Global Insurance Brokerage Market 2026: Top 20 Brokers Generate $122 bn as Growth Slows

NEW YORK, NY, UNITED STATES, November 3, 2026 /EINPresswire.com/ -- The world's 20 largest insurance and reinsurance brokers generated approximately $122 bn in combined revenue in 2025, according to Beinsure and AM Best's latest data. Marsh retained its position as the largest global broker, followed by Aon, Arthur J. Gallagher and WTW.

"The results come as the insurance brokerage industry enters a more difficult operating environment. Commercial insurance rates are falling, organic revenue growth is slowing, and acquisition activity is becoming more selective after several years of rapid consolidation," said Oleg Parashchak, CEO & Founder of Finance Media Holding, Founder & Editor-in-Chief of Beinsure.

Independent research firms estimate the global insurance brokerage market at between $125 bn and $336 bn in 2025, although their methodologies differ considerably. Fortune Business Insights valued the market at $125.36 bn, compared with $335.9 bn estimated by Grand View Research. Broader studies that include insurance agents and other intermediaries produce different figures.

The disparity reflects differences in how researchers account for brokerage commissions, advisory services, tied agents, wholesale distribution and managing general agents (MGAs).

MARSH, AON AND GALLAGHER LEAD GLOBAL INSURANCE BROKERAGE RANKINGS

"Marsh reported consolidated revenue of $27 bn in 2025, an increase of 10%, including $17.3 bn from Risk and Insurance Services. The group's underlying revenue growth was 4%, with acquisitions contributing to reported expansion," noted Nataly Kramer, Lead Insurance Editor at Beinsure.

Aon generated $17.18 bn in annual revenue, including $8.50 bn from Commercial Risk Solutions, $2.79 bn from Reinsurance Solutions and $3.84 bn from Health Solutions.

Arthur J. Gallagher increased consolidated revenue to $13.78 bn, with its Brokerage segment contributing $12.19 bn. WTW followed with $9.71 bn in total revenue, including $4.33 bn from Risk & Broking.

Brown & Brown moved into fifth place in the global ranking after reporting $5.90 bn in revenue, up 22.8%, supported by acquisitions. Its organic revenue growth was considerably lower at 2.8%.

Among privately held groups, Alliant Insurance Services, HUB International, Howden, Acrisure and Lockton remained major competitors.

Lockton reported approximately $4.5 bn in revenue for its fiscal year ended April 2026, including 11% organic growth.

According to Yana Keller, Lead Re/Insurance Editor at Beinsure, the figures show an increasingly concentrated market, but the $121.9 bn combined total cannot be treated as brokerage commissions alone. "Consolidated accounts include consulting, risk management and other services, while financial reporting periods differ between groups".

INSURANCE BROKERS FACE SLOWER ORGANIC GROWTH IN 2026

Third-quarter financial results indicate that large brokers are maintaining revenue growth, although performance varies considerably.

Marsh reported 5% underlying revenue growth in Q3 2026, while Aon achieved 6% organic growth. Gallagher's Brokerage and Risk Management businesses recorded combined organic growth of 5%.

WTW reported 4% organic growth, including 5% in Risk & Broking. Brown & Brown recorded just 1.2% organic growth during the quarter, despite a 7.4% increase in reported revenue.

The slowdown reflects changing conditions in the commercial insurance market.

According to Marsh's Global Insurance Market Index, commercial insurance rates declined 5% worldwide in Q3 2026, marking the ninth consecutive quarterly decrease.

"Global property insurance rates fell 10%, financial and professional lines declined 3%, and cyber insurance prices decreased 4%. Casualty rates increased 1%, primarily reflecting continued pressure in the US market," stated Nataly Kramer.

Lower insurance premiums can reduce commission income for brokers whose remuneration depends on policy values. Revenue also depends on exposure growth, new business, retention and fee arrangements, so the impact is not uniform.

The shift places greater importance on new client acquisition, specialist insurance placements and operating efficiency.

INSURANCE BROKERAGE M&A REMAINS ACTIVE DESPITE DECLINING DEAL VOLUMES

"Consolidation continued across the industry in 2025, with private equity-backed platforms accounting for most announced transactions", said Tetiana Mykhailova, Senior Investment Analyst & CFO at Beinsure.

MarshBerry recorded 854 insurance brokerage acquisitions in the US during 2025, compared with 847 in 2024. Private capital-backed buyers completed 605 transactions, representing approximately 71% of the total.

MarshBerry recorded 473 announced US brokerage transactions through September, approximately 7.8% below the comparable 2025 period.

European insurance M&A followed a different pattern. FTI Consulting recorded 789 insurance-sector transactions in Europe during 2025, up 14% year over year. Of these, 596 involved insurance brokers.

The UK and Ireland remained the largest regional market for transactions, followed by Germany, Austria and Switzerland, and then Spain and Portugal.

However, European insurance M&A declined to 358 transactions in H1 2026, down 14% compared with the second half of 2025.

