Insurance Brokerage Buyers, Sellers and Transactions Review

BY THE NUMBERS:

The 2025 Insurance Brokerage M&A Market

In 2025, there were 854 insurance brokerage transactions in the U.S. This deal count represents a 0.8% increase from 2024, becoming the third most active year on record. Private capital-backed buyers were again the most active group involved in M&A transactions accounting for 70.8% of deals. Other groups such as independent firms, public brokers, carriers and banks rounded out the remaining 29.2%. P&C brokers as acquisition targets accounted for 65% of deals in 2025, with employee benefits (EB) & consulting brokers taking 18%, and multiline brokers with 17% of the market.

854 Insurance Brokerage Transactions graph

P&C Brokers as Acquisition Targets

EB & Consulting Brokers as Acquisition Targets

Multiline Brokers as Acquisition Targets

Who's buying?

Private capital-backed buyers continue to be most active acquirers

In 2025, private capital-backed buyers accounted for 605 of the 854 transactions (70.8%), continuing a multi-year trend of dominating the insurance distribution M&A market. Total number of deals by these buyers increased by a compound annual growth rate (CAGR) of 6.7% from 2019 to 2025. Private capital remains interested in insurance distribution because of the industry’s continuous, strong resiliency through all market conditions and their strong financial results.

Private capital-backed buyers included 63 unique insurance brokerages, plus 27 “other” types of capital-backed buyers, such as investment firms and private capital-backed companies in other industries. Compared to 2024, which saw 47 unique brokerages and 12 “other” capital-backed buyers, 2025 saw a significant increase in these buyers, but still a relatively small concentration compared to total number of transactions. While overall private capital-backed M&A activity remained relatively resilient during the higher interest rate environment of 2024, the number of active PEbacked buyers declined as tighter financing conditions led some platforms to pause new deal execution. Buyer participation broadened again in 2025 as capital markets began to ease. With additional interest rate cuts expected in 2026, lowering the cost of debt and expanding available investment capital, private capital-backed acquirers could further increase both participation and acquisition volume across the insurance distribution sector.

Most active buyers in 2025

The top two most active U.S. buyers in 2025 were once again Broadstreet Partners (65 deals) and Inszone Insurance Services (44 deals), for the third year in a row. ALKEME Holdings Corporation rounded out the top three with 42 deals. Their combined transactions (151) account for 17.7% of the 854 total transactions, while the top ten most active buyers completed 362 of the 854 transactions in 2025 (42.4% of the total).

Top Buyers 2025, Announced U.S. Transactions

Buyer	Buyer Type	Deal Count 2025	% of Total
1 BroadStreet Partners	Insurance Broker - Private Capital-Backed	65	7.6%
2 Inszone Insurance Services	Insurance Broker - Private Capital-Backed	44	5.2%
3 ALKEME Holdings Corporation	Insurance Broker - Private Capital-Backed	42	4.9%
4 Integrity Marketing Group	Insurance Broker - Private Capital-Backed	39	4.6%
5 World Insurance Associates	Insurance Broker - Private Capital-Backed	36	4.2%
6 Hub International	Insurance Broker - Private Capital-Backed	35	4.1%
7 Keystone Agency Partners	Insurance Broker - Private Capital-Backed	29	3.4%
8 Highstreet Insurance Partners	Insurance Broker - Private Capital-Backed	27	3.2%
9 King Risk Partners	Insurance Broker - Private Capital-Backed	26	3.0%
10 Leavitt Group Enterprises	Insurance Broker - Private Capital-Backed	19	2.2%
Subtotal Total Deals		362 854	42.4% 100.0%

Sources: S&P Global Market Intelligence, Insurance Journal, and other publicly available sources. Data as of 12/31/25.

While private capital-backed buyers continued to account for the largest share of acquisition activity in 2025, the market saw broader participation, with more firms entering or reentering the acquisition landscape during the year. Several notable trends include the following:

BroadStreet Partners led all buyers for the third consecutive year, accounting for 7.6% of U.S. dealmaking alone with 65 announced transactions in 2025, despite completing fewer deals than in 2024.
There were 19 private capital-backed buyers that completed more than 10 transactions in 2025, modestly below the 21 buyers that reached that threshold in both 2023 and 2024.
Among the 63 unique private capital-backed insurance brokerage buyers active in 2025, 30 increased their acquisition activity relative to 2024, while 24 reduced activity and nine maintained a consistent pace.
A total of 194 unique buyers announced completed transactions in 2025, representing a meaningful increase from 153 buyers in 2024 and 169 buyers in 2023. In addition, 77 firms completed two or more acquisitions during the year, up slightly from 73 buyers in 2024 and 68 in 2023.

