&C book and life/health book separately and to apply different multiples to each.
Example
Related terms
Personal lines (PL) refers to insurance products sold to individuals and households — primarily auto, homeowners, dwelling fire, umbrella, and renters insurance.
Commercial lines (CL) refers to insurance products sold to businesses — property, general liability, business owner's policies (BOP), commercial auto, workers' compensation, and specialty coverages.
Last reviewed: April 24, 2026
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