A succession-driven sale in Bozeman, Montana is one deal. Three benefits-focused acquisitions in Montana in under a year is a pattern — and it reflects a structural shift underway across the US employee benefits brokerage market.
Inszone Insurance Services has acquired BenefitRiver, LLC, a Bozeman-based employee benefits specialist with offices in Golden, Colorado.
BenefitRiver is Inszone's third Montana acquisition and at least its fifth benefits-focused deal since 2025. The agency was founded in 2008 by Craig Gilbert, who built an 18-year practice before deciding to exit.
"After 18 years in the business, I was ready to start a new chapter," Gilbert said. "What drew me to Inszone was their specialization in purchasing 'mom and pop' agencies."
Key staff member Jen Bernier transitioned to Inszone as part of the deal. Existing clients retain continuity under the arrangement.
Sacramento-based Inszone made its first move into Montana in August 2025 with the acquisition of Rocky Mountain Insurance Group, LLC, a benefits and group health specialist founded by Gena Gaub. Streeter Brothers Insurance in Billings followed in March 2026. BenefitRiver is the latest.
Chris Walters, CEO of Inszone Insurance Services, said the BenefitRiver deal fits the firm's national growth model.
"Craig has built a fantastic agency with a strong, specialized focus on employee benefits," Walters said. "This acquisition perfectly complements our national strategy."
Industry analysis ranks Inszone among the top three most active US broker buyers in 2025, alongside BroadStreet Partners and World Insurance Associates. The trio accounts for 19.4% of 753 announced broker M&A transactions.
Inszone is not alone in targeting the benefits segment. Marsh McLennan Agency has agreed to acquire TriBridge Partners, an independent benefits broker headquartered in Maryland. King Risk Partners has acquired Morin Associates, a Connecticut brokerage and consulting firm, specifically to strengthen its employee benefits capabilities.
Employee benefits agencies with revenues of $1 million or more are the highest-multiple insurance category in 2026, trading at 9–12x EBITDA, according to CT Acquisitions. Group health books command these premiums because renewal retention typically runs at 92–96%, and commission revenue remains durable across renewal cycles.
That makes benefits books attractive to private equity-backed consolidators seeking predictable revenue. It also puts pressure on owner-operators caught between premium-paying buyers and client expectations that demand more infrastructure than most can supply alone.
The US insurance brokerage for employee benefits market was valued at $34.74 billion in 2022, according to data from Allied Market Research. It is projected to reach $70.11 billion by 2032. That represents a compound annual growth rate of 7.5%.
Rising healthcare costs are compounding the pressure from the client side. Healthcare costs are projected to rise 6–9% in 2026, according to Vertafore, increasing employer demand for benefits brokers who can manage carrier forecasts and identify cost drivers at renewal.
That combination — a growing market, premium acquisition prices, and rising client demand — is accelerating exits by independent specialists who might otherwise have stayed independent.
Inszone now operates across 24 states with further national expansion planned. Its pace, and its explicit targeting of founder-led specialty agencies in underserved geographies, reflects a disciplined geographic strategy rather than opportunistic deal flow.
Brokers considering their own succession options in the employee benefits space are entering a market where buyers are numerous and multiples are elevated. The structural drivers — retiring owners, rising healthcare costs, client demand for scale — show no sign of reversing.
