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