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Market strategy briefQ2 2026Next refresh: mid-Nov 2026

Lower Spend Concentration + Slower posture

Insurance Brokerage

Lower Spend Concentration + Slower · $280.2B disclosed spend · led by Geographic Expansion plays · activity cooling across 97 public buyers.

Active consolidators disclose steady agency cadence, small-to-mid deal size discipline, and repeated language around talent and geographic expansion.

Geographic Expansion dominantSpend HHI 500Cooling -13

Disclosed acquisition spend is below the atlas median HHI (576), while recent activity is flat or cooling.

Public buyers

97

55 core (10+)

Recorded buys

2,111

340 last 3 yrs

Disclosed spend

$280.2B

$50.4B recent

Matched issuers

134

3 segments

Strategy fingerprint

How this market gets bought

Spend-weighted strategy mix from public buyers' 10-K language. Each archetype shows the buyers who lead it.

Geo 24%
Bolt 23%
Horiz 23%
Platform 22%
Tuck InBolt OnPlatformGeographic ExpansionHorizontal ConsolidationVertical IntegrationTechnology AcquisitionTalent Acquisition

Tuck In

4% mix

Small additive deals folded directly into the existing business.

Bolt On

23% mix

Mid-sized acquisitions extending the existing product or service core.

“The acquisition of Alterra creates additional size and scale, providing additional insurance and investment opportunities for the Company.”

Markel Group Inc. (MKL) · FY2013

Platform

22% mix

Foundational deals establishing a new platform or business line.

“This acquisition supports MetLife’s New Frontier strategy to accelerate growth in asset management by adding significant scale and broadening our global product offerings and distribution reach.”

MetLife, Inc. (MET) · FY2025

Geographic Expansion

24% mix

Buying density or new geographies to extend the footprint.

“In 2025, we expanded our team by nearly 5,794 teammates through 43 acquisitions.”

Brown & Brown, Inc. (BRO) · FY2025

Horizontal Consolidation

23% mix

Acquiring direct competitors to consolidate the market.

“Our brokers assess client needs and also perform data collection, contract preparation and other administrative tasks, enabling us to market our products cost effectively.”

Renaissancere Holdings Ltd. (RNR) · FY2025

Vertical Integration

0% mix

Adding upstream or downstream capability inside the value chain.

Technology Acquisition

1% mix

Buying products, IP, or engineering depth for capability gain.

Talent Acquisition

3% mix

Acquisitions led by team or human-capital rationale.

“The property and casualty insurance industry is highly competitive in the areas of price, service, product offerings, agent relationships and method of distribution.”

Travelers Companies, Inc. (TRV) · FY2009

Buyer landscape

Disclosed buyer scale by annual spend

Each bubble is a top public buyer with disclosed acquisition spend. X = average disclosed spend per active year. Y = total disclosed spend. Midlines are buyer medians. Color = dominant strategy archetype.

