Best's Review

AM BEST'S MONTHLY INSURANCE MAGAZINE




Top Global Insurance Brokers

JLT breaks into the top five, Alliant moves up three spots and Hyperion joins the top 20.
  • TBA - Writer
  • July 2016
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Best's Review presents its annual ranking of global insurance brokers, based on 2015 total revenue.

The top 20 are presented according to ranking; other brokers that participated follow in alphabetical order.

Marsh and Aon kept the top two spots but there was some re-shuffling among other brokers on the list.

Jardine Lloyd Thompson jumped up to No. 5, switching ranks with BB&T. Hub International moved to the No. 8 spot while Wells Fargo dropped to No. 9. The largest jump/drop goes to Alliant Insurance Services, which moved up three spots to No. 13, switching with now No. 16 Meadowbrook Insurance Group. London-based Hyperion Insurance Group debuts in the ranking this year at No. 17.

Information used in this ranking was provided by the companies. Some brokers declined to provide information. Revenues have been rounded and are expressed in U.S. dollars. Currency conversion is as of Dec. 31, 2015.

1. Marsh & McLennan Cos.

Headquarters: New York

Revenue 2015: $12.89 billion

Top Executive: Daniel S. Glaser, president and CEO

Top Lines: Insurance and reinsurance broking, human resource consulting, management consulting

Developments in 2015: Consolidated underlying revenue growth of 4%, consolidated adjusted operating margin of 19.1%, the highest level in more than a decade. Record adjusted EPS of $3.05. Risk & Insurance Services (Marsh and Guy Carpenter) revenue was $6.9 billion, reflecting underlying growth of 3%; Consulting (Mercer and Oliver Wyman) produced revenue of $6.1 billion, reflecting 5% underlying growth, with record profitability. Global footprint-- 60,000 colleagues serve clients in more than 130 countries; completed 27 acquisitions and investments in 2015, the most in history, including the acquisition of Jelf Group, a U.K. retail broker. Expansion of Marsh & McLennan Agency's footprint with six acquisitions, highlighted by MHBT, Texas. MMA annualized revenue approaching $1 billion. Substantial investments in technology platforms, including Marsh's acquisition of Dovetail, an insurance technology provider tailored to the U.S. small commercial market. Guy Carpenter's launch of GC ReBid, a proprietary real-time, online reinsurance platform where markets can openly bid for participation on reinsurance placements. Continued development of Mercer Marketplace Healthcare exchange, providing access for about 1.5 million lives.

2. Aon Plc.

Headquarters: London

Revenue 2015: $11.68 billion

Top Executive: Greg Case, president and CEO

Top Lines: Property, casualty, directors and officers

Developments in 2015: Total revenue for 2015 was $11.68 billion with organic revenue growth of 3%. Risk Solutions total revenue was $7.4 billion with organic revenue growth of 3%. HR Solutions total revenue was $4.3 billion with organic revenue growth of 3%. Net income attributable to Aon shareholders-- as adjusted, was $1.8 billion and diluted earnings per share-- as adjusted, increased 8% to $6.18.

3. Arthur J. Gallagher & Co.

Headquarters: Itasca, Ill.

Revenue 2015: $5.39 billion

Top Executive: J. Patrick Gallagher Jr., chairman,

president and CEO

Top Lines: Retail and wholesale insurance brokerage and consulting services; third-party claims settlement; administration services to both domestic and international entities

Developments in 2015: Total organic growth for Gallagher's combined core brokerage and risk management segments was 5.1% in 2015. The company completed 44 acquisitions in 2015 with $230.8 million in acquired revenues; recognized as one of the 2015 World's Most Ethical Companies for the fourth time by Ethisphere; ranked "Highest in Customer Satisfaction among Brokers for Large Commercial Insurance" according to the 2015 Large Commercial Insurance Study conducted by J.D. Power. In January 2015, Gallagher's board of directors increased the company's dividend to $1.44 for the full year.

