Heffernan Insurance Brokers: insurance broker profile

Overview

Heffernan Insurance Brokers is a privately held retail broker headquartered in Walnut Creek, California. Its website says it was founded there in 1988, has approximately 600 staff and offices coast to coast, and has stayed employee owned since its founding. In an August 27, 2026 article, Insurance Business described it as privately held, with revenue estimated at over $500 million and more than 20 completed acquisitions. That revenue is a trade-press estimate, not a filed figure; the company's own site says only "over $250 million," so the two disagree and neither is audited. Mike Heffernan (F. Michael Heffernan) is president and chief executive.

The company's website reports a ranking of 40th by Business Insurance in 2025, down from 42nd in 2024, and 27th among independent property-casualty agencies on Insurance Journal's 2025 list. We did not verify those ranks against the published tables.

History

The firm's "Our Story" page says it was founded in Walnut Creek in 1988. It built its reputation on niche practices such as nonprofits, construction, health care facilities, transportation and hospitality, and says it has been named a "Top Corporate Philanthropist" since 2003. Heffernan has described its business as organic growth plus selective acquisitions.

SkyKnight Capital, a San Francisco investor founded in 2015, made a minority investment in Heffernan; Coverager's report, which carries no date on the page, called it SkyKnight Capital Fund II's fourth investment and quoted Mike Heffernan saying the stake would bring strategic and financial support while preserving independence and employee ownership. At that time the firm had 450 team members and 10 branch offices in the U.S. and London and revenue above $100 million. A database lists the round in 2019, but we could not confirm the year from a primary source.

Services

Heffernan sells business insurance, personal insurance, employee benefits and financial services. Its specialty list on the website includes real estate, transportation, nonprofits, janitorial, care providers, construction, vintners and growers, churches, technology, hospitality, food industry, architects and engineers. It also offers "Quick Insure" online products such as pet, life, travel, event and surety bond coverage. Trade press has reported a private equity and M&A insurance practice, which places transaction-related coverage such as representations and warranties policies.

Who it serves

The firm's clients are small and mid-sized businesses and nonprofits, plus individuals and families through personal and benefits lines. It has offices across the U.S. and, in earlier years, a London office, though we did not confirm the current list. Buyers with specialized needs such as vineyards or churches can expect a dedicated practice group. The difference between a regional specialist and a national or direct provider is covered in independent agent, broker, captive agent or direct? and how to choose a commercial insurance broker.

How it is paid

Heffernan does not publish a compensation disclosure on the pages we reviewed. Brokers of this type are paid through commissions from insurers as a percentage of premium, client-paid fees for some benefits and consulting work, and sometimes contingent commissions based on the growth or profitability of business placed with an insurer. Clients can ask for written disclosure of all compensation on an account. how commercial insurance brokers get paid explains the arrangements.

Recent deals

• Kristin Manwaring Insurance Associates (KMi), Port Townsend, Washington: Heffernan acquired the assets of the 50-year-old benefits and individual-coverage agency effective May 1, 2026, with terms undisclosed. Insurance Business reported it on August 27, 2026.
• Walterry Insurance Brokers, Clinton, Maryland: announced October 6, 2026; the team joined Heffernan on May 1, 2026. Walterry dates to 1968 and focuses on media liability, professional liability and business insurance for newspapers, broadcasters, film and TV producers and nonprofit trade associations. Terms were not disclosed.
• SkyKnight Capital minority investment: described above.

These purchases are examples of the national pattern covered in private equity and the consolidation of insurance brokers; see the largest commercial insurance brokers, ranked by 2025 revenue for the ranking context.

Strengths and weaknesses

• Strengths: deep niche practices; an independent, employee-owned culture that the company emphasizes; a growing national footprint through acquisitions.
• Weaknesses: limited public financial disclosure; revenue, headcount and ranking figures differ by source and date; a minority outside investor whose exit timing is not public; integration of recently acquired agencies.

Buyers may want to ask how employee ownership works in practice, which insurers account for most of the firm's placements, and whether any pay supplemental or contingent compensation. A Writing a broker RFP for a commercial insurance program is one structured way to compare Heffernan against other brokers for a complex account.

Because the firm's niche practices are built around particular industries, an account in one of them may be handled by a specialist team rather than a generalist. That can help with underwriting submissions for harder-to-place classes, where a broker's relationships with specialty insurers matter, and it connects to the surplus lines market described in wholesale brokers and surplus lines placement: how hard risks get insured. Smaller, simpler accounts may be served through the online "Quick Insure" products or a local branch.

How to contact Heffernan Insurance Brokers