Below-median disclosed spend per active year, above-median total disclosed spend.Lower Annual Spend / Higher Total SpendAbove-median disclosed spend per active year, above-median total disclosed spend.Higher Annual Spend / Higher Total SpendBelow-median disclosed spend per active year, below-median total disclosed spend.Lower Annual Spend / Lower Total SpendAbove-median disclosed spend per active year, below-median total disclosed spend.Higher Annual Spend / Lower Total Spend$1M$10M$100M$1B$10B$1M$10M$100M$1B$10Bmedian annual $93Mmedian total $378MAvg disclosed acquisition spend per active year (log) →Total disclosed spend (log)CBChubb Limited (CB) Geographic Expansion $32.5B total · $2.3B / active year 14 active years · 16 buys reportedMETMetLife, Inc. (MET) Platform $25.5B total · $2.3B / active year 11 active years · 5 buys reportedMRSHMarsh & McLennan Companies, Inc. (MRSH) Geographic Expansion $21B total · $1.3B / active year 16 active years · 263 buys reportedBROBrown & Brown, Inc. (BRO) Geographic Expansion $16.5B total · $827M / active year 20 active years · 507 buys reportedBRK-ABerkshire Hathaway Inc. (BRK-A) Bolt On $16.2B total · $5.4B / active year 3 active years · 20 buys reportedATHSAthene Holding Ltd. (ATHS) Bolt On $13.1B total · $13.1B / active year 1 active years · 16 buys reportedAIGAmerican International Group, Inc. (AIG) Geographic Expansion $11.3B total · $2.8B / active year 4 active years · 4 buys reportedBNTBrookfield Wealth Solutions Ltd. (BNT) Bolt On $11.3B total · $3.8B / active year 3 active years · 2 buys reportedMKLMarkel Group Inc. (MKL) Bolt On $11.3B total · $869M / active year 13 active years · 16 buys reportedAJGArthur J. Gallagher & Co. (AJG) Horizontal Consolidation $11.2B total · $624M / active year 18 active years · 656 buys reportedAONAon plc (AON) Bolt On $9.5B total · $477M / active year 20 active years · 160 buys reportedALLAllstate Corp. (ALL) Geographic Expansion $9B total · $896M / active year 10 active years · 4 buys reportedLLoews Corp. (L) Geographic Expansion $8.9B total · $593M / active year 15 active years · 18 buys reportedRNRRenaissancere Holdings Ltd. (RNR) Horizontal Consolidation $8.9B total · $1.3B / active year 7 active years · 9 buys reportedFNFFidelity National Financial, Inc. (FNF) Horizontal Consolidation $5.4B total · $336M / active year 16 active years · 11 buys reportedHIGThe Hartford Insurance Group, Inc. (HIG) Horizontal Consolidation $5.2B total · $1B / active year 5 active years · 10 buys reportedLNCLincoln National Corporation (LNC) Geographic Expansion $4.8B total · $1.2B / active year 4 active years · 2 buys reportedHUIZHuize Holding Limited (HUIZ) Mixed strategy $4.8B total · $1.6B / active year 3 active years · 1 buys reportedPFGPrincipal Financial Group, Inc. (PFG) Geographic Expansion $4.3B total · $864M / active year 5 active years · 7 buys reportedAIZAssurant, Inc. (AIZ) Geographic Expansion $4.2B total · $265M / active year 16 active years · 18 buys reportedACGLArch Capital Group Ltd. (ACGL) Geographic Expansion $4.1B total · $514M / active year 8 active years · 13 buys reportedAGOAssured Guaranty Ltd. (AGO) Platform $4B total · $446M / active year 9 active years · 7 buys reportedPUKPrudential PLC (PUK) Bolt On $3.3B total · $329M / active year 10 active years · 2 buys reportedRYANRyan Specialty Holdings, Inc. (RYAN) Bolt On $3.1B total · $624M / active year 5 active years · 15 buys reportedWTWWillis Towers Watson PLC (WTW) Bolt On $2.8B total · $213M / active year 13 active years · 10 buys reportedEZRAReliance Global Group, Inc. (EZRA) Geographic Expansion $2.3B total · $563M / active year 4 active years · 25 buys reportedBWINThe Baldwin Insurance Group, Inc. (BWIN) Bolt On $1.9B total · $382M / active year 5 active years · 40 buys reportedTRVTravelers Companies, Inc. (TRV) Talent Acquisition $1.9B total · $236M / active year 8 active years · 4 buys reportedKMPBKemper Corporation (KMPB) Horizontal Consolidation $1.7B total · $214M / active year 8 active years · 7 buys reportedSTCStewart Information Services Corp. (STC) Bolt On $1.4B total · $88M / active year 16 active years · 4 buys reportedPRAProAssurance Corporation (PRA) Geographic Expansion $1.2B total · $172M / active year 7 active years · 9 buys reportedPGRProgressive Corp. (PGR) Mixed strategy $1.2B total · $399M / active year 3 active years · 1 buys reportedWTMWhite Mountains Insurance Group, Ltd. (WTM) Mixed strategy $1.2B total · $85M / active year 14 active years · 10 buys reportedIBKRInteractive Brokers Group, Inc. (IBKR) Mixed strategy $1.2B total · $1.2B / active year 1 active yearsAFGAmerican Financial Group, Inc. (AFG) Geographic Expansion $1B total · $102M / active year 10 active years · 6 buys reportedFAFFirst American Financial Corporation (FAF) Mixed strategy $972M total · $88M / active year 11 active years · 13 buys reportedSPNTSiriuspoint Ltd. (SPNT) Bolt On $632M total · $632M / active year 1 active years · 1 buys reportedWRBW. R. Berkley Corp. (WRB) Mixed strategy $625M total · $62M / active year 10 active years · 5 buys reportedHMNHorace Mann Educators Corporation (HMN) Bolt On $586M total · $293M / active year 2 active years · 3 buys reportedOSGOctave Specialty Group, Inc. (OSG) Bolt On $561M total · $112M / active year 5 active years · 7 buys reportedABXAbacus Global Management, Inc. (ABX) Platform $532M total · $532M / active year 1 active years · 1 buys reportedPRIPrimerica, Inc. (PRI) Bolt On $498M total · $249M / active year 2 active years · 2 buys reportedGLGlobe Life Inc. (GL) Geographic Expansion $495M total · $165M / active year 3 active years · 4 buys reportedRDNRadian Group Inc (RDN) Bolt On $487M total · $70M / active year 7 active years · 6 buys reportedTIPTTiptree Inc. (TIPT) Geographic Expansion $485M total · $81M / active year 6 active years · 27 buys reportedFGF&G