In early November, MarshBerry’s 20th Annual Impact Summit convened business leaders and capital partners in New York City to explore how to build durable growth and value in the current market. Here are some highlights from this year’s Impact Summit:
State of the insurance brokerage industry
MarshBerry CEO, John Wepler opened the event by delivering a deep dive into the forces currently reshaping the insurance industry. His message: With economic growth cooling and inflation hovering near 3%, leaders can no longer rely on hard market momentum. They need an active strategy to attract and retain top talent, sustain organic growth, and integrate platforms to drive sustainable revenue growth. As firms grow and the cost of fragmentation rises, many companies who initially promised broad independence to acquired firms, are now requiring a more centralized integration approach. That shift is prompting greater talent movement and more lift-outs emphasizing the need to define a long-term human capital and operating strategy up front.
Strategically, many of the largest brokers are expanding internationally, leaning into specialty, and accelerating vertical integration, with more firms bringing non-risk-bearing functions in house.
Despite signs of softening markets and slowing economic tailwinds, merger and acquisition (M&A) activity for insurance brokerages remains strong. Even with a brief “liberation day” pause, 2025 is tracking as the third most active year as buyers race for scale and private equity continues to deploy capital.
Capital conversations: navigating the evolving debt landscape
MarshBerry Director, Casey Pont, moderated a panel of private credit leaders, including Bill Kindorf of Apogem Capital, Reed Van Gorden of Deerpath Capital, and Jim Roche of Willow Tree Credit Partners. The panelists all provided insights and advice on how investors and insurance distributors can navigate the landscape.
They observed that, in a market shaped by evolving Federal Reserve policy, fluctuating rates, and shifting lender expectations, understanding the role of debt in a capital strategy is more critical than ever. Several years ago, only a handful of lenders were active; today, a wave of new entrants has intensified competition. The panelists described a strong credit profile as one that consists of diversified books, strong margins, producer dispersion, stable cash flow, and limited tariff exposure. For qualified borrowers, private capital can support a steeper growth trajectory, funding acquisitions, producer lift-outs, and strategic investments with greater certainty of execution.
The practical playbook for raising debt in 2026 is to develop a small, scalable lender network, be selective, and lastly, when fair capital is available, “take the money.”
How private equity’s appetite is evolving
Gerard Vecchio, MarshBerry Managing Director & Specialty Practice Co-Head, moderated a private equity panel made up of Stephen Marquardt of BV Investments, Trevor Pieri of Lightyear Capital, and Trevor Rich of Lovell Minnick Partners. Together, they examined how private equity funds are achieving target returns amid shifting market dynamics.
Three to five years ago, the panelists expected exit multiples to remain flat to achieve base case results; with at least one panelist noting that downside scenarios included slight multiple contraction. In all cases, the panelists were rewarded with multiples that increased at exit.
Some sponsors are prioritizing lower- and mid-sized companies that demonstrate strong organic growth and clear integration across the organization. They are also planning their exit strategies well in advance, sometimes years before exit, to develop integration plans and underwrite synergy value. Further, they are building shared services including cyber, marketing, and sector experts, to help drive value creation.
At the upper end of the market, ultra large PE-backed platforms face a narrower buyer pool because most sponsors cannot deploy sufficient capital for acquisitions of that scale. As a result, more of these companies may pursue public listings, which can add competitive tension and support valuations. Across the board, panelists emphasized that organic growth, talent, and platform integration are the primary drivers of valuation.
At the helm: CEO perspectives
MarshBerry President, Phil Trem, moderated a panel comprised of Matt Gardner, Founder, Chairman & Chief Executive Officer of Patriot Growth Insurance Services and Bob Klonk Chairman and Chief Executive Officer of Unison Risk Advisors, both of whom provided valuable insights from the CEO seat. The consensus was that, as the insurance distribution landscape continues to evolve, CEOs of sponsor-backed brokerages are leading through a period of accelerated growth, heightened complexity, and shifting expectations. Both CEOs emphasized that fit and time horizon are important when choosing a capital partner. The right answer depends on an organization’s needs. Unison sought a long-term partner, roughly a 10-year horizon, aligned to a plan for durable, sustainable growth. Patriot prioritized a shorter time frame coupled with tangible operating support, including technology, talent, and flexible credit facilities that expanded what the company could execute. The takeaway: do the diligence to define upfront what a good fit looks like for the company’s strategy and stage.
Looking ahead, the discussion highlighted three themes that are trending to shape the insurance distribution industry in the next five years: deeper technical specialization, building proprietary programs, and pragmatic use of AI that enhances people and relationships rather than replacing them.
MarshBerry Impact Summit
MarshBerry Impact Summit is designed for a diverse audience of business leaders of Insurance distributors, providing a valuable platform for professional investors from private equity firms, family offices, pension funds, lenders, sovereign wealth funds, and banks.
If you attended this year’s Impact Summit and wish to discuss any of the topics or strategies for how to leverage debt to unlock your firm’s growth potential, please email or call Phil Trem, President, Financial Advisory, at 440.392.6547, or Gerard Vecchio, Managing Director, Specialty Practice Co-Head, at 212.972.4886.
If you missed this year’s event and would like to learn more or be added to our registration reminder list, please visit this page.
