AM Best — The Nation’s Top Brokerages
Published July 16, 2024 at 1:31 PM · News Releases and Bulletins
AM Best recently ranked the world’s biggest insurance brokers. The rankings are based on total revenue. For the 14th year in a row, Marsh McLennan sits on top of the list. Gallagher moved up to number three from number four. The upward move is mainly because of 51 acquisitions of brokerages and risk management firms.
“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,” the Best report said. “Gallagher also acquired Eastern Insurance Group, perhaps helping to boost the company to third in the global broker rankings.”
By the way, according to the AM Best report, there were 782 insurance broker mergers and acquisitions involving 2023.
1. Marsh McLennan
2023 rank: 1
2022 rank: 1
Total revenue 2023: $22.7 billion
2. Aon
2023 rank: 2
2022 rank: 2
Total revenue 2023: $13.4 billion
3. Arthur J. Gallagher
2023 rank: 3
2022 rank: 4
Total revenue 2023: $9.91 billion
4. Willis Towers Watson
2023 rank: 4
2022 rank: 3
Total revenue 2023: $9.48 billion
5. Hub International
2023 rank: 5
2022 rank: 5
Total revenue 2023: $4.3 billion
6. Acrisure
2023 rank: 6
2022 rank: 6
Total revenue 2023: $4.3 billion
7. Brown & Brown
2023 rank: 7
2022 rank: 7
Total revenue 2023: $4.26 billion
8. Alliant Insurance Services
2023 rank: 8
2022 rank: 9
Total revenue 2023: $3.88 billion
9. Lockton
2023 rank: 9
2022 rank: 10
Total revenue 2023: $3.55 billion
10. TIH — formerly Truist Insurance Holdings
2023 rank: 10
2022 rank: 8
Total revenue 2023: $3.46 billion
Source link: Insurance Business America — https://bit.ly/4f5L4Lu