4. Willis Group Holdings plc

Headquarters: London

Revenue 2015: $3.83 billion

Top Executive: Dominic Casserley, CEO

Top Lines: Transportation (e.g. marine, aviation, road and rail); natural resources (e.g. oil and gas, mining, etc.); construction; technology; media and telecommunications; financial institutions; reinsurance

Developments in 2015: On Jan. 4, 2016, Willis Group Holdings and Towers Watson merged to form Willis Towers Watson PLC, a global advisory, solutions and broking firm. For Willis Towers Watson, attention now turns to combining these two businesses, which combined have more than 39,000 colleagues in over 120 countries. John Haley is CEO of the new entity, while Casserley is president and deputy CEO. In late December, Willis Group closed its acquisition of French insurance broker and long-term partner Gras Savoye.

5. Jardine Lloyd Thompson Group plc

Headquarters: London

Revenue 2015: $1.76 billion

Top Executive: Dominic Burke, Group CEO

Top Lines: Specialist insurance products and services; treaty and facultative reinsurance; captive management; corporate finance advisory; pension administration and benefits consulting; wealth and investment management; pension software

Developments in 2015: Achieved revenue growth of 6% at constant rates of exchange, including 5% in the risk and insurance business segment on an organic basis; completed integration of TW Re's U.S. platform, delivering a 24% increase in its trading profit for the year; completed merger of Lloyd & Partners with JLT Specialty; achieved a successful first year in the build-out of U.S. Specialty platform delivering revenues of nearly US$36 million in 2015; delivered strong growth in emerging markets businesses in Asia and Latin America.

6. BB&T Insurance Holdings Inc.

Headquarters: Raleigh, N.C.

Revenue 2015: $1.68 billion

Top Executive: John M. Howard, chairman and CEO

Top Lines: Commercial property/casualty; life; employee benefits

Developments in 2015: Completed leadership transition to John M. Howard following Wade Reece's retirement; increased ownership in AmRisc, a managing general underwriter for commercial property risk; and for strategic reasons sold American Coastal, eliminating exposure to underwriting losses; made additional acquisitions to complement organic growth and continue to execute on cross-selling opportunities with BB&T clients. Acquired Swett & Crawford in early 2016.

7. Brown & Brown Inc.

Headquarters: Daytona Beach, Fla.

Revenue 2015: $1.66 billion

Top Executive: J. Powell Brown, president and CEO

Top Lines: Middle- and upper middle-market property/casualty, employee benefits, personal and professional lines-- retail, national programs, wholesale and specialty third-party administrative services

Developments in 2015: Revenue for 2015 rose 5.4% with organic revenue growth in all divisions; finished the year with more than 7,800 teammates. During the year, expanded capabilities with addition of teammates; acquired 13 agencies with $54 million of annualized revenue; bought back $175 million of its stock and paid dividends of $64 million.

8. Hub International Ltd.

Headquarters: Chicago

Revenue 2015: $1.47 billion

Top Executive: Martin P. Hughes, chairman and CEO

Top Lines: Property/casualty; employee benefits;

personal lines; risk management consulting

Developments in 2015: Acquired and integrated 43 brokerages. Formed wholly owned subsidiary-- Specialty Program Group-- to expand national reach of specialty products and programs.

9. Wells Fargo Insurance

Headquarters: San Francisco

Revenue 2015: $1.4 billion

Top Executive: Laura Schupbach, executive vice

president and head of Wells Fargo Insurance

Top Lines: Commercial property/casualty, professional risk, employee benefits, private risk solutions and targeted insurance programs to specialized industries

Developments in 2015: Remained focused on its ongoing strategy to grow existing customer relationships, attract new clients, improve customer service, and enhance its industry leading expertise. The business continued to make investments and add resources in markets where insurance has the greatest growth potential and opportunity to serve more of the bank's middle market and large corporate customers. Hiring more than 100 new insurance professionals in 2015, Wells Fargo Insurance continued to attract and retain top industry and internal bank talent. In December 2015, the company announced the sale of its Rural Community Insurance Services as part of its strategy to strengthen and invest in its primary distribution businesses, insurance brokerage and consulting and personal and small business insurance.

10. Lockton Inc.

Headquarters: Kansas City, Mo.

