Analysis: As we enter 2025 let’s ask one big question: ‘What will Marsh do next?’

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Gallagher, Aon, Ardonagh and Howden have all had a busy 12 months in terms of consolidating their positions within the UK’s top five insurance brokers’ table. Their fellow intermediary powerhouse Marsh, however, has been comparatively quiet. Jonathan Swift considers whether this is likely to change any time soon.

The tail-end of 2024 was certainly a roller-coaster with major news involving two of the biggest brokers in the UK.

First Arthur J Gallagher signed a definitive agreement to acquire US rival AssuredPartners for $13.45bn (£10.5bn); and then Ardonagh announced an equity investment from funds managed by US-based private equity firm Stone Point Capital LLC, valuing the broking group at $14bn.

The question is will it have made a bigger splash than Gallagher, Ardonagh, Aon or Howden in the intervening

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