WTW to Acquire Newfront in $1.3 Billion Deal  

• By: Olivia Overman
• December 15, 2025

Insurance broker WTW said it has agreed to acquire Newfront a San Francisco-based, top 40 U.S. broker, for up to $1.3 billion. The move will expand WTW’s middle-market reach in high-growth specialties, such as technology, fintech and life sciences. The transaction is expected to close during the first three months of 2026. 

WTW will make a $1.05 billion upfront payment, including approximately $900 million in cash and $150 million in equity, with an additional contingent payout of up to $250 million, mainly in equity after Newfront hits certain performance targets. Another payment of $150 million will be paid in equity if Newfront achieves above-target revenue growth after the third anniversary of the sale closing. 

The acquisition will accelerate progress on WTW’s technology roadmap and increase capabilities for implementing artificial intelligence (AI) tools and scalability and improving efficiency for middle-market clients. 

Newfront’s two business segments, Business Insurance and Total Rewards, will be combined with WTW’s Risk & Broking (R&B) and Health, Wealth & Career (HWC) segments, respectively. Equity-based retention incentives totaling $100 million will also be provided for Newfront employees through 2031. 

“The Newfront team has built a broking business, powered by exceptional technology that offers a smart, fast and efficient client experience and complements our own technology investments,” said Carl Hess, WTW’s CEO. “This combination strengthens our presence in the U.S. middle market, accelerates our technology and specialty strategies, and enables the delivery of an integrated, end-to-end technology platform that will drive growth, enhance operational efficiency and better serve our clients.” 

“Newfront is excited to join WTW and combine our technology-native approach to insurance broking with WTW’s global presence and established trading, analytics and broking platforms,” said Spike Lipkin, co-founder and CEO of Newfront. “WTW’s culture and strategic focus on specialization and technology are a strong fit for Newfront, and we will work together to bring an innovative and efficient broking experience to our combined global client base.”

This end of year deal adds to the list of billion-dollar deals over the past year and a half, following closely behind the $1 billion acquisition of the CAC Group by The Baldwin Group, the Arthur J. Gallagher’s $1.2 billion acquisition of Woodruff Sawyer in March and $13.45 billion acquisition of AssuredPartners in December 2024, as well as Marsh’s acquisition of McGriff Insurance Services for $7.75 billion in September 2024.  

Olivia Overman is IA content editor.    

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