15 Largest Insurance Brokerages

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The 15 largest insurance brokerages of U.S. business are listed in the table below. The rankings are based on revenue earned in 2016. The source of the data is a list published by Business Insurance (an insurance news magazine) entitled "100 Largest Brokers of U.S. Business." When it created the ranking, Business Insurance did not include brokers that derived more than 49% of their gross revenue from personal lines business.

Act on Behalf of Buyers

Insurance brokers serve as intermediaries between insurance buyers and insurance companies. They differ from insurance agents, who sell policies under contractual agreements with insurance companies. Brokers act in the interest of insurance buyers. They have no authority to bind coverage or issue policies. To initiate coverage on behalf of an insurance buyer, a broker must ask an underwriter at the insurer to issue an insurance binder. Alternatively, the broker may issue a binder but no coverage will take effect unless the binder is signed by an underwriter or other 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)
  • Analytics (such as loss forecasting)
  • Employee benefits
  • 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)

    Several of the largest brokers operate worldwide.  Some, like Aon and Willis Towers Watson, are based in London. Others are headquartered in the U.S.  Many maintain offices in foreign countries. Examples are Marsh, AON, and Willis. Others, such as USI and BBT, operate mainly in the United States. Some, like BB&T, are insurance subsidiaries of financial conglomerates. 

    The first six brokers on the list are public companies and are listed on the New York Stock Exchange. HUB, Lockton, USI, Alliant, NFP, AssuredPartners, Acrisure, and Broadstreet Partners are private companies.

    Recent Acquisition

    One significant change that has occurred in the brokerage industry is the acquisition of Wells Fargo Insurance Services by USI Insurance Services. USI announced its intention to purchase Wells Fargo's insurance business in June of 2017 and finalized the transaction the following December. According to Insurance Journal, USI obtained various insurance operations from Wells Fargo. These include commercial insurance brokerage and consulting, employee benefits, property/casualty national practices, small business insurance, student insurance, and a program administrator called Safehold Special Risk.

    The Top 15

    Here are the largest 15 brokerages listed in descending order based on 2016 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: $6,614,500,000
    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: $6,065,933,500
    Global 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: $3,733,440,000
    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: $2,888,409,000
    Global Corporate Headquarters
    2850 Golf Road
    Rolling Meadows, IL 60008
    Tel.: (630) 773-3800
    Website: https://www.ajg.com

    5. BB&T Insurance Holdings Inc.
    Revenue: $1,809,175,000
    3605 Glenwood Avenue
    Raleigh, NC 27622-1128
    Tel. Tel.:919-716-9770
    Website: http://www.insurance.bbt.com

    6. Brown & Brown, Inc.
    Revenue: $1,762,787,105
    220 South Ridgewood Ave
    Daytona Beach, Florida 32115
    (386) 252-9601
    Tel.: 919-716-9770
    Website: http://www.bbinsurance.com

    7. HUB International
    Revenue: $1,286,060,100
    300 N. LaSalle St., 17th Floor
    Chicago, IL Illinois 60654
    Tel. (312) 432-2558
    Website: https://hubinternational.com

    8. Lockton Cos. LLC.
    Revenue: $1,054,685,740
    Corporate Office
    444 West 47th St., Suite 900
    Kansas City, MO 64112
    Tel.: (816) 960 9000
    Website: https://lockton.com

    9. USI Insurance Services L.L.C.
    Revenue: $1,030,124,263
    Corporate Office
    200 Summit Lake Drive, Suite 400
    Valhalla, NY 10595
    Tel.: (914) 749-8500
    Website: http://www.usi.com

    10. Wells Fargo Insurance Services USA Inc.
    Revenue: $980,800,000
    200 Summit Lake Drive, Suite 400
    Valhalla, NY 10595
    Tel.: (914) 749-8500
    Website: https://wfis.usi.com

    11. Alliant Insurance Services, Inc.
    Revenue: $966,769,832
    1301 Dove St., 2nd Floor
    Newport Beach, CA 92660
    Tel.: (949) 756-0271
    Website: https://alliant.com

    12. NFP Corp.
    Revenue: $930,815,040
    340 Madison Avenue
    New York, NY 10173
    Tel. :(212) 301-4000
    Website: http://www.nfp.com

    13. AssuredPartners Inc.
    Revenue: $820,926,226
    200 Colonial Center Parkway, Suite 140
    Lake Mary, FL 32746
    Tel.: Tel.: (407) 804-5222
    Website: http://www.assuredpartners.com

    14. Acrisure LLC
    Revenue: $639,312,851
    25664 Prairie Creek Dr. SE
    Caledonia, MI 49316
    Tel.: 800) 748-0351

    15. BroadStreet Partners Inc.
    Revenue: $423,200,000
    580 N. Fourth St., Suite 450
    Columbus, OH 43215
    Tel.: (614) 993-3011
    Website: http://broadstreetcorp.com