Annuities & Life, Inc. (FG) Horizontal Consolidation $484M total · $484M / active year 1 active years · 2 buys reportedAXSAxis Capital Holdings Limited (AXS) Geographic Expansion $467M total · $467M / active year 1 active years · 6 buys reportedMTGMGIC Investment Corp (MTG) Mixed strategy $445M total · $445M / active year 1 active yearsUNMUnum Group (UNM) Mixed strategy $378M total · $94M / active year 4 active yearsACICAmerican Coastal Insurance Corporation (ACIC) Mixed strategy $373M total · $93M / active year 4 active years · 3 buys reportedITICInvestors Title Company (ITIC) Geographic Expansion $370M total · $53M / active year 7 active years · 3 buys reportedTHGHanover Insurance Group, Inc. (THG) Platform $318M total · $106M / active year 3 active years · 1 buys reportedMHLAMaiden Holdings, Ltd. (MHLA) Platform $298M total · $50M / active year 6 active years · 7 buys reportedLMNDLemonade, Inc. (LMND) Platform $275M total · $138M / active year 2 active years · 2 buys reportedESNTEssent Group Ltd. (ESNT) Platform $269M total · $90M / active year 3 active years · 2 buys reportedIGICInternational General Insurance Holdings Ltd. (IGIC) Horizontal Consolidation $241M total · $60M / active year 4 active yearsRGAReinsurance Group of America, Incorporated (RGA) Geographic Expansion $230M total · $46M / active year 5 active years · 1 buys reportedCRD-ACrawford & Co. (CRD-A) Bolt On $219M total · $17M / active year 13 active years · 17 buys reportedHRTGHeritage Insurance Holdings, Inc. (HRTG) Geographic Expansion $216M total · $108M / active year 2 active years · 5 buys reportedGBLIGlobal Indemnity Group, LLC (GBLI) Bolt On $212M total · $42M / active year 5 active years · 4 buys reportedEIGEmployers Holdings, Inc. (EIG) Mixed strategy $205M total · $68M / active year 3 active years · 4 buys reportedCNACNA Financial Corp. (CNA) Platform $197M total · $197M / active year 1 active years · 1 buys reportedAFLAflac Incorporated (AFL) Geographic Expansion $179M total · $60M / active year 3 active years · 2 buys reportedUFCSUnited Fire Group, Inc. (UFCS) Mixed strategy $173M total · $173M / active year 1 active years · 2 buys reportedUTGNUtg, Inc. (UTGN) Horizontal Consolidation $138M total · $28M / active year 5 active years · 2 buys reportedMCYMercury General Corporation (MCY) Geographic Expansion $123M total · $62M / active year 2 active years · 2 buys reportedORIOLD Republic International Corporation (ORI) Bolt On $115M total · $14M / active year 8 active years · 1 buys reportedSLQTSelectQuote, Inc. (SLQT) Bolt On $87M total · $22M / active year 4 active years · 8 buys reportedKNSLKinsale Capital Group, Inc. (KNSL) Mixed strategy $77M total · $77M / active year 1 active yearsGNWGenworth Financial, Inc. (GNW) Geographic Expansion $75M total · $15M / active year 5 active years · 3 buys reportedPLMRPalomar Holdings, Inc. (PLMR) Geographic Expansion $68M total · $34M / active year 2 active years · 2 buys reportedNODKNI Holdings, Inc. (NODK) Geographic Expansion $67M total · $22M / active year 3 active years · 3 buys reportedHGTYHagerty, Inc. (HGTY) Bolt On $65M total · $13M / active year 5 active years · 1 buys reportedCINFCincinnati Financial Corporation (CINF) Geographic Expansion $64M total · $64M / active year 1 active years · 1 buys reportedTRUPTrupanion, Inc. (TRUP) Vertical Integration $63M total · $32M / active year 2 active years · 3 buys reportedEGEverest Group, Ltd. (EG) Mixed strategy $63M total · $63M / active year 1 active years · 3 buys reportedDGICADonegal Group Inc. (DGICA) Horizontal Consolidation $61M total · $20M / active year 3 active years · 3 buys reportedTWFGTWFG, Inc. (TWFG) Horizontal Consolidation $61M total · $61M / active year 1 active years · 8 buys reportedSIGISelective Insurance Group, Inc. (SIGI) Platform $52M total · $52M / active year 1 active years · 2 buys reportedPRHIPresurance Holdings, Inc. (PRHI) Mixed strategy $47M total · $47M / active year 1 active years · 1 buys reportedHCIHCI Group, Inc. (HCI) Geographic Expansion $46M total · $9M / active year 5 active years · 4 buys reportedMBIMbia Inc. (MBI) Mixed strategy $41M total · $21M / active year 2 active years · 2 buys reportedEQHEquitable Holdings, Inc. (EQH) Mixed strategy $40M total · $40M / active year 1 active yearsWDHWaterdrop Inc. (WDH) Mixed strategy $35M total · $12M / active year 3 active yearsEHTHEhealth, Inc. (EHTH) Platform $35M total · $12M / active year 3 active years · 2 buys reportedCRVLCorvel Corporation (CRVL) Mixed strategy $33M total · $7M / active year 5 active years · 3 buys reportedSAFTSafety Insurance Group Inc. (SAFT) Mixed strategy $20M total · $10M / active year 2 active yearsRLIRLI Corp (RLI) Mixed strategy $18M total · $9M / active year 2 active years · 4 buys reportedCIACitizens, Inc. (CIA) Horizontal Consolidation $17M total · $8M / active year 2 active years · 1 buys reportedAIFUAIFU Inc. (AIFU) Horizontal Consolidation $15M total · $4M / active year 4 active years · 13 buys reportedHIPOHippo Holdings Inc. (HIPO) Mixed strategy $12M total · $4M / active year 3 active years · 4 buys reportedARXAccelerant Holdings (ARX) Mixed strategy $10M total · $10M / active year 1 active years · 2 buys reportedGSHDGoosehead Insurance, Inc. (GSHD) Mixed strategy $7M total · $7M / active year 1 active yearsKINSKingstone Companies, Inc. (KINS) Mixed strategy $6M total · $6M / active year 1 active years · 1 buys reportedAAMEAtlantic American Corp. (AAME) Geographic Expansion $3M total · $3M / active year 1 active years · 2 buys reportedUVEUniversal Insurance Holdings, Inc. (UVE) Mixed strategy $1M total · $1M / active year 1 active years · 1 buys reportedFGNXFG Nexus Inc. (FGNX) Mixed strategy $300K total · $300K / active year 1 active years
BuyerDominant playDisclosed spendSpend / yrBuys3-yr spend trend
Chubb LimitedCBGeographic Expansion
$32.5B
$2.3B16

