French insurance broking has never had so many players. As at 31 August 2026, the Orias register lists, across all activities, 73,545 intermediaries and 125,165 registrations. Among them are 27,500 brokers, up 2% year on year, and 12,035 general agents, up 1.3%. The market remains highly fragmented: more than 20,000 entities are registered, the majority of which generate less than €500,000 in annual commissions. This demographic vitality nevertheless masks an underlying trend. The broking market is becoming more structured, and combinations between firms are multiplying at a time when they are slowing in the United States and the United Kingdom.
Broking firms: requirements on a new scale
Growth in the register is now driven by intermediary representatives. Brokers and general agents are growing at a more moderate pace.
For broking firms, the economic equation is becoming tougher. Investment in digital tools, data and artificial intelligence is no longer optional. It determines the quality of advice, team productivity and the relationship with partner insurers. Regulatory pressure is following the same trajectory, with compliance, traceability and continuing training obligations whose cost is largely fixed. A larger structure absorbs these costs more easily. This is the main driver of consolidation. At European level, acquirers are increasingly targeting firms with proprietary data or advanced analytical capabilities.
Broker acquisitions: France, a market of opportunities
Broking remains the driving force behind M&A in insurance. In 2025, the FTI Consulting barometer recorded 596 transactions involving brokers and 94 involving service providers, representing more than 87% of insurance sector transactions in Europe.
The geography of these acquisitions is changing, however. In the United Kingdom and Ireland, broking transactions fell by 32.6% in 2025, a decline attributed to market saturation and the growing scarcity of independent targets of significant size. In North America, the trend is similar. Acquisitions of agencies and firms fell to 695 in 2025, down 12%. The decline is continuing in 2026, with 292 transactions in the first half, 15% fewer than a year earlier and the weakest start to a year since 2016.
France is following the opposite trajectory. The market remains less active than its neighbours, but its activity is becoming more consistent, driven by investors and local networks. Whereas mature markets are seeing their targets become scarcer, France, with its 27,500 brokers, retains a large pool of broking firms that could be sold or combined.
Wholesale brokers: an ecosystem at the heart of consolidation
This dynamic does not reflect any fragility among French brokers. They have found their place in the digital landscape and rely on numerous wholesale brokers and marketplaces. These partners provide them with complete product ranges, high-performance tools, customer relationship management software, quality administration and attractive remuneration. Wholesale brokers have thus gradually found their place alongside firms, particularly for complex risks that some insurers no longer wish to cover.
This link in the chain accounts for the largest transactions. In 2025, Advent acquired Kereis at a valuation of around €2 billion. The British group Ardonagh entered the French market by acquiring Groupe Leader Insurance, one of the country’s top ten wholesale brokers, for around €300 million. The trend is continuing in 2026. In July, the French Competition Authority authorised Kereis to take control of Santiane, whose 2025 revenue is close to €128 million and which works with more than 6,000 partner brokers. The new entity claims second place in wholesale broking in France. More recently, April announced the acquisition of Alexis Assurances, a broker based near Lyon specialising in renewable energy and construction, serving more than 1,000 clients. The transaction launches a division dedicated to property and casualty specialities.
These two acquisitions illustrate the same rationale. Acquirers are no longer seeking volume alone. They are targeting expertise, a client base and a distribution network that are difficult to rebuild through organic growth.
Preparing the sale of your broking firm
For firm owners, this context opens a favourable window. Competition between acquirers is supporting valuations. In Europe, the best-integrated broking platforms achieve multiples 1.5 to 1.8 times higher than those of more fragmented players.
The sale of a broking firm must therefore be prepared well before negotiations begin. Portfolio documentation, the reliability of information systems, dependence on a few major accounts and the organisation of the owner’s succession all have a bearing on the price and the structure of the transaction.
Timing thus becomes a strategic parameter in its own right. Whether you intend to sell, to back your firm with a group or to build a platform through external growth, the AURIS Finance teams specialising in insurance and wealth management help you structure your sale or acquisition project and secure each stage of the process.
