Revealed – the top 20 insurance brokers by revenues
Revealed – the top 20 insurance brokers by revenues | Insurance Business Canada
Insurance News
Revealed – the top 20 insurance brokers by revenues
There are new entries and a new name in the top three
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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