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
    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
    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
    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
    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
    3605 Glenwood Avenue
    Raleigh, NC 27612
    Tel. Tel.:919-716-9770
    Website: https://www.bbt.com

    6. Brown & Brown, Inc.
    Revenue: $1.88 billion
    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
    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
    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
    200 Summit Lake Drive, Suite 400
    Valhalla, NY 10595
    Tel. (914) 749-8500
    Website: https://usi.com

    10. Lockton Inc.
    Revenue: $1.57 billion
    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
    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
    340 Madison Avenue, 20th Floor
    New York, NY 10173
    Tel.: (212) 301-4001
    Website: http://www.nfp.com

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

    14. AmWINS Group Inc.
    Revenue: $965.10 million
    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
    200 Colonial Center Parkway, Suite 140
    Lake Mary, FL 32746
    Tel. :(407) 804-5222
    Website: http://www.assuredpartners.com