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 |
$22.70 billion |
|
2 |
2 |
Aon Plc |
$13.40 billion |
|
3 |
4 |
Arthur J. Gallagher & Co. |
$9.91 billion |
|
4 |
3 |
$9.48 billion |
|
|
5 |
5 |
Hub International |
$4.30 billion |
|
6 |
6 |
Acrisure LLC |
$4.30 billion |
|
7 |
7 |
Brown & Brown Inc. |
$4.26 billion |
|
8 |
9 |
Alliant Insurance Services Inc. |
$3.88 billion |
|
9 |
10 |
Lockton Inc. |
$3.55 billion |
|
10 |
8 |
TIH (formerly Truist Insurance Holdings) |
$3.46 billion |
|
11 |
12 |
$3.00 billion |
|
|
12 |
11 |
USI Insurance Services LLC |
$2.70 billion |
|
13 |
14 |
Amwins Group Inc. |
$2.60 billion |
|
14 |
14 |
AssuredPartners Inc. |
$2.49 billion |
|
15 |
13 |
NFP Corp. |
$2.48 billion |
|
16 |
16 |
The Ardonagh Group |
$1.94 billion |
|
17 |
-- |
Steadfast Group Ltd. |
$904.3 million |
|
18 |
-- |
AUB Group Ltd. |
$853.6 million |
|
19 |
19 |
Fanhua Inc. |
$450.5 million |
|
20 |
-- |
BMS Group Ltd. |
$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 $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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