Tracked deals
21
21 tracked deals across 2016-2026.
Insurance Buyers & Acquisitions in Minnesota
Buyer mix
Strategic-led
22 strategic · 5 pe
Top trend
Volume peaked in 2021
5 tracked deals announced in 2021.
Primary Insight
What Stands Out
- Arthur J. Gallagher & Co. appears repeatedly, acquiring Minnesota agencies and adding capabilities in areas including retail P/C, employee benefits, and healthcare expertise.
- Buyers often focus on continuity of leadership and teams, with principals and employees typically remaining involved post-close.
- Deal activity spans multiple insurance functions: independent retail agencies, life insurance distribution (BGAs), employee benefits general agencies, and wholesale/underwriting via managing general underwriters.
- Several transactions reference regional expansion across the Upper Midwest/Midwest rather than a single focused geography within Minnesota.
- Technology-enabled distribution shows up in the Integrity acquisition of TC Financial, intended to leverage AI-driven platform tools and broaden distribution, including Medicare-focused offerings.
| Buyer / platform | What the deal highlights (from page summaries) | Minnesota-facing focus |
|---|---|---|
| Arthur J. Gallagher & Co. | Retail property/casualty and benefits capability expansion; healthcare expertise | Upper Midwest (St. Paul/Minneapolis/St. Cloud) |
| Brown & Brown, Inc. | Expanding personal lines and small-business commercial offerings | Le Sueur, MN |
| Integrity | AI-first platform access (IntegrityCONNECT / Ask Integrity) and Medicare-focused distribution | Minneapolis, MN |
| NFP | Life distribution expansion via a large BGA and broker-dealer/RIA relationships | Minneapolis, MN |
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Top Buyers
Illustrative buyers pulled from tracked transactions on this page. This table is capped and intentionally non-exhaustive.
| Buyer | # Deals | Focus | Type |
|---|---|---|---|
| Arthur J. Gallagher & Co. | 4 | Global insurance brokerage, risk management and consultin... | Strategic |
| Brown & Brown, Inc. | 2 | A leading, publicly traded insurance brokerage firm deliv... | Strategic |
| USI Insurance Services | 2 | Large national insurance brokerage and consulting firm pr... | Strategic |
| Abry Partners | 1 | Sector‑focused private equity firm investing in communica... | PE |
| Altaris, LLC | 1 | Healthcare-focused private investment firm that builds an... | PE |
| Amwins | 1 | Global wholesale distributor of specialty insurance produ... | Strategic |
| Brown & Brown Dealer Services | 1 | Dealer-focused insurance and dealer services division pro... | Strategic |
| Hoplon Capital | 1 | Asset manager focused on digital disruption and investmen... | PE |
| Hub International Limited | 1 | Global insurance brokerage and financial services firm pr... | Strategic |
| Integrity | 1 | AI-first distributor of life and health insurance plus we... | Strategic (PE-backed) |
Acquisition Volume in Insurance in Minnesota by Year
Last 7 years
Actual
Full-year estimate
Supporting Data
Recent Transactions
-
September 15, 2026
- Buyer
- NFP (an Aon company)
- Target
- Moores Insurance Management, Inc.
- Seller
- Mark Moores, Jack Moores
- Industry
- Insurance
- Location
- Minnesota, United States
- Type
- Buyout
NFP, an Aon company, announced the acquisition of Moores Insurance Management, Inc., a multi-disciplinary risk management firm based in Minneapolis, Minnesota. The deal is intended to expand NFP’s property and casualty (P&C) risk capital capabilities in the Twin Cities market by combining Moores’ local relationships with NFP’s broader resources.
-
April 29, 2026
- Buyer
- Integrity
- Target
- TC Financial
- Industry
- Insurance
- Location
- Minnesota, United States
- Type
- Buyout
Integrity, an AI-first insurance and wealth distribution platform based in Dallas, acquired TC Financial, a Minneapolis-based independent marketing organization. The acquisition is intended to expand TC Financial’s access to Integrity’s AI-driven technology platform (IntegrityCONNECT and Ask Integrity) and broaden distribution capabilities, including Medicare-focused offerings. Financial terms were not disclosed.