Independent firms record a down year

Independent firms accounted for 127 (or 14.9%) of the total deal count in 2025, a decrease from their 19.2% market share in 2024. There were 69 different independent firms without known private capital backing that announced transactions in 2025, the exact same number as in 2024.

Independent Insurance Brokers Announced US Transactions

Out of the 69 independent buyers in 2025, ten of them accounted for 51 of the 127 deals (or 40.2%), while 14 of them (or 20.3%) also completed a transaction in 2024. This was down from 50.3% in 2024, driven in part by notable independent firms completing capital transactions, including Leavitt Group’s sale of a stake to Capital Z Partners and TWFG Insurance Services’ initial public offering.

Top Independent Buyers, Announced U.S. Transactions

Buyer	2024	2025
The Liberty Company Insurance Brokers	5	11
NavSav Insurance	4	7
United Insurance Agency	0	7
Duffy Insurance Agency	3	6
TrueNorth Companies	7	6
Afore Insurance Service	3	5
Davis & Towle Group	0	3
Smith-Feike-Minton	0	2
The McGowan Companies	0	2
Johnson & Johnson	1	2
Subtotal Total Deals	23 163	51 127

Sources: S&P Global Market Intelligence, company press releases, and MarshBerry proprietary database. Data as of 12/31/25.

Number of Independent Buyers That Completed a Transaction in Both 2024 & 2025

Number of Buyers That Completed a Transaction in Both 2024 & 2025

This speaks to the lack of reoccurring independent buyers and how an “acquisitive” business model greatly favors those who have taken on private capital. In addition, MarshBerry believes there have been many hundreds of additional buyers in this segment during the last ten years, along with many more transactions for this segment that have not been reported, as it is common for local transactions to not be announced.

Most active buyers in 2025

Public brokerages announced 52 deals during 2025, or roughly 6.1% of the total transaction count (vs. 6.7% in 2024). Here’s how each of the public brokers faired in 2025:

Arthur J. Gallagher & Co. was the most active public buyer, announcing 16 transactions, representing 30.8% of public brokerage deal activity in 2025.
Marsh completed nine acquisitions in 2025, a slight decrease from ten transactions in 2024.
Aon plc, including its subsidiary NFP, announced six U.S. acquisitions in 2025, down from nine in 2024.
TWFG Insurance, which completed its IPO in 2024, announced six U.S. acquisitions in 2025 after reporting no transactions in 2024, the year of its IPO.
Brown & Brown, Inc. completed six U.S. transactions in 2025, slightly below its seven acquisitions in 2024.
Ryan Specialty Holdings announced three U.S. acquisitions in 2025, compared to five transactions in 2024.
WTW completed three U.S. acquisitions in 2025 after announcing no transactions in 2024.
The Baldwin Group announced two U.S. acquisitions in 2025, including the acquisition of CAC Group (announced December 2, 2025; closed January 2, 2026), after completing no transactions in 2024.
Steadfast Group, a publicly traded Australian insurance brokerage, announced one U.S. acquisition in 2025 with its purchase of Novum Underwriting Partners, an Ohio-based managing general agency and wholesale brokerage.

Banks continue to pull back from M&A

In 2025, bank-owned agency buyer activity remained subdued for the third consecutive year, with the group completing ten announced transactions, consistent with 2024 and only modestly above 2023 levels. This muted level of activity continues a long-term decline in bank participation in insurance brokerage M&A. In 2006, bank acquisitions accounted for approximately 24.5% of total announced insurance brokerage transactions. That share declined to 4.7% by 2016 and fell further to just 1.2% of total deals in 2025. This trend is expected to persist, as banks continue to face structural disadvantages when competing with private capital-backed buyers, including lower acquisition leverage tolerance, more restrictive regulatory oversight, and ongoing balance sheet constraints following the regional bank disruptions in early 2023. As banks continue to divest their insurance operations, it will eventually reduce the number of firms who are in the market for acquisitions. While the Federal Reserve began cutting interest rates in 2024 for the first time in over four years, with additional cuts anticipated, these changes are unlikely to materially alter bank acquisition behavior. Elevated insurance brokerage valuations, heightened capital requirements, and strategic reassessments of noncore business lines continue to weigh on banks’ appetite for insurance M&A, suggesting that rate relief alone will not meaningfully reaccelerate bank owned buyer activity.

