Why Consulting Firms Are Buying Their Own Insurance Brokers

Episode 51 of Service Business Talks: The big four and second-tier firms are quietly acquiring insurance brokers — not to resell policies, but to embed risk advisory into strategy. We focus on one case: how McKinsey's 2023 acquisition of a specialty cyber-insurance broker in London let it offer real-time risk transfer alongside its resilience frameworks. Lucas breaks down the math: a typical mid-market consulting engagement runs $500k to $2 million; adding a broking license lets firms capture the 15-20% commission on the $10 million policy they recommend. Luna pushes back on conflicts of interest — can you honestly recommend a captive if your firm earns the premium? We also look at Deloitte's Australian general-insurance license and PwC's Bermuda-based reinsurance captive. The verdict: consulting firms are becoming risk principals, not just advisors. Recorded June 14, 2026. #Consulting #Insurance #RiskAdvisory #McKinsey #Deloitte #PwC #CaptiveInsurance #CyberInsurance #Brokerage #BusinessStrategy #ProfessionalServices #MergersAndAcquisitions #ConflictsOfInterest #InsuranceBroker #RiskTransfer #BusinessPodcast #FexingoBusiness #ServiceBusinessTalks Keep every episode free: buymeacoffee.com/fexingo