Thriving Independently in a Consolidating Industry
- Mar 9
- 3 min read
Author: Ryan Butler, Senior Vice President – Risk Management
While thousands of insurance brokerages have been bought and sold, one thing has remained constant at Cottingham & Butler – our commitment to independence and putting people first. Over the past decade, the insurance brokerage industry has undergone a dramatic transformation and while it continues to consolidate at a rapid pace, many of the largest competitors in our space are now navigating multiple challenges at once. These include integrating acquired platforms, rationalizing expenses, debt and capital management, softening market in certain lines of business as insurance rates decline and maintaining a primary focus on “reporting to Wall Street” often at the expense of client and employee experience.
There is meaningful data that helps illustrate how this dynamic is unfolding. Over the past twelve months, stock performance for several of the largest insurance brokers has trended down meaningfully. While stock performance is not everything, it does influence decision making and creates additional pressure on leadership teams to regain momentum and will force many of these organizations to make difficult choices around expense management, layoffs, while balancing continued acquisition activity. With this noise, we are proud to share that Cottingham & Butler experienced another year of double-digit growth, industry leading retention, and continued reinvestment in our future.
Why Cottingham & Butler Stands Apart
We have intentionally built a firm that grows by doing the fundamentals exceptionally well. That means taking great care of clients, solving hard problems, and doing it together as one team. This focus is not accidental. It is a long-term strategy grounded in more than 138 years of culture, discipline, and the collective effort by our colleagues to be the best professionals and experts in their respective practices.
We do not rely on constant acquisition activity to manufacture momentum. Instead, we continue to deepen our expertise in the industries we serve, invest heavily in our people and their careers, and improve how we deliver outcomes year after year. This discipline allows us to compound our value over time, and one of the reasons we’ve been able to grow organically into the 3rd largest independent and privately held insurance brokerage in the nation.
While many firms feel forced to choose between growth, culture, and stability, we believe it is possible to achieve all three by playing the long game, staying aligned, and remaining clear on our mission of becoming Better Every Day.
Reinvesting in Our People and the Future
A clear example of this long-term mindset is our continued investment in our team. In 2025, we welcomed more than 270 new colleagues to Cottingham & Butler and continued to expand our leadership capabilities with the addition of Mike Hessling as President of C&B. While some of the largest firms in our industry are reducing staff, we remain focused on investing in our colleagues, their careers, and their professional development.
The Takeaway
In an industry defined by consolidation, it is easy for firms to lose clarity and drift toward a model where growth is something you buy rather than something you earn. When that happens, pressure often shows up quickly and forces restructuring, talent churn, and an ongoing search for the next lever to pull.
At Cottingham & Butler, our path is simpler and stronger. Develop great people. Take care of clients. Solve problems. Execute on behalf of our clients. Stay aligned as One Team.
That is our competitive advantage, and it is exactly why the next chapter for Cottingham & Butler is so compelling. Our future as One Team, working together with purpose and alignment, has never been more exciting.
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