Best's Review


Global Brokers Ranking
Top Global Insurance Brokers — 2022 Edition

Acrisure LLC moves to No. 7 from No. 9 and Alliant Insurance Services jumps to No. 8 from No. 11. AmeriTrust returns to the list after a one-year hiatus.
  • Best's Review Staff
  • July 2022
Leon Neal/AFP via Getty Images

Leon Neal/AFP via Getty Images

Marsh McLennan retains the No. 1 spot in Best's Review's Top Global Insurance Brokers ranking with $19.80 billion in total revenues, $7.60 billion ahead of second-place Aon plc.

The expected Aon/WTW combination deal that would have substantially affected this year's brokers ranking was scuttled last July after regulatory involvement. “Despite regulatory momentum around the world, including the recent approval of our combination by the European Commission, we reached an impasse with the U.S. Department of Justice,” said Aon CEO Greg Case in a company statement.

Case said the DOJ position overlooked that Aon's complementary businesses operate across ”broad, competitive areas of the economy” and that the combination “would have accelerated our shared ability to innovate on behalf of clients.”

Related: The Leaders Issue Features Best’s Review’s Top Global Brokers and Standing the Test of Time

In the ranking, the top five remained the same as last year. However, there was a shuffle in the bottom half of the top 10. Acrisure LLC moved from No. 9 to No. 7; Alliant Insurance Services Inc. jumped from 11th place to the eighth spot; Truist Insurance Holdings Inc. dropped to No. 9 from No. 7; and Lockton Inc. moved from No. 8 to No. 10.

Alliant's merger with Confie, which appeared in the No. 19 spot last year, was a contributing factor in its move up the ranking, along with the acquisition of 14 other brokerages. The agreement brings Confie's family of personal insurance brands, more than 3,500 employees, and more than 1 million customers under the Alliant banner, according to a company statement.

M&As Hit Strong Pace

Mergers and acquisitions activity continued to grow last year with 1,034 total deals, 30% higher than the 795 recorded in 2020, according to Optis Partners' North American Agent & Broker 2021 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 2022, with an announcement last month that Howden Group Holdings plans to acquire TigerRisk Partners, subject to regulatory approvals.

Related: Top Global Insurance Brokers - 2021 Edition

New Leaders at the Helm

WTW welcomed CEO Carl Hess to replace John Haley, who retired at the beginning of this year.

Fanhua announced late last year that Yinan Hu, the founder and a director of the company, was appointed as its chairman and CEO, filling the vacancy left by the resignation of Chunlin Wang.

Information for the Top Global Insurance Brokers was submitted by the companies.

Best's Rankings
Top 20 Global Brokers - 2022 Edition

Ranked by 2021 Total Revenue

Rankings Broker 2021
2021 2020
1 1 Marsh McLennan $19.80 billion
2 2 Aon plc $12.20 billion
3 3 WTW $9.00 billion
4 4 Arthur J. Gallagher & Co. $6.90 billion
5 5 Hub International $3.23 billion
6 6 Brown & Brown Inc. $3.05 billion
7 9 Acrisure LLC $2.97 billion
8 11 Alliant Insurance Services Inc. $2.90 billion
9 7 Truist Insurance Holdings Inc. $2.88 billion
10 8 Lockton Inc. $2.80 billion
11 10 USI Insurance Services LLC $2.30 billion
12 12 AssuredPartners Inc. $2.04 billion
13 13 NFP Corp. $1.90 billion
14 14 Amwins Group Inc. $1.80 billion
15 15 Howden Group Holdings $1.57 billion
16 16 The Ardonagh Group $1.30 billion
17 17 CBIZ Inc. $1.10 billion
18 18 EPIC insurance Brokers & Consultants $806.1 million
19 n/a AmeriTrust Group Inc. $667.6 million
20 20 Fanhua Inc. $513.3 million

Sources: Company information

1. Marsh McLennan

Revenues 2021: $19.8 billion

Top Executive: Daniel S. Glaser, president and CEO

Headquarters: New York, NY, USA

Top Lines: Insurance and reinsurance broking; human resource consulting; management consulting

Developments in 2021: The company celebrated its 150th year. Performance highlights from the year included total revenue growth of 15%. Launched the Marsh McLennan Cyber Risk Analytics Center, which brings together cyberrisk data and analytics expertise across the firm. Launched the Oliver Wyman Climate Action Navigator that helps public- and private-sector leaders plot a path through climate science by identifying emissions at the industry and regional levels and quantifying the effects of different carbon-reduction technologies and actions.

