The world's 15 largest insurance brokerages based on global annual revenue appear in the table below. All but three hail from the United States, with the remaining three headquartered in London.
The data and rankings were published by A.M. Best, a credit rating company that issues reports on the financial stability of insurers. An insurance brokerage acts as an intermediary between insurance buyers and insurance companies. They effectively help individuals and businesses navigate insurance policies, coverage options, and risk-management strategies to find suitable insurance options. They're similar to insurance agents but act in the interest of buyers instead of insurance companies.
Key Takeaways
- The largest insurance brokerage by revenue is Marsh McLennan.
- The 15 largest insurance brokerages earned over $82 billion in combined revenue in 2022.
- Large brokerages provide a wider range of services than smaller brokerage firms.
The Top 15 Insurance Brokerages
Here are the 15 largest insurance brokerages listed in descending order based on 2022 revenue.
1. Marsh & McLennan Cos., Inc.
Revenue: $20.7 billion
Headquarters
1166 Avenue of the Americas
New York City, NY 10036
Tel.: (212) 345-5000
Website: https://www.mmc.com
2. Aon plc
Revenue: $12.5 billion
Headquarters
The Aon Centre
The Leadenhall Building
122 Leadenhall St.
London, England EC3V 4AN
Tel.: +44 (0)20 7623 5500
Fax: +44 (0)20 7621 1511
Website: http://www.aon.com
3. WTW
Revenue: $8.9 billion
Headquarters
The Willis Building
51 Lime St.
London, England EC3M 7DQ
Tel.: +44 (0) 203 124 6000
Website: https://www.wtwco.com
4. Arthur J. Gallagher & Co.
Revenue: $8.4 billion
Headquarters
2850 Golf Road
Rolling Meadows, IL 60008
Tel.: (630) 773-3800
Website: https://www.ajg.com
5. HUB International
Revenue: $3.77 billion
Headquarters
150 N. Riverside Plaza 17th Floor
Chicago, IL 60606
Tel.: (800) 432-2558
Website: https://hubinternational.com
6. Acrisure, LLC
Revenue: $3.68 billion
Headquarters
100 Ottawa Ave. SW
Grand Rapids, MI, 49503
Website: https://acrisure.com
7. Brown & Brown, Inc.
Revenue: $3.6 billion
Headquarters
300 N Beach St.
Daytona Beach, FL 32115
Tel.:(386) 252-9601
Website: http://www.bbinsurance.com
8. Truist Insurance Holdings Inc.
Revenue: $3.38 billion
Headquarters
550 S. Caldwell St.
Charlotte, NC 28202
Tel.: (844) 487-8478
Website: https://www.truist.com/
9. Alliant Insurance Services, Inc.
Revenue: $3.22 billion
Headquarters
18100 Von Karman Ave.
10th Floor
Irvine, CA 92612
Tel.: (925) 378-6819
Website: http://www.alliant.com
10. Lockton Inc.
Revenue: $3.1 billion
Headquarters
444 West 47th St., Suite 900
Kansas City, MO 64112
Tel.: (816) 960 9000
Website: https://lockton.com
11. USI Insurance Services LLC
Revenue: $2.5 billion
Headquarters
100 Summit Lake Dr., Suite 400
Valhalla, NY 10595
Tel. (914) 749-8500
Website: https://usi.com
12. Howden Group Holdings
Revenue: $2.35 billion
Headquarters
1 Creechurch Place,
London, England EC3A 5AF
Tel.: 020-7398-4888
Website: https://www.howdengroupholdings.com
13. NFP Corp.
Revenue: $2.21 billion
Headquarters
340 Madison Ave., 20th Floor
New York, NY 10173
Website: http://www.nfp.com
14. Amwins Group Inc. (Tie)
Revenue: $2.20 billion
Headquarters
4725 Piedmont Row Dr., Suite 600
Charlotte, NC 28210
Tel.: (704) 749-2700
Website: https://www.amwins.com
14. AssuredPartners Inc. (Tie)
Revenue: $2.20 billion
Headquarters
450 S Orange Ave., 4th Floor
Orlando, FL, 32801
Website: http://www.assuredpartners.com
Insurance Intermediaries
Insurance brokers act as intermediaries between insurance companies and insurance buyers. While they perform many of the same functions as insurance agents, they differ from agents in that they act in the interest of insurance buyers. Agents sell policies under contractual agreements with the insurance companies they represent.
Note
A binder issued by a broker will not become valid (and no coverage will be initiated) until the document is signed by an authorized representative of the insurer.
Unlike agents, brokers have no authority to bind insurance coverage or issue policies. To initiate coverage on a client's behalf, a broker can ask an underwriter at the insurer to issue an insurance binder. Alternatively, the broker can issue the binder and then request a signature from an underwriter. A binder issued by a broker will not become valid (and no coverage will be initiated) until the document is signed by an authorized representative of the insurer.
What Services Do Insurance Brokers Provide?
Large brokers provide a broad range of services. While the specific services provided vary from broker to broker, many offer the following:
- Risk-management services
- Loss control services
- Claims management services
- Private client services (personal coverage for wealthy individuals)
- Data and analytics (such as loss forecasting and benchmarking)
- Employee benefits
- International insurance, such as foreign workers' compensation coverage
- Captives and other forms of alternative risk transfer
- Affinity programs (insurance programs designed for groups, such as franchises)
- Mergers and acquisitions (help facilitate transactions and manage risks)
- Terrorism and political risk (help manage risks and secure insurance)
Where Do the Largest Insurance Brokers Operate?
Marsh, Aon, WTW, Gallagher, and several other brokerages on the Top 15 list operate globally.Aon, WTW, and Howden are based in London, while the other companies are headquartered in the U.S.Many maintain branch offices in foreign countries. Examples are Marsh, AON, and Willis. Others, such as USI, operate mainly in the United States.
Note
Many brokers on the list are public companies listed on the New York Stock Exchange and NASDAQ, including the top four entries, while others are private companies.
Recent Acquisitions
Since 2017, several notable acquisitions have occurred in the insurance brokerage industry. One of the largest took place in December 2017, when USI Holdings acquired various insurance operations from Wells Fargo Insurance Services. USI purchased Wells Fargo's commercial insurance brokerage and consulting, employee benefits, and property and casualty national practices.
Note
USI also obtained the small business insurance and student insurance units, and a program administrator called Safehold Special Risk.
In April 2019, Marsh completed its acquisition of Jardine Insurance Brokers, a multinational brokerage based in London. According to Mercer, a subsidiary of Marsh's parent company, the new combined firm will have operations in more than 130 countries.
Finally, in May 2024, Truist completed the sale of its remaining stake in Truist Insurance Holdings to an investor group led by private equity firms Stone Point Capital and Clayton, among others.
Frequently Asked Questions (FAQs)
Who is the largest insurance broker?
The largest insurance broker by revenue is Marsh McLennan. It earned $20.7 billion in revenue in 2022.
Who is the biggest insurance broker in the U.S.?
Marsh McLennan is the biggest insurance broker in the U.S. by revenue. It is headquartered in New York City.
What are the big three insurance companies?
The three biggest insurance companies by revenue are Marsh McLennan ($20.7 billion), Aon ($12.5 billion), and WTW ($8.9 billion).
