The world’s 20 largest insurance broking groups generated approximately $121.9 bn in combined revenue in 2025. Meanwhile, acquisition activity remains strong despite rising financing costs and pressure on valuations.
| Rank | Broking group | FY revenue, $ bn |
|---|---|---|
| 1 | Marsh | 26.98 |
| 2 | Aon | 17.18 |
| 3 | Arthur J. Gallagher & Co. | 13.78 |
| 4 | WTW | 9.71 |
| 5 | Brown & Brown | 5.90 |
| 6 | Alliant Insurance Services | 5.7+ |
| 7 | HUB International | 5.28 |
| 8 | Acrisure | 5.00 |
| 9 | Howden Group Holdings | 4.84 |
| 10 | Lockton | 4.00 |
| 11 | Amwins | 3.20 |
| 12 | Ryan Specialty | 3.05 |
| 13 | USI Insurance Services | 3.00 |
| 14 | Ardonagh Group | 2.56 |
| 15 | BroadStreet Partners | 2.50 |
Rankings of the world’s leading broker groups by total (retail and wholesale) broking revenues derived globally from all types of insurance (and reinsurance).
Insurance Brokers: P&C Commercial Insurance
Rankings of the world’s leading broker groups by retail broking revenues derived globally from commercial P&C (non-life) insurance.
Analyzed as consolidated groups, the world’s top 300 retail brokers of commercial P&C (non-life) insurance accounted for 88.1% of retail broking revenues earned globally from this activity in 2026.
2025 Commercial P&C Insurance Broking Revenues
| Broker | Reported business segment | revenue, $bn |
|---|---|---|
| Marsh | Marsh Risk | 14.40 |
| Aon | Commercial Risk Solutions | 8.50 |
| WTW | Risk & Broking | 4.33 |
| Brown & Brown | Retail | 3.41 |
Insurance Brokers: P&C Private Insurance
Rankings of the world’s leading broker groups by retail broking revenues derived globally from private P&C (non-life) insurance.
Analyzed as consolidated groups, the world’s top 150 retail brokers of private P&C (non-life) insurance accounted for 78.9% of retail broking revenues earned globally from this activity in 2026.
2025 US P&C insurance retail broking revenues
| Rank | Broker | P&C retail revenue, $mn |
|---|---|---|
| 1 | Alliant Insurance Services / Confie | 3,965.5 |
| 2 | HUB International | 3,096.0 |
| 3 | Lockton | 2,658.1 |
| 4 | Acrisure | 2,197.4 |
| 5 | BroadStreet Partners | 2,005.3 |
| 6 | USI Insurance Services | 1,584.2 |
Insurance Brokers: Employee Benefits, Life and Health Insurance
Rankings of the world’s leading broker groups by retail broking revenues derived globally from employee benefits activity and life / health insurance.
Analyzed as consolidated groups, the world’s top 150 retail brokers of employee benefits plus life and health insurance accounted for 80% of retail broking revenues earned globally from this activity in 2026.
2025 Employee Benefits, Life & Health Broking Revenues
| Broker | Reported business segment | 2025 revenue, $bn |
|---|---|---|
| Marsh | Mercer (total) | 6.20 |
| WTW | Health, Wealth & Career | 5.25 |
| Aon | Health Solutions | 3.84 |
Insurance broking revenues are defined as fees and commissions earned from any kind of insurance (or reinsurance) wherein the intermediary (brokerage / independent agency) acts in an advisory capacity for its customers and places risks with all or a broad range of carriers / underwriters in the relevant market either directly (on a retail basis) or indirectly via other intermediaries (on a wholesale basis).
Fees earned from alternative risk transfer (ART) activity such as the placement of risks with a captive carrier / underwriter, risk retention group (RRG) or insurance pool, or into an insurance-related security, are also classified here as insurance broking revenues, as are fees intrinsically related to core broking activity such as those earned from safety / risk / crisis management consulting, claims advocacy / claims management, premium finance, employee benefits / health / pensions / wellness consulting, associated data / actuarial analytics etc.
Fees and commissions earned from activity wherein the intermediary acts as a tied agent for a single (non-captive) carrier / underwriter or places risks with a limited panel of (non-captive) carriers / underwriters are NOT classified here as insurance broking.