2. Aon plc

Revenues 2021: $12.2 billion

Top Executive: Greg Case, CEO

Headquarters: London, England

Top Lines: Commercial risk, reinsurance, wealth and health solutions

Developments in 2021: Total revenue increased 10% to $12.2 billion compared to the prior year, driven by 9% organic revenue growth. Creating a net new market through the expansion of intellectual property (IP) solutions and redefining how IP portfolios are valued. As IP is increasingly recognized as an asset in the capital markets, Aon helped facilitate two significant IP-based funding arrangements, both over $35 million.

3. WTW

Revenues 2021: $9 billion

Top Executive: Carl Hess, CEO

Headquarters: London, England, and Arlington, VA, USA

Top Lines: Health, wealth & career; risk & broking

Developments in 2021: Made a major strategic shift after proposed business combination was terminated. Also made changes in the WTW leadership team, including the appointment of a new CEO and new CFO. Initiated a three-year transformation program and shift from four operating segments to two operating segments.

4. Arthur J. Gallagher & Co.

Revenues 2021: $6.9 billion

Top Executive: J. Patrick Gallagher Jr., chairman, president and CEO

Headquarters: Rolling Meadows, IL, USA

Top Lines: Retail P/C, 50%; retail benefits, 21%; wholesale brokerage, 15%; third-party claims administration, 14%

Developments in 2021: On Dec. 1, 2021, acquired substantially all of WTW's treaty reinsurance brokerage operations, resulting in Gallagher Re becoming the world's third-largest reinsurance broker. Completed 38 brokerage and risk management acquisitions during 2021, increasing its countries of operation count to 68 from 49 at year-end 2020.

5. Hub International

Revenues 2021: $3.23 billion

Top Executive: Marc Cohen, president and CEO

Headquarters: Chicago, IL, USA

Top Lines: Commercial and personal, employee benefits, retirement and private wealth, wholesale/MGA

Developments in 2021: Acquired 72 brokerages, including Wyoming Financial Insurance, one of the largest insurance agencies in Wyoming; Conover, one of the largest insurance and financial brokerages in the Pacific-Northwest; and National Home Warranty to strengthen home building and homeowners risk and insurance solutions in Canada. Announced a robust transactional insurance strategy and launched a complex risk practice. Introduced new specialty, employee benefits and retirement products and solutions including HUB Retirement Select; HUB Workforce Persona Analysis; HUB Drive Excess Liability Shield; HUB Drive Safe App; and HUB Cannabis Benefits Captive.

6. Brown & Brown Inc.

Revenues 2021: $3.05 billion

Top Executive: J. Powell Brown, president and CEO

Headquarters: Daytona Beach, FL, USA

Top Lines: Property, casualty, employee benefits, personal lines and ancillary services; retail, national programs, wholesale brokerage and specialty third-party administrative services

Developments in 2021: Total growth of 16.8% and organic growth of 10.4%; completed 19 acquisitions with annual revenue of about $132 million, including O'Leary Insurances, one of Ireland's top retail brokers; increased dividends for the 28th consecutive year and delivered shareholder returns of 49%.

7. Acrisure LLC

Revenues 2021: $2.97 billion

Top Executive: Greg Williams, co-founder, CEO and president

Headquarters: Grand Rapids, MI, USA

Top Lines: Commercial; benefits; personal

Developments in 2021: Made strides in global fintech strategy. Geographically, expanded into new territories such as Brazil and Italy. Also built out several tech-driven business divisions, such as real estate services, cyber services, and asset and wealth management. A record year in 2021: The company reached $2.97 billion in revenue and created a strong foundation for growth in 2022.


