WTW – Newfront (US broker, tech‑enabled)

Date: Completion announced 28–29 January 2026.
Buyer / Seller: Buyer – WTW (Willis Towers Watson), global insurance and reinsurance broker; Target – Newfront, San‑Francisco‑based US broker with a tech‑enabled platform.
Deal / Backers:
- Deal value about 1.3 billion USD (upfront plus contingent consideration).
- J.P. Morgan Securities LLC advised WTW; Weil, Gotshal & Manges was WTW’s legal counsel; Perella Weinberg advised Newfront, with Reed Smith as legal counsel.
- WTW itself is a large listed broker, not a PE‑backed platform; its shareholder base is diversified among public‑market investors.
Impact (company and competitive landscape):
- Strengthens WTW’s US middle‑market reach and adds a technology‑enabled broking platform with proprietary client tools and agentic AI, integrated into WTW’s Risk & Broking and Health, Wealth & Career segments.
- Raises competitive pressure on other global and national brokers in the US middle market by pairing Newfront’s digital capabilities and high‑growth tech/FinTech/life‑sciences expertise with WTW’s global scale, effectively pushing rivals to accelerate their own tech and data investments.

HPN Holdings – Orange Auto Insurance (US nonstandard auto / InsurTech)

Date: Closing announced 29 January 2026 (press release dated 29 January, distributed 28–29 January 2026).
Buyer / Seller: Buyer – HPN Holdings, Inc. (OTC: KICK); Target – Orange Auto Insurance, a technology‑driven nonstandard auto insurance holding company, plus its MGA Orange Underwriters, LLC.
Deal / Backers:
- Transaction terms not publicly disclosed; Orange becomes a wholly owned subsidiary, with the combined operating companies continuing to trade under ticker “KICK” on the OTCIQ Market.
- The deal follows a previously announced letter of intent by HPN to merge with Orange, framed as a strategic combination to bring AI‑driven nonstandard auto insurance to public markets.
- No named private‑equity sponsor; HPN uses its public‑company capital structure to fund and scale Orange.
Impact:
- On the company: HPN gains an operating insurer with a veteran management team and an implemented, customized AI software stack designed to run nonstandard auto more efficiently and at lower cost than legacy carriers, positioning the combined group to accelerate growth in Florida and expand into additional states.
- On competitors: Intensifies competition in nonstandard auto, especially in Florida and other expansion states, by adding an AI‑first, low‑cost competitor at a time when many incumbents are constrained by legacy systems and prior‑year claim liabilities; rivals may need to respond with similar automation and pricing analytics.

Hilb Group – Virginia full‑service agency (US brokerage roll‑up)

Date: Press release dated 27 January 2026; transaction effective 1 January 2026.
Buyer / Seller: Buyer – Hilb Group, a national insurance brokerage and advisory firm; Target – an undisclosed Virginia‑based full‑service insurance agency offering P&C and employee benefits.
Deal / Backers:
- Financial terms not disclosed.
- Hilb is a portfolio company of The Carlyle Group, a global private‑equity firm.
- Carlyle’s broader insurance exposure includes backing Hilb’s nationwide brokerage roll‑up platform and historically investing in other insurance and reinsurance balance‑sheet assets and distribution plays, making Hilb a key part of its strategy to consolidate independent agencies.
Impact:
- On the company: Strengthens Hilb’s Mid‑Atlantic presence by deepening its home‑state footprint in Virginia, adding both P&C and employee‑benefits capabilities into its existing regional platform.
- On competitors: Adds to ongoing brokerage consolidation in the US, increasing pressure on smaller independent agencies in the Mid‑Atlantic that now face a larger, PE‑backed competitor with broader product breadth and centralized operational support.

WalkerHughes Insurance – Inman & Clark Insurance Agencies (US regional agencies)

Date: Announced 27 January 2026.
Buyer / Seller: Buyer – WalkerHughes Insurance; Targets – Inman Insurance Agency (Salem, Missouri) and Clark Insurance Agency (Ballwin, Missouri).
Deal / Backers:
- Terms not disclosed; the acquisitions expand WalkerHughes’ presence in Missouri.
- No explicit PE sponsor named for WalkerHughes in the referenced report; it operates as a growing regional brokerage platform.
Impact:
- On the company: Broadens WalkerHughes’ geographic footprint and client base in Missouri, creating more scale in personal and commercial lines distribution at the state level.
- On competitors: Adds to regional consolidation pressure on local independent agencies in Missouri, as WalkerHughes can leverage increased scale, carrier relationships, and operational efficiencies across the combined agencies.

Novacore – CP Insurance Associates (Texas MGA / commercial P&C)

Date: Announced 2 February 2026; closing date not disclosed.
Buyer / Seller: Buyer – Novacore (specialty MGA and former U.S. commercial division of NSM Insurance Group); Target – CP Insurance Associates, a Texas‑based commercial P&C agency.
Deal / Backers:
- Terms not disclosed.
- Novacore is a specialty MGA platform; its parent history ties back to NSM Insurance Group, which has been private‑equity backed (e.g., by Carlyle), giving it access to sponsor capital for roll‑ups even though this deal’s backer is not explicitly named.
Impact:
- On the company: Strengthens Novacore’s footprint in Texas commercial business and deepens its distribution for specialty programs.
- On competitors: Increases pressure on smaller Texas commercial agencies as they now compete with a larger specialty MGA with stronger carrier relationships and program capabilities.

First Mid Insurance Group (FMIG) – Downs Insurance Agency (Illinois retail agency)

Date: Announced 2 February 2026; transaction closed 12 January 2026.
Buyer / Seller: Buyer – First Mid Insurance Group (FMIG), part of First Mid Bancshares’ financial services platform; Target – Downs Insurance Agency in Decatur, Illinois.
Deal / Backers:
- Terms not disclosed.
- FMIG is bank‑owned rather than PE‑backed, using First Mid’s balance sheet to expand its insurance footprint.
Impact:
- On the company: Expands FMIG’s central Illinois presence and adds local commercial and personal‑lines clients, supporting its strategy to grow fee‑based non‑interest income.
- On competitors: Tightens competition for independent agencies in central Illinois, as a bank‑owned brokerage with cross‑sell capability gains more local scale.

Arthur J. Gallagher – Reck & Co. (Germany, claims and risk management)

Date: Announced 4 February 2026.
Buyer / Seller: Buyer – Arthur J. Gallagher & Co. (Gallagher); Target – Reck & Co., a German claims and risk‑management specialist.
Deal / Backers:
- Terms not disclosed.
- Gallagher is a large listed global broker, backed by public‑market investors rather than a single PE sponsor.
Impact:
- On the company: Enhances Gallagher’s European claims and risk‑management capabilities and strengthens its position in Germany, a key continental market.
- On competitors: Adds pressure on regional German brokers and claims specialists as Gallagher brings global clients, processes, and data capabilities into the local market.

Howden – Polygon Insurance Brokers (UK/EU broking)

Date: Announced 4 February 2026 (same “Business Moves” round‑up).
Buyer / Seller: Buyer – Howden; Target – Polygon Insurance Brokers Ltd.
Deal / Backers:
- Terms not disclosed.
- Howden is an international broker with historic and ongoing private‑equity backing (e.g., from General Atlantic and others), using sponsor capital to fund its global brokerage roll‑up.
Impact:
- On the company: Adds a specialist UK/European brokerage operation, expanding Howden’s sector expertise and client relationships.
- On competitors: Raises competitive intensity for mid‑tier UK and European brokers as Howden continues to scale up through bolt‑ons and specialty acquisitions.