Industry Transactions

2024 Acquisition Details (YTD as of March 31, 2024)

Who’s Buying
Insurance Brokers – Independent16
Insurance Brokers – Public9
Insurance Brokers – Private Capital-Backed85
Insurance Carrier and Other3
Banks and Thrifts1
What’s Being Bought
Full Service29
P&C65
Multi Line20
Retail vs. Specialty
Retail95
Specialty19

All transactions listed are announced deals involving public companies, private equity backed brokers, private companies, banks, InsurTech companies (2017-2018 only) as well as others including private equity groups, underwriters, specialty lenders, etc. All targets are U.S. only. This data displays a snapshot at a particular point in time and has not been updated to reflect subsequent changes in prior years, if any. MarshBerry estimates that only 50 – 60% of all transactions are actually made public. Past performance is not necessarily indicative of future results. Data reported YTD as of 3/31/2024.

Source: S&P Global Market Intelligence, Insurance Journal, and other publicly available sources

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Announced DateDeal YearBuyerSellerSeller LocationBuyer TypeSeller TypeSeller Line of BusinessPress Release
08/22/052005USI Holdings CorporationWinthrop Insurance PlansCAPublic BrokerRetailP&C
08/08/052005Brown & Brown, Inc.E&S Brokerage Services Inc.NMPublic BrokerWholesaleP&C
08/05/052005Arthur J. Gallagher & Co.Corporate Life Consultants Inc.PAPublic BrokerRetailEB & Consulting
08/03/052005Hub International LimitedBlanchard Insurance Group Inc.COPublic BrokerRetailP&C
08/02/052005Hub International LimitedKline Transportation Insurance Inc.CAPublic BrokerRetailP&C
08/02/052005National Investment Managers, Inc.Haddon Strategic Alliances, Inc.NJOther BuyerWholesaleMulti Line
08/01/052005Brown & Brown, Inc.Alliance Insurance Services Inc.CAPublic BrokerRetailP&C
08/01/052005Hub International LimitedPersonal Lines Insurance Brokerage Inc.NJPublic BrokerRetailP&C
08/01/052005Sky Financial Group, Inc.Benefit Design Agency of Ohio Inc.OHBank or ThriftRetailEB & Consulting
07/31/052005California Insurance Center, Inc.BCS Inc. (book of business)Independent Agency/Broker
07/31/052005Evans Bancorp, Inc.Federspiel & Truax Agency, Inc.NYBank or ThriftRetailP&C
07/29/052005Bankers Insurance Center LLCBogan & Formeller Inc.LAIndependent Agency/BrokerRetailP&C
07/28/052005American Financial Group, Inc.Farmers Crop Insurance Alliance, Inc.KSInsurance CompanyRetailP&C
07/28/052005Group Health IncorporatedABC Health Plan Inc.NYIndependent Agency/BrokerRetailEB & Consulting
07/27/052005USI Holdings CorporationHRB Associates Inc.MAPublic BrokerRetailEB & Consulting
07/26/052005Stewart Information Services CorporationCentral Title LLCNMInsurance CompanyRetailP&C
07/25/052005Taurus V LLCKohlrusch Title ServicesMNOther BuyerRetailP&C
07/22/052005MEM Financial Solutions Inc.Land Research Solutions Inc.NYOther BuyerRetailP&C
07/14/052005Fidelity National Financial, Inc.STG Associates Inc.NYInsurance CompanyRetailP&C
07/13/052005Crawford Advisors LLCRisk Management Group Inc.PAIndependent Agency/BrokerRetailEB & Consulting
07/13/052005DCAP Group, Inc.Undisclosed Seller (three storefront insurance agencies)Insurance Company
07/12/052005FMT of Billings LLCFirst Montana Title Company of BillingsMTIndependent Agency/BrokerRetailP&C
07/12/052005Hilb Rogal & Hobbs CompanyKYBA Benefits Inc.GAPublic BrokerRetailEB & Consulting
07/07/052005Stewart Information Services CorporationNorth Bay Title Co.CAInsurance CompanyRetailP&C
