The world's 15 largest insurance brokerages appear in the table below. The rankings are derived from revenue generated in 2021. The data and rankings were published by A.M. Best, a credit rating company that issues reports on the financial stability of insurers.
Table of Contents
Key Takeaways
- The largest insurance brokerage by revenue is Marsh McLennan.
- Combined, the top 15 largest insurance brokerages earned more than $75 billion in revenue in 2021.
- Large brokerages provide a wider range of services than smaller brokerage firms.
The Top 15
Here are the 15 largest insurance brokerages listed in descending order based on 2021 revenue.
1. Marsh & McLennan Cos., Inc.â Revenue: $19.8 billion Headquarters 1166 Avenue of the Americas New York City, NY 10036 Tel.: (212) 345-5000 Website: https://www.mmc.com
2. Aon plc Revenue: $12.2 billion Headquarters The Aon Centre The Leadenhall Building 122 Leadenhall St. London, England EC3V 4AN Tel.: +44 (0)20 7623 5500 Fax: +44 (0)20 7621 1511 Website: http://www.aon.com 3. WTW Revenue: $9 billion Headquarters The Willis Building 51 Lime St. London, England EC3M 7DQ Tel.: +44 (0) 203 124 6000 Website: https://www.wtwco.com 4. Arthur J. Gallagher & Co. Revenue: $6.9 billion Headquarters 2850 Golf Road Rolling Meadows, IL 60008 Tel.: (630) 773-3800 Website: https://www.ajg.com5. HUB International Revenue: $3.23 billion Headquarters 150 N. Riverside Plaza 17th Floor Chicago, IL 60606 Tel.: (800) 432-2558 Website: https://hubinternational.com
6. Brown & Brown, Inc. Revenue: $3.05 billion Headquarters 300 N Beach St. Daytona Beach, FL 32115 Tel.:(386) 252-9601 Website: http://www.bbinsurance.com
7. Acrisure, LLC Revenue: $2.97 billion Headquarters 100 Ottawa Avenue SW Grand Rapids, MI, 49503 Website: https://acrisure.com
8. Alliant Insurance Services, Inc. Revenue: $2.9 billion Headquarters 18100 Von Karman Avenue 10th Floor Irvine, CA 92612 Tel.: (925) 378-6819 Website: http://www.alliant.com
9. Truist Insurance Holdings Inc. Revenue: $2.88 billion Headquarters Truist Center, 214 N Tryon Street Charlotte, NC 28202-0026 Tel.: (844) 487-8478 Website: https://www.bbt.com
10. Lockton Inc. Revenue: $2.8 billion Headquarters 444 West 47th St., Suite 900 Kansas City, MO 64112 Tel.: (816) 960 9000 Website: https://lockton.com
11. USI Insurance Services LLC Revenue: $2.3 billion Headquarters 100 Summit Lake Drive, Suite 400 Valhalla, NY 10595 Tel. (914) 749-8500 Website: https://usi.com
12. AssuredPartners Inc. Revenue: $2.04 billion Headquarters 450 S Orange Ave., 4th Floor Orlando, FL, 32801 Website: http://www.assuredpartners.com
13. NFP Corp. Revenue: $1.9 billion Headquarters 340 Madison Avenue, 20th Floor New York, NY 10173 Website: http://www.nfp.com
14. Amwins Group Inc. Revenue: $1.8 billion Headquarters 4725 Piedmont Row Dr #600 Charlotte, NC 28210 Tel.: (704) 749-2700 Website: https://www.amwins.com
15. Howden Group Holdings Revenue: $1.57 billion Headquarters 1 Creechurch Place, London, England EC3A 5AF Tel.: 020-7398-4888 Website: https://www.howdengroupholdings.com
Insurance Intermediaries
Insurance brokers act as intermediaries between insurance companies and insurance buyers. While they perform many of the same functions as insurance agents, they differ from agents in that they act in the interest of insurance buyers. Agents sell policies under contractual agreements with the insurance companies they represent.
Note
Unlike agents, brokers have no authority to bind insurance coverage or issue policies. To initiate coverage on a client's behalf, a broker can ask an underwriter at the insurer to issue an insurance binder. Alternatively, the broker can issue the binder and then request a signature from an underwriter. A binder issued by a broker will not become valid (and no coverage will be initiated) until the document is signed by an authorized representative of the insurer.
Broad Range of Services
Large brokers provide a broad range of services. While the specific services provided vary from broker to broker, many offer the following:
- Risk management services
- Loss control services
- Claims management services
- Private client services (personal coverages for wealthy individuals)
- Data and analytics (such as loss forecasting and benchmarking)
- Employee benefits
- International insurance, such as foreign workers compensation coverage
- Captives and other forms of alternative risk transfer
- Affinity programs (insurance programs designed for groups, such as franchises)
- Mergers and acquisitions (help facilitate transactions and manage risks)
- Terrorism and political risk (help manage risks and secure insurance)
Marsh, Aon, WTW, Gallagher, and several other brokerages on the Top 15 list operate globally. Aon, WTW, and Howden are based in London while the other companies are headquartered in the U.S. Many maintain branch offices in foreign countries. Examples are Marsh, AON, and Willis. Others, such as USI, operate mainly in the United States.
Note : Many brokers on the list are public companies listed on the New York Stock Exchange and NASDAQ, including the top four entries, while others are private companies.
Recent Acquisitions
Since 2017, several notable acquisitions have occurred in the insurance brokerage industry. One of the largest took place in December of 2017, when USI Holdings acquired various insurance operations from Wells Fargo Insurance Services. USI purchased Wells Fargo's commercial insurance brokerage and consulting, employee benefits, and property/casualty national practices.
Note : USI also obtained the small business insurance and student insurance units, and a program administrator called Safehold Special Risk.
In April of 2019, Marsh completed its acquisition of Jardine Insurance Brokers, a multinational brokerage based in London. According to Mercer, a subsidiary of Marsh's parent company, the new combined firm will have operations in more than 130 countries.
Source : The balance