Q2 2026 M&A Trends: U.S. Specialty Market Update

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Entering the year, publicly traded insurance brokers experienced meaningful valuation pressure as investors recalibrated expectations amid a softening property and casualty (P&C) market, moderating organic growth, and emerging concerns around AI-enabled distribution models.

Download MarshBerry’s Q2 2026 M&A U.S. Specialty Market Update

Following a rebound in deal volumes in 2025, specialty intermediary M&A activity accelerated further in Q1 2026, as an influx of buyer capital, strong premium growth, and a limited supply of quality firms combined to create extraordinary demand in the specialty market.

Following a steady flow of M&A transactions and strong premium growth in 2025, the specialty market is entering into a different market environment compared to the prior half decade as the landscape continues to shift.

Download MarshBerry’s Q4 2025 M&A U.S. Specialty Market Report

Download the M&A Trends: Specialty Insurance Brokerage Market Update to get the latest deal data on M&A activity to find out who’s buying and who’s selling.

The first quarter of 2025 has been marked by volatility in both the U.S. equities market and the broader economy. Amongst these dramatic swings, the specialty intermediary M&A market remained stable, with buyer demand continuing to outpace the supply of quality sellers.