Cooling

-81%

MetLife, Inc.METPlatform
$25.5B
$2.3B5

Cooling

-79%

Marsh & McLennan Companies, Inc.MRSHGeographic Expansion
$21B
$1.3B263

Accelerating

+602%

Brown & Brown, Inc.BROGeographic Expansion
$16.5B
$827M507

Accelerating

+214%

Berkshire Hathaway Inc.BRK-ABolt On
$16.2B
$5.4B20

Steady

-50% (count)

Athene Holding Ltd.ATHSBolt On
$13.1B
$13.1B16

Paused

$13.1B prior

American International Group, Inc.AIGGeographic Expansion
$11.3B
$2.8B4

Steady

+0% (count)

Brookfield Wealth Solutions Ltd.BNTBolt On
$11.3B
$3.8B2

Cooling

-89%

Markel Group Inc.MKLBolt On
$11.3B
$869M16

Cooling

-40%

Arthur J. Gallagher & Co.AJGHorizontal Consolidation
$11.2B
$624M656

Winding down

$4.3B → $137M

Aon plcAONBolt On
$9.5B
$477M160

Accelerating

+623%

Allstate Corp.ALLGeographic Expansion
$9B
$896M4

Winding down

$3.6B → $13M

Loews Corp.LGeographic Expansion
$8.9B
$593M18

Accelerating

+627%

Renaissancere Holdings Ltd.RNRHorizontal Consolidation
$8.9B
$1.3B9

New cycle

$8.5B recent

Fidelity National Financial, Inc.FNFHorizontal Consolidation
$5.4B
$336M11

Paused

$1.3B prior

The Hartford Insurance Group, Inc.HIGHorizontal Consolidation
$5.2B
$1B10

Steady

+0% (count)

