Hazlewoods Corporate Finance Team said it completed 59 business acquisitions and disposals during 2003, totalling £197m.
The company said it had developed a niche specialism in the insurance broking market, which represents a growing portion of its work.
Hazlewoods corporate finance partner Andrew Brookes, said: "The insurance broking market is very much in transition. It is, therefore, a challenging environment in which to be operating, with most brokers knowing that they have to change in some way.
"As such, there are a significant number of transactions."
