Overall volume down in UK insurance distribution M&A in 2025, says MarshBerry report

London, UK, March 17, 2026 – MarshBerry, a global leader in investment banking and consulting, has announced the publication of its 2026 State of UK Insurance Distribution & M&A Market Report, offering the most comprehensive, data driven view of UK insurance distribution activity, valuations, market structure, and the forces reshaping the consolidation landscape.

The report provides an unprecedented decade-long lens on more than 1,100 sector merger & acquisition (M&A) transactions, alongside the company’s proprietary analysis of all 620 UK insurance distribution firms employing 10 or more staff—a dataset no other advisor in the market can replicate.

2025 marked a dramatic slowdown in UK insurance distribution M&A Only 99 transactions were announced, down more than 35% from 2024, representing the lowest volume in eight years, and aggregate deal value fell to just over £2 billion, roughly half the level seen in the previous year.

“With many consolidation-driven groups reassessing strategy, buyers increasingly focused on integration and operational improvement rather than pure deal count,” said John Wepler, MarshBerry Chief Executive Officer.

The report highlights a continued shift toward smaller transactions. More than two-thirds of all 2025 deals were valued under £5 million, and over half involved firms with 10 or fewer staff. Average target size fell sharply—the smallest recorded in a decade.

Despite the slowdown, new private equity investment remained strong, with fresh backing for major groups including Jensten, JMG Group, and Seventeen Group. New investors are expected to intensify competition for high quality commercial broking assets throughout 2026.

“Plenty of capital remains on the sidelines seeking deployment,” said Olly Laughton Scott, MarshBerry Managing Director. “But investors are more discerning than ever—pricing discipline and clear strategic rationale have become non-negotiable.”

While overall deal volume fell, specialty businesses such as MGAs and Lloyd’s brokers remained in high demand. Specialty M&A represented 23% of all 2025 deals, up sharply from the prior year.

Despite current headwinds, MarshBerry underscores that consolidation remains a central growth strategy for many firms—and that well-run distributors, MGAs, and brokers continue to demonstrate resilience and strong value creation potential.

“As part of Lincoln International, our expanded global reach and insight help clients navigate this evolving landscape with clarity,” said Laughton Scott. “The UK remains a strategically critical market, and opportunities for high quality firms are far from exhausted.”

MarshBerry – Helping Clients Learn, Improve & Realize Value

MarshBerry is a global leader in investment banking and strategic consulting for the financial services industry. With over 40 years of experience, MarshBerry empowers firms in insurance brokerage & distribution, wealth advisory & retirement planning and accounting & tax practices to achieve long-term growth, maximize value, and navigate every stage of ownership. Core offerings include Investment Banking services such as Merger & Acquisition Advisory and Capital Raising, as well as Financial Consulting in Strategic Planning, Valuations, and Perpetuation Planning. MarshBerry also provides specialized support in Organic Growth Consulting, Executive Peer Exchange, Agency Network and Market Intelligence & Performance Benchmarking. For more information, visit www.MarshBerry.com/eu.