Banks And Thrifts Announced US Transactions

U.S. Buyers Continue International Expansion, Despite Moderating Activity

While U.S.-based insurance brokers remain focused on international expansion, overseas acquisition activity moderated in 2025 for the second consecutive year. U.S. buyers completed 32 European transactions in 2025, down from 55 in 2024, and 66 in 2023, marking a continued pullback from peak international deal volume. Despite the recent decline, European activity remains above 2021 levels, when U.S. buyers completed 23 transactions, suggesting that international M&A remains a strategic priority, albeit at a more measured pace. International acquisition activity in 2025 was led by a small group of large, well-capitalized platforms. Arthur J. Gallagher & Co. led all U.S. buyers with 15 transactions outside of North America, followed by Brown & Brown and Acrisure with six transactions each. Marsh completed three acquisitions, while Aon announced two transactions during the year. While Europe continued to account for the majority of overseas activity, U.S. buyers also completed a limited number of transactions in Asia, Australia, Latin America, South America, and the Middle East. Overall, the data suggests that U.S. brokers are becoming more selective internationally, prioritizing strategic capabilities and scale opportunities over broad geographic expansion.

Top Buyers of International Brokers in 2025

Buyer	2025 Deals
Arthur J. Gallagher & Co.	15
Brown & Brown, Inc.	6
Acrisure	6
Marsh & McLennan Companies	3
Aon, plc	2

Sources: MarshBerry proprietary database and Companies House. Data as of 12/31/25.

What's Being Bought?

P&C brokers continued to dominate acquisition activity, accounting for the majority of transactions in 2025 with 558 announced deals, or 65% of total activity, up from 497 P&C transactions in 2024.

The 558 transactions recorded in 2025 marked the second most active year for P&C broker acquisitions on record in terms of deal count, and the most active year on record in terms of market share since 2012.

Employee benefits and consulting brokers accounted for 18% of total transactions in 2025, down from 20% in 2024, while multiline brokers represented 17% of the market, declining from 21% in the prior year.

Line of Business (Percentage of Announced U.S. Transactions)

Specialty transactions totaled 149 deals in 2025, representing 17.4% of total market activity. This marked a 24.2% increase from the 120 specialty transactions recorded in 2024, although activity remained below the elevated levels observed during the 2021 through 2023 period. Integrity Marketing Group was once again the most active buyer of specialty firms, announcing 38 specialty transactions in 2025, up from 29 in 2024. This marked Integrity’s sixth consecutive year as the leading acquirer in the specialty segment.

Retail vs Specialty Distributors (Percentage of Announced U.S. Transactions)

Notable Transactions Involving Larger Strategic Brokers As Buyers

1/1/25: Alera Group acquired Kaplansky Insurance Agency, adding one of the largest privately held insurance agencies in the Northeast to its national platform. Founded in 1974, Kaplansky has built significant regional scale through decades of organic growth and more than 50 acquisitions, serving over 50,000 clients across 18 locations in Massachusetts and Rhode Island. The transaction expands Alera Group’s P&C presence in the region by bringing on more than 100 agents, while allowing Kaplansky’s team to continue operating in their existing client-facing roles. The acquisition aligns with Alera Group’s ongoing strategy of partnering with established regional firms to deepen geographic density and accelerate growth within its diversified financial services platform. MarshBerry served as advisor to Kaplansky Insurance in this transaction.
2/3/25: Ryan Specialty acquired Velocity Risk Underwriters, a Nashville-based managing general underwriter (MGU) specializing in catastrophe-exposed property risks. Velocity, founded in 2015, provides coverage for perils such as hurricanes, earthquakes, tornadoes, and hail, focusing on small to mid-sized commercial businesses. The $525 million transaction strengthens Ryan Specialty’s underwriting capabilities in property catastrophe coverage, particularly in high-risk areas such as Florida, Texas, and the Southeast. The deal also enhances Ryan Specialty Underwriting Managers' delegated authority platform while integrating Velocity’s technology, portfolio management, and data analytics expertise. As part of the transactions, Velocity’s wholly owned E&S carrier, Velocity Specialty Insurance, was acquired separately by FM, a leading commercial property mutual insurer.
4/10/25: Arthur J. Gallagher completed its $1.2 billion acquisition of Woodruff Sawyer, adding a well-established middle and large-market brokerage to its U.S. retail property and casualty platform. Founded in 1918, Woodruff Sawyer provides commercial P&C, employee benefits, and risk management services, with particular strength in management liability and niche advisory solutions and operates across 14 U.S. offices and one U.K. location with more than 600 employees. The business generated approximately $268 million of pro forma revenue and $88 million of adjusted earnings in 2024, reflecting valuation multiples consistent with recent large brokerage transactions. The acquisition expands Gallagher’s footprint on the U.S. West Coast and deepens its capabilities in targeted industry segments, aligning with the firm’s broader strategy of scaling through selective, high-impact acquisitions.

