M3 Insurance Solutions

What M3 Insurance Solutions does

M3 Insurance Solutions, Inc. is a privately held, employee-owned independent insurance brokerage and risk management firm headquartered in Madison, Wisconsin, founded in 1968. The company operates through 10 offices across Wisconsin, Minnesota, Illinois, and Michigan, providing commercial Property & Casualty insurance, Employee Benefits consulting, and a broad suite of specialty advisory services. Its revenue model is primarily commission-based brokerage, supplemented by professional services and consulting fees, with quote-based pricing tailored per client risk profile.

The firm's product portfolio spans Employee Benefits, Property & Casualty, Pharmacy Solutions (powered by Ethica Pharmacy Advisors), Cyber Liability, M&A Risk Solutions, Rapid Response & Recovery (R3), Surety, Personal Lines, Medicare/Individual Health, and ESOP Services, plus financial advisory through M3 Financial and HR/PEO services through its wholly-owned subsidiary The Employer Group. Underlying technology includes proprietary analytics platforms such as BenchmarkPRO (insurance exposure benchmarking) and Broker Analytics tools, integrated with the third-party Springbuk Health Intelligence platform for benefits data analytics. Distribution combines direct field sales across regional offices, an inside sales function, the MyM3 client portal, and channel partnerships with international networks including Assurex Global, C2, Globex International, and Unison.

M3 segments its market vertically across 10 industries — Construction & Real Estate, Education, Financial Institutions, Food & Agribusiness, Government, Healthcare, Manufacturing & Distribution, Senior Living & Social Services, Transportation, and Tribal Nations — with dedicated practice directors for each vertical. Notable concentration exists in Education (250+ Wisconsin schools) and Senior Living & Social Services (650+ organizations, largest Midwest writer). The company is governed by a board with seven independent directors out of ten, holds no parent or PE sponsor, and is accountable solely to its employee-shareholders and clients.

Name

M3 Insurance Solutions

Legal name

M3 Insurance Solutions, Inc.

Website

https://m3ins.com

Company type

Private

Founded year

1968

Operating status

Operating

Headcount range

251–500 employees

Short description

M3 Insurance Solutions is a privately held, employee-owned independent insurance brokerage and risk management firm serving mid-market and enterprise clients across 10 Midwest offices with deep vertical specialization in Employee Benefits, Property & Casualty, and specialty risk advisory services.

Ownership category

akta.pro rank

Product category

Commercial Insurance Brokerage & Risk Management

NAICS

Insurance Agencies and Brokerages (524210)

SIC

Insurance Agents, Brokers & Service (6411), Fire, Marine & Casualty Insurance (6331), Surety Insurance (6351)

akta.pro primary industry

Insurance Program Administration & MGA/MGU Services (FSAEADAK)

akta.pro secondary industry

Distressed M&A & Special Situations Advisory (BPAHAOAH)

Keywords

• Commercial insurance brokerage
• Employee benefits consulting
• Property casualty insurance
• Risk management services
• Insurance advisory firm

Headquarters

HQ city

Madison

HQ country

United States

HQ region

North America

Offices10 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure, Others

Revenue model

1. Insurance Brokerage Commissions: M3 Insurance earns commissions from insurance carriers for placing business insurance, property & casualty, employee benefits, and other coverage on behalf of clients. This is the primary revenue stream for the independent insurance broker model.
2. Consulting and Advisory Fees: M3 provides consulting services for risk management, benefits strategy, compliance, pharmacy solutions, financial services, and other advisory services that complement insurance placement.

Go-to-market motion1 record

Distribution channels4 records

Marketing channels10 records

Core offering

M3 Insurance Solutions is an independent insurance brokerage and risk management firm that places commercial Property & Casualty insurance and Employee Benefits coverage on behalf of business clients through a network of 10 Midwest offices. Beyond carrier placement, the firm delivers risk management consulting, claims advocacy, pharmacy benefit consulting, cyber liability advisory, M&A transactional risk, surety bonds, financial planning, and rapid response crisis services, with deep specialization across 10 vertical industries.