Revenue 2015: $1.34 billion

Top Executive: David M. Lockton, chairman

Top Lines: Risk management (property/casualty insurance), employee benefits, retirement services, affinity programs

Developments in 2015: Enhanced global expertise in risk management, employee benefits, and retirement services with major investments in property, cyber, and health & welfare, among others. Invested in analytics for clients with an emphasis on driving down total cost of risk and total cost of care. Expanded support for marine clients with the acquisition of specialist marine broker P.L. Ferrari and the creation of a marine joint venture in Singapore, LCH Lockton. Increased investments in leadership and development programs for associates. Expanded internships, campus recruiting and hiring programs to attract talent. Total staffing increased by more than 400 associates from 5,600 to 6,000-plus. Ron Lockton, son of founder Jack Lockton and nephew of Chairman David Lockton, named vice chairman, as part of Lockton's long-term succession planning.

11. NFP Corp.

Headquarters: New York

Revenue 2015: $1.3 billion

Top Executive: Douglas W. Hammond, chairman and CEO

Top Lines: Benefits, insurance and wealth management

Developments in 2015: Built on the operational and strategic initiatives launched the previous two years. Clarified its strategic advantages and capabilities by rebranding itself with a focus on the personal nature of its business. The property/casualty business line continued to grow organically and through acquisitions. As a result, it now operates with a broad set of specialty resources that complement NFP's core corporate benefits and private client resources capabilities. Expanded its ability to serve large multinational organizations by acquiring international benefits offices in the U.K. In total, acquired 38 firms and now operates more than 150 offices in the United States, Canada, Puerto Rico and the U.K.

12. USI Insurance Services

Headquarters: Valhalla, N.Y.

Revenue 2015: $1.04 billion

Top Executive: Michael J. Sicard, chairman and CEO

Top Lines: Property/casualty, employee benefits,

personal risk and retirement needs

Developments in 2015: Innovation of USI's proprietary USI ONE Advantage platform, delivering client solutions, with a heavy ongoing investment in local technical resources networked nationally; expansion of USI University and USI Careers, a training and development path for existing associates, experienced industry new hires and for those newer to the industry; continued growth and expansion through middle-market insurance brokerage acquisitions into strategic geographies and markets with high growth potential.

13. Alliant Insurance Services Inc.

Headquarters: Newport Beach, Calif.

Revenue 2015: $827.1 million

Top Executive: Thomas W. Corbett, chairman and CEO

Top Lines: Property/casualty, specialty vertical niches and middle market; personal lines; employee benefits; retirement services; underwriting

Developments in 2015: Completed 10 strategic acquisitions within its MGA, specialty retail, and middle-market divisions; expanded reach to encompass 84 offices throughout the United States; expanded presence in various key verticals, including agriculture, aviation and renewable energy; named to the InformationWeek Elite 100 list recognizing America's top business technology innovators.

14. AmWINS Group Inc.

Headquarters: Charlotte, N.C.

Revenue 2015: $779.1 million

Top Executive: M. Steven DeCarlo, CEO

Top Lines: Commercial property/casualty; employee benefits; niche programs

Developments in 2015: Completed two acquisitions and partnered with longer-term investor PSP Investments.

15. CBIZ Inc.

Headquarters: Cleveland, Ohio

Revenue 2015: $750.4 million

Top Executive: Jerome P. Grisko Jr., president and CEO

Top Lines: Employee benefits, property/casualty insurance, retirement plan services, payroll, human resources consulting services

Developments in 2015: The benefits & insurance services segment continued its growth with three acquisitions in 2015. Acquired Model Consulting, Inc., an employee benefits broker located in Trevose, Pennsylvania. In keeping with its strategy to further grow its retirement planning business, acquired Pension Resource Group Inc., a pension administration service provider in Woodstock, Georgia, and The Cottonwood Group Inc., an actuarial and retirement planning service provider in Overland Park, Kansas. As a result of the acquisitions, is on track to become one of the largest pension administration providers in the United States. Revenue for the benefits & insurance services segment has risen by 30% since 2011, driven by growth in employee benefits consulting, property/casualty insurance, retirement services, payroll and executive recruiting.

16. Meadowbrook Insurance Group Inc.

Headquarters: Southfield, Mich.

