Field notes
Staying independent: the three numbers acquirers look at
· By Diane du Paty, CEO & co-founder · 1 min read
In 2025, Gallagher posted +21% revenue, for 6% organic growth. The difference is acquisitions, and the same mechanics are reshaping French brokerage. For an independent firm, the question is not “am I big enough?”. Three indicators answer the right one.
In 2025, Gallagher posted +21% revenue. Its organic growth was 6%. The difference is acquisitions.
The same mechanics are reshaping French brokerage: the large consolidators grow first by buying. Marsh France acquired Finassur. Vilavi passed €160 million in revenue after integrating AcommeAssure. HLD is taking over Entoria. These groups are not buying portfolios. They are buying relationships: a loyal client base, a sector position built over time, teams who know their market.
The right question
For an independent firm, the question is therefore not “am I big enough?”. It is: “is my organic growth better than theirs?”
The three numbers
The few independents who track that figure look at three things:
- retention at renewal, contract by contract;
- the average number of contracts per client;
- the share of new clients who come by referral.
These are the indicators an acquirer looks at first. And they are also the ones that let you stay independent, if that is your choice.
Being ready when it happens
Consolidation does not mean independents disappear. It means the market sorts. For the head of a firm, the question is no longer whether someone will call. It is being ready when they do, whether the answer is yes or no.
At Panora, we help firms have these numbers up to date before anyone asks for them: an up-to-date client record, contracts and renewal dates linked, and these three indicators readable without an export.
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