As consolidation across the US insurance brokerage sector shows little sign of slowing, top acquirers are becoming increasingly selective about how and where they grow.
For Utah-based brokerage Trucordia, recent activity indicates a strategy that blends geographic expansion, niche commercial capabilities, and a strong emphasis on leadership and cultural alignment.
That strategy translated into a busy end to 2025, with Trucordia partnering with eight firms in the final two months of the year alone. The pace has continued into 2026, with additional acquisitions already completed and several more under letters of intent.
“What you saw from us at the end of 2025, you’ll continue to see in 2026,” said Rocky Steele (pictured), senior vice president of business development, adding that the firm is mindful of execution risk but confident in its experience.
Trucordia has strengthened its M&A bench with seasoned professionals, including recent hires with deep industry backgrounds, such as leaders who previously worked at Gallagher. While it has been among the more active consolidators in recent years, Steele emphasized that volume alone is not the goal. The brokerage evaluates opportunities daily but passes on many potential deals that do not meet its criteria.
“Leadership is at the top of the list,” he told Insurance Business. “We’re looking for leaders who want to help drive the firm forward. Cultural alignment is just as important. We believe strongly that if you take care of clients and take care of each other, good things happen.”
This values-driven philosophy, which Steele said is reinforced consistently by CEO Felix Morgan and the executive team, is central to Trucordia’s integration strategy. The firm aims to preserve the boutique, local-service mindset of acquired agencies while layering in scale, resources, and operational support.
Integration, Steele acknowledged, is labor-intensive, but the firm views it through a pragmatic lens. “We talk about it as ‘just work’, work that needs to be done,” he said. “If we integrate well, we serve clients better, we capture economies of scale, and we better protect the firm. Those are the pillars.”
Looking ahead, Trucordia’s acquisition strategy continues to be shaped by both line-of-business and geographic considerations. On the product side, niche commercial insurance remains a priority, reflecting market demand and valuation trends.
“We believe the market values agencies that are strong in niche commercial,” Steele said. “That robustness is something we actively look for.”
Geographically, Trucordia is paying close attention to population and GDP growth patterns, using those indicators to guide expansion. Markets experiencing sustained economic and demographic tailwinds offer what Steele described as a built-in lift for well-positioned agencies.
“Following where people and economic activity are growing gives us momentum,” he said. “If we’re not already in those areas, we want to establish a presence there.”
Trucordia most recently acquired Florida Insurance, a Dunedin-based agency known for hands-on service and rapid growth in a challenging market. According to Steele, the timing and fit of the deal were as important as the location.
“Florida Insurance, and specifically Nathan Shermer and his team, have done some really extraordinary things in a condensed period of time,” Steele said. “They’ve shown they can grow, and they’ve done it while serving clients extremely well. That combination is critical for us.”
Florida remains a strategically important state for national brokerages, with population growth, economic expansion, and a complex insurance environment creating both opportunity and risk. Trucordia already had a meaningful footprint in the state, Steele noted, but the Florida Insurance acquisition strengthened that presence while deepening carrier relationships the firm already values.
Reflecting on recent partnerships, Steele said the biggest lesson has been the importance of values as a filtering mechanism. “Anyone can write a check,” he said. “The question is what you can build together after the transaction.
“We have found that where those values are in place, where there is growth in place, and where the fundamentals are there - caring about your clients, co‑workers, employees - good things happen for you.”