Product overview

M3 Insurance Solutions is an independent, privately-held insurance brokerage and risk management firm offering a comprehensive portfolio of insurance products and advisory services. The core platform centers on Employee Benefits and Property & Casualty insurance, supported by specialized modules including Pharmacy Solutions, Cyber Liability, M&A Risk Solutions, Rapid Response & Recovery (R3), Surety, and Personal Lines. The company operates sub-brands including M3 Elevate (small business and Medicare), The Employer Group (HR/PEO services as a subsidiary), and leverages Ethica Pharmacy Advisors for pharmacy consulting. M3 Financial provides investment advisory and retirement services. The firm serves industries including Construction & Real Estate, Education, Financial Institutions, Food & Agribusiness, Government, Healthcare, Manufacturing & Distribution, Senior Living & Social Services, Transportation, and Tribal Nations. Broker Analytics capabilities use AI-powered tools including BenchmarkPRO and Springbuk for data-driven insights.

Differentiator

Problem solved

Functional benefit

Brands

• The Employer Group: Wholly-owned subsidiary offering human resources administration, consulting, payroll services, and PEO (professional employer organization) solutions.

Products and services

• Employee Benefits Benefits consulting and brokerage services including medical, dental, and vision plans, compliance support, population health management, and benefits engagement solutions for employer clients across M3's Midwest footprint.
• Property & Casualty Business insurance brokerage and risk advisory services covering management liability, loss control, claims management, litigation management, and captives solutions for commercial clients.
• Pharmacy Solutions Pharmacy benefit consulting including PBM contracting, performance monitoring, financial audits, and analytics dashboards for prescription drug cost management, powered by Ethica Pharmacy Advisors for fiduciary-minded guidance.
• HR Services HR consulting, administration, payroll services, and PEO services delivered through The Employer Group subsidiary, including compliance and benefits administration support.
• M3 Financial Investment advisory, retirement planning, executive benefits, and wealth management services offered through M3 Financial in partnership with Global Retirement Partners, LLC (SEC registered investment advisor). M3 Financial was named to the list of National Top DC Advisor Teams in 2025.
• Cyber Liability Cyber risk management services including threat monitoring and insurance solutions for phishing, ransomware, and data breaches, supported by Cyber COPE Insurance Certification and AI-enabled risk tools for cyber incident response planning.
• M&A Risk Solutions Transactional insurance and risk advisory for mergers and acquisitions, including representations & warranties insurance, D&O, tax liability, and insurance due diligence for strategic acquirers, private equity firms, and portfolio companies.
• Rapid Response & Recovery (R3) Crisis mitigation and recovery services providing incident command support, damage assessment, crisis communications, and carrier coordination for disruptive events such as fires, natural disasters, and catastrophic incidents.
• Surety Contract and commercial surety bond services including strategic advocacy, customized surety programs, and education on bond requirements, marketed as the M3 Surety sub-brand.
• Personal Lines Individual insurance coverage for homeowners, auto, and personal assets, with tailored Private Client Solutions for high-net-worth individuals.
• Medicare Solutions Medicare Advantage, Medicare supplement, and Medicare Part D prescription drug plan consulting for individuals near retirement, turning 65, or seeking general Medicare information, delivered through the M3 Elevate sub-brand.
• International Global coverage strategies leveraging worldwide network and placement expertise for international insurance needs across 127+ countries, delivered through partnerships with Assurex Global, Globex International, and Unison.
• ESOP Services Specialized insurance and benefits solutions for Employee Stock Ownership Plans, addressing fiduciary liability and transaction risk for ESOP-adopting companies.
• Broker Analytics AI-powered data analytics service combining local expertise with technology tools for benchmarking, loss forecasting, and mod projections. Includes the BenchmarkPRO analytics platform and Springbuk Health Intelligence for health benefits optimization.
• The Employer Group Wholly-owned, independently operated subsidiary of M3 Insurance offering customized HR administration, payroll services, and acting as a professional employer organization (PEO) for organizations of all sizes.

Quantifiable outcome

• Over $5 million in measurable premium savings through mod verification process
• +2 more outcomes

Named customers5 records

Segments12 records

Ideal customer profiles9 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

AI capability5 records

Feature5 records

Partnerships

Ten partnerships are on record, tiered core and minor.

