List of Largest Insurance Brokerages in the US and Globally

In the United States, the largest insurance brokerage is Arthur J. Gallagher & Co., with over 35,000 employees and 2,000 offices worldwide.

Aon plc is another giant in the industry, with over 500 offices in more than 120 countries.

Marsh & McLennan Companies, Inc. ranks third, with a significant presence in the US and a global network of over 260 offices.

These three companies are often considered among the largest and most influential insurance brokerages globally.

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The Top 15 insurance brokerages are a who's who of the industry, with Marsh McLennan taking the top spot by a significant margin, earning $20.7 billion in revenue in 2022.

Marsh McLennan is headquartered in New York City, a hub for financial activity. Aon plc comes in second, with a revenue of $12.5 billion, also based in London.

WTW ranks third, with a revenue of $8.9 billion, also based in London. Arthur J. Gallagher & Co. ranks fourth, with a revenue of $8.4 billion, based in Rolling Meadows, Illinois.

HUB International ranks fifth, with a revenue of $3.77 billion, based in Chicago, Illinois. Acrisure, LLC ranks sixth, with a revenue of $3.68 billion, based in Grand Rapids, Michigan.

Brown & Brown, Inc. ranks seventh, with a revenue of $3.6 billion, based in Daytona Beach, Florida. Truist Insurance Holdings Inc. ranks eighth, with a revenue of $3.38 billion, based in Charlotte, North Carolina.

AlliantInsurance Services, Inc. ranks ninth, with a revenue of $3.22 billion, based in Irvine, California. Lockton Inc. ranks tenth, with a revenue of $3.1 billion, based in Kansas City, Missouri.

USI Insurance Services LLC ranks eleventh, with a revenue of $2.5 billion, based in Valhalla, New York. Howden Group Holdings ranks twelfth, with a revenue of $2.35 billion, based in London, England.

NFP Corp. ranks thirteenth, with a revenue of $2.21 billion, based in New York, New York. Amwins Group Inc. and AssuredPartners Inc. rank fourteenth, both with a revenue of $2.20 billion, based in Charlotte, North Carolina and Orlando, Florida respectively.

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Let's take a closer look at the largest insurance brokerages. Marsh McLennan stands as the world's largest insurance broker, offering a comprehensive suite of risk management, insurance brokerage, and consulting services. With a history dating back to 1871, the company has built a reputation for innovation and thought leadership in the industry.

Marsh McLennan's success stems from its global reach, diverse expertise across multiple sectors, and ability to adapt to changing market conditions. The firm's commitment to digital transformation and data analytics has kept it at the forefront of risk management solutions.

Here's a brief comparison of the three biggest insurance companies by revenue:

TIH is a major player in the U.S. insurance brokerage market with over 8,000 employees. The company is headquartered in Charlotte, North Carolina, USA.

TIH's CEO is John Howard, who leads the company's operations. TIH's success is driven by its focus on industry specialization, innovative risk management solutions, and the financial backing of its parent company, Truist Financial.

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Lockton Inc is the world's largest privately held insurance brokerage firm. With over 9,500 employees, it's clear that the company has built a successful business model.

Lockton's CEO, Ron Lockton, has led the company to success with a client-first approach and a culture that attracts and retains top industry talent. This has allowed Lockton to be more nimble and focused on long-term client relationships rather than short-term financial goals.

The company's expertise in complex risks and its global capabilities have fueled its consistent growth and high client retention rates. Lockton's independence is a key factor in its ability to adapt to changing market conditions.

Here are some key statistics about Lockton Inc:

Lockton's focus on complex risks and global capabilities has allowed it to differentiate itself in a competitive landscape. The company's success is a testament to the importance of a strong client-first approach and a culture that values long-term relationships.

Acrisure LLC is a significant player in the insurance brokerage industry. It has over 15,000 employees.

The company's CEO is Greg Williams. He has been instrumental in shaping the company's growth strategy.

Acrisure is headquartered in Grand Rapids, Michigan, USA. This location has likely played a role in the company's access to talent and resources.

