15 Largest Insurance Brokerages in the World

Large Brokers Provide Many Services Besides Insurance Placement

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The world's 15 largest insurance brokerages appear in the table below. The rankings are derived from revenue generated in 2017. The data and rankings were published by A.M. Best, a credit rating company that issues reports on the financial stability of insurers.

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.

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.

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, Willis Towers Watson, Gallagher, and several other brokerages on the Top 15 list operate globally. Aon, Willis, and Jardine Lloyd Thompson 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 and BBT, operate mainly in the United States.

The first six brokers on the list are public companies listed on the New York Stock Exchange. HUB, AmWINS, NFP, and USI Holdings are listed on the NASDAQ. Jardine Lloyd Thompson was formerly listed on the London Stock Exchange. The remaining brokerages on the Top 15 list are private companies.

Recent Acquisitions

Within the last few years, 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. According to Insurance Journal, USI purchased Wells Fargo's commercial insurance brokerage and consulting, employee benefits, and property/casualty national practices. It 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 companies.

The Top 15

Here are the largest 15 brokerages listed in descending order based on 2017 revenue. Note that the list includes insurance brokerages only. The largest 25 insurance agencies are included in a separate list.

1. Marsh & McLennan Cos. Inc.​
Revenue: $14.02 billion
Headquarters
1166 Avenue of the Americas
New York City, New York 10011
Tel.: (212) 345-5000
Website: https://www.marsh.com


2. Aon P.L.C.
Revenue: $10.0 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. Willis Towers Watson P.L.C.
Revenue: $8.2 billion
Headquarters
The Willis Building
51 Lime St.
London EC3M 7DQ
Tel.: +44 (0) 203 124 6000
Website: https://www.willis.com


4. Arthur J. Gallagher.
Revenue: $6.16 billion
Headquarters
2850 Golf Road
Rolling Meadows, IL 60008
Tel.: (630) 773-3800
Website: https://www.ajg.com


5. BB&T Insurance Holdings Inc.
Revenue: $1.92 billion
Headquarters
3605 Glenwood Avenue
Raleigh, NC 27612
Tel. Tel.:919-716-9770
Website: https://www.bbt.com


6. Brown & Brown, Inc.
Revenue: $1.88 billion
Headquarters
220 South Ridgewood Ave.
Daytona Beach, Florida 32115
Tel.:(386) 252-9601
Website: http://www.bbinsurance.com


7. Jardine Lloyd Thompson Group plc
Revenue: $1.88 billion
Headquarters
The St Botolph Building, 138
Houndsditch, London EC3A 7AW, UK
Tel.: +44 20 7528 4444
Website: https://www.jlt.com


8. HUB International
Revenue: $1.87 billion
Headquaters
300 N. LaSalle St., 17th Floor
Chicago, IL Illinois 60654
Tel.: (800) 432-2558
Website: https://hubinternational.com


9. USI Insurance Services L.L.C
Revenue: $1.70 billion
Headquarters
200 Summit Lake Drive, Suite 400
Valhalla, NY 10595
Tel. (914) 749-8500
Website: https://usi.com


10. Lockton Inc.
Revenue: $1.57 billion
Headquarters
444 West 47th St., Suite 900
Kansas City, MO 64112
Tel.: (816) 960 9000
Website: https://lockton.com


11.Alliant Insurance Services, Inc.
Revenue: $1.25 billion
Headquarters
1301 Dove St., 2nd Floor
Newport Beach, CA 92660
Tel.: (949) 756-0271
Website: http://www.alliant.com


12. NFP Corp.
Revenue: $1.07 billion
Headquarters
340 Madison Avenue, 20th Floor
New York, NY 10173
Tel.: (212) 301-4001
Website: http://www.nfp.com


13. Acrisure
Revenue: $1.0 billion
Headquarters
5664 Prairie Creek Dr. SE
Caledonia, MI 49316
Tel.: (800) 748-0351
Website: https://acrisure.com


14. AmWINS Group Inc.
Revenue: $965.10 million
Headquarters
4725 Piedmont Row Dr #600
Charlotte, NC 28210
Tel.: (704) 749-2700
Website: https://www.amwins.com


15. Assured Partners Inc.
Revenue: $959.56 million
Headquarters
200 Colonial Center Parkway, Suite 140
Lake Mary, FL 32746
Tel. :(407) 804-5222
Website: http://www.assuredpartners.com