Steadfast Group has achieved its first ranking among AM Best’s Top 20 Global Insurance Brokers, debuting at 17th with revenue totalling US$904.3 million.
The company said this milestone reinforces its ambition to establish itself as a leading global player in the insurance industry.
Steadfast founder, managing director, and CEO Robert B. Kelly AM highlighted the group’s entry into the US market through the acquisition of ISU Group (ISU), a significant milestone as the company aims to continue growing its international presence while preserving its core value proposition.
“It’s a new and exciting chapter for us because the research is clear – the value of a broker or agent is increasing, with intermediaries taking more and more of the direct market share,” he said. “Insurance is complex, expensive, [and] necessary, and buyers need advice and direction. With businesses and households facing a range of complex challenges such as inflation, cyber risk, and climate change, there is an increased need for trusted advocates and expert risk and insurance advice.”
He also stressed the importance of brokers in delivering critical risk and insurance guidance.
“While we continue to adapt and grow, the scale and strength of our network remain our priority, and we look forward to maximising our strength over the next financial year,” he said.
The 2024 rankings by AM Best, based on 2023 revenues, feature significant changes, including a new number three and three new entrants.
Marsh McLennan retained its position as the top insurance broker for the 14th year running. The ranking also noted that the revenues of Hub and Acrisure were similar due to rounding.
Gallagher moved up to third place, completing 51 brokerage and risk management acquisitions in 2023. Notably, its acquisition of Cadence Insurance in October was a major transaction, adding an estimated US$152 million in 2022 revenue, according to Optis. The acquisition of Eastern Insurance Group also contributed to Gallagher’s rise.
The new entrants in the rankings include two Australian firms – Steadfast and AUB Group, the parent company of Tysers – as well as UK-based BMS.
AM Best reported a total of 782 mergers and acquisitions involving insurance brokers in 2023.