Lincoln National CorporationLNCGeographic Expansion
$4.8B
$1.2B2

Steady

+0% (count)

Huize Holding LimitedHUIZN/A
$4.8B
$1.6B1

New cycle

$4.8B recent

Principal Financial Group, Inc.PFGGeographic Expansion
$4.3B
$864M7

Steady

-100% (count)

Assurant, Inc.AIZGeographic Expansion
$4.2B
$265M18

Winding down

$929M → $60M

Arch Capital Group Ltd.ACGLGeographic Expansion
$4.1B
$514M13

Steady

+19%

Assured Guaranty Ltd.AGOPlatform
$4B
$446M7

Accelerating

+427%

Prudential PLCPUKBolt On
$3.3B
$329M2

Cooling

-71%

Ryan Specialty Holdings, Inc.RYANBolt On
$3.1B
$624M15

New cycle

$2.9B recent

Willis Towers Watson PLCWTWBolt On
$2.8B
$213M10

Accelerating

+55%

Reliance Global Group, Inc.EZRAGeographic Expansion
$2.3B
$563M25

Winding down

$2.2B → $24M

The Baldwin Insurance Group, Inc.BWINBolt On
$1.9B
$382M40

Winding down

$1.7B → $86M

Travelers Companies, Inc.TRVTalent Acquisition
$1.9B
$236M4

Accelerating

+810%

Kemper CorporationKMPBHorizontal Consolidation
$1.7B
$214M7

Paused

$687M prior

Stewart Information Services Corp.STCBolt On
$1.4B
$88M4

Cooling

-49%

ProAssurance CorporationPRAGeographic Expansion
$1.2B
$172M9

Paused

$222M prior

Progressive Corp.PGRN/A
$1.2B
$399M1

Steady

+0% (count)

White Mountains Insurance Group, Ltd.WTMN/A
$1.2B
$85M10

Accelerating

+148%

Interactive Brokers Group, Inc.IBKRN/A
$1.2B
$1.2BN/A

Steady

no signal

American Financial Group, Inc.AFGGeographic Expansion
$1B
$102M6

Accelerating

+84%

First American Financial CorporationFAFN/A
$972M
$88M13

Winding down

$671M → $41M

Siriuspoint Ltd.SPNTBolt On
$632M
$632M1

Paused

$632M prior

W. R. Berkley Corp.WRBN/A
$625M
$62M5

Cooling

-77%

Horace Mann Educators CorporationHMNBolt On
$586M
$293M3

Paused

$164M prior

Octave Specialty Group, Inc.OSGBolt On
$561M
$112M7

Accelerating

+409%

Abacus Global Management, Inc.ABXPlatform
$532M
$532M1

New cycle

$532M recent

Primerica, Inc.PRIBolt On
$498M
$249M2

Paused

$498M prior

Globe Life Inc.GLGeographic Expansion
$495M
$165M4

Steady

-100% (count)

Radian Group IncRDNBolt On
$487M
$70M6

Steady

+0% (count)

Tiptree Inc.TIPTGeographic Expansion
$485M
$81M27

Steady

-100% (count)

F&G Annuities & Life, Inc.FGHorizontal Consolidation
$484M
$484M2

New cycle

$484M recent

Axis Capital Holdings LimitedAXSGeographic Expansion
$467M
$467M6

Steady

-100% (count)

MGIC Investment CorpMTGN/A
$445M
$445MN/A

Steady

no signal

Unum GroupUNMN/A
$378M
$94MN/A

Steady

no signal

American Coastal Insurance CorporationACICN/A
$373M
$93M3

Steady

+0% (count)

Investors Title CompanyITICGeographic Expansion
$370M
$53M3

Steady

-8%

Hanover Insurance Group, Inc.THGPlatform
$318M
$106M1

Steady

+0% (count)

