The UK insurance broking market saw a late surge in M&A activity at the close of the third quarter, with September's 10 announced transactions making it the busiest month since April, according to a report from MarshBerry.
The quarter ended with 25 deals, down from 30 in Q2, bringing the year-to-date total to 75. This remains 34% lower than the 114 deals recorded at the same period in 2024.
September also featured one of the largest transactions of the year — Bain Capital’s acquisition of Jensten Group — alongside several smaller deals. JMG Group set a new record for the most acquisitions announced by a single buyer in one month, with six completed transactions.
Private equity activity remains strong
September's total deal count of 10 slightly exceeded the long-term monthly average of 9.6, driven largely by private equity (PE) activity. Bain Capital's acquisition of Jensten Group from Livingbridge marked one of the year's standout transactions. With around 1,000 employees, Jensten is the largest UK insurance distribution business by headcount to have changed hands in 2025.
Bain Capital's investment follows its earlier commitment to US broker Acrisure, which has been active in UK M&A but has recently slowed its pace ahead of a planned IPO in 2026. The fresh backing for Jensten is expected to reignite its acquisition activity in the UK market after a quieter year.
Meanwhile, nine of the 10 September deals involved PE-backed buyers, returning the share of PE-driven M&A to just over half of all transactions, which is in line with 2024 levels. Bain’s investment was also the fourth £100 million-plus UK transaction of 2025 involving private equity, underscoring sustained investor confidence in the sector despite slower deal flow overall.
JMG Group leads activity; Overseas buyers step back
JMG Group, supported by GTCR, led the month with six acquisitions: Allsop Commercial Services, Highhouse Insurance Services, Insursec Risk Management, Boston Insurance Brokers, Hayton Insurance Brokers, and Gateway Insurance Services. While these are all small firms collectively adding fewer than 30 employees, they reflect JMG’s strategy of targeting smaller, high-value acquisitions that can deliver accretive growth through operational integration.
Domestic buyers such as Partners& and Specialist Risk Group also remained active. SRG acquired Champion Insurance Group in Manchester to expand its northern footprint, while Partners& acquired Nottingham-based broker Citytypes (Pargeter & Associates).
Overseas acquirers accounted for just 17% of transactions in 2025 — the lowest level since 2021 — reflecting a temporary slowdown from US-based buyers like Gallagher and Brown & Brown. However, MarshBerry noted that international interest remains strong, with more North American and European capital expected to enter the market in the months ahead.
As the year enters its final quarter, analysts suggested that while the total number of transactions may end below 2024 levels, the overall quality and strategic focus of deals remain high. Large PE investments, such as Bain Capital's stake in Jensten, indicate that the UK insurance distribution sector continues to attract long-term capital seeking consolidation and scale efficiencies, according to the report.
