Economic uncertainty, driven largely by President Trump’s tariffs, is likely behind the drop. (Credit: Suriya/Adobe Stock)
Insurance broker M&A deals hit a four-year low in the first quarter of 2025, according to a new report from S&P Global.
The first quarter saw just 101 deals, less than any quarter since 2021. That’s also down from the 125 deals logged in the first quarter of 2024, the previous low.
Deal values were down significantly too. The first-quarter aggregate transaction total was $1.73 billion, compared to $13.49 billion in Q4 of 2024 and $13.23 billion in the first quarter of 2024.
Economic uncertainty, driven largely by President Trump’s tariffs, is likely behind the drop, S&P Global reports. M&A deals were down across the board in the United States and Canada in the first quarter. However, aggregate deal value still rose in the broader US and Canadian markets.
The largest deal announced in Q1 was the purchase of Woodruff-Sawyer & Co. by Arthur J. Gallagher & Co. for $1.2 billion. The deal was completed in April.
The first quarter’s other large deal was Ryan Specialty Holdings’ acquisition of Velocity Risk Underwriters from funds managed by Oaktree Capital Management. They paid an up-front cash consideration of $525 million, subject to purchase price adjustments. The deal closed in February.
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