According to A.M. Best data and research, Marsh McLennan retains the #1 spot in Best’s Review’s Top Global Insurance Brokers ranking with $19.8 bn in total revenues, $7.6 bn ahead of second-place AON. The expected Aon/WTW combination deal that would have substantially affected this year’s brokers ranking was scuttled last July after regulatory involvement.
In the ranking, the TOP 5 remained the same as last year. However, there was a shuffle in the bottom half of the top 10. Acrisure LLC moved from #9 to #7; Alliant Insurance Services Inc. jumped from 11th place to the eighth spot; Truist Insurance Holdings Inc. dropped to #9 from #7; and Lockton Inc. moved from #8 to #10.
Top 20 Global Insurance & Reinsurance Brokers by Revenue
| № | Re/Insurance Broker | Total Revenue (US$) |
|---|---|---|
| 1 | Marsh McLennan | $19.80 billion |
| 2 | AON | $12.20 billion |
| 3 | WTW | $9.00 billion |
| 4 | Arthur J. Gallagher | $6.90 billion |
| 5 | Hub International | $3.23 billion |
| 6 | Brown & Brown | $3.05 billion |
| 7 | Acrisure | $2.97 billion |
| 8 | Alliant Insurance Services | $2.90 billion |
| 9 | Truist Insurance Holdings | $2.88 billion |
| 10 | Lockton | $2.80 billion |
| 11 | USI Insurance Services | $2.30 billion |
| 12 | AssuredPartners | $2.04 billion |
| 13 | NFP Corp. | $1.90 billion |
| 14 | Amwins Group | $1.80 billion |
| 15 | Howden Group Holdings | $1.57 billion |
| 16 | The Ardonagh Group | $1.30 billion |
| 17 | CBIZ | $1.10 billion |
| 18 | EPIC insurance Brokers & Consultants | $806.1 million |
| 19 | AmeriTrust Group | $667.6 million |
| 20 | Fanhua | $513.3 million |
Source: A.M. Best Company, Inc. and/or its affiliates. ALL RIGHTS RESERVED
Mergers and acquisitions activity continued to grow last year with 1,034 total deals, 30% higher than the 795 recorded in 2023, according to Optis Partners’ North American Agent & Broker Year-End Merger & Acquisition Report. Acrisure led all buyers with 122 transactions in 2021, outpacing its five-year average of 104 deals per year, the report said.
Hub International acquired 72 brokerages including an expansion into the Canadian market. Brown & Brown reports making 19 acquisitions of about $130 million in revenue. NFP closed 22 deals in North America and the United Kingdom.
The dealmaking continued in 2023, with an announcement last month that Howden Group Holdings plans to acquire TigerRisk Partners, subject to regulatory approvals.
