Program administrators are continuing to attract strategic buyers eyeing the financial benefits of adding niche businesses and focused coverage specialists to their operations in a soft cycle–but the profile of the typical buyer is changing, according to deal advisers, as interest from private equity firms fades in light of deteriorating financial market conditions.

“We are seeing a lot of M&A [merger and acquisition] activity on the program side,” said Robert Lieblein, a managing partner in the Harrisburg, Pa., office of investment banker Hales & Company.

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