Brokerage M&As decline in third quarter

There were 188 mergers and acquisitions among U.S. and Canadian insurance intermediaries in the third quarter, down 13% from the same period last year, according to a report from Optis Partners.

Although the number of deals was up 5% compared with the second quarter, the total for the first nine months of 2025 was 520, down 7% compared with the same period last year.

“Looking ahead to the fourth quarter, we expect activity to be equal to or slightly below Q4 2024, thus continuing the trend of the last three years,” said Steve Germundson, a partner at Optis, a Chicago-based investment banking and financial consulting firm.

Optis tracks M&A among agents, brokers, life and financial services consultants, third-party administrators and other insurance intermediaries.

Broadstreet Partners was the most acquisitive brokerage in the first nine months with 57 deals, down 21% compared with the prior year period, followed by Hub International with 38, down 12%.

Private equity-backed brokerages continued to dominate the M&A sector, accounting for 72% of all deals so far this year, according to the report.