07/05/052005USI Holdings CorporationBenefits UnlimitedRIPublic BrokerRetailEB & Consulting
07/01/052005BB&T CorporationVista Insurance Partners, IncorporatedTXBank or ThriftWholesaleP&C
07/01/052005Bollinger, Inc.Thomas B. Fallon AgencyNJIndependent Agency/BrokerRetailP&C
07/01/052005Dawson Insurance Agency Inc.West Fargo Insurance Inc.NDIndependent Agency/BrokerRetailP&C
07/01/052005Management groupTerrill Group, Inc.MOIndependent Agency/BrokerRetailMulti Line
06/30/052005NFP Corp.Nine insurance agenciesPublic Broker
06/30/052005Stewart Information Services CorporationWisconsin title agencyWIInsurance CompanyRetailP&C
06/30/052005Walsh Duffield Companies Inc.HSBC Holdings, plc (HSBC P&C brokerage business)Independent Agency/BrokerRetailP&C
06/29/052005Arthur J. Gallagher & Co.Classic Insurance Services Ltd.ILPublic BrokerRetailP&C
06/28/052005First Niagara Financial Group, Inc.Hatch Leonard Naples Inc.NYBank or ThriftRetailP&C
06/27/052005Wachovia CorporationGerald S. Smith & Co. Inc. (group life & health books of business)Bank or ThriftRetailEB & Consulting
06/27/052005Wachovia CorporationIngram-Brown & Associates Inc. (group health & life books of business)Bank or ThriftRetailEB & Consulting
06/24/052005Aetna Inc.HMS Healthcare, Inc.Insurance CompanyRetailEB & Consulting
06/20/052005Affirmative Insurance Holdings, Inc.IPA LLCMIInsurance CompanyWholesaleP&C
06/20/052005Fidelity National Financial, Inc.Service Link LPPAInsurance CompanyRetailP&C
06/15/052005Geneve Holdings, Inc.GroupLink Inc.INOther BuyerWholesaleEB & Consulting
06/13/052005Hancock Holding CompanyJ. Everett Eaves Inc.LABank or ThriftRetailP&C
06/08/052005Brown & Brown, Inc.BeneTec Inc. of ArkansasARPublic BrokerRetailEB & Consulting
06/07/052005Arthur J. Gallagher & Co.Belmont Associates Consultants Inc.PAPublic BrokerRetailEB & Consulting
06/06/052005Brown & Brown, Inc.U.S. Risk Insurance Group, Inc. (Governmental Programs division)TXPublic BrokerWholesaleP&C
06/02/052005DCP Holding CompanyAdenta, Inc.KYInsurance CompanyRetailEB & Consulting
06/01/052005Centennial Insurance Agency LLCWinter Trust of 12/3/74 (N.M. & Colo. insurance operations)Independent Agency/BrokerRetailP&C
06/01/052005Century Group LLCWinter Trust of 12/3/74 (Kansas City operations)Independent Agency/BrokerRetailP&C
06/01/052005Hilb Rogal & Hobbs CompanyDoherty Inc.KSPublic BrokerRetailEB & Consulting
05/31/052005Campello Bancorp, Inc.McCormick & Sons Insurance Agency, Inc.MABank or ThriftRetailP&C
05/25/052005National Investment Managers, Inc.Valley Forge Enterprises, Ltd.PAOther BuyerRetailEB & Consulting
05/24/052005Stewart Information Services CorporationMoritz Title Co. Grand County, LLCCOInsurance CompanyRetailP&C
05/23/052005Arthur J. Gallagher & Co.Alternative Market Specialists LLCMNPublic BrokerWholesaleP&C
05/17/052005Beecher Carlson Holdings Inc.JBL&K Risk Services LLCORIndependent Agency/BrokerRetailP&C
05/16/052005Hub International LimitedTash Lyle & JonesWAPublic BrokerRetailEB & Consulting
05/13/052005BenefitStreet, Inc.BISNet, Inc.CAOther BuyerRetailEB & Consulting
05/10/052005Arthur J. Gallagher & Co.WorkCare Northwest Inc.IDPublic BrokerWholesaleP&C
05/09/052005Sullivan GroupLondon American General Agency business (books of business)Independent Agency/BrokerWholesaleP&C
05/03/052005White Mountains Insurance Group, Ltd.First Media Insurance Specialists Inc.KSInsurance CompanyRetailP&C
05/02/052005Hub International LimitedTHB Intermediaries, Inc.ILPublic BrokerRetailP&C
