The Top 15

Here are the 15 largest insurance brokerages listed in descending order based on 2021 revenue.

  1. Marsh & McLennan Cos., Inc.​Revenue: $19.8 billionHeadquarters1166 Avenue of the AmericasNew York City, NY 10036Tel.: (212) 345-5000Website: https://www.mmc.com2. Aon plcRevenue: $12.2 billionHeadquartersThe Aon CentreThe Leadenhall Building122 Leadenhall St.London, England EC3V 4ANTel.: +44 (0)20 7623 5500Fax: +44 (0)20 7621 1511Website: http://www.aon.com3. WTWRevenue: $9 billionHeadquartersThe Willis Building51 Lime St.London, England EC3M 7DQTel.: +44 (0) 203 124 6000Website: https://www.wtwco.com4. Arthur J. Gallagher & Co.Revenue: $6.9 billionHeadquarters2850 Golf RoadRolling Meadows, IL 60008Tel.: (630) 773-3800Website: https://www.ajg.com
  2. HUB InternationalRevenue: $3.23 billionHeadquarters150 N. Riverside Plaza 17th FloorChicago, IL 60606Tel.: (800) 432-2558Website: https://hubinternational.com
  3. Brown & Brown, Inc.Revenue: $3.05 billionHeadquarters300 N Beach St.Daytona Beach, FL 32115Tel.:(386) 252-9601Website: http://www.bbinsurance.com
  4. Acrisure, LLCRevenue: $2.97 billionHeadquarters100 Ottawa Avenue SWGrand Rapids, MI, 49503Website: https://acrisure.com
  5. Alliant Insurance Services, Inc.Revenue: $2.9 billionHeadquarters18100 Von Karman Avenue10th FloorIrvine, CA 92612Tel.: (925) 378-6819Website: http://www.alliant.com
  6. Truist Insurance Holdings Inc.Revenue: $2.88 billionHeadquartersTruist Center, 214 N Tryon StreetCharlotte, NC 28202-0026Tel.: (844) 487-8478Website: https://www.bbt.com
  7. Lockton Inc.Revenue: $2.8 billionHeadquarters444 West 47th St., Suite 900Kansas City, MO 64112Tel.: (816) 960 9000Website: https://lockton.com
  8. USI Insurance Services LLCRevenue: $2.3 billionHeadquarters100 Summit Lake Drive, Suite 400Valhalla, NY 10595Tel. (914) 749-8500Website: https://usi.com
  9. AssuredPartners Inc.Revenue: $2.04 billionHeadquarters450 S Orange Ave., 4th FloorOrlando, FL, 32801Website: http://www.assuredpartners.com
  10. NFP Corp.Revenue: $1.9 billionHeadquarters340 Madison Avenue, 20th FloorNew York, NY 10173Website: http://www.nfp.com
  11. Amwins Group Inc.Revenue: $1.8 billionHeadquarters4725 Piedmont Row Dr #600Charlotte, NC 28210Tel.: (704) 749-2700Website: https://www.amwins.com
  12. Howden Group HoldingsRevenue: $1.57 billionHeadquarters1 Creechurch Place,London, England EC3A 5AFTel.: 020-7398-4888Website: https://www.howdengroupholdings.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. 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.

Broad Range of Services

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 coverages 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)

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.

Recent Acquisitions

Since 2017, several notable acquisitions have occurred in the insurance brokerage industry. One of the largest took place in December of 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/casualty national practices. In April of 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.