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
Multi Line20
Retail vs. Specialty

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