-
September 9, 2025
- Buyer
- Arthur J. Gallagher & Co.
- Target
- Bremer Insurance Agencies, Inc.
- Seller
- Old National Bancorp
- Industry
- Insurance
- Location
- Minnesota, United States
- Type
- Divestiture
Arthur J. Gallagher & Co. has acquired St. Paul–based Bremer Insurance Agencies, Inc., a subsidiary of Old National Bancorp; terms were not disclosed. The acquisition expands Gallagher's retail property/casualty brokerage footprint in the Upper Midwest, with Travis Hoaglund and his team joining Gallagher's Great Lakes region retail P/C operations.
-
March 3, 2025
- Buyer
- Arthur J. Gallagher & Co.
- Target
- Dyste Williams
- Industry
- Insurance
- Location
- Minnesota, United States
- Type
- Buyout
Arthur J. Gallagher & Co. has acquired Minneapolis-based retail insurance agency Dyste Williams. The agency’s principals and team will remain in place and join Gallagher Agency Alliance to deepen Gallagher’s small-business property/casualty and employee benefits capabilities in the Upper Midwest; terms were not disclosed.
-
October 3, 2024
- Buyer
- Brown & Brown, Inc.
- Target
- The Canopy Group
- Seller
- The Canopy Group, Paul Borchert, Jeff McDonald
- Industry
- Insurance
- Location
- Minnesota, United States
- Type
- Buyout
A subsidiary of Brown & Brown, Inc. has acquired the assets of The Canopy Group, a multiline insurance agency based in Le Sueur, Minnesota. The Canopy Group's principals Paul Borchert and Jeff McDonald will continue to lead operations as the acquisition expands Brown & Brown's personal lines and small-business commercial offerings in Minnesota.
-
- Buyer
- Marsh McLennan Agency, Marsh
- Target
- AmeriStar Agency, Inc.
- Industry
- Insurance
- Location
- Minnesota, United States
- Type
- Buyout
Marsh McLennan Agency, a subsidiary of Marsh, has acquired AmeriStar Agency, Inc., an independent insurance agency based in Wayzata, Minnesota. AmeriStar's employees (including President Matt Schadow) will join Marsh McLennan Agency and continue operating from their existing Wayzata office as part of the firm's Upper Midwest growth strategy.
-
- Buyer
- Arthur J. Gallagher & Co., Risk Placement Services, Inc. (RPS)
- Target
- CCI Surety, Inc.
- Industry
- Insurance
- Location
- Minnesota, United States
- Type
- Buyout
Arthur J. Gallagher & Co., through its U.S. wholesale division Risk Placement Services (RPS), has acquired Golden Valley, Minnesota-based managing general underwriter CCI Surety, Inc. Terms were not disclosed; CCI's leadership (Jeremy Crawford and team) will remain in place and operate under RPS's national binding operations.
-
November 7, 2023
- Buyer
- Warner Pacific
- Target
- BeneUSA LLC
- Industry
- Insurance
- Location
- Minnesota, United States
- Type
- Buyout
Warner Pacific has acquired BeneUSA LLC, an Excelsior, Minnesota-based employee benefits general agency that specializes in ancillary group insurance products such as life, disability, dental, and vision. The deal expands Warner Pacific’s geographic footprint into the Midwest and enhances its ancillary product capabilities and carrier relationships; terms were not disclosed.
-
April 18, 2023
- Buyer
- Altaris, LLC
- Target
- Trean Insurance Group, Inc.
- Seller
- Trean's remaining public common stockholders
- Industry
- Insurance
- Location
- Minnesota, United States
- Type
- Buyout
Altaris, LLC completed a take-private acquisition of Trean Insurance Group, Inc., acquiring the remaining publicly held shares for $6.15 per share in a transaction that implied an approximate $316 million equity value. Trean will remain headquartered in Wayzata, Minnesota, with Julie Baron continuing as President and CEO and founder Andrew O'Brien remaining as Executive Chairman and an investor; Trean will cease trading on Nasdaq following the closing.
