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)
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.
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.