8. Alliant Insurance Services Inc.

Revenues 2021: $2.90 billion

Top Executive: Thomas W. Corbett, chairman and CEO

Headquarters: Irvine, CA, USA

Top Lines: Property/casualty (specialty vertical niches and middle market); personal lines; employee benefits; retirement services; underwriting

Developments in 2021: Continued national expansion through organic growth, acquisitions, and the procurement of top brokerage talent. Grew to encompass more than 9,000 employees throughout the United States. Closed 15 acquisitions in 2021 with continued acquisition activity in progress during 2022.

9. Truist Insurance Holdings Inc.

Revenues 2021: $2.88 billion

Top Executive: John M. Howard, chairman and CEO

Headquarters: Charlotte, NC, USA

Top Lines: Commercial property/casualty, employee benefits, personal property/casualty, and life

Developments in 2021: Another banner year in total revenue, organic growth, and margin expansion. Delivered strong organic growth of 11% and 247 bps of margin expansion. Completed a three-year operational improvement project. Launched a new growth strategy built around organic growth initiatives—including talent recruitment and development, new technology platforms, and data and analytics innovation—as well as expansion through M&A, having completed two acquisitions in 2021 with annualized revenue of $164 million.

10. Lockton Inc.

Revenues 2021: $2.8 billion

Top Executive: Ron Lockton, chairman

Headquarters: Kansas City, MO, USA

Top Lines: Risk management (property/casualty insurance), employee benefits, affinity programs

Developments in 2021: New retirement advisory partnership between Lockton and Creative Planning. Continued growth of Lockton's transaction liability business. Opened new locations in Birmingham, AL; Argentina; New Zealand; and Denmark.

11. USI Insurance Services LLC

Revenues 2021: $2.3 billion

Top Executive: Michael J. Sicard, chairman and CEO

Headquarters: Valhalla, NY, USA

Top Lines: Commercial property/casualty, employee benefits, personal risk, retirement solutions, programs and wholesale

Developments in 2021: Continued to make heavy investments in proprietary solutions platform, OMNI AI, driving increased expertise and market share across the firm's property/casualty, employee benefits, personal risk, retirement, programs and wholesale businesses. Also launched a new Executive Series Program, delivering monthly AI-guided insights, best-in-class strategies, and cutting-edge solutions to thousands of business leaders and individuals. Additionally, expanded large-scale investments in strategic acquisitions, new talent hiring, training and development, industry-leading employee programs and diversity and inclusion.

12. AssuredPartners Inc.

Revenues 2021: $2.04 billion

Top Executive: Jim Henderson, chairman and CEO

Headquarters: Lake Mary, FL, USA

Top Lines: Property/casualty and employee benefit coverages and risk management services for a variety of industries, such as real estate, construction, public entities, health care and senior living, manufacturing, forestry, life sciences, hospitality, asset management, entertainment, technology, non-profit, retail, trade and others.

Developments in 2021: Rebranded the specialty and wholesale divisions under the name Accretive to drive both organic and acquisition growth in the non-retail segment. Continued to capitalize on organic growth initiatives by delivering best-in-class resources within several niche vertical industries and executed on their core acquisition strategy, closing 53 transactions with over $320 million in annualized revenues.

13. NFP Corp.

Revenues 2021: $1.90 billion

Top Executive: Doug Hammond, CEO

Headquarters: New York, NY, USA

Top Lines: Property/casualty, benefits and life, wealth management and retirement

Developments in 2021: Closed 22 acquisitions in North America and the United Kingdom, including Chicago-based Thompson Flanagan; Foster Park Brokers, one of Western Canada's largest independent brokerages; and U.K.-based KGJ Insurance Services. Expanded specialty business through strategic hires and acquisitions, delivering specialized expertise and solutions across industries, products and programs to help clients more effectively navigate complex risks. Elevated organic growth through focused integration across property/casualty, benefits and retirement to provide holistic solutions to clients.

14. Amwins Group Inc.

Revenues 2021: $1.8 billion

Top Executive: Scott M. Purviance, CEO

Headquarters: Charlotte, NC, USA

Top Lines: Commercial property/casualty, employee benefits, niche programs

Developments in 2021: Acquired four firms in 2021, including Worldwide Facilities, the fourth-largest wholesale broker in the U.S. Now has more than 6,500 employees worldwide and handles premium placements in excess of $26.4 billion annually.