6/10/25: Brown & Brown, Inc. (BRO) acquired Accession Risk Management Group, Inc., the parent company of Risk Strategies and One80 Intermediaries and the ninth largest privately held brokerage in the U.S., for $9.8 billion. The purchase price reflects a ~12x EBITDA multiple, including expected synergies, but the headline number without synergies is ~16.4x EBITDA. Accession reported $1.7B in pro forma revenue with an estimated ~$600M in pro forma adjusted EBITDA. Approximately 30% of Accession’s business came from its specialty intermediary arm, One80 Intermediaries, which integrated with BRO’s existing specialty arm Bridge Specialty / Arrowhead.
9/2/25: Marsh acquired Robins Insurance, an independent agency based in Nashville, Tennessee. Founded in 1976, Robins provides business and personal insurance services with specialized expertise in sectors including real estate, construction, hospitality, community associations, and manufacturing. All Robins employees, including CEO Van Robins, will remain in their current roles and continue operating from the firm’s Nashville office. The acquisition strengthens Marsh’s presence in the rapidly growing Nashville market and aligns with its strategy to expand in key regional hubs across the U.S. MarshBerry served as advisor to Robins Insurance in this transaction.
10/28/25: Ryan Specialty acquired Stewart Specialty Risk Underwriting Ltd. (SSRU), a Toronto-based managing general underwriter (MGU) specializing in large-account, high-hazard property and casualty risks. Founded in 2016 by Stephen Stewart, SSRU established itself as a top Canadian MGU with expertise in sectors such as manufacturing, utilities, real estate, construction, and oil and gas. SSRU joined Ryan Specialty Underwriting Managers (RSUM), expanding the company’s presence in the Canadian market and significantly increasing its total addressable market. MarshBerry served as the advisor to SSRU in this transaction.

12/1/25: Marsh acquired Honolulu-based insurance brokerages Atlas Insurance Agency, Pyramid Insurance Centre, and IC International from Tradewind Group. The acquisition significantly strengthens Marsh’s presence in Hawaii, expanding its capabilities in commercial, personal, and employee benefits insurance, with industry specializations in municipalities, transportation, and hospitality. All employees from the three brokerages joined Marsh and will continue to operate from their current office locations. MarshBerry served as an advisor to Tradewind Group on this transaction.
12/2/25: The Baldwin Group acquired CAC Group, a nationally recognized specialty and middle-market insurance brokerage firm ranked 35th in Business Insurance’s 2025 rankings. The deal will create one of the largest independent insurance advisory and distribution platforms in the United States. MarshBerry served as an advisor to The Baldwin Group on this transaction.
12/17/25: NFP, an Aon company, acquired Hamilton Insurance Agency, a Fairfax, Virginia-based broker specializing in senior housing and long-term care. Founded nearly 50 years ago, Hamilton also brings benefits administration and risk management capabilities, including proprietary platforms BeneLink Connect and Electronic Risk Management Assistant. MarshBerry served as an advisor to Hamilton Insurance Agency on this transaction.

