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Peer Fund / Dealmaker·Insurance Brokerage

Aaron Cohen

Managing Director, Head of Financial Services & Technology at GTCR

Chicago, Illinois, USA

AC
LinkedIn
Why they matter

Cohen leads GTCR's Financial Services & Technology group and has personally sourced or directed its biggest insurance brokerage and MGA bets since 2009.

Background

Aaron D. Cohen joined GTCR in 2003 (starting as an associate) and is now a Managing Director and Head of the firm's Financial Services & Technology group, making him one of the senior deal leads behind GTCR's decades-long push into insurance distribution and fintech. He holds a BS in accountancy with high honors from the University of Illinois at Urbana-Champaign and previously worked at Hicks, Muse, Tate & Furst and in the M&A group of Salomon Smith Barney.

Notable deals

  • 2023
    Led GTCR's agreement to acquire a 55% majority stake in Worldpay from FIS, a $18.5B transaction with up to $1.25B in committed follow-on equity for M&A
  • 2009
    Announced GTCR's $200M lead investment in Bermuda-based specialty insurer Ironshore Inc., joining its board of directors
  • 2025
    Quoted announcing GTCR and Synova's acquisition of JMG Group, a UK insurance broker consolidator, with management retaining significant equity
  • 2024
    Gave on-record commentary on continued consolidation attractiveness in insurance brokerage, citing AssuredPartners' $13.45B sale to Arthur J. Gallagher as a template outcome

Call-prep brief

Aaron D. Cohen — Managing Director, Head of Financial Services & Technology, GTCR

Background

  • Joined GTCR in 2003 as an associate; now a Managing Director and the firm's FS&T group lead
  • Prior stops: Hicks, Muse, Tate & Furst; M&A group at Salomon Smith Barney
  • BS in accountancy (high honors), University of Illinois Urbana-Champaign

Current focus

  • Sits on the boards of Cisive, JMG Group and TRANZACT; formerly on AssuredPartners, Ironshore, itel, Worldpay, Callcredit, Fundtech, Optimal Blue, Paya, Premium Credit, Protection 1 and RevSpring
  • Publicly bullish (Dec 2024, PE Hub) on continued insurance brokerage/MGA roll-up consolidation, pointing to AssuredPartners' $13.45B exit to Gallagher as proof of the model
  • Just closed the JMG Group deal (May 2025) alongside Synova, backing a UK broker consolidator — signals active appetite for new insurance distribution platforms right now

What he cares about

  • Buy-and-build brokerage/MGA platforms with proven management teams and repeatable M&A playbooks
  • Payments and insurtech infrastructure that sits adjacent to financial services distribution (Worldpay, Optimal Blue, Paya)
  • Long-term partnerships — GTCR's insurance bets (Ironshore, AssuredPartners) span multiple years/cycles, not quick flips

Potential sensitivities

  • Just delivered GTCR's largest-ever exit (Worldpay, sold to Global Payments for $24.25B in 2025) — may be selective on new mandates while managing that transition
  • JMG Group deal just signed (2025) — likely wants to avoid appearing to shop for competing UK/European brokerage platforms simultaneously
  • Long GTCR tenure (20+ years) means he's disciplined about valuation discipline learned across cycles (2008-09 Ironshore vintage vs. today)

Questions to ask

  1. Given AssuredPartners' exit and JMG's entry, what's GTCR's current underwriting bar for new brokerage/MGA platforms vs. five years ago?
  2. How does GTCR think about specialty MGA vs. retail brokerage risk profiles when sizing a new platform investment?
  3. What made the JMG management team's M&A track record underwritable, and what would a comparable US platform need to show?

Outreach draft

Subject
Insurance brokerage consolidation — quick call?
Hi Aaron, I saw your comments on continued consolidation in insurance brokerage and MGAs, and GTCR's recent moves with JMG Group and the AssuredPartners outcome resonated with work we're doing in the space. We're evaluating a platform opportunity in insurance brokerage/MGA distribution and would value your perspective given GTCR's long track record here — from Ironshore through AssuredPartners to JMG. Would you have 20 minutes in the next couple of weeks for a quick call? Happy to work around your schedule. Best, [Your Name]

Linked companies

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