US broker M&A up through first three quarters

There were 490 announced insurance brokerage mergers and acquisitions in the US through the first three quarters of this year, up from 454 in the same period of 2023, according to a report from broker advisory company MarshBerry.

Private capital-backed buyers accounted for 358, or 73.1%, of this year’s transactions, the M&A specialist says in the report.

Independent agencies were involved in 83 of the 490 deals, increasing their share to 17% from 15.6% in the year-earlier period.

The number of deals involving banks continued to fall, to four so far this year from nine through the first three quarters of 2023 and 18 in the comparable period in 2022.

The most acquisitive companies so far this year have been BroadStreet Partners, with 51 deals or 10.4% of the total, Inszone Insurance Services, with 38 deals or 7.8%, and Hub International with 33 deals or 6.7%.

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