M&A Manager

M&A Manager – Insera About Insera Insera is a leading Italian insurance distribution group specialised in aggregating and digitising insurance intermediaries. Its mission is to build a modern distribution platform that gives insurance intermediaries the scale, technology and continuity to serve their clients for the next generation. Insera is backed by Strada Partners, a pan-European private equity firm focused on buy-and-build platforms. Insera partners with intermediary owners to accelerate growth while preserving the identity and legacy of their businesses: entrepreneurs stay on to run their business, while Insera brings capital, a shared tech and data platform and central finance, HR, marketing and M&A. Role Description The M&A Manager will own the end-to-end deal process, from sourcing and first conversations with intermediary owners through valuation, negotiation and due diligence to closing and integration handover. Day-to-day responsibilities include mapping the target universe, building financial models and valuations, meeting sellers and advisors, structuring offers and preparing investment memos for the Insera board and Strada Partners' investment committee. The manager reports to Insera's CFO and works closely with Insera's founder and Strada Partners' investment team. Within the first 12 months, the manager is expected to run add-on transactions independently, and within 18–24 months to co-lead hub acquisitions. Why join us This is a unique opportunity to gain direct exposure to the full M&A lifecycle in a sector that’s highly fragmented, with thousands of owner-managed intermediaries facing generational transition. You will be one of the first hires at holding level, joining a lean team where everyone holds meaningful responsibility for Insera's success, so the ability to work autonomously, execute with determination and act quickly is essential. You will help build Insera's M&A function, tools and playbook from the ground up. Above all, we value ownership, dedication and hunger for success as much as years of experience.

Key responsibilities
Sourcing and origination
• Map and segment the target universe using RUI/IVASS data, by region, carrier mandate, size and business mix
• Run proactive outreach to entrepreneurs; convert cold contacts into warm discussions and NBOs
• Build relationships with M&A advisors, carrier network managers, agent groups and trade associations, and represent Insera at industry events
• Keep the pipeline in the CRM up to date and report on pipeline KPIs to the CEO and board Evaluation and valuation
• Screen targets quickly on commissions, motor vs non-motor mix, retention, sub-agent network and dependence on carrier incentives (rappel)
• Normalise EBITDA (owner remuneration, sub-agent commissions, non-recurring items) and analyse NFP and working capital
• Value targets on multiples of commissions and normalised EBITDA; build returns and accretion analysis at group level
• Write concise investment memos for the Insera board and Strada Partners' investment committee Structuring and negotiation
• Draft NBOs and LOIs; propose structures such as locked box, earn-outs or price adjustments on verified EBITDA, and founder reinvestment into Insera
• Negotiate price, key-person continuity, non-compete and governance terms with owners and their advisors
• Support acquisition financing discussions with banks Due diligence and execution
• Run the process end-to-end: data room, DD request lists, Q&A, timelines
• Coordinate and challenge financial, legal, tax, IT and regulatory advisors
• Manage carrier approvals for change of control and the related regulatory steps
• Work with counsel on SPA and shareholder agreements through to closing Post-deal and platform building
• Hand over each deal with a clear integration plan and track performance against the business case, including post-acquisition reviews
• Build Insera's M&A playbook: templates, checklists, valuation tools and the pipeline dashboard
• Contribute to Insera's M&A strategy and acquisition criteria What we are looking for Must-haves
• 2–5 years of experience in M&A advisory, investment banking, transaction services, private equity or corporate development
• FIG

experience:
insurance, insurance distribution or financial intermediaries. Direct deal experience with agencies, brokers or MGAs is a strong plus
• Proven end-to-end execution: you have taken at least one deal from first contact or NBO to signing, with real ownership of the workstreams, ideally in the small or mid-cap space, and you are comfortable running several processes in parallel
• Rigorous modelling: EBITDA normalisation, valuation and LBO or returns models, built independently and zero-defect
• Commercial and human judgement: you earn the trust of a founder in a provincial town as easily as you hold your own with lawyers and bankers
• Concise, decision-oriented writing: a one-page memo, not a 30-slide deck
• Native Italian and fluent English
• Based in Milan, with frequent travel across Italy Nice-to-haves
• Working knowledge of agency economics: commissions, carrier incentives, sub-agent networks, multi-mandate dynamics, end-of-mandate indemnities
• Familiarity with IVASS regulation and the RUI register
• Experience running sourcing or outreach campaigns and using a CRM
• Experience coaching interns or junior team members How you operate
• You treat every deal as your own and keep momentum without being chased
• You figure things out: no template or process is a reason to wait
• You calibrate effort to what is at stake and apply an 80/20 approach
• You enjoy building something new in an environment that is not yet tidy
• You act with integrity: owners trust you with a business they often built over decades What's in it for you
• Deal flow and ownership. Multiple live processes at any time, with you leading work streams from day one and full deals soon after
• Proximity to decision-makers. Daily work with the founder and CFO, regular exposure to Insera's board and Strada Partners
• A platform to build. Shape the M&A function of a group in a sector that is consolidating now
• Learning. Sharpen valuation, structuring and negotiation skills in a hands-on buy-and-build
• Rewards. Competitive fixed salary, performance bonus
• Growth path. A clear route towards Head of M&A as the group scales Practicalities
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Location:
Milan, with frequent travel across Italy
• Contract: full-time, permanent
• Start: as soon as possible
• Process: screening call, technical interview with a case study, meeting with CEO, references
• Apply: send your CV and a few lines on a deal you owned to federico@insera.co