Insurance brokers in the US are facing a changing market after years of fast growth. Mergers and acquisitions (M&A) remain busy but are starting to slow down. In 2024, there were 847 announced brokerage deals—the third-highest ever recorded. By November 2025, more than 649 deals were announced, though the pace has eased compared to the previous year.
Mid-sized brokers find the biggest challenge isn’t money or prices for deals but finding solid, organic growth. Kevin Callister, chief affiliations officer at Utah-based Leavitt Group, shared that while the industry once enjoyed steady internal growth, that’s no longer the norm. This shift means buyers are looking harder for agencies showing real growth and are willing to pay more for them, but such agencies are becoming rare.
Leavitt Group has taken an active role in acquisitions despite the tougher market. Unlike private equity-backed firms that often require agency owners to sell completely, Leavitt lets sellers keep equity and stay involved in the business. This approach appeals especially to owners who want to maintain a long-term role and benefit from continued success.
Recently, Leavitt Group expanded its employee benefits business by affiliating with FBMC Benefits Management. This partnership now accounts for about 25% of Leavitt’s revenue, with property and casualty insurance making up the rest. FBMC also brings new technology and benefits options that strengthen Leavitt’s offerings.
The company is also exploring new areas like captive insurance—a way for businesses to control insurance costs—and geographic growth in the Midwest. Specialty fields such as wholesale brokerage are also under consideration for future expansion.
Higher interest rates have made borrowing for acquisitions costlier, but Leavitt’s cautious use of debt keeps it active. Callister explained that the company sticks to much lower leverage limits than others, allowing it to keep buying when some competitors pull back. Although Leavitt may not always offer the highest bids, it competes well by adding value beyond price.
Despite the slowdown and market challenges, Leavitt remains confident about the future. Callister said the brokerage industry’s foundation is strong, and the firm plans to keep growing with focus and energy.
In short, while insurance brokerage growth is not as easy as before, firms like Leavitt Group are adjusting their strategies to keep moving forward, finding creative ways to grow and stay competitive.