MarshBerry identified 19 broker transactions in the DACH region during the quarter, compared with 24 in Q1. Three of these transactions had not yet closed by quarter-end. In addition, seven transactions were identified across adjacent areas including service providers, carriers and financing, underlining the breadth of activity across the wider insurance ecosystem.
The headline transaction count therefore tells only part of the story. More significant is how the buyer landscape continues to evolve. Acquisition activity remains concentrated among highly active consolidators, but new platforms are entering the market and strategic buyers are looking for opportunities to strengthen their position in insurance distribution.
At the same time, established buyers are becoming increasingly deliberate about what they acquire. Specialist expertise, strong client relationships, regional density and access to attractive parts of the distribution chain increasingly matter alongside scale.
New platforms enter an already competitive market
One of the most significant developments in Q2 was the arrival of new consolidation platforms, demonstrating that investors continue to see substantial opportunity in the fragmented German insurance distribution market.
Private equity firm Inflexion backed Mittelstands-Assekuranz-Partner (MAP), a new Munich-headquartered insurance broking platform focused on German Mittelstand companies, commercial clients and high-net-worth individuals. Düsseldorf-based Cremer Assekuranz joined as its first strategic partner.
The launch of MoIn Group adds another distinct consolidation strategy to the German market. Backed by Warburg Pincus, MoIn entered the market with the acquisitions of Compari and the Sünderwald / SüGa Group, providing an immediate platform for further growth. Positioning itself as Germany’s first “AI roll-up” in insurance distribution, MoIn’s strategy combines the acquisition of profitable mid-sized brokerages with the deployment of AI agents to automate administrative and IT-intensive processes. The aim is to improve operational efficiency while freeing up employees to focus more on client-facing activities.
The arrival of both MAP and MoIn is an important signal. Rather than deterring new capital, the increasingly competitive nature of the German market continues to attract investors prepared to build differentiated platforms. New entrants will need to compete not only on valuation, but also on proposition, operating model and their ability to offer entrepreneurs an attractive long-term home for their businesses.
Established consolidators continue to set the pace
While new platforms attracted attention during Q2, a significant share of transaction activity continued to come from established consolidators pursuing active buy-and-build strategies.
GGW Group’s Leading Brokers United completed three acquisitions during the quarter. Koch + Pillmann brings more than 50 years of experience serving industrial, commercial and private clients, including expertise in cyber and management risks and international insurance programmes. Billerbeck strengthens GGW’s position in the commercial Mittelstand market around Hannover, while Nutzinger Zucker adds specialist expertise in defined commercial segments, including wine and sparkling-wine producers and exhibition construction.
blau direkt and Tjara were also among the quarter’s most active buyers, accounting for four broker transactions: Finanz-Zirkel, Eduard Österreicher, Groß & Faschin and M&W Finanzoptimierung. Their activity reinforces the extent to which transaction volume is increasingly concentrated among consolidators with the capital and infrastructure to pursue multiple acquisitions in parallel.
ATTIKON maintained its strong acquisition momentum with the acquisitions of Wirth Assekuranzmakler in Germany and Bauer Hartmann Stögerer in Austria. Together with its Q1 activity, this brought ATTIKON to nine acquisitions across the first half of 2026, making it one of the most active consolidators in the DACH market.
Wirth strengthens ATTIKON’s presence in Munich and adds expertise in the real estate sector, including property managers and commercial clients. Bauer Hartmann Stögerer, based in Eisenstadt and employing approximately 12 people, further strengthens ATTIKON’s growing presence in Austria and adds expertise in commercial insurance and liability risks.
Aventus also continued to deploy capital. Its majority investment in Corporate Pension Partner (CPP) added an established specialist in occupational pensions and employee benefits, creating expertise that can potentially be leveraged across the group’s wider commercial client base. Its combination with Dirr & Kollegen was explicitly linked to long-term succession planning while strengthening Aventus’ regional presence around Augsburg.
Other established platforms remained active as well. GLOBAL GRUPPE added ACCURA, a Nuremberg-based specialist in motorhome insurance, further strengthening its position in a defined specialty segment.
GLOBAL GRUPPE also completed a significant refinancing during the quarter. The transaction refinanced the group’s existing credit facilities through an oversubscribed unitranche provided by a consortium of institutional lenders. Market reporting put the overall financing at approximately €1.5 billion, making it one of the larger European direct-lending transactions of 2026.
The timing is particularly noteworthy. The refinancing followed a reported sale process that did not result in a transaction, with market reporting pointing to a gap between valuation expectations and prospective buyers’ offers. Rather than pursuing an exit, GLOBAL GRUPPE and its shareholders have effectively extended the platform’s current growth phase, with the new financing structure strengthening the financial basis for further acquisitions.
More broadly, the refinancing illustrates how the consolidation cycle is maturing. Acquisition capacity is no longer driven only by new private equity entering the market. Larger established platforms can increasingly access substantial pools of private credit to refinance their capital structures and sustain longer-term buy-and-build strategies. As platforms continue to grow, financing and ownership decisions are therefore likely to become a more prominent part of the DACH M&A landscape alongside individual broker acquisitions.