-
April 10, 2023
- Buyer
- NFP
- Target
- Diversified Brokerage Services, Inc.
- Industry
- Insurance
- Location
- Minnesota, United States
- Type
- Buyout
NFP has acquired Diversified Brokerage Services, Inc. (DBS), a Minneapolis-based life insurance brokerage and one of the largest BGAs in the United States. The acquisition expands NFP's life insurance distribution capabilities and adds DBS's enterprise relationships with broker-dealers, wirehouses and RIAs; DBS principals George 'Chip' Van Dusen IV and Tori Van Dusen-Roos will join NFP.
-
- Buyer
- Hub International Limited
- Target
- Horizon Agency, Inc.
- Seller
- Horizon Agency, Inc.
- Industry
- Insurance
- Location
- Minnesota, United States
- Type
- Buyout
Hub International Limited acquired the assets of Horizon Agency, Inc., an Eden Prairie, Minnesota insurance agency that provides commercial and personal insurance and employee benefits. The deal strengthens Hub’s commercial, personal lines and employee benefits capabilities in the Great Plains region; terms were not disclosed.
-
December 12, 2022
- Buyer
- Arthur J. Gallagher & Co.
- Target
- Mahowald Insurance, LLC
- Industry
- Insurance
- Location
- Minnesota, United States
- Type
- Buyout
Arthur J. Gallagher & Co. (Gallagher) has acquired St. Cloud, Minnesota-based Mahowald Insurance, LLC. Terms were not disclosed; Mahowald's leadership will remain in place and the deal is intended to enhance Gallagher's healthcare market expertise and regional capabilities across the Midwest.
-
May 4, 2022
- Buyer
- Professional Program Insurance Brokerage (PPIB), Specialty Program Group LLC
- Target
- Jones Birdsong LLP
- Seller
- Jones Birdsong LLP
- Industry
- Insurance
- Location
- Minnesota, United States
- Type
- Addon
Professional Program Insurance Brokerage (PPIB), a division of Specialty Program Group LLC, has acquired the assets of Jones Birdsong LLP, a Chanhassen, Minnesota-based insurance brokerage focused on motorsports and entertainment. The acquisition brings Jones Birdsong's specialist team into PPIB to expand PPIB/SPG's specialty program capabilities and market access in motorsports and entertainment insurance.
-
April 6, 2022
- Buyer
- illumifin, Abry Partners, Hoplon Capital
- Target
- LTCG
- Industry
- Insurance
- Location
- Minnesota, United States
- Type
- Addon
illumifin has completed the acquisition of LTCG, combining LTCG’s long-term care administration and claims capabilities with illumifin’s third‑party administration and technology platform to create one of the largest insurance service providers in the North American long‑term care, life, health, and annuity markets. illumifin, a PE‑backed platform formed with backing from Abry Partners and Hoplon Capital, will integrate LTCG’s underwriting, claims, analytics and actuarial capabilities to expand end‑to‑end digital administration services for insurers.
-
December 13, 2021
- Buyer
- Brown & Brown Dealer Services, Brown & Brown, Inc.
- Target
- Dealer Admin. Services, Inc.
- Seller
- Dealer Admin. Services, Inc., Bill Kelly, Joel Kansanback
- Industry
- Insurance
- Location
- Minnesota, United States
- Type
- Buyout
Brown & Brown Dealer Services, a division of Brown & Brown, Inc., has acquired substantially all of the assets of Dealer Admin. Services, Inc. (DAS). DAS — a dealer-centric administrator providing aftermarket F&I product solutions for franchise and pre-owned dealers — will operate as a division of BBDS under Brown & Brown's dealer services platform, with Bill Kelly continuing to lead DAS operations from Bloomington, Minnesota.
