Insurance Brokers’ Market More International Than Ever

Amsterdam – Today, MarshBerry published its European Insurance Distribution market report, marking the second consecutive year of this annual publication. This in-depth report provides invaluable insights into insurance distribution data across the 27 EU countries, as well as the United Kingdom (UK), Switzerland, Norway, Iceland, and Liechtenstein, while sharing key trends shaping the future of the industry.

Included in the annual report is an inaugural presentation of the Top 20 European Insurance Brokers. The new ranking list is not limited to revenue figures but analyses the growth strategies of the most successful players in the European market.

The collective revenue of the brokers listed in the Top 20 adds up to almost €19 billion – an increase of over 15% on the previous year. Leading brokers Marsh & McLennan Companies, Inc., Aon plc and Willis Towers Watson Public Limited Company still dominate the European market. But what stands out is the huge growth of strategic buyers. UK brokers Howden Broking Group Limited and The Ardonagh Group Limited double their revenue every two to three years and their European turnover comfortably exceeds €1 billion. Yet the German GGW Group is the true outlier, having generated a 71% revenue increase in just one year.

Consolidation train is hurtling across Europe

Michel Schaft, MarshBerry’s Europe Managing Director, says, “More and more brokers are investigating cross-border M&A potential. Brokers that used to limit their operations to their own region have grown into major Pan European players in just a few years’ time.”

Schaft expects the boom in M&A activity to continue this year. “Strategic buyers, whether backed by private equity investors or not, are involved in a true race for international platforms. And there is no sign that investors are losing their interest in the industry.” Private equity not only buys brokers direct, but also sponsors strategic buyers, representing over 60% of M&A investments in the European distribution market.

Overcrowding looms in UK market

There are currently at least 15 active consolidators in the UK broking market. As the supply of viable acquisition targets diminishes, a domestic-only M&A strategy is becoming increasingly limited. In response, businesses are exploring various strategies: expanding in continental Europe, developing new service areas, focusing on organic growth, driving margin improvements through deeper integration, or considering exit opportunities through a sale.

The need to exercise vigilance

Smaller brokers are starting to feel the heat as the consolidation train shows no sign of slowing. Is that justified? “No”, says Schaft. “If you run a healthy firm, you’re in the driver’s seat. As long as you stay vigilant about opportunities and threats and respond strategically. Because the market will be completely transformed in three to five years’ time, both in terms of market conditions and innovation.”

Figures, trends and insights

“The MarshBerry Insurance Distribution in Europe market report presents the major shifts. It also provides the insights that entrepreneurs need to make well-informed decisions in this dynamic market,” says Schaft.

The report is available at www.MarshBerry.com/EU in English, Dutch and German.

If you have questions on how MarshBerry helps insurance broking firms create a path forward, in the U.S. or across Europe, or would like to discuss report findings further, please contact us today.

Appendix: 2025 Insurance Distribution in Europe

Citing from this report is permitted with crediting the source

MarshBerry – Helping Clients Learn, Improve & Realize Value

MarshBerry is a global leader in Merger & Acquisition (M&A) advisory services, corporate finance solutions, and strategic consulting for insurance brokers and firms in the wealth management industry. Our mission is to help firms in insurance distribution amplify value and chart strategic courses towards a future rife with opportunities. With a legacy spanning over 40 years, MarshBerry boasts offices in the United States and Europe, specializing in Corporate Finance Advisory (M&A Advisory, Capital Raising), and Business Planning (Strategic Planning, Business Valuations, Perpetuation Planning). MarshBerry’s deep industry expertise, innovative solutions, and client-first philosophy support European financial service providers in optimizing their business strategies and achieving long-term success. For more information, visit www.MarshBerry.com/EU.