Individually, many of the acquisitions completed by established consolidators during Q2 are bolt-ons. Collectively, however, they show increasingly deliberate platform construction. Leading acquirers are using M&A not simply to add revenue, but to build regional density, deepen specialist capabilities and strengthen their position in attractive client segments.
Strategic buyers broaden the acquisition landscape
Q2 also demonstrated that interest in insurance distribution extends beyond traditional broker consolidators and private equity-backed platforms.
Swiss Life agreed in May to acquire TELIS Group, a Regensburg-headquartered financial advisory group with approximately 1,800 certified advisers and businesses including TELIS FINANZ, Deutsches Maklerforum and DEMA Deutsche Versicherungsmakler. The transaction completed on 1 July and therefore falls outside the Q2 completed transaction count, but its announcement during the quarter makes it an important part of the Q2 market picture.
Following completion, Swiss Life Germany’s distribution organisation increased to approximately 8,000 certified advisers, with annual fee income exceeding €1 billion on a 2025 pro-forma basis including TELIS. TELIS will retain its brands and continue to operate independently within the wider organisation.
The transaction stands apart from most DACH insurance distribution M&A in both scale and strategic rationale. It demonstrates the value established financial services groups continue to place on distribution, adviser relationships and direct access to customers.
For broker shareholders, this broadening buyer universe is significant. Potential counterparties increasingly include domestic consolidators, new private equity-backed platforms, international brokers, insurers and broader financial services groups. These buyers approach assets with different strategic objectives and can therefore have different views of value.
Understanding where a business creates the greatest strategic value is consequently becoming as important as identifying the most frequent acquirer.
Consolidation extends beyond broker ownership
Another important feature of Q2 was the activity taking place across the wider infrastructure supporting insurance distribution.
germanBroker.net and CHARTA Börse für Versicherungen agreed to merge following the strategic alliance established between the broker-owned organisations in 2024. The combination was approved by shareholders at the end of June, with both organisations highlighting increasing technology requirements and digitalisation as important reasons for combining their resources.
VEMA’s acquisition of a 9.9% interest in BCA points in a similar direction. The investment deepens a cooperation dating from 2023 and is intended to strengthen independent service infrastructure and open market access across insurance and investment products.
Together with other activity involving service providers and carriers during the quarter, these transactions show that consolidation is increasingly affecting the wider insurance ecosystem. Ownership, partnerships and service-platform models are evolving alongside traditional broker M&A as organisations seek greater scale in technology, infrastructure and market access.
For independent brokers, the strategic question is therefore becoming broader as well. It is not simply whether to remain independent or sell, but which platform, network or ecosystem offers the strongest long-term position.
Cross-border expansion offers another route to growth
ATTIKON’s acquisition of Bauer Hartmann Stögerer also highlights another development likely to become increasingly relevant: the continued expansion of German consolidators into adjacent DACH markets.
The Austrian transaction strengthens ATTIKON’s developing presence in the country and its ambition to build a network of specialised insurance brokers there. As German platforms gain scale and competition for attractive domestic businesses intensifies, selective expansion into Austria and Switzerland represents a logical extension of established buy-and-build strategies.
Many of the structural factors supporting consolidation in Germany are also present elsewhere in the region, including fragmented broker ownership, succession requirements and growing investment needs around technology and operations.
The next phase of DACH consolidation is taking shape
Q2 does not point to a retreat in DACH insurance distribution M&A. The 19 broker transactions identified during the quarter represent a modest reduction from the 24 recorded in Q1, but activity remains high and the underlying market continues to broaden.
More importantly, the composition of activity is changing. Established consolidators such as GGW, blau direkt / Tjara and ATTIKON continue to deploy capital at pace. New platforms such as MAP and MoIn are adding fresh acquisition capacity. Strategic buyers such as Swiss Life are demonstrating the value they place on controlling distribution. At the same time, the GLOBAL GRUPPE refinancing demonstrates the depth of capital available to established platforms, while activity across service providers and distribution infrastructure shows that consolidation is extending across the wider insurance ecosystem.
The result is a market with more capital, more buyer models and increasingly sophisticated competition for attractive businesses. For sellers, this creates opportunity. Different buyers can value the same business for different reasons, making positioning and understanding strategic fit increasingly important in creating competitive tension.
For buyers, the challenge is changing as well. Access to capital alone is unlikely to be sufficient. Successful platforms will need to demonstrate that acquisitions can translate into sustainable organic growth, that specialist capabilities can be leveraged across the wider organisation and that investment in technology and infrastructure creates genuine operating leverage.
The next stage of DACH consolidation will therefore not simply be a race to acquire more brokers. It will be a competition to build the strongest platforms, and to become the organisations that the best brokers want to join.
Want to learn more?
To explore the trends shaping the future of European insurance distribution, download the MarshBerry Europe M&A Market Report 2026. The report analyses the key trends, transactions and value drivers across 32 European insurance markets, providing insight into the factors that will shape future strategy, competitive positioning and enterprise value for insurance distribution businesses.