-
August 9, 2021
- Buyer
- Simplicity Group
- Target
- Advisors Resource, LLC
- Industry
- Insurance
- Location
- Minnesota, United States
- Type
- Addon
Simplicity Group has acquired Minneapolis-based Advisors Resource, LLC, a marketing and distribution organization focused on life insurance, annuities and long-term care products. Advisors Resource’s principals Tim Mastel, Dave Wohlwend and Tom Burns join Simplicity as partners; the business becomes the 26th distribution company to join Simplicity’s partnership network.
-
August 2, 2021
- Buyer
- Amwins
- Target
- National Truck Underwriting Managers, Inc.
- Industry
- Insurance
- Location
- Minnesota, United States
- Type
- Buyout
Amwins, a global distributor of specialty insurance products, has acquired National Truck Underwriting Managers, Inc. (NTUM), a Minnesota-based truck insurance wholesaler and managing general agent. The acquisition expands Amwins’ delegated underwriting capabilities and transportation insurance offerings while extending its geographic footprint into Minnesota; terms were not disclosed.
-
July 7, 2021
- Buyer
- Obsidian Insurance Holdings, Inc.
- Target
- Western Home Insurance Company
- Seller
- Western National Mutual Insurance Company
- Industry
- Insurance
- Location
- Minnesota, United States
- Type
- Buyout
Obsidian Insurance Holdings, Inc. acquired Western Home Insurance Company from Western National Mutual Insurance Company to expand Obsidian's admitted-carrier capabilities and presence in the California market. Western Home, a Minnesota domestic insurer commercially domiciled in California, will be renamed post-closing and integrated to provide broader admitted access to Obsidian's program managers and partners.
-
February 9, 2021
- Buyer
- One80 Intermediaries
- Target
- van Wagenen Financial Services, Inc.
- Industry
- Insurance
- Location
- Minnesota, United States
- Type
- Buyout
One80 Intermediaries, a Boston-based national wholesale broker and program manager, has acquired van Wagenen Financial Services, an Eden Prairie, Minnesota provider of lender-placed insurance solutions, insurance tracking products, and claims services. The acquisition expands One80's product suite into lender-placed insurance and insurance tracking; terms were not disclosed.
-
- Buyer
- USI Insurance Services
- Target
- CHS Insurance
- Seller
- CHS Inc.
- Industry
- Insurance
- Location
- Minnesota, United States
- Type
- Divestiture
USI Insurance Services has closed the acquisition of CHS Insurance, the agribusiness insurance brokerage formerly part of CHS Inc.; terms were not disclosed. The deal expands USI’s capabilities and footprint in agribusiness, food processing and cooperative insurance and brings the CHS Insurance team onto USI’s national platform.
-
- Buyer
- USI Insurance Services
- Target
- Hanratty & Associates, Inc.
- Industry
- Insurance
- Location
- Minnesota, United States
- Type
- Buyout
USI Insurance Services has acquired Hanratty & Associates, Inc., a Plymouth, Minnesota-based employee benefits and consulting firm. The deal expands USI's employee benefits footprint in Minnesota; terms were not disclosed and Hanratty's employees will remain at the Plymouth location.
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Frequently Asked Questions
Which firms are most frequently involved in Minnesota insurance acquisitions on this page?
The page lists recurring buyers including Arthur J. Gallagher & Co., Brown & Brown, Inc., and Warner Pacific, along with other notable acquirers such as Marsh McLennan Agency, NFP, and Hub International Limited.
What types of insurance businesses are being acquired in Minnesota?
The listed deals include independent retail insurance agencies, life insurance distribution businesses (BGAs), employee benefits general agencies, and at least one managing general underwriter acquisition (through Risk Placement Services (RPS)).
Do the transactions emphasize keeping the target teams in place?
Yes. Multiple summaries note that principals, leadership teams, and employees will join the buyer and continue operating—often to maintain client relationships and provide ongoing services.
Are any deals described as technology- or platform-driven?
Yes. Integrity’s acquisition of TC Financial is described as intended to expand access to IntegrityCONNECT and Ask Integrity, along with broader distribution capabilities, including Medicare-focused offerings.
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