Through the end of Q3 2026, there have been 473 announced U.S. insurance brokerage transactions in 2026, about 7.8% below the pace established during the historic 2025 market. Buyer demand remains robust, with 63 private capital-backed firms have completed at least one acquisition in 2026, and 35 completing multiple transactions. At the same time, valuation levels remain near all-time highs, although growing pressure on organic growth could challenge future multiples. Most importantly, organic growth continues to be the single greatest valuation differentiator in the market.
Broader economic conditions have reinforced that trend. Throughout 2026, persistent inflation concerns, elevated interest rates, rising energy costs, and ongoing geopolitical uncertainty have contributed to a more cautious operating environment. The Federal Reserve’s hawkish posture and higher-for-longer interest rate outlook have increased financing costs and placed greater emphasis on acquisition discipline. Yet despite these headwinds, capital remains abundant and buyer appetite for high-quality insurance brokerages remains strong.
