The number of deals involving insurance brokers in North America rose 8% sequentially to 120 in the second quarter, according to an S&P Global Market Intelligence analysis.

The trend defies the slowdown in the broader M&A market in the US and Canada, which was impacted by high interest rates and financing challenges. However, the insurance broker deal count in the first quarter still fell short of totals recorded nearly every quarter since 2020.

The aggregate value of insurance broker deals in the region fell sharply to $37 million from $13.22 billion in the first quarter.

Marsh & McLennan leads the way

The largest deal announced in the quarter by some size was Marsh & McLennan Agency LLC's $345 million purchase of Fisher Brown Bottrell Insurance Inc.

"[Fisher Brown Bottrell Insurance's] strong regional presence, client-focused approach, and terrific leadership were very attractive as we looked for a high-quality agency to expand our presence in the Southeast," Peter Krause, president and CEO of Marsh McLennan Agency's Southeast region, said in a news release.

– In Play Today highlights potential mergers and acquisitions in the global insurance sector, while M&A Replay presents a summary of recently announced deals. – Discover the latest trends in insurance M&A across Asia-Pacific and North America. – Access deep dives into insurance transactions across the globe via our Deal Profile feature.

The acquisition helped Marsh & McLennan gain a strong presence in Mississippi and strengthened its established footprint throughout Alabama and Florida, the insurance broker said in a separate release following the closing of the sale in June.

The second largest broker deal of the quarter was the $15 million acquisition of Dagley Insurance Agency LLC by private investor Nathan Dagley, followed by Reliance Global Group Inc.'s acquisition of Spetner Associates Inc. for $13.7 million.