Notable Transactions Involving PE Funds Investing In Platform Brokers

1/2/25: Alliant Insurance Services completed a minority equity recapitalization led by Stone Point, with additional participation from GIC, valuing the brokerage at approximately $25 billion and reinforcing Stone Point’s position as the lead institutional investor. The transaction provided liquidity to a subset of existing shareholders and was structured to extend Alliant’s growth runway without initiating a broader capital raise process. The recap followed a significant balance sheet refinancing that included new debt, expanded credit facilities, and additional preferred equity, further strengthening the firm’s financial flexibility. With revenue approaching $5 billion and organic growth running near 20%, the investment reflects continued investor conviction in scaled insurance brokerage platforms despite a more constrained financing environment for leveraged acquirers.
5/12/25: HUB International secured a $1.6 billion minority equity investment led by T. Rowe Price, Alpha Wave Global, and Temasek, valuing the firm at $29 billion. The investment follows a series of valuation increases since Hellman & Friedman’s initial investment in 2013. The capital will support HUB’s growth strategy, including M&A, technology investment, and debt reduction. Existing shareholders had the option for liquidity through HUB’s Liquid Private Placement, though most proceeds will go toward growth initiatives. H&F remains the controlling shareholder, with Altas Partners and Leonard Green continuing as minority investors.
5/20/25: Acrisure announced a $2.1 billion capital raise through the issuance of new convertible senior preferred stock, led by Bain Capital. Other participants include Fidelity, Apollo Funds, Gallatin Point Capital, BDT & MSD Partners, and additional investors. No existing investors exited, and BDT & MSD remains Acrisure’s largest minority shareholder. Proceeds from the raise will be used to refinance existing non-convertible preferred stock, pursue strategic M&A, and accelerate Acrisure’s evolution as a tech-enabled financial services platform. The investment supports the firm’s growth into areas such as cybersecurity, real estate services, payroll, and wealth solutions. The raise values Acrisure at $32 billion, up nearly 40% since its last institutional funding round.

7/16/25: Keystone Agency Partners announced that Warburg Pincus acquired a majority stake in the firm, with Bain Capital retaining a minority interest through a new investment from Bain Capital Insurance. Launched in 1983, Keystone has grown into one of the largest insurance brokerage and agency networks in the U.S., with 28 Platform Partners, over 350 network agencies, and more than $8 billion in premium volume. This new investment will support Keystone’s continued expansion, innovation, and delivery of value-added services to its agency partners. The firm’s hybrid model provides resources, risk management solutions, and growth strategies to help independent agencies succeed. Bain and Keystone leadership emphasized the strength of the firm’s management team and its differentiated agency platform.
7/18/25: BroadStreet Partners completed a strategic investment that brings in a new investor group led by Ethos Capital alongside British Columbia Investment Management Corporation and White Mountains Insurance Group, while Ontario Teachers’ Pension Plan remains a significant cocontrol owner. The transaction supports BroadStreet’s continued expansion as a middle-market insurance brokerage focused on commercial and personal lines property and casualty as well as employee benefits. BroadStreet’s platform centers on partnering with independent agencies through its Core Agency Partner model, providing capital, acquisition support, and shared resources to drive both inorganic and organic growth. The new ownership structure reinforces the company’s long-term strategy, including continued investment in technology, digital capabilities, and operational infrastructure to support partner agencies and scale the platform nationally.

9/19/25: OneDigital secured a majority investment from Stone Point Capital and Canada Pension Plan Investment Board, valuing the integrated insurance, financial services, and workforce consulting platform at more than $7 billion. The investment involves the purchase of ownership from existing shareholders, while Onex Partners retains a meaningful minority stake following its initial investment in 2020. Founded 25 years ago, OneDigital has built a diversified national platform spanning employee benefits and HR, retirement and wealth management, property and casualty, PEO services, and Medicare Advantage. The new capital positions the company to continue scaling through a mix of organic growth and acquisitions, with an emphasis on expanding capabilities, investing in technology, and strengthening its multi-vertical offering under founder-led leadership.
10/6/25: Insurance Office of America completed a strategic recapitalization that brings new investments from Madison Dearborn Partners and Navacord, alongside a meaningful equity investment from the company’s producers and employees. Navacord is a Canada-based, multi-line insurance brokerage and financial services platform that partners with leading independent firms to drive growth through shared resources, capital support, and strategic acquisitions. The transaction supports IOA’s continued evolution as a large, independent U.S. insurance brokerage, with a dual focus on organic growth and selective acquisitions. Founded in 1988, IOA has scaled into one of the largest privately held brokerages in the country, recognized for its entrepreneurial culture and employee ownership orientation.