Revenue 2015: $703.3 million

Top Executive: Robert S. Cubbin, president and CEO

Top Lines: Commercial business (property/casualty); life and health; benefits; personal lines

Developments in 2015: Was acquired by Shanghai-based Fosun International Ltd. in July for $439 million in a deal first announced at the end of 2014. Acquired Mackinaw Administrators LLC, a program and claims administrator that provides tailored insurance and risk management programs and other related services for both group and individual clients. Mackinaw has offices in Michigan and Ohio and services lines of business including workers' compensation, general liability, medical professional liability and liquor liability.

17. Hyperion Insurance Group

Headquarters: London

Revenue 2015: $621 million

Top Executive: David Howden, CEO

Top Lines: Property/casualty, marine & energy, professional & financial risks, cyber, binders

Developments in 2015: Completed the transformational merger with RKH, creating a business with a strong international retail distribution network outside North America; a leading independent specialty lines broker; and a leading international specialist MGA. Made a number of acquisitions in Germany, Brazil, Colombia, the U.K., Spain and Malaysia, strengthening its product and distribution capabilities both geographically and in terms of specialist market positions.

18. AssuredPartners Inc.

Headquarters: Lake Mary, Fla.

Revenue 2015: $583 million

Top Executive: Jim Henderson, CEO

Top Lines: Commercial property/casualty, employee benefits, professional liability and personal lines

Developments in 2015: Grew top line revenue by 23% through continued organic growth initiatives and 44 acquisition transactions. Expanded into five new states and added one regional platform as it continued to build out its national footprint with multiple transactions in the West and Northwest. Continued to grow niche and specialty practice areas with enhanced service offerings. Expanded its leadership team with the appointments of regional presidents.

19. Confie Seguros

Headquarters: Huntington Beach, Calif.

Revenue 2015: $472.5 million

Top Executive: Valeria Rico, CEO

Top Lines: Personal lines and small commercial

Developments in 2015: Acquired 23 agencies in 2015, including its 100th acquisition since inception. Confie now has more than 680 offices across the United States.

20. CNinsure Inc.

Headquarters: Guangzhou, Guangdong, People's

Republic of China

Revenue 2015: $436.6 million

Top Executive: Chunlin Wang, CEO

Top Lines: Property/casualty and life insurance agency business

Developments in 2015: Significant progress in its various offline-to-online initiatives, such as the strong growth in active users for its sales support mobile app "CNpad" with 63,591 active users; around 678,547 members in online mutual aid program "eHuzhu" and more than 20,000 service representatives for its online claims adjustment platform "Chetong." Online revenues accounted for over 30% of its total revenues.

Although not ranked, the following brokers shared their results and developments with Best's Review. They are listed alphabetically.

Crystal & Company

Headquarters: New York

Revenue 2015: $157 million

Top Executive: James W. Crystal, chairman and CEO

Top Lines: Property/casualty; management and professional liability for financial institutions and corporations; employee benefits; and private client services?

Developments in 2015: Conducted a national study that examined family enterprises and their awareness and implementation of risk management best practices. Continued expansion in the Southern California marketplace.

GrECo International Holding AG

Headquarters: Vienna

Revenue 2015: $85.3 million

Top Executive: Friedrich Neubrand Jr., CEO

Top Lines: All lines of corporate insurance property and liability, financial lines, employee benefits

Integro Insurance Brokers

Headquarters: New York

Revenue 2015: $276.4 million

Top Executive: William Goldstein, CEO

Top Lines: Risk management, health care, entertainment, professional lines

Developments in 2015: Continued expansion of specialty lines, including risk management, entertainment, health care and professional services firms; major expansion in United Kingdom; recapitalization of Integro by Odyssey, poising the firm for strong growth in 2016.

The Leavitt Group

Headquarters: Cedar City, Utah

Revenue 2015: $230.0 million

Top Executive: Eric O. Leavitt, CEO

Top Lines: Commercial property/casualty; health and life benefits; personal property/casualty

Developments in 2015: Acquired new affiliates in Washington, Oregon, Northern California and Pennsylvania.



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