Maiden Holdings, Ltd.MHLAPlatform
$298M
$50M7

New cycle

$168M recent

Lemonade, Inc.LMNDPlatform
$275M
$138M2

Steady

+0%

Essent Group Ltd.ESNTPlatform
$269M
$90M2

New cycle

$269M recent

International General Insurance Holdings Ltd.IGICHorizontal Consolidation
$241M
$60MN/A

Winding down

$240M → $1M

Reinsurance Group of America, IncorporatedRGAGeographic Expansion
$230M
$46M1

Paused

$200K prior

Crawford & Co.CRD-ABolt On
$219M
$17M17

Paused

$83M prior

Heritage Insurance Holdings, Inc.HRTGGeographic Expansion
$216M
$108M5

Steady

+0% (count)

Global Indemnity Group, LLCGBLIBolt On
$212M
$42M4

New cycle

$1M recent

Employers Holdings, Inc.EIGN/A
$205M
$68M4

Steady

+0% (count)

CNA Financial Corp.CNAPlatform
$197M
$197M1

Steady

+0% (count)

Aflac IncorporatedAFLGeographic Expansion
$179M
$60M2

Steady

+0% (count)

United Fire Group, Inc.UFCSN/A
$173M
$173M2

Steady

+0% (count)

Utg, Inc.UTGNHorizontal Consolidation
$138M
$28M2

Paused

$53M prior

Mercury General CorporationMCYGeographic Expansion
$123M
$62M2

Steady

+0% (count)

OLD Republic International CorporationORIBolt On
$115M
$14M1

Steady

+0% (count)

SelectQuote, Inc.SLQTBolt On
$87M
$22M8

Cooling

-96%

Kinsale Capital Group, Inc.KNSLN/A
$77M
$77MN/A

Paused

$77M prior

Genworth Financial, Inc.GNWGeographic Expansion
$75M
$15M3

Steady

+100% (count)

Palomar Holdings, Inc.PLMRGeographic Expansion
$68M
$34M2

New cycle

$68M recent

NI Holdings, Inc.NODKGeographic Expansion
$67M
$22M3

Paused

$40M prior

Hagerty, Inc.HGTYBolt On
$65M
$13M1

Steady

+18%

Cincinnati Financial CorporationCINFGeographic Expansion
$64M
$64M1

Steady

+0% (count)

Trupanion, Inc.TRUPVertical Integration
$63M
$32M3

Paused

$63M prior

Everest Group, Ltd.EGN/A
$63M
$63M3

Steady

+0% (count)

Donegal Group Inc.DGICAHorizontal Consolidation
$61M
$20M3

Steady

+0% (count)

TWFG, Inc.TWFGHorizontal Consolidation
$61M
$61M8

New cycle

$61M recent

Selective Insurance Group, Inc.SIGIPlatform
$52M
$52M2

Steady

+0% (count)

Presurance Holdings, Inc.PRHIN/A
$47M
$47M1

New cycle

$47M recent

HCI Group, Inc.HCIGeographic Expansion
$46M
$9M4

Steady

+0% (count)

Mbia Inc.MBIN/A
$41M
$21M2

Steady

+0% (count)

Equitable Holdings, Inc.EQHN/A
$40M
$40MN/A

Paused

$40M prior

Waterdrop Inc.WDHN/A
$35M
$12MN/A

Accelerating

+4175%

Ehealth, Inc.EHTHPlatform
$35M
$12M2

Steady

+0% (count)

Corvel CorporationCRVLN/A
$33M
$7M3

Steady

+0% (count)

Safety Insurance Group Inc.SAFTN/A
$20M
$10MN/A

Cooling

-88%

RLI CorpRLIN/A
$18M
$9M4

Steady

+0% (count)

Citizens, Inc.CIAHorizontal Consolidation
$17M
$8M1

Steady

+0% (count)

AIFU Inc.AIFUHorizontal Consolidation
$15M
$4M13

New cycle

$3M recent

Hippo Holdings Inc.HIPON/A
$12M
$4M4

Accelerating

+1867%

Accelerant HoldingsARXN/A
$10M
$10M2

New cycle

$10M recent

Goosehead Insurance, Inc.GSHDN/A
$7M
$7MN/A

New cycle

$7M recent

Kingstone Companies, Inc.KINSN/A
$6M
$6M1

Steady

+0% (count)

Atlantic American Corp.AAMEGeographic Expansion
$3M
$3M2

Steady

+0% (count)

Universal Insurance Holdings, Inc.UVEN/A
$1M
$1M1

Steady

+0% (count)

FG Nexus Inc.FGNXN/A
$300K
$300KN/A

Steady

no signal

Playbook theatre

The language of consolidation, by archetype

Direct sentences from public buyers' 10-K filings, grouped by the strategy they describe.

