Brandon Schuh sits down with Dean Hildebrandt, President and CEO of Assurex Global, to explore how mega-broker consolidation is reshaping the insurance brokerage landscape. As consolidation accelerates in 2025, with mega-brokers absorbing smaller firms through billion-dollar acquisitions, including Willis Towers Watson's $1.3 billion purchase of Newfront and Baldwin Group's $1 billion acquisition of CAC Group, the conversation reveals how private equity is driving transactions that, while profitable for financial sponsors, leave clients, carriers, and employees bearing the costs. Dean brings two decades of expertise from his leadership at Associated Benefits and Risk Consulting and his pivotal role at Ahmann-Martin before joining Assurex.

Dean challenges the prevailing narrative around these mega-deals, arguing that the real winners aren't clients or carriers but private equity firms extracting value through EBITDA portfolio plays. Throughout the episode, he details how consolidation is accelerating talent acquisitions and market share gains for independent, regionally-focused brokers like those in the Assurex network, firms that prioritize relationships, client service, and stability over spreadsheet metrics. The discussion also highlights Assurex's structural innovation: the launch of AG London, a first-of-its-kind London wholesale broker owned by 30 Assurex firms that operates under perpetual independence and cannot be acquired or sold.

As the industry looks ahead to 2026-2027, Dean and Brandon examine how technology and AI will reshape brokerage operations while emphasizing that true competitive advantage lies in understanding the full value chain. The episode underscores a fundamental tension in modern insurance. Whether consolidation will create better client outcomes or simply enrich financial sponsors while destabilizing the very firms and relationships that hold the industry together. For independent brokers navigating this landscape, the conversation offers both cautionary lessons and a compelling vision of an alternative future.

Chapters

02:30 – Wine recommendations and AI tool comparisons

07:00 – Introduction to Dean Hildebrandt and his background

10:00 – Dean's entry into brokerage and early career with Ahmann-Martin

14:00 – Overview of 2025 consolidation trends and mega-broker activity

16:30 – Willis Towers Watson acquires Newfront for $1.3 billion

19:00 – Baldwin Group purchases CAC Group for $1 billion

22:00 – Private equity's role in driving M&A transactions

26:00 – How consolidation impacts clients, carriers, and employees

31:00 – The absence of client perspective in private equity discussions

35:00 – Deal sizing and EBITDA economics in mega-acquisitions

39:00 – Why independent brokers are thriving amid consolidation

42:00 – Introduction to Howden's US market entry strategy

46:00 – Assurex's strategic response: AG London launch and structure

51:00 – Dean's journey to Assurex Global leadership

54:00 – Technology, AI, and automation in brokerage operations

58:00 – How carriers are adapting to industry transformation

61:00 – Conclusion and future outlook for independent brokerage

Connect with RiskCellar:

Website: https://www.riskcellar.com/

Brandon Schuh:

Facebook: https://www.facebook.com/profile.php?id=61552710523314

LinkedIn: https://www.linkedin.com/in/brandon-stephen-schuh/

Instagram: https://www.instagram.com/schuhpapa/

Nick Hartmann:

LinkedIn: https://www.linkedin.com/in/nickjhartma

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Dean Hildebrandt - President & CEO, Assurex Global

Website: https://www.assurexglobal.com/

LinkedIn: https://www.linkedin.com/in/dean-hildebrandt-09810ba

About Assurex Global:

Founded in 1954, Assurex Global is the world's largest privately held commercial insurance, risk management, and employee benefits brokerage group, combining local expertise with global reach across more than 600 partner office