Insurance Brokers of Minnesota

What Insurance Brokers of Minnesota does

Insurance Brokers of Minnesota (also operating as Insurance Brokers of MN) is a privately held independent insurance brokerage founded in 1998 and headquartered in Anoka, Minnesota. The firm operates 35 office locations across Minnesota, North Dakota, and Wisconsin, and holds insurance licenses in ten states (AZ, CO, FL, IA, MI, MN, ND, SD, TX, WI). It serves individuals and families, small to mid-size businesses, business owners, and industry-specific commercial clients across more than 80 verticals. Its go-to-market is sales-led, relying on licensed agents distributed across its physical office footprint, supplemented by phone, text, email, and website-based quote and service channels.

Name

Insurance Brokers of Minnesota

Legal name

Insurance Brokers of Minnesota

Website

https://insurancebrokersmn.com

Company type

Private

Founded year

1998

Operating status

Operating

Headcount range

101–250 employees

Short description

Insurance Brokers of Minnesota is an independent insurance brokerage founded in 1998, operating 35 offices across Minnesota, North Dakota, and Wisconsin to serve individuals, families, small-to-mid-size businesses, and industry-specific commercial clients with personal, commercial, employee benefits, and specialty insurance products from 90+ carriers.

Ownership category

akta.pro rank

Product category

Insurance Brokerage

NAICS

Insurance Agencies and Brokerages (52421), Insurance Agencies and Brokerages (524210)

SIC

Insurance Agents, Brokers & Service (6411)

akta.pro primary industry

Specialty Insurance Brokerage (Marine, Aviation, Cyber, Professional Lines) (FSAEADAJ)

akta.pro secondary industry

Individual Health Insurance Brokerage & Distribution (FSAIAEAL)

Keywords

• Independent insurance brokerage
• Personal insurance solutions
• Business insurance coverage
• Employee benefits planning
• Commercial insurance agency

Headquarters

HQ city

Anoka

HQ country

United States

HQ region

North America

Offices32 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Insurance Brokerage Commissions: As an independent insurance brokerage, the company earns commissions from insurance carriers when policies are placed and renewed. The agency represents over 90 insurance companies and matches clients with appropriate coverage from these carriers. Revenue is generated through new policy placements and ongoing renewal commissions.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

Insurance Brokers of Minnesota is an independent insurance agency that places personal, business, and employee benefits coverage on behalf of clients by accessing over 90 insurance carrier products. Sales and service are delivered through 35 staffed locations and licensed agents across Minnesota, North Dakota, and Wisconsin. The agency is compensated via commissions from carriers on new policy placements and renewals.

Product overview

Insurance Brokers of MN is an independent insurance agency founded in 1998, offering a comprehensive portfolio of insurance products and employee benefits solutions across Minnesota, North Dakota, and Wisconsin through 35 locations. The agency provides Personal Insurance products (home, auto, motorcycle, condo, renters, classic car, flood, Medicare, high net worth, life, RV, travel, umbrella, watercraft, wedding, annuities, health, dental, vision, pet, identity theft, home cyber), Business Insurance products (BOP, general liability, commercial umbrella, business auto, commercial property, workers comp, cyber liability), Employee Benefits solutions (group health, dental, vision, 401k, disability, critical illness, life/AD&D, long-term care, FSA, HSA), and specialized Insurance by Industry programs (contractor, manufacturer, farm, restaurant, church, school, technology, and 80+ other industry-specific coverages). As an independent agency representing over 90 insurance carriers including Nationwide and Liberty Mutual, they offer tailored solutions rather than a single product platform.