15. Howden Group Holdings

Revenues 2021: $1.57 billion

Top Executive: David Howden, CEO

Headquarters: London, England

Top Lines: Howden Broking provides solutions across a wide number of product lines including Financial Lines, Specialty, Commercial, Reinsurance (Howden RE), and Employee Benefits. Howden Broking houses Howden Markets, the team that uses data and insights to drive better outcomes for clients. Howden Capital Markets, the capital markets advisory practice, and Howden Analytics, which includes NOVA, the premier insurance market platform, are both part of Howden RE. DUAL, Howden Group's underwriting business, employs 1,000 people based in 19 countries and provides over 70 products, with $2.3 billion of GWP, writing on behalf of over 80 capacity providers, and working in partnership with over 8,000 brokers.

Developments in 2021: Successful integration of broker A-Plan and acquisition of Aston Lark, cementing Howden's position as a leader in its home market. Deepened expertise and presence in new and existing markets, including Spain, Italy and Mexico and a startup platform in Switzerland. Investments were also made in Estonia, Belgium, Norway, the United Kingdom, Hong Kong and Bermuda. Other international activity included the launch of a retail broking operation in Australia, New Zealand, Italy and the opening of an office in Reykjavik, Iceland. Added 1,300 people to the workforce. Launched a Climate Risk and Resilience division. Developed the world's first volcano bond in conjunction with the Danish Red Cross to mobilize humanitarian assistance from global capital markets. Significant investment in Latin America in Mexican MGA Dock Re and the launch of its own office in São Paulo, Brazil, takes the number of territories where DUAL has a presence to 19.

16. The Ardonagh Group

Revenues 2021: $1.3 billion

Top Executive: David Ross, CEO

Headquarters: London, England

Top Lines: Corporate advisory, digital personal lines, specialty wholesale and reinsurance broking

Developments in 2021: The $500 million acquisition of BGC's insurance operations completed in November 2021, creating the largest independent London market broker. Acquisition of MDS Group, a leading broker and risk adviser across the Portuguese-speaking world and Europe, announced in December. Ardonagh now has over 9,000 colleagues across six continents. The Group was valued at $7.5 billion in December 2021 as part of a significant new equity investment led by existing long-term shareholders MDP and HPS Investment Partners.

17. CBIZ Inc.

Revenues 2021: $1.1 billion

Top Executive: Jerome P. Grisko Jr., CEO and president

Headquarters: Independence, OH, USA

Top Lines: Group health benefits, property/casualty insurance, retirement plan consulting, payroll, human resources consulting services

Developments in 2021: Showed strong growth and performance across employee benefits, property/casualty and retirement and investment solutions service lines. Growth within these businesses was bolstered by continued investment in producers and improvements to sales and services processes. Client retention rates are over 90%.

18. EPIC Insurance Brokers & Consultants

Revenues 2021: $806.1 million

Top Executive: Steve Denton, CEO

Headquarters: San Francisco, CA, USA

Top Lines: Property/casualty, workers' compensation, employee benefits, specialty and private client

Developments in 2021: Continued to grow over the past 15 years from a regional player to a national specialty firm with nearly 3,000 employees. Developed a number of specialty practice areas while maintaining a strong culture.

19. AmeriTrust Group Inc.

Revenues 2021: $667.6 million

Top Executive: Patrick Stewart, CFO

Headquarters: Southfield, MI, USA

Top Lines: Workers' compensation, commercial package (general liability, property), commercial auto

Developments in 2021: Statutory surplus of $678.6 million as of Dec. 31, 2021. Historically high level of statutory surplus, growing by over $45 million from Dec. 31, 2019.

20. Fanhua Inc.

Revenues 2021: $513.3 million

Top Executive: Yinan Hu, chairman and CEO

Headquarters: Guangzhou, Guangdong, China

Top Lines: Life insurance, property/casualty and claims adjustment

Developments in 2021: Implemented its strategy of “Professionalization, Digitalization and Open Platform” to fully empower and cultivate professional talents, digitalize its operations and empower the industry to take full advantage of market opportunities. Despite industry downturn, it facilitated $1.73 billion GWP, up 12.3% year-over-year, of which more than 96% is from long-term regular premium life insurance products.

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