Overview
Insurance brokerage merger and acquisition activity in the United States totaled 241 deals during the first five months of 2026, representing a 5.1% decline from the 254 transactions recorded in the comparable period a year earlier, according to data compiled by MarshBerry.
Market tone and drivers
MarshBerry characterizes the current environment as one in which the underlying market structure remains strong, but participants are exercising greater discipline and selectivity. The firm attributes this shift in dealmaking behavior to a set of macro headwinds present in 2026 - specifically, elevated borrowing costs, persistent geopolitical volatility and pressure on energy prices. These factors, MarshBerry says, are particularly constraining for buyers that rely heavily on leverage to fund acquisitions.
Quality over quantity
According to the firm, buyers are increasingly emphasizing quality characteristics in potential targets. The priorities highlighted include niche technical expertise, the potential for organic revenue growth and operational fit with acquirers' existing platforms. MarshBerry notes that macro pressures such as higher interest rates, slower organic growth and tighter financing conditions are reducing the prevalence of large, highly leveraged transactions.
Concentration among buyers
Deal activity during the period was concentrated among a relatively small group of active buyers. The top 10 acquirers accounted for 51.5% of transactions in the first five months of 2026. Three firms - BroadStreet Partners, Inszone and Alkeme - were the most active buyers and together represented 30.7% of the 241 transactions recorded.
Implications for market participants
While MarshBerry’s data show a modest decline in total deal count year-over-year, the firm’s characterization of a structurally sound yet more selective market suggests continued M&A activity focused on targets that meet stricter underwriting and operational criteria. Buyers with limited access to non-recourse financing or those that are highly dependent on leverage may face the greatest constraints under current conditions.
Key takeaways
- 241 U.S. insurance brokerage deals in Jan-May 2026, down 5.1% from 254 in the same period last year.
- Market described as structurally strong but more disciplined; macro uncertainties are influencing dealmaking.
- Top 10 buyers drove 51.5% of deal activity; BroadStreet Partners, Inszone and Alkeme accounted for 30.7% of deals.
Source note
All figures and characterizations in this report are based on data and commentary provided by MarshBerry.