State of the Global Broker
The Local Realities Global Expansion
As insurance brokers seek to expand market share and increase organic growth, some are looking abroad for opportunities. But interesting questions arise around whether – and how – to do this.
Global brokers are firms that have a footprint on at least two continents, generally with a considerable presence in both the U.S. and Europe. Currently, there are a relatively small number of truly global brokers, but this figure will likely increase as international acquirers continue to seek scale. But given that the U.S. insurance market remains the largest, most profitable, most competitive, and most acquisition dense market in the world – does scale alone justify crossing an ocean and entering into unfamiliar markets?
While a new market can seem attractive for a business looking to grow, global expansion often comes with distinct structural, regulatory and cultural challenges that many aren’t prepared for.
Global Brokers: the current state
Today’s small group of global brokers includes both public (Brown & Brown, Gallagher, Aon, Marsh, and WTW) and non-public firms (Howden, Lockton and Acrisure). While most of the large brokers established global operations more than a decade ago, both Acrisure and Brown & Brown are more recent entrants into Europe. Acrisure entered the European market in 2018 with its acquisition of UK firm Beach & Associates, while Brown & Brown began building its European presence in 2021 with the acquisition of O’Leary Insurances in Ireland and scaled it significantly in 2022 through its acquisition of Global Risk Partners in the UK. The European broking market is highly segmented, with business models and economics differing meaningfully across personal lines, small and mediumsized enterprises (SME), mid-market and large corporate or specialty risks. Personal lines and smaller SME business are typically higher volume and more price-sensitive, with stronger influence from direct and digital channels. By contrast, mid-market and corporate broking remains advisory-led, relying on technical expertise, claims support and access to specialist carrier capacity. This segmentation shapes competition at the local level. Global brokers dominate complex corporate and specialty risks, while national and regional brokers and networks remain highly relevant in SME and mid-market distribution. At the same time, private capital-backed platforms are reshaping the competitive dynamics in different locales across Europe by professionalizing operating models and competing more systematically on specialization, technology investment and service consistency.
The Rationale For Going Global
Having a global footprint helps diversify revenue and drive growth in regions that are outpacing the native market. Growth projections vary across the European brokerage market by region, driven by consolidation, rate environment, client demand, and operational scaling. Still, if a firm cannot articulate benefits beyond increasing its premium volume, going global may not be the most efficient way to pursue growth. A U.S. insurance brokerage is best positioned to expand globally when one or more of the following conditions are true:
- The firm has a growing portfolio of clients with multinational footprints. Middle-market companies increasingly operate across Europe, Asia, and Latin America. These companies expect brokers and insurers to provide seamless cross-border coordination, regulatory guidance, and locally admitted placement capabilities. Without an international presence, some U.S. brokers risk losing accounts to globally local competitors.
- The firm has one or more specialties that are inherently global. Industries such as technology, manufacturing, logistics, energy, and life sciences demand internationally aligned risk management. For firms focused on these verticals, global expansion improves coverage consistency for globally active insureds, which, in turn, maintains the broker’s relevance and strengthens retention.
- The firm is in direct competition with brokers who are globalizing. Admittedly, once a broker or insurer reaches a certain U.S. market saturation, international growth becomes one of the few remaining levers to expand. But scale shouldn’t be the sole motivator. The strategic value lies in capturing global middle-market business (still fragmented across Europe) while strengthening competitive positioning against global brokers like Brown & Brown, Marsh, Aon, or Gallagher.
A key consideration: Owned vs. non-owned networks
In Europe, U.S. insurers typically have two local paths they can follow to create a global footprint. The first is the owned network where the insurer or broker directly owns the offices and employs the personnel in each country. Examples of owned networks include Marsh, Aon, and Howden. Advantages of the owned network include: Consolidated operations; unified branding; and full control over service standards, talent and client engagement. The disadvantages can be high capital requirements since buying firms in Europe is expensive, fragmented, and time-consuming; integrations can be culturally difficult and potential cultural misalignment can occur across markets; making a poor acquisition may mean getting stuck with it; and there can be high dependence on local leadership. The other alternative, a non-owned network, is a collaborative system where independent brokers or insurers enter into cross-border partnership without ownership. Examples of this include Worldwide Broker Network (WBN), Assurex Global, and Brokerslink. Advantages of the non-owned network include: Voluntary participation by the local “global” broker(s); the ability to identify and choose the best broker in each country; and the ability to use any office. The disadvantages can be seen in limited control over service consistency; difficulty in building a unified global brand; the transactional as opposed to integrated nature of the relationship; and because local partners retain their brand identity, there is the possibility that a partner might “steal the account” by pursuing a direct relationship while disintermediating the U.S. broker.
Outlook for the global broker
There was a clear shift in the operating environment for brokers worldwide in 2025. After many years of rising premiums translating almost automatically into higher commission income, market conditions began to soften. With pricing no longer lifting results across the board, revenue growth increasingly depends on winning new clients, deepening existing relationships, and broadening service offerings. Brokers with a clear sector focus, strong commercial discipline, and an active sales culture are therefore better positioned to sustain performance in a more competitive environment. At the moment, it may benefit global consolidators to expand through acquisitions as opposed to launching new insurance broker start-ups to gain share in the European market. Ultimately, global expansion is neither an inevitable step nor a universal mandate for U.S. brokers – it is a strategic choice that demands clarity of purpose and a disciplined approach. Europe offers meaningful opportunity, but it remains a landscape defined by local market structures, cultural nuances, and regulatory complexity. Whether through owned networks or nonowned partnerships, success depends less on the model and more on proper execution based on understanding what will truly add value, aligning capabilities with client needs, and respecting the local realities that shape global markets.
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