05/01/052005USI Holdings CorporationSearcey & Searcey Inc.TXPublic Broker
04/30/052005HDH Group, Inc.Scott Benefit GroupPAIndependent Agency/BrokerRetailEB & Consulting
04/30/052005Nationwide Insurance AgencyUndisclosed insurance agencyIndependent Agency/Broker
04/30/052005South Financial Group Inc.Bowditch Insurance Corp.FLBank or ThriftRetailP&C
04/29/052005Arthur J. Gallagher & Co.Chris Schroeder Insurance Inc.WIPublic BrokerRetailP&C
04/21/052005Greater Bay BancorpLucini/Parish Insurance Inc.NVBank or ThriftRetailP&C
04/12/052005CapTech Financial Group Inc.National Security Title Agencies LLCFLIndependent Agency/BrokerRetailP&C
04/12/052005McQueary Henry Bowles Troy LLPCullen/Frost Bankers, Inc. (EB office)TXIndependent Agency/BrokerRetailEB & Consulting
04/11/052005Stewart Information Services CorporationAdvance Title Holding Company LLCFLInsurance CompanyRetailP&C
04/05/052005Wachovia CorporationPalmer & Cay Inc.GABank or ThriftRetailP&C
04/01/052005BancorpSouth, Inc.Kyzar and Company PAMSBank or ThriftRetailEB & Consulting
04/01/052005Barker Phillips Jackson, Inc.Group Benefits, Inc.MOIndependent Agency/BrokerRetailEB & Consulting
04/01/052005First Niagara Financial Group, Inc.Brooks-Byer Associates Inc.NYBank or ThriftRetailP&C
04/01/052005Regions Financial CorporationGalbreath Insurance Agency Inc.TNBank or ThriftRetailP&C
03/31/052005NFP Corp.Undisclosed Seller (ten undisclosed companies)Public Broker
03/29/052005Old National BancorpJ.W.F. Insurance Companies Inc.INBank or ThriftRetailP&C
03/23/052005Management groupAnderson GroupKYIndependent Agency/BrokerRetailP&C
03/17/052005Primary Group LimitedNew Age Brokerage Inc.NJIndependent Agency/BrokerWholesaleP&C
03/10/052005Assurex International Corp.Reisner & McTigue Agency Inc.OHIndependent Agency/Broker
03/09/052005NFP Corp.Highland Capital Holding CorporationALPublic BrokerWholesaleEB & Consulting
03/02/052005Stephens Group, Inc.Kane Agency Inc.ARIndependent Agency/Broker- Private Capital BackedRetailEB & Consulting
03/01/052005Bridge Street Financial, Inc.Ladd's Agency Inc.NYBank or ThriftRetailP&C
02/28/052005KNBT Bancorp, Inc.Caruso Benefits Group Inc.PABank or ThriftRetailEB & Consulting
02/22/052005Willis Group Holdings LimitedCGI Consulting Group Inc.PAPublic BrokerRetailEB & Consulting
02/18/052005Hylant Group, Inc.Dobson-McOmber Agency Inc.MIIndependent Agency/BrokerRetailP&C
02/18/052005Stewart Information Services CorporationEffingham Title CompanyILInsurance CompanyRetailP&C
02/17/052005Cadenhead Shreffler Insurance Agency Inc.Insurance & Bonds Agency Inc.TXIndependent Agency/BrokerRetailEB & Consulting
02/17/052005Leavitt Group Enterprises, Inc.Stephens & Hobdy Insurance Inc.MSIndependent Agency/BrokerRetailMulti Line
02/15/052005American Wholesale Insurance Group, Inc.Stewart Smith East Inc.NYIndependent Agency/BrokerWholesaleP&C
02/14/052005Brown & Brown, Inc.Emerald Benefits Inc.FLPublic BrokerRetailEB & Consulting
02/14/052005Savage and Associates Inc.Christie Financial Services Ltd.OHIndependent Agency/BrokerRetailP&C
02/14/052005Temple-Inland, Inc.Walter Mortensen Insurance Inc.CABank or ThriftRetailP&C
02/11/052005Brown & Brown, Inc.Hull and Company, Inc.FLPublic BrokerWholesaleP&C
02/09/052005Stewart Information Services CorporationBurnt Store Title Services Inc.FLInsurance CompanyRetailP&C
02/09/052005Stewart Information Services CorporationPine Island Title Insurance Agency Inc.FLInsurance CompanyRetailP&C