"Brokerage and MGA acquisitions proved more resilient than transactions involving insurers and insurance service providers," said Yana Keller.

Valuations remain relatively high for specialist intermediaries despite slower organic growth. MarshBerry reports average guaranteed brokerage acquisition valuations of approximately 11.5x pro forma EBITDA.

Businesses with delegated underwriting authority, specialist insurance expertise and strong recurring revenue can attract considerably higher multiples.

For buyers, the emphasis has shifted from acquiring revenue at scale to identifying businesses capable of maintaining earnings growth under less favourable pricing conditions.

INSURANCE BROKERAGE M&A REMAINS ACTIVE DESPITE DECLINING DEAL VOLUMES

The independent agency distribution channel remains central to the US insurance market. According to the Independent Insurance Agents & Brokers of America's 2026 Market Share Report - https://beinsure.com/us-independent-insurance-agents-prioritize-trust/, independent agencies placed 62% of US P&C direct written premiums in 2025, up from 61.5% in 2024. Their share of commercial insurance premiums reached 87.7%, while personal lines penetration increased to 39.5%.

Total US P&C direct written premiums reached approximately $1.1 tn in 2025, compared with $1.05 tn a year earlier.

The number of independent insurance agencies nevertheless declined. The association's September 2026 Agency Universe Study estimated approximately 37,000 independent agencies operating in the US, compared with 39,000 in 2024.

Despite consolidation, three-quarters of surveyed agencies reported revenue increases between 2024 and 2025. The figures suggest that independent distribution is maintaining its position even as ownership becomes more concentrated.

SPECIALTY AND REINSURANCE BROKERS CONTINUE EXPANDING

Specialty insurance distribution remains an important growth area. Ryan Specialty reported revenue of $3.05 bn in 2025, an increase of 21.3%, including 6.6% organic growth. Demand for excess and surplus lines insurance also continued expanding.

According to the Wholesale & Specialty Insurance Association, premiums reported to US surplus lines stamping offices reached $90.3 bn in 2025, up 7.8%.

During H1 2026, reported premiums increased another 2.8% to $47.6 bn, while transaction volumes rose 16.9%. These figures measure insurance premiums rather than brokerage fees, but they indicate continued activity in specialty insurance placement.

"The reinsurance brokerage market remains dominated by a small number of international groups", noted Yana Keller.

Aon Reinsurance Solutions generated $2.79 bn in revenue in 2025, while Marsh Re reported approximately $2.64 bn.

Gallagher Re and Howden Re also expanded their positions in the international market, supported by demand for catastrophe risk management, structured reinsurance and alternative capital solutions.

GLOBAL INSURANCE BROKERAGE MARKET OUTLOOK FOR 2027

Market forecasts remain positive despite weaker commercial insurance pricing. Fortune Business Insights expects global insurance brokerage revenue to reach $137.14 bn in 2026, with longer-term growth averaging 9.5% annually through 2034 under its market definition. However, financial results indicate that growth will depend increasingly on underlying business performance rather than rising insurance rates.

The industry's acquisition-driven expansion also faces a more demanding investment environment.

Higher financing costs, pressure on organic growth and differences between public and private brokerage valuations are making buyers more selective.

Private equity investment is expected to remain important, particularly for specialist brokers, MGAs and businesses offering access to new geographic markets.

Employee benefits, health insurance, cyber, complex casualty and reinsurance advisory services offer additional opportunities for revenue diversification.

For 2027, Beinsure expects organic growth, client retention, specialist expertise and EBITDA margins to become more important indicators of brokerage performance than consolidated revenue growth alone.

EXPLORE MORE BEINSURE RATINGS:

TOP 100 Property & Casualty Insurance Companies in the U.S. in 2026 - https://beinsure.com/ranking/largest-us-property-casualty-insurance-companies/
TOP 50 Largest Global Reinsurance Groups in the World 2026 - https://beinsure.com/ranking/top-50-global-reinsurance-groups-in-the-world/
Largest U.S. Cyber Insurance Companies & Groups in 2026 - https://beinsure.com/ranking/largest-us-cyber-insurance-companies-groups/
TOP 100 Life & Health Insurance Companies in the U.S. in 2026 - https://beinsure.com/ranking/top-life-health-insurance-companies/
TOP 30 Largest Insurance Companies in Europe 2026 - https://beinsure.com/ranking/largest-insurance-companies-europe/
TOP 75 Insurance companies in the US & Canada: Assets & Revenue - https://beinsure.com/ranking/us-canada-insurers/
Largest InsurTech Unicorn Startups in 2026 - https://beinsure.com/ranking/biggest-insurtech-unicorn-startups-world/

The latest results suggest that the industry is not experiencing a broad contraction. Major brokers continue generating substantial revenues, independent agencies retain significant distribution shares, and acquisition demand remains active.

With premium-driven commission increases becoming less reliable, brokers will need stronger new-business production, disciplined acquisition strategies and operating efficiencies to sustain earnings growth.

Nataly Kramer
Beinsure