Here are some key facts about Acrisure:

The insurance brokerage industry is a massive and complex market, with the largest brokerages generating billions of dollars in revenue each year. The top insurance brokerages have a combined revenue of over $100 billion annually.

Aon, one of the largest insurance brokerages, has a presence in over 120 countries, making it a truly global player in the industry. This widespread reach allows Aon to offer its clients a unique perspective and expertise.

Marsh & McLennan Companies, another major player, has a history dating back to 1871, making it one of the oldest and most established insurance brokerages in the world.

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The US insurance industry is a massive sector, employing millions of people across the country. The number of employees in the insurance industry in the US has been steadily increasing over the years, from 1.3 million in 1960 to 2.8 million in 2022.

One of the key factors driving this growth is the increasing demand for insurance services. The US insurance market size has been growing steadily since 2009, reaching a total of $1.3 trillion in 2022.

The industry is also becoming more diverse, with different states contributing to the growth of the sector. In 2022, the top five states by employment in the US insurance sector were New York, California, Texas, Florida, and Illinois.

The industry is also investing heavily in digital marketing, with the US insurance agents, brokers, and service ad spend industry reaching $1.4 billion in 2022.

Here's a breakdown of the top five states by employment in the US insurance sector in 2022:

The industry is also seeing a shift towards digital channels, with online advertising becoming an increasingly important part of the marketing mix.

In recent years, the insurance brokerage industry has seen significant changes with several major acquisitions.

USI Holdings made one of the largest acquisitions in December 2017, purchasing various insurance operations from Wells Fargo Insurance Services.

The acquisition included commercial insurance brokerage and consulting, employee benefits, and property and casualty national practices, as well as small business insurance and student insurance units, and a program administrator called Safehold Special Risk.

Marsh completed its acquisition of Jardine Insurance Brokers in April 2019, a multinational brokerage based in London.

This acquisition expanded Marsh's global reach, with the new combined firm operating in over 130 countries.

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.

In recent years, the insurance brokerage industry has seen some significant shake-ups. USI Holdings acquired various insurance operations from Wells Fargo Insurance Services in December 2017.

One of the notable acquisitions was USI's purchase of Wells Fargo's commercial insurance brokerage and consulting, employee benefits, and property and casualty national practices. This move expanded USI's reach in the industry.

In April 2019, Marsh completed its acquisition of Jardine Insurance Brokers, a multinational brokerage based in London. The new combined firm will have operations in more than 130 countries.

In 2004, Marsh was at the center of a bid-rigging scandal that rocked the insurance industry.

The company's insurance brokerage unit was accused of not serving as an unbiased broker, leading to increased costs for clients and higher revenues for Marsh.

Eliot Spitzer, then New York State’s attorney general, sued Marsh, alleging that the company's actions were unfair to clients.

Marsh agreed to pay $850 million to settle the lawsuit and compensate clients whose commercial insurance it arranged from 2001 to 2004.

This settlement was a major turning point for the company, marking the beginning of a new era of transparency and accountability.

In 1989, Strategic Planning Associates merged with Marsh & McLennan. This merger marked a significant turning point for the company.

Strategic Planning Associates was founded by Walker Lewis in 1981. Lewis had a background as an associate at Boston Consulting Group.

The consultancy had grown to be worth $25 million in 1990 US dollars by 1986. This was a notable achievement, but the company still had some major challenges to overcome.

Just two clients accounted for more than 40% of Strategic Planning Associates' revenue by 1986. This lack of diversity in clients made the company vulnerable to losses.

One of these key clients dropped the firm in 1987, leading to significant financial difficulties. Lewis later admitted that the firm was too small to succeed, citing the need for a company to have at least 2,000 professionals to be truly viable.

Marsh McLennan is the largest insurance brokerage by revenue. It's impressive to think about the scale of their operations.

The 15 largest insurance brokerages earned over $82 billion in combined revenue in 2022. This number gives you an idea of the collective strength of the industry's top players.

Large brokerages provide a wider range of services than smaller brokerage firms. This is likely due to the economies of scale they can achieve with their larger resources.

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