Inszone Insurance Services has acquired Two Fong's Inc., a Bay Area commercial insurance agency specializing in property and lessor's risk coverage.
Financial terms of the deal were not disclosed.
Two Fong's was founded in 1982 and has been led since 2000 by brothers Al and Pete Fong, who bought the agency from its original owners. Over the following two decades, the firm built its client base primarily through word of mouth, developing a niche focus on commercial property and lessor's risk policies and cultivating referral relationships with local property managers across the Bay Area.
Al Fong, co-owner of Two Fong's, said the firm wanted a partner that could expand its capabilities without disrupting how it serves existing clients.
"We saw an opportunity to utilize all the resources Inszone has to offer while ensuring our local account management and servicing remained intact," Fong said.
His brother Pete pointed to the firm's early conversations with Inszone as a factor in the decision.
"It started from day one with Jennifer Sevilla," Pete Fong said, adding that despite the volume of meetings involved in closing the deal, the process consistently felt collaborative rather than transactional.
Helfer & Associates, an advisory firm that guides independent agencies through ownership transitions, served as the exclusive advisor to Two Fong's on the transaction.
Chris Walters, CEO of Inszone, said Two Fong's specialized focus made it a natural fit for the company's California strategy.
"Their deep roots in the Bay Area and their strong referral network in the commercial property space make them a fantastic addition to our organization," Walters said.
The deal extends a pattern that has made Inszone one of the country's most prolific agency acquirers. Data from Tracxn puts the Sacramento-headquartered brokerage's total acquisition count at 137 since its 2002 founding, with activity peaking at 43 deals in 2024. Inszone was also recently ranked among the three most active broker buyers in the US in 2025, alongside BroadStreet Partners and World Insurance Associates, with the three firms together accounting for 19.4% of all broker M&A transactions recorded that year, according to OPTIS Partners.
That pace of buying stands out against a broader market that has been contracting. North American agency deal volume fell to its lowest first-half total in seven years in 2026, with 292 acquisitions recorded through the first six months of the year, down 15% from the same period in 2025, according to OPTIS Partners data. Full-year 2025 itself closed down 12% from 2024, marking a third consecutive year of decline industry-wide.
Meanwhile, private capital-backed and hybrid buyers still accounted for roughly 70% to 72% of announced deals in the first half of 2026, per MarshBerry's H1 2026 report, underscoring how much of the market's remaining activity is concentrated among a small group of well-capitalized consolidators like Inszone.
Two Fong's follows a run of other California deals for the brokerage this year, including its acquisition of Coriano Insurance Agency in Phoenix and its entry into Florida through the Coastal and Optimal Insurance deal, part of a broader push that has taken the brokerage into 25 states.
The contraction in overall deal volume documented by OPTIS Partners suggests that agency owners weighing a sale are dealing with a narrower field of active buyers than in prior years, even as the ones still buying, like Inszone, show no sign of slowing.
For owners of specialized, relationship-driven books such as Two Fong's, that concentration of buying power among fewer well-capitalized consolidators may mean fewer competing offers at the table, but also a clearer sense of which acquirers are actually closing deals rather than simply expressing interest.
Inszone's consistent messaging across its recent acquisitions, preserving local branding, staff and account management while adding back-office infrastructure, offers agency owners a specific reference point for what terms to expect if they're approached by one of the market's more active remaining buyers.