“In 2025, we expanded our team by nearly 5,794 teammates through 43 acquisitions.”

Brown & Brown, Inc.BROFY2025

“This acquisition expands our presence and advances our long-term growth opportunity in the region.”

Chubb LimitedCBFY2025

“The acquisition, which is part of a broader growth strategy”

Marsh & McLennan Companies, Inc.MRSHFY2009

“This will broaden Allstate’s unique product offerings to better meet consumers’ needs.”

Allstate Corp.ALLFY2016

“We expect the acquisition will enhance the Company’s position as a leading lifestyle provider, particularly within the Global Automotive business, with significant operating synergies expected and a deepened global footprint.”

Assurant, Inc.AIZFY2018

“The insurance agency sector remains highly fragmented, consisting of a large number of small and mid-sized privately owned agencies operating across local and regional markets.”

Reliance Global Group, Inc.EZRAFY2025

Submarkets

Where the cadence lives

Activity intensity, lead buyers, and footprint per segment within this market.

Carrier Services & Administration

265

Claims, third-party administration, carrier services, risk technology, and insurance services platforms.

Buyers

62

Core

33

Spend

$178.1B

2006–2025 · last year 14

Retail Agency Brokerage

1,705

Retail P&C agencies, local brokerage books, producer teams, and regional agency roll-ups.

Buyers

15

Core

9

Spend

$71.6B

2006–2025 · last year 111

Wholesale & Specialty Risk

150

Wholesale brokers, MGA/MGU platforms, specialty lines, reinsurance, and complex-risk placement.

Buyers

20

Core

13

Spend

$30.5B

2006–2025 · last year 8

Accelerators

Recent 3-yr cadence above prior

8

Coolers

Recent 3-yr cadence below prior

8

Trajectory

20 years of cadence and spend

Annual recorded buys and disclosed spend across the matched buyer set.

0811622006: 74 buys · $26B spend · 15 buyers2007: 83 buys · $11.9B spend · 16 buyers2008: 162 buys · $10.1B spend · 18 buyers2009: 78 buys · $4.4B spend · 22 buyers2010: 93 buys · $12.1B spend · 21 buyers2011: 114 buys · $3.8B spend · 21 buyers2012: 138 buys · $4.9B spend · 20 buyers2013: 47 buys · $10.8B spend · 16 buyers2014: 126 buys · $12.4B spend · 16 buyers2015: 107 buys · $5.6B spend · 24 buyers2016: 77 buys · $20.3B spend · 15 buyers2017: 95 buys · $10B spend · 15 buyers2018: 120 buys · $13.4B spend · 17 buyers2019: 108 buys · $22.1B spend · 21 buyers2020: 108 buys · $11.7B spend · 21 buyers2021: 120 buys · $21.6B spend · 21 buyers2022: 121 buys · $28.9B spend · 17 buyers2023: 69 buys · $8.3B spend · 16 buyers2024: 141 buys · $23.3B spend · 16 buyers2025: 130 buys · $18.8B spend · 20 buyers2006: 74 buys · $26B spend · 15 buyers2007: 83 buys · $11.9B spend · 16 buyers2008: 162 buys · $10.1B spend · 18 buyers2009: 78 buys · $4.4B spend · 22 buyers2010: 93 buys · $12.1B spend · 21 buyers2011: 114 buys · $3.8B spend · 21 buyers2012: 138 buys · $4.9B spend · 20 buyers2013: 47 buys · $10.8B spend · 16 buyers2014: 126 buys · $12.4B spend · 16 buyers2015: 107 buys · $5.6B spend · 24 buyers2016: 77 buys · $20.3B spend · 15 buyers2017: 95 buys · $10B spend · 15 buyers2018: 120 buys · $13.4B spend · 17 buyers2019: 108 buys · $22.1B spend · 21 buyers2020: 108 buys · $11.7B spend · 21 buyers2021: 120 buys · $21.6B spend · 21 buyers2022: 121 buys · $28.9B spend · 17 buyers2023: 69 buys · $8.3B spend · 16 buyers2024: 141 buys · $23.3B spend · 16 buyers2025: 130 buys · $18.8B spend · 20 buyers20062011201620212025
Recorded buysDisclosed spend (rescaled)