The More Things Change, the More They Stay the Same
As previous top buyers pull back on M&A volume, others are ready to take their place.
The first industry megadeal of 2025 was announced on June 10, as public broker Brown & Brown disclosed a definitive agreement to acquire Accession Risk Management Group, which includes major specialty brokerage and wholesale players Risk Strategies and One80 Intermediaries.
The transaction is valued at approximately $9.8 billion.
This growing trend of large strategic acquirers buying other large strategic acquirers, nominally removing the latter from the buyer pool, raises the question of whether M&A can continue at its recent volume of deals. More than 800 deals have been recorded in each of the past three years, with the top 20 buyers accounting for about half annually.
Accession Risk Management has been a top 20 dealmaker in those years, with 82 M&A transactions from 2022 to 2024, plus five more deals in 2025, before its own acquisition. Other newly declared deals could also shake up the buyer space, such as Gallagher’s announced acquisition of AssuredPartners (pending regulatory approval) and Aon’s acquisition of NFP. Is there a point where these large deals start to impact overall deal activity or even valuations?
While the buyer landscape has changed, it appears that deal activity remains steady (if not increasing) over the past few years and into 2025, regardless of the players.
The top 20 buyers in the insurance brokerage space change every year. While some buyers show up annually— such as BroadStreet Partners, Hub International, Inszone Insurance Services, Integrity Marketing Group, and World Insurance Associates (consistently in the top 10)—others fall off the list and new names appear.
Historically active firms that are dropping down the buyers list in 2025 (and not currently in the top 20) include Acrisure (the top acquirer in 2022 with 60 deals), Alera Group, Highstreet Insurance Partners, and Patriot Growth Insurance Services. Firms that are rising on the buyers list in 2025 (and currently in the top 20) include King Risk Partners, ALKEME, NavSav Insurance, TrueNorth, Tropolis, AmeriLife Group, and Leavitt Group Enterprises.
Aside from being acquired themselves, there are different reasons why previously active buyers might slow or discontinue acquiring. For some, it could be a timing issue related to a change in strategy or a delay in announcing completed deals. They very well might return to the top 20 by yearend. Others might be unable to take on more debt or perhaps are looking to reduce debt as part of a potential IPO. Some might face integration challenges due to recent acquisitions and are simply putting M&A on hold.
Whatever the reason, as these previously top buyers pull back on M&A volume, others are ready to take their place at the top of the list as they grow. This is mostly a testament to the continued imbalance between supply and demand, as quality firms remain highly attractive, regardless of who the most active buyers are—or were.
M&A Market Update
As of May 31, there were 255 announced insurance brokerage M&A transactions in the United States in 2025. Private capital-backed buyers accounted for 174 of the 255 deals (68%) through May. Independent agencies were buyers in 48 deals, representing 18.8% of the market. There have been four announced transactions by bank buyers in 2025. Deals involving specialty distributors as targets accounted for 41 transactions, about 16% of the total market, continuing the trend of low supply of specialty firms.
Ten buyers accounted for 46.3% of all announced transactions year to date, while the top three (BroadStreet Partners, Hub International, and World Insurance Associates) accounted for 23.5% of the 255 transactions.
Notable Transactions
May 12: Intercare, a leading independent third-party administrator based in Rocklin, Calif., has been acquired by private investment firm Aquiline Capital Partners. Founded in 1994, Intercare specializes in workers compensation and liability claims administration, along with managed care services. The acquisition marks a significant move by Aquiline to enter the specialized TPA space. MarshBerry served as advisor to Intercare in this transaction.
June 3: Hub International has acquired the assets of the Fenner & Esler Agency, a century-old, New Jersey-based insurance brokerage specializing in professional liability and risk management services for architects, engineers, surveyors, and environmental professionals. Principals Tim and Kevin Esler, along with their team, will join Hub Northeast, and the firm will now operate as Fenner & Esler, a Hub International Company. MarshBerry served as advisor to Fenner & Esler in this transaction.
June 10: Brown & Brown has announced a definitive agreement to acquire RSC Topco, the parent company of Accession Risk Management Group, for $9.825 billion on a cash and debt-free basis. Expected to close in Q3 2025, the acquisition includes both Risk Strategies and One80 Intermediaries. With approximately $1.7 billion in 2024 pro forma adjusted revenue and more than 5,000 professionals across the United States and Canada, Accession ranks among the largest privately held insurance brokerages in the country. Post-acquisition, Risk Strategies will join Brown & Brown’s Retail segment, while One80 Intermediaries will integrate into a newly formed Specialty Distribution segment.
