From the Editor’s Desk
The Leaders Issue Features Best’s Review’s Top Global Brokers and ‘Standing the Test of Time’
This month’s Best’s Review also includes rankings of the industry’s largest insurers, coverage of the life insurance industry and a feature about the no-codification of insurance.
- Patricia Vowinkel
- July 2022
In the July issue, Best's Review presents our ranking of the top global brokers, rankings of the industry's largest insurers, based on exclusive AM Best data, and a feature about insurers that have maintained a Best's Financial Strength Rating of A or higher for at least 50 and at least 75 years.
July is Distribution Awareness Month and the brokers ranking provides readers with data about the biggest players in the global broker business based on 2021 total revenues.
It should come as no surprise that Marsh McLennan once again comes in at No. 1 in the ranking. While the top five remained unchanged, Acrisure and Alliant moved up the chart, helped by a busy year of mergers and acquisitions.
Broker deal activity continues in 2022. Howden Group Holdings, which ranked No. 15 in this year's ranking, announced a deal in early June to acquire reinsurance broker TigerRisk Partners in a combination to be called Howden Tiger.
With that deal, Howden would almost certainly move up the ranks next year.
This year's “Standing the Test of Time” tells the story of a life insurer that has maintained its Best's Financial Strength Rating of A or higher for 75 years.
In the ranking of the Top 200 U.S. Life/Health Insurers, Northwestern Mutual moved up to No. 7 from No. 8, Jackson National Group moved up to No. 9 from No. 10.
Some of the biggest movers included Resolution Life Group, moving up to No. 48 from No. 72, and SILAC Insurance Group, up to No. 88 from No. 106.
In the ranking of the Top 200 U.S. Property/Casualty Writers, Fairfax Financial moved up to No. 14 from No. 15 and Munich-American Holding Corp. Cos. moved up to No. 15 from No. 19.
Biggest movers included Core Specialty Insurance Group, which leaped to No. 65 from No. 125. SiriusPoint America moved to No. 108 from No. 145 and Citizens Property Insurance Corp. jumped to No. 71 from No. 85.
In addition to the rankings, the July issue of Best's Review also features a look at the life sector and the impact of COVID-19 on first-quarter earnings. “Life Reinsurers Find Hope Even as COVID-19 Lingers, Mortality Rates Shift” examines the impact of COVID-19 on costs and mortality trends.
Insurtech startups have gotten a lot of attention in recent years. As chairman and founder of InsureTech Connect and partner at SemperVirens Venture Capital, Caribou Honig knows the sector well. In “An Investment Thesis, Revealed: 'No-Code' for Insurance,” Honig says “we are at a tipping point where 'no-code' is about to become a cornerstone of the technology stack.” He predicts big changes over the next five years.
Special Note: The AM Best Business Trilogy, which details the history of AM Best, the history of credit rating agencies and the life of Alfred M. Best, is now available in an audiobook format at audible.com.