In MarshBerry’s latest To the Point update, Vice President Pete Kampf walks through the key developments that shaped the specialty intermediary M&A market in 2025. This sector includes wholesale brokers, MGAs, MGUs, and program administrators, where we saw a noticeable rebound in deal activity in 2025 following the pronounced decline in 2024.
Deal Activity Rebounds, but Still Lags Historical Highs
The market recorded 149 total transactions in 2025, marking a 24% increase from the 120 deals completed the previous year. The uptick marks strong momentum, bringing 2025 meaningfully closer to the robust pace of roughly 180 annual transactions seen from 2021 through 2023 and positioning the year as a solid foundation for continued growth.
Buyer Demand Remains Strong and Growing
We see buyer interest is increasing. In fact, 73 unique buyers completed transactions in 2025. This demand underscores the strategic importance of specialty intermediaries and the continued appetite from both strategic and financial buyers.
Seller Scarcity Drives Record Valuations
A limiting factor in today’s market is the ongoing lack of seller supply. With more buyers competing for opportunities, valuations climbed to new all-time highs in 2025. MarshBerry’s advisory work indicates that average all-in values (base purchase price plus earnout) increased more than 60% compared to 2020 and more than 15% compared to 2024.
What’s Next?
We will take a deeper dive into specialty valuations. For firms exploring growth, capital strategy, or succession planning, understanding these market dynamics can be essential. MarshBerry encourages specialty intermediaries to reach out for discussions around current trends and strategic opportunities.