Differentiator

Problem solved

Functional benefit

Products and services

• Home Insurance Home insurance protects homes and families against risks including fire, flood, property damage, personal liability, and additional living expenses when a covered loss displaces residents.
• Auto Insurance Auto insurance provides coverage for vehicles including bodily injury liability, property damage, medical payments, uninsured/underinsured motorist, and physical damage protection.
• Motorcycle Insurance Motorcycle insurance covers liability, physical damage, medical payments, guest passenger liability, and protection for custom parts and carried belongings.
• Condo Insurance Insurance coverage for condominium owners protecting the unit and personal property.
• Renters Insurance Coverage for renters protecting personal belongings against theft, fire, vandalism, and providing liability protection.
• Classic Car Insurance Specialized insurance for collector or classic vehicles requiring unique documentation and coverage.
• Flood Insurance Separate flood coverage through NFIP or private insurers for flood damage not covered by standard homeowners policies.
• General Medicare Medicare-related insurance products for eligible individuals.
• High Net Worth Insurance Specialized coverage for high-value homes and possessions for affluent clients.
• Individual Life Insurance Personal life insurance policies providing financial protection for individuals and families.
• RV Insurance Insurance coverage for recreational vehicles including motorhomes and travel trailers.
• Travel Insurance Coverage for trip cancellations, medical emergencies, and travel-related risks.
• Umbrella Insurance Excess liability coverage adding protection over auto, boat, or homeowners policies.
• Watercraft Insurance Insurance for boats and water vessels including liability and physical damage coverage.
• Wedding Insurance Special event coverage for wedding celebrations protecting against cancellations and unforeseen events.
• Annuities Retirement savings products providing guaranteed income streams.
• Individual Health Insurance Health coverage for individuals not covered by employer plans.
• Individual Dental Insurance Standalone dental coverage for individuals and families.
• Individual Vision Insurance Vision care coverage including eye exams, glasses, and contact lenses.
• Pet Insurance Coverage for veterinary expenses and pet-related incidents.
• Identity Theft Insurance Protection against identity theft and coverage for recovery costs.
• Home Cyber Insurance Coverage for cyber threats, data breaches, and online fraud affecting homeowners.
• Business Owners Insurance Business Owners Policy (BOP) combining property and liability coverage into one policy for small to mid-sized businesses.
• General Liability Insurance Coverage for bodily injury, property damage, advertising injury, and medical payments to third parties.
• Commercial Umbrella Insurance Excess liability coverage typically between $2,000,000 and $10,000,000 extending over general liability, workers compensation, and business auto policies.
• Business Auto Insurance Coverage for vehicles owned or leased by commercial enterprises including bodily injury, property damage, and comprehensive coverage.
• Commercial Property Insurance Protection for business property including equipment, inventory, furniture, and fixtures.
• Workers' Compensation Insurance Required coverage protecting employees against workplace injuries and occupational illness.
• Cyber Liability Insurance Coverage for unauthorized access to electronic data, viruses, computer theft, extortion, and employee errors.
• Group Health Insurance Employer-sponsored health coverage pooling risk for employees and dependents under the Affordable Care Act.
• Group Dental Insurance Employer-provided dental coverage including cleanings, exams, X-rays, fillings, root canals, and orthodontia.
• Group Vision Insurance Vision care coverage for exams, frames, lenses, contact lenses, and safety glasses.
• 401(k) Retirement savings plans for employees with employer matching options.
• Disability Insurance Short-term and long-term disability coverage protecting employees income due to pregnancy, illness, or disability.
• Critical Illness Insurance Voluntary benefit providing lump sum payment for specified critical illnesses.
• Life and AD&D Insurance Employer-provided life insurance and accidental death and dismemberment coverage for employees and dependents.
• Contractor Insurance Multi-risk coverage for contractors including builders risk, business auto, commercial property, equipment, general liability, inland marine, and workers compensation.
• Manufacturer Insurance Coverage for manufacturers including business interruption, product recall, ocean cargo, and errors and omissions liability.
• Farm Insurance Protection for farms covering property, livestock, crops, equipment, environmental risks, and agricultural business activities.

Named customers2 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Three partnerships are on record, tiered core.

• NationwidecoreChannel Partner/ Reseller/ DistributorNationwide is one of the major insurance carriers represented by Insurance Brokers of Minnesota. As an independent agent, the agency sells Nationwide insurance products and earns commissions on policies placed.
• Liberty MutualcoreChannel Partner/ Reseller/ DistributorLiberty Mutual is another major insurance carrier represented by Insurance Brokers of Minnesota. The agency serves as a distribution partner, selling Liberty Mutual insurance products to clients.
• 90+ Insurance Carriers (Not Specifically Named)coreChannel Partner/ Reseller/ DistributorInsurance Brokers of Minnesota represents over 90 insurance companies, having grown from representing just 5 major companies to the current carrier network. This includes carriers for auto, home, business, life, health, and specialty insurance products.

Scale indicators4 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• USI Insurance Services: U.S. insurance brokerage and consulting firm distributing across personal, commercial, and employee benefits lines through regional offices. Comparable business model and client mix.
• Hub International: Large North American insurance brokerage with deep multi-state retail operations, representing multiple carriers and serving personal, commercial, and benefits clients. Highly comparable in business model, though meaningfully larger in scale and geographic footprint than Insurance Brokers of Minnesota.
• Leavitt Group: Regional insurance brokerage in the Western U.S. operating through a network of local offices representing multiple carriers across personal, commercial, and benefits lines. Strong model analogue for a multi-office regional broker with similar go-to-market.
• AssuredPartners: U.S. insurance brokerage built through acquisitions of regional independent agencies. Same commission-based model, multi-carrier representation, and personal/commercial/benefits product mix as Insurance Brokers of Minnesota, but operating nationally.
• Brown & Brown, Inc. Independent insurance broker and risk management firm distributing across multiple carriers for personal, commercial, and employee benefits lines. Closely aligned business model and similar multi-state retail structure.
• Hilb Group: Middle-market insurance brokerage built primarily through acquisitions of regional agencies across the U.S. Same multi-carrier, multi-line retail brokerage model as Insurance Brokers of Minnesota, with similar acquisition-oriented growth strategy.

Broad incumbents

• Marsh McLennan Agency: Middle-market arm of global broker Marsh, distributing insurance and benefits through regional offices. Highly comparable on product mix and carrier-representation model, with substantially greater national reach.
• Lockton Companies: Largest independent insurance brokerage in the U.S., offering personal, commercial, and benefits solutions through multiple offices. Overlaps on multi-carrier distribution model, though Lockton skews toward larger commercial accounts.
• Acrisure: Large U.S. insurance brokerage and financial services firm with extensive multi-state retail operations. Overlaps with Insurance Brokers of Minnesota on multi-carrier personal, commercial, and benefits distribution but with a technology-driven operating model.
• Arthur J. Gallagher & Co. Global insurance brokerage and risk management firm with substantial retail operations across the U.S. Overlaps with Insurance Brokers of Minnesota on multi-carrier personal, commercial, and benefits distribution but at significantly greater scale and broader geography.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/ibjordan_com

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about Insurance Brokers of Minnesota