Revealed – the top 20 insurance brokers by revenues

There are new entries and a new name in the top three

Revealed – the top 20 insurance brokers by revenues

Insurance News

By Terry Gangcuangco

AM Best has ranked the world’s biggest insurance brokers based on 2023 total revenue, with a new number three emerging and three newcomers making the cut.

According to AM Best’s ranking, here are the top 20 global brokers this year:

2023 rank

2022 rank

Broker

2023 total revenue

1

1

Marsh McLennan

US$22.70 billion

2

2

Aon Plc

US$13.40 billion

3

4

Arthur J. Gallagher & Co.

US$9.91 billion

4

3

WTW

US$9.48 billion

5

5

Hub International

US$4.30 billion

6

6

Acrisure LLC

US$4.30 billion

7

7

Brown & Brown Inc.

US$4.26 billion

8

9

Alliant Insurance Services Inc.

US$3.88 billion

9

10

Lockton Inc.

US$3.55 billion

10

8

TIH (formerly Truist Insurance Holdings)

US$3.46 billion

11

12

Howden

US$3.00 billion

12

11

USI Insurance Services LLC

US$2.70 billion

13

14

Amwins Group Inc.

US$2.60 billion

14

14

AssuredPartners Inc.

US$2.49 billion

15

13

NFP Corp.

US$2.48 billion

16

16

The Ardonagh Group

US$1.94 billion

17

--

Steadfast Group Ltd.

US$904.3 million

18

--

AUB Group Ltd.

US$853.6 million

19

19

Fanhua Inc.

US$450.5 million

20

--

BMS Group Ltd.

US$385.0 million

 

AM Best highlighted that 2024 is the 14th year in a row that Marsh McLennan topped the list. The credit rating agency also explained that total revenues for Hub and Acrisure appear the same as a result of rounding.

Meanwhile it was noted that Gallagher, the new world number three, completed 51 brokerage and risk management acquisitions in 2023.

AM Best reported: “Gallagher’s acquisition of Cadence Insurance in October was among the largest broker transactions of the year, adding an estimated 2022 revenue of US$152 million, according to Optis. Gallagher also acquired Eastern Insurance Group, perhaps helping to boost the company to third in the global broker rankings.”

As for the newcomers, two came from Australia – Steadfast and Tysers parent AUB – while BMS hails from the UK. Steadfast expanded into the US last year by acquiring 100% of ISU Group.

According to AM Best, there were 782 mergers and acquisitions involving insurance brokers in 2023.

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