Big-3 Broker Organic Growth
Quarterly organic revenue growth (ex-acquisitions, ex-FX) for the Big-3 brokers, the cleanest read on whether a broker is winning rather than just buying scale.
Updated at 2026-05-29
Broker M&A Timeline
Largest insurance-broker M&A deals, 2020 to 2026, by deal value. Click any header to sort.
| Date▼ | Acquirer | Target | Deal Value | Status | Notes |
|---|---|---|---|---|---|
| 2026-01 | AJG | Woodruff Sawyer (announced) | $1.95B | Pending | Tech-focused West Coast broker; closing expected H1 2026 |
| 2025-09 | WTW | TRANZACT | $630M | Closed | Sold to GTCR; WTW exiting direct-to-consumer Medicare brokerage |
| 2025-06 | Brown & Brown | Accession Risk Management | $9.83B | Closed | Biggest single deal in BRO history; tripled commercial mid-market exposure |
| 2025-02 | Aon | Risk Strategies International | $2.50B | Closed | Strengthened middle-market post-NFP integration |
| 2024-12 | AJG | AssuredPartners | $13.45B | Announced | Largest broker deal ever by AJG; closed 2025 after antitrust review |
| 2024-08 | AJG | RTC Insurance Advisors | $85M | Closed | Property-condo specialty in Florida; one of ~40 AJG 2024 tuck-ins |
| 2024-05 | Brown & Brown | Quintes (Netherlands) | $300M | Closed | Established BRO's first Continental Europe retail presence |
| 2024-04 | AON | NFP | $13.00B | Closed | Doubled AON's US middle-market exposure; $1.2B in cash + stock + earnouts |
| 2023-12 | MMC | AC&E Group | $210M | Closed | Marsh McLennan Agency middle-market roll-up; Houston-focused |
| 2023-10 | MMC | Honan Insurance (Australia) | $650M | Closed | Largest Australian indep broker; gave Marsh top-3 ANZ commercial position |
| 2023-07 | Truist | Truist Insurance Holdings (divestiture) | $15.50B | Closed 2024 | Stone Point + CD&R bought from Truist Bank; the largest broker take-private ever |
| 2023-04 | AJG | Buck (Gallagher Re benefits arm) | $660M | Closed | Pension consulting & benefits admin; expanded Gallagher Re footprint |
| 2022-12 | WTW | Hutton Insurance Brokers | $85M | Closed | UK mid-market commercial broker tuck-in |
| 2022-08 | AON | Tyche (analytics) | $170M | Closed | Capital modelling software from Hexagon; bolstered Aon Reinsurance analytics |
| 2022-05 | MMC | Marsh Mclennan Agency UK launch | $50M | Multiple tuck-ins | MMA UK platform launched via Jelf, Bluefin, IFG roll-ins |
| 2022-04 | AJG | MyersGroup (UK) | $120M | Closed | Surety + cyber UK mid-market specialty |
| 2021-11 | AJG | Willis Re | $3.25B | Closed | Reinsurance arm divested after AON-WTW deal collapsed; rebranded Gallagher Re |
| 2021-06 | Hub International | Insureon (digital SMB) | $180M | Closed | PE-backed Hub adding digital small-business channel |
| 2021-02 | AJG | Brookwater (Australia) | $210M | Closed | Mid-market Australian SME book |
| 2020-03 | AON | Willis Towers Watson (pulled) | $30.00B | Terminated 2021 | DOJ antitrust suit forced termination July 2021; AON paid $1B break fee |
Updated at 2026-05-10
Commission Revenue vs Commercial P&C Pricing Cycle
Brokers earn commissions as a percent of premiums placed, so revenue tracks the P&C pricing cycle. Pairs Marsh McLennan commission revenue ($B) with the CIAB commercial rate index.
Updated at 2026-05-31
Note on brokers: Insurance brokers are fee-only intermediaries. They don't bear underwriting risk. The right way to read them is as a leveraged play on commercial P&C pricing + middle-market consolidation, not as insurance carriers. Combined-ratio metrics don't apply.