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.
- 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.
Revenue: $19.8 billion
1166 Avenue of the Americas
New York City, New York 10011
Tel.: (212) 345-5000
2. Aon P.L.C.
Revenue: $12.2 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
Revenue: $9 billion
The Willis Building
51 Lime St.
London EC3M 7DQ
Tel.: +44 (0) 203 124 6000
Revenue: $6.9 billion
2850 Golf Road
Rolling Meadows, IL 60008
Tel.: (630) 773-3800
5. HUB International
Revenue: $3.23 billion
150 N. Riverside Plaza 17th Floor
Chicago, IL Illinois 60606
Tel.: (800) 432-2558
6. Brown & Brown, Inc.
Revenue: $3.05 billion
300 N Beach St.
Daytona Beach, Florida 32115
Revenue: $2.97 billion
100 Ottawa Avenue SW
Grand Rapids, MI, 49503
8. Alliant Insurance Services, Inc.
Revenue: $2.9 billion
Tel.: (925) 378-6819
9. Truist Insurance Holdings Inc.
Revenue: $2.88 billion
Truist Center, 214 N Tryon Street
Tel.: (844) 487-8478
10. Lockton Inc.
Revenue: $2.8 billion
444 West 47th St., Suite 900
Kansas City, MO 64112
Tel.: (816) 960 9000
11. USI Insurance Services L.L.C
Revenue: $2.3 billion
100 Summit Lake Drive, Suite 400
Valhalla, NY 10595
Tel. (914) 749-8500
12. Assured Partners Inc.
Revenue: $2.04 billion
450 S Orange Ave., 4th Floor
Orlando, FL, 32801
13. NFP Corp.
Revenue: $1.9 billion
340 Madison Avenue, 20th Floor
New York, NY 10173
14. Amwins Group Inc.
Revenue: $1.8 billion
4725 Piedmont Row Dr #600
Charlotte, NC 28210
Tel.: (704) 749-2700
15. Howden Group Holdings
Revenue: $1.57 billion
1 Creechurch Place,
London, EC3A 5AF
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 and Willis, 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.
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.
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. USI purchased Wells Fargo's commercial insurance brokerage and consulting, employee benefits, and property/casualty national practices.
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.
Frequently Asked Questions (FAQs)
Who is the largest insurance broker?
The largest insurance broker by revenue is Marsh McLennan. It earned $19.8 billion in revenue in 2021.
Who is the biggest insurance broker in the U.S.?
Marsh McLennan is the biggest insurance broker in the U.S. by revenue. It is headquartered in New York City.
What are the big 3 insurance companies?
The three biggest insurance companies by revenue are Marsh McLennan ($19.8 billion), Aon ($12.2 billion), and WTW ($9 billion).