It takes a lot of capital for an insurance agency to grow, acquire, merge or partner with another agency, and increasingly, private equity firms are stepping up to the plate to supply that funding. Although the number of reported mergers and acquisitions in the insurance distribution system in the U.S. and Canada fell slightly last year — from 456 in 2015 to 449 in 2016 — both years represent an increase from 2014 when 359 agency/brokerage M&As were reported, according to Chicago-based Optis Partners, which specializes in investment banking and financial services.