3.3.3Segment

Insurance Brokerage & Distribution

Insurance brokers, agents, and MGAs distributing commercial lines, personal lines, and employee benefits products.

5
Verticals

Overview

Insurance Brokerage & Distribution covers brokers, agents, and MGAs distributing commercial lines, personal lines, and employee benefits — from the global brokers (Marsh, Aon, Gallagher, Brown & Brown) to a vast base of regional and local agencies. It is the most actively consolidated market in the entire M&A landscape.

Recurring commission revenue, high retention, and capital-light economics have made brokerage a perennial roll-up, with PE-backed consolidators (Acrisure, HUB, USI, AssuredPartners, BroadStreet) executing hundreds of deals a year. Scale improves carrier leverage, data, and cross-sell.

Market snapshot

Market size
~$203B
Growth
~6.9%CAGR (2017–22, nominal)
Companies
~138,000 agencies
FragmentationConsolidating

U.S. Census Bureau 2022 CBP/Economic Census, NAICS 524210 (Insurance Agencies & Brokerages) + 524298 (Other Insurance-Related Activities). 'Companies' are agency establishments.

Business model & economics

Revenue model
Commissions and fees on placed coverage
Recurring revenue
High — renewing commissions with strong retention
EBITDA margin
20–30%
Capex intensity
Low
  • The marquee roll-up — recurring commissions, high retention.
  • PE consolidators executing hundreds of deals a year.
  • Scale improves carrier leverage, data, and cross-sell.

M&A deal context

High deal activity

Who’s acquiring

Global & national broker consolidatorsPE-backed brokerage platformsMGA & program acquirers

What’s driving deals

  • Relentless roll-up of regional and local agencies.
  • Recurring commissions and high retention.
  • Scale advantages in carrier leverage and data.

Verticals in this segment

  • 3.3.3.1Commercial Lines Brokers

    Brokers placing property, liability, and specialty insurance for businesses.

  • 3.3.3.2Employee Benefits Brokers

    Insurance brokers designing and placing employer-sponsored benefit programs.

  • 3.3.3.3Independent Insurance Agents

    Independent agents representing multiple insurance carriers.

  • 3.3.3.4Managing General Agents (MGA)

    Wholesale insurance intermediaries with underwriting authority.

  • 3.3.3.5Personal Lines Brokers

    Agents selling auto, home, and personal insurance to individuals.

Find Insurance Brokerage & Distribution acquisition targets

Search Acquisera’s index for companies classified under Insurance Brokerage & Distribution (3.3.3) and build a targeted deal pipeline.

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