Ep272 Tony Ursano & Joe Plumeri: The M&A Continuum

Oct 14, 2025

Tony Ursano, an experienced insurance advisor, teams up with industry legend Joe Plumeri, former CEO of Willis, in a lively discussion. They explore the cautious optimism in investor sentiment amidst rising risks like social inflation and climate change. The duo delves into trends in M&A, highlighting ongoing consolidation in carriers and the dynamics of private equity in brokerage buyouts. Joe also shares insights on breaking into the US retail market, while Tony raises alarms about the bifurcation in the MGA sector and the future of insurtech investments.

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INSIGHT

Cautious Optimism Amid Rising Risk

Investors are cautiously optimistic as consolidation continues but market risks (social inflation, climate, geopolitics) are rising.
Rising risk could both create losses and drive better pricing later, changing insurance returns dynamics.

INSIGHT

Insurance As Essential Risk Absorber

Insurance is the primary mechanism to absorb new and evolving risks, making insurers vital long-term investments.
Firms with the right capital structure and capacity will best withstand ongoing volatility.

INSIGHT

Consolidation Will Accelerate

Consolidation is a long-running theme: strong firms get stronger while weaker ones fall behind.
As markets soften and PE investments mature, deal frequency and scale may accelerate in the near term.

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This episode is a very special one because, thanks to one of my guests, we are going to hear from somebody who I assumed I had missed my chance of getting to appear on this podcast.
Let me explain. Tony Ursano of Insurance Advisory Partners is someone I have interviewed many times over the past 20 years. In fact I first met Tony when he was working at Willis during the thirteen-year reign of our second guest.
Tony has recently executed quite a coup – that’s because he has managed to convince industry legend and former Willis CEO Joe Plumeri to come and work with him at Insurance Advisory Partners.
I’ll let Joe and Tony do the talking, but I’ll just say you are in for a treat.
Many of us in the insurance industry, particularly when we get to a certain age, tend to get nostalgic about an unspecified past era when there were so many more strong characters working in the sector than there are now and then we complain that these days things aren’t quite the same.
Well, Joe Plumeri is exactly the kind of person that people my age tend to think of when they make that complaint
Of course Joe is a senior executive with a glittering multi-decade career, spanning a broad spectrum of financial services, but he is also a complete original and a natural speaker and great motivator.
One of his strongest skills is the ability to express often very complex ideas in simple terms that large numbers of people can quickly comprehend and get behind.
He is always original and he is always direct. There are no grey areas.
This discussion examines the prospects for M&A and consolidation all the way through the insurance value chain, from carriers of all sizes and specialisms to mega brokers, MGAs and even hybrid carriers.
You'll leave this discussion incredibly well informed and in no doubt what Tony and Joe think are going to happen – but there’ll be a little bit extra – you will have met an industry legend and heard his unique perspective along the way.
LINKS:
We thank our naming sponsor AdvantageGo:
https://www.advantagego.com