02/07/052005International Insurance Brokers Ltd. LLCTeam Insurance Group Inc.OKIndependent Agency/BrokerRetailP&C
02/03/052005Stewart Information Services CorporationMcKinley Title & Trust Inc.AKInsurance CompanyRetailP&C
02/03/052005Stewart Information Services CorporationMidwest Holdings Inc.FLInsurance Company
02/01/052005First Niagara Financial Group, Inc.LA Lama Insurance AgencyNYBank or ThriftRetailP&C
02/01/052005Hylant Group, Inc.Harcum-Schuett Agency Inc.OHIndependent Agency/BrokerRetailP&C
01/31/052005Bankers Insurance Center LLCTroy & Nichols Insurance Agency Inc.LAIndependent Agency/BrokerRetailP&C
01/31/052005BB&T CorporationHuffaker & Trimble Inc.TNBank or ThriftRetailP&C
01/27/052005Direct General CorporationUndisclosed Sellers (2 insurance agencies)TXInsurance Company
01/27/052005Hotchkiss Insurance Agency Inc.Old Republic International Corporation (insurance agency office)TXIndependent Agency/BrokerRetailP&C
01/26/052005Assurex International Corp.Integrity Insurance AgencyKYIndependent Agency/BrokerRetailEB & Consulting
01/26/052005Willis Group Holdings LimitedPRIMARY Worldwide CorporationCAPublic BrokerRetailEB & Consulting
01/24/052005Arthur J. Gallagher & Co.JLT Re Solutions Inc. (reinsurance brokerage assets in MN and AL)Public BrokerRetailP&C
01/24/052005Sentry Insurance, a Mutual CompanyALF Insurance Agency Inc.MIInsurance CompanyRetailP&C
01/24/052005Stewart Information Services CorporationAbstract & Title Co.ORInsurance CompanyRetailP&C
01/24/052005Stewart Information Services CorporationJackson Kahl Title Services, LLCWIInsurance CompanyRetailP&C
01/21/052005Beneficial Mutual Savings BankPaul Hertel & Co., Inc.PABank or ThriftRetailP&C
01/18/052005AssuranceAmerica CorporationCannon Insurance Agency Inc.GAInsurance CompanyRetailP&C
01/17/052005Central Bancshares, Inc.Purdy & Cooke Insurance Agency, Inc.KYBank or ThriftRetailP&C
01/15/052005Lykes Bros. Inc.Tucker & Branham, Inc.FLOther BuyerRetailP&C
01/13/052005Brown & Brown, Inc.ECC Insurance Brokers, LLCILPublic BrokerWholesaleP&C
01/12/052005Anthony Clark International Insurance Brokers Ltd.Schuneman Insurance Agency Inc.ILIndependent Agency/BrokerRetailP&C
01/11/052005USI Holdings CorporationPatterson//Smith AssociatesVAPublic BrokerRetailP&C
01/07/052005Hilb Rogal & Hobbs CompanyEd Murray & Sons Inc.WYPublic BrokerRetailP&C
01/05/052005Compass Bancshares, Inc.Warren Benefits Group Inc.TXBank or ThriftRetailEB & Consulting
01/05/052005Independence Holding CompanyHealth Plan Administrators Inc.ILInsurance CompanyRetailEB & Consulting
01/04/052005Brown & Brown, Inc.U.S.I. Holdings Corporation (Ocala office)FLPublic BrokerRetailP&C
01/03/052005Hilb Rogal & Hobbs CompanyTrue Benchmark Insurance ServicesILPublic BrokerWholesaleP&C
01/03/052005National Penn Bancshares, Inc.Krombolz Agency Inc.PABank or ThriftRetailP&C
01/03/052005S&T Bancorp, Inc.Bennett GroupPABank or ThriftRetailP&C
01/01/052005Arthur J. Gallagher & Co.Horton Insurance Agency Inc.OKPublic BrokerRetailP&C
01/01/052005Arthur J. Gallagher & Co.Marine Insurance Service, LLCLAPublic BrokerRetailP&C
01/01/052005Brown & Brown, Inc.Braishfield Associates Inc. (CL Ops)FLPublic BrokerWholesaleP&C
01/01/052005Century Business Services, Inc.Southeastern Agency LLCOHOther Buyer
01/01/052005Encore Bancshares, Inc.John A. Bumstead & Associates Inc.TXBank or ThriftRetailP&C
01/01/052005First Acceptance CorporationLGNP Enterprises, Inc.TXInsurance CompanyRetailP&C
01/01/052005Nasdaq Stock Market, Inc.NASDAQ Insurance Agency LLCNYOther BuyerRetailP&C