More than half of America's independent agency owners say they are somewhat or very interested in selling, according to a 2022 Harris Poll survey commissioned by Keystone Agency Partners. For small agencies built on decades of personal relationships, the question is less whether to sell than who to sell to. Kristin Manwaring answered it in May.
Heffernan Insurance Brokers, a Walnut Creek, California-based independent brokerage, acquired the assets of Kristin Manwaring Insurance Associates, Inc. (KMi) of Port Townsend, Washington effective May 1. Manwaring and her team joined Heffernan on that date. No financial terms were disclosed.
KMi has operated in Port Townsend for more than 50 years. The agency delivers employee benefits, individual and family insurance, Medicare, and financial protection products to individuals, families, and small businesses throughout Washington. Manwaring purchased the agency in 2006 after spending a decade working under the previous owner.
"Heffernan's commitment to exceptional care, strong client relationships, and full insurance solutions aligns closely with the values we have built our agency around," Manwaring said.
F. Michael Heffernan, president and CEO of Heffernan Insurance Brokers, said the addition deepens the firm's Pacific Northwest presence. "Their presence in the Pacific Northwest further strengthens our ability to serve clients in the region," he said.
The deal follows Heffernan's January acquisition of Green Financial, a Washington-based employee benefits and Medicare agency. Both deals point to a deliberate push to build a benefits-focused book in the state.
OPTIS Partners, an investment banking firm that tracks insurance M&A, counted 520 announced agency acquisitions in the first three quarters of 2025 alone. Private equity-backed buyers accounted for 72 percent of those deals. Privately held brokers like Heffernan announced 145 acquisitions in the same period. PE-backed platforms do not have the field to themselves.
For small agency owners considering their next steps, the range of exit options has widened. Consolidators offer market access, back-office support, and a succession path that internal ownership transfer rarely provides. Heffernan itself has completed more than 20 acquisitions and carries revenue now estimated at over $500 million.
The pipeline of available sellers is not shrinking. Equal Parts, an agency acquisition platform, said in 2026 that half the insurance distribution industry is expected to retire within the next decade. That retirement wave is what acquirers like Heffernan are racing to reach before larger PE-backed platforms do.
As independents join larger platforms, they gain carrier access and product depth that changes how they compete locally. In Pacific Northwest markets where community-built agencies have historically held a quiet advantage in personal lines and benefits, each tuck-in acquisition shifts the competitive ground.
For brokers in those markets, the task of keeping up with who is buying is now as relevant as keeping up with rates. Heffernan said it is actively seeking additional acquisition partners across the United States and directed interested brokers to its director of corporate development, Matt McKenna.