• BrokerTech Ventures (BTV)coreStrategic or Co-development Partner · 1 January 2019M3 co-founded BrokerTech Ventures, a Des Moines-based insurance industry accelerator, alongside Holmes Murphy. The accelerator supports insurtech startups with capital, mentorship, and access to Iowa's network of 7,000+ finance and insurance companies. M3's VP of Digital Products serves as Chief Innovation Officer of BTV, providing leadership in shaping technologies redefining insurance.
• Assurex GlobalcoreChannel Partner/ Reseller/ DistributorStrategic partnership providing exclusive contracts, better rates, and better services through a global network of insurance brokers. Part of M3's international coverage capabilities.
• C2coreChannel Partner/ Reseller/ DistributorStrategic partnership providing exclusive contracts and better rates for M3 clients through the C2 network of insurance professionals.
• Globex InternationalcoreChannel Partner/ Reseller/ DistributorInternational network partner enabling M3 to serve clients with global operations, providing worldwide coverage placement expertise.
• UnisonminorChannel Partner/ Reseller/ DistributorPartnership for international coverage capabilities and global risk management services.
• Ethica Pharmacy AdvisorscoreStrategic or Co-development PartnerEthica Pharmacy Advisors powers M3's pharmacy solutions practice, providing unbiased, fiduciary-minded guidance for pharmacy benefit management without owning a PBM or placing employers into limiting coalitions.
• The Employer GroupcoreStrategic or Co-development PartnerThe Employer Group is a wholly-owned, independently operated subsidiary of M3 Insurance offering HR consulting, payroll services, and PEO (Professional Employer Organization) services to organizations of all sizes.
• Wisconsin Hospital Association (WHA)coreStrategic or Co-development PartnerM3 is a Premier Partner of WHA, providing employee benefits, risk management, property, casualty, cybersecurity, and workers' compensation services to Wisconsin healthcare providers. M3 serves as WHA endorsed agent.
• Assurex Global Partnership (Carriers)coreChannel Partner/ Reseller/ DistributorExclusive contracts with insurance carriers providing better rates and services for M3 clients through strategic carrier partnerships.
• C2 Partnership (Carriers)coreChannel Partner/ Reseller/ DistributorExclusive contracts through C2 network providing better rates and services from carriers who put client needs first.

Scale indicators5 records

Recent moves8 records

Expansion highlights6 records

Broad incumbents

• Marsh McLennan: One of the largest global insurance brokerage and risk management firms (Marsh, Mercer, Oliver Wyman, Guy Carpenter). Overlaps with M3 across P&C, Employee Benefits, and risk consulting, but operates globally and as a multi-billion-dollar public company rather than as a Midwest-focused independent.
• Arthur J. Gallagher & Co. Large publicly-traded insurance brokerage and risk management firm with deep presence in middle-market commercial P&C and benefits. Like M3, Gallagher emphasizes industry specialization and acquisitions of regional brokers, but at vastly larger scale and global footprint.
• Aon plc: Global professional services firm offering risk, insurance brokerage, reinsurance, and HR consulting (Aon Risk Solutions, Aon Hewitt). Directly comparable business lines to M3 in P&C brokerage and benefits consulting, but at multi-billion-dollar, multinational scale.
• Wells Fargo Insurance Services (now part of Howden): Howden is a large global independent insurance broker that has rolled up US regional brokers. Comparable in client segment (middle-market and specialty) and product breadth to M3, but operates internationally and at substantially larger scale.

Direct peers

• Brown & Brown, Inc. Large US insurance broker built through decentralized regional acquisitions and national programs - structurally very similar to M3's independent broker model with vertical specialization. Provides a useful scale and capital-structure benchmark for a Midwest-rooted broker like M3.
• Hub International Limited: North American insurance brokerage acquired by private equity, focused on middle-market commercial and personal lines with strong regional offices. Closest analog to M3 in terms of regional office model, vertical practice groups, and middle-market client mix, though now under PE ownership.
• Lockton Companies: Largest independent (non-publicly-traded) insurance broker in the world, organized around industry practices and large/middle-market clients. Shares M3's independent ownership philosophy, deep vertical specialization, and emphasis on culture as a recruiting tool.
• Holmes Murphy & Co. Independent insurance brokerage headquartered in Iowa, co-founded BrokerTech Ventures alongside M3. Highly comparable: regional independent broker with similar industry specialization, similar size, and a direct partnership with M3 through BTV - making it the closest peer in business model and geography.
• USI Insurance Services: Middle-market-focused insurance brokerage built via roll-up of regional agencies with strong industry vertical programs (USI ONE). Comparable to M3 in client segment, vertical specialization strategy, and growth-via-acquisition playbook.

Others

• Assurex Global: Global partnership network of independent insurance brokers in which M3 is a partner. Indirectly comparable: peers are the member firms, but Assurex is the network structure that enables M3's international coverage offering and signals a peer-set category.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/M3Insurance
• Facebookfacebook.com/M3InsSolCareers

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about M3 Insurance Solutions