M&A Market Update Vol IV, Issue 1
Insurance Brokerage M&A in 2025 Continues Where 2024 Left Off
After a strong year in 2024 for insurance brokerage M&A, focus is now on 2025. The presidential election of Donald Trump in November quickly quelled any fears for potential capital gains tax changes, resulting in many deals getting put on hold in December to delay their timing on paying taxes until 2026.
The 85 deals announced through the end of February is a 25% increase in deals over last year, most likely the result of several deal holdovers from December 2024.
There is optimism for continued strong deal activity in 2025, fueled by an improved economic backdrop of stabilized inflation and lower cost of capital (due to the interest rate cuts at the end of 2024). However, much will depend on the overall health of the U.S. economy going forward, including how the Fed continues to handle monetary policy, and how President Trump’s policies on trade, regulatory policy and immigration impact inflation, business and the labor market. There’s also the continued question on the scheduled expiration of the Tax Cuts and Jobs Act (TCJA) at the end of 2025. Without executive action, the expiration of the TCJA could impact personal income and capital gains taxes in 2026.
Today, the economy feels strong and the debt markets are friendlier to buyers than they were a year ago. Many buyers are currently in the market repricing their debt stack to more favorable interest rates. This movement will create additional cash flow and flexibility for buyers to be aggressive on acquisitive growth in 2025.
M&A Market Update
As of February 28, 2025, there were 85 announced M&A transactions in the U.S., putting the year-todate pace at 25% higher than last year, which recorded 68 deals by the end of February.
Private capital-backed buyers accounted for 57 of the 85 deals (67.1%) through February. Independent agencies were buyers in 20 deals so far in 2024, representing 23.5% of the market. There has been one announced transaction by bank buyers in 2025. Deals involving specialty distributors accounted for only 12% of the total deals (with ten transactions) so far this year, continuing the trend of a low supply of specialty firm sellers.
Deal activity from the top ten buyers accounted for 60% of all announced transactions, while the top three (BroadStreet Partners, NavSav, and Hub) account for 27.1% of the 85 total transactions.
Top Buyers 2025, Announced U.S. Transactions
| Buyer | Buyer Type | YTD 2025 | % of Total | |
| 1 | BroadStreet Partners | Insurance Broker – Private Capital Backed | 11 | 12.9% |
| 2 | NavSav Insurance | Independent Agency/Broker | 6 | 7.1% |
| 3 | Hub International | Insurance Broker – Private Capital Backed | 6 | 7.1% |
| 4 | Keystone Agency Partners | Insurance Broker – Private Capital Backed | 5 | 5.9% |
| 5 | King Risk Partners | Insurance Broker – Private Capital Backed | 5 | 5.9% |
| 6 | Tropolis | Insurance Broker – Private Capital Backed | 4 | 4.7% |
| 7 | Trucordia | Insurance Broker – Private Capital Backed | 4 | 4.7% |
| 8 | Integrity Marketing Group | Insurance Broker – Private Capital Backed | 4 | 4.7% |
| 9 | TrueNorth Companies | Insurance Broker – Independent | 4 | 4.7% |
| 10 | OneDigital Health and Benefits | Insurance Broker – Private Capital Backed | 2 | 2.4% |
| Subtotal | 51 | 60.0% | ||
| Total Deals | 85 | 100.0% |
Sources: S&P, company press releases, and MarshBerry Proprietary Database YTD: Year-to-Date. Data as of 2.28.25.
Notable Transactions
February 10: Hub International Limited acquired the assets of Mayfield Insurance, Inc., an independent insurance agency based in Mooresville, Indiana. The terms of the transaction were not disclosed. Mayfield Insurance, which offers a range of commercial and personal insurance products, will operate as Mayfield Insurance, a Hub International Company, with its president, Dean Mayfield, and team joining Hub Midwest East. Hub, headquartered in Chicago, IL, continues to grow its footprint across North America, providing insurance, risk management, employee benefits, and wealth management services. MarshBerry served as advisor to Mayfield Insurance in the transaction.
February 24: NSM Insurance Group (NSM) signed a definitive agreement to sell its U.S. commercial insurance division to New Mountain Capital, a growth-focused investment firm managing over $55 billion in assets. The transaction, expected to close within 45 days pending regulatory approvals, includes NSM’s portfolio of 15 niche insurance programs across Property & Casualty, Accident & Health, and Reinsurance, along with its retail agency, NSM Insurance Brokers. The acquired business will operate independently under a new brand in the future. NSM, a portfolio company of Carlyle, has grown into a global specialty insurance provider with over $2 billion in premiums. Aaron Miller, NSM’s Chief Commercial Lines Officer, will take over as CEO of the newly formed entity, with Geof and Bill McKernan joining its board. The deal positions the business for accelerated growth, leveraging New Mountain’s investment in talent, technology, and strategic expansion.
March 3: AmeriLife Group completed its acquisition of Crump Life Insurance Services and Hanleigh Management from TIH Insurance Holdings, LLC. While the financial terms were not disclosed, the deal strengthens AmeriLife’s position in life and health insurance, annuities, and retirement planning. Crump will continue operating as an independent brand under AmeriLife Wealth Group, with CEO Mike Martini remaining at the helm. The acquisition enhances AmeriLife’s distribution capabilities, reinforcing its long-term strategy to expand its wealth and insurance solutions.
Disclosure: All deal count metrics are inclusive of completed deals with U.S. targets only. Scorecard year-to-date totals may change from month to month should an acquirer notify MarshBerry or the public of a prior acquisition. 2024 statistics are preliminary and may change in future publications. Please feel free to send any announcements to M&A@MarshBerry.com.
Source: S&P Global Market Intelligence, http://www.insurancejournal.com, http://www.businessinsurance.com/ and other publicly available sources.