Goldman Sachs ends Q3'25 as top financial adviser for insurance underwriter M&A

Boosted by several large deals, Goldman Sachs & Co. LLC secured the top spot on S&P Global Market Intelligence's financial adviser league table over the first three quarters for insurance underwriter M&A based on deal value.

The investment bank advised on five deals across the first three quarters of 2025, with the reported value totaling $6.43 billion. Among those deals was Warburg Pincus LLC's acquisition of Keystone Agency Partners LLC, announced in July, and ERGO Group AG's acquisition of 71% of Next Insurance Inc., announced in March.

Insurance Advisory Partners LLC and Morgan Stanley jointly took second position in the ranking due to their work on Endurance Specialty Insurance Ltd.'s acquisition of Aspen Insurance Holdings Ltd., which was announced in August and is reportedly valued at $3.47 billion.

Jefferies LLC and RBC Capital Markets LLC rounded out the top five.

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In deal volume, Goldman Sachs & Co. LLC took the first position, advising on five deals, followed by Citigroup Global Markets Inc. with four deals.

Legal advisers

Skadden Arps Slate Meagher & Flom LLP was the top legal adviser on the deal value table, primarily due to its work on two large deals, including the Endurance/Aspen deal and the $1.31 billion acquisition of ProAssurance Corp. by The Doctors Co., an Interinsurance Exchange.

Sidley Austin LLP filled the second position, followed by Willkie Farr & Gallagher LLP.

By deal volume, Willkie Farr & Gallagher jointly took first position alongside Debevoise & Plimpton LLP, each advising on seven deals across the first three quarters of 2025.

Broker deals

J.P. Morgan Securities LLC was the top financial adviser for insurance broker M&A by deal value, due to its work on four deals totaling $10.35 billion, including Brown & Brown Inc.'s acquisition of RSC Topco Inc. from Kelso & Co. LP for $9.83 billion.

BofA Securities Inc. and Evercore Inc. shared second place, having participated in the Brown & Brown deal for RSC Topco as well.

Sica Fletcher LLC, which worked on 59 deals, topped the financial advisers' list for insurance broker M&A based on deal volume. It was followed by Marsh Berry & Co. Inc., which worked on 49 deals.

Debevoise & Plimpton was the top legal adviser for insurance broker deal value, having advised on the deal between Brown & Brown and Kelso & Co.

By deal volume, Giordano Halleran & Ciesla PC was the top legal adviser, working on 11 deals, followed by Kirkland & Ellis LLP with six deals.

Insurance technology

Raymond James & Associates Inc.'s work on the Endurance/Aspen deal and Moody's Corp.'s acquisition of Cape Analytics Inc. made it the top financial adviser for insurance technology deals based on deal volume and value.

Davis Polk & Wardwell LLP topped the insurance technology legal adviser chart due to its work on Verisk Analytics Inc.'s acquisition of SuranceBay LLC for $162.5 million.

Davis Polk & Wardwell, alongside Gunderson Dettmer Stough and Paul Hastings LLP, were the top legal advisers for insurance technology deals, logging one transaction each in the first three quarters of the year.