Insurance Brokers Insurance Top Top Best’S Review Landscape As Best’S of Jardine Lloyd Thompson Group Plc in Septemberthompson Group Lloyd Jardine of April 2019

Global Broker Ranking

Terms of Use Terms Revenue 2018 Total 2018 Total $8.61 billion $6.93 billion $2.15 billion $2.03 billion $2.01 billion $1.94 billion $1.72 billion $1.68 billion $1.40 billion $1.35 billion $1.25 billion $1.23 billion $1.09 billion $922 million $887 million $14.95 billion $10.77 billion $849.14 million $632.18 million $589.01 million IEW • JULY 2019 IEW • JULY No part of this report or document may No part of this report

BEST’S REV

MMC reported deploying an additional $1.1 been specialist advice has never “The need for Marsh & McLennan Cos. Aon Plc. Watson Willis Towers Gallagher & Co. Arthur J. Hub International Ltd. Holdings Inc. BB&T Insurance Inc. & Brown Brown Thompson Group plc Lloyd Jardine Inc. Lockton ServicesUSI Insurance LLC Acrisure ServicesAlliant Insurance Inc. NFP Corp. Inc. AssuredPartners AmWINS Group Inc. CBIZ Inc. Group Hyperion Insurance The Ardonagh Group AmeriTrust & Consultants Brokers Epic Insurance Broker Broker JLT stood at No. 8 in this year’s ranking, its final its ranking, 8 in this year’s No. at stood JLT $1.94 billion in total revenue. with appearance, billion across 23 transactions in 2018, including including 2018, in 23 transactions billion across Insurance. Wortham of acquisition Marsh’s size, deal with the increasing as clients greater of business challenges,” range and complexity 1 2 3 4 8 5 6 7 9 10 13 11 12 15 14 16 19 17 18 — 2017 Ranking 1 2 3 4 5 6 7 8 9 July 2019 July 17 18 19 20 10 11 12 13 14 15 16 2018

Top 20 Global Brokers 20 Global Top Revenue Ranked by 2018 Total Global Ranking AM Best’s Monthly Insurance Magazine Monthly AM Best’s presents itspresents

The white-hot mergers

Copyright © 2019 A.M. Best Company, Inc. and/or its affiliates. Inc. and/or its affiliates. Copyright © 2019 A.M. Best Company, . available at AM Best website: www.ambest.com/terms be distributed in system, without the prior written permission of AM Best. any in a database or retrieval form or by any means, or stored electronic our to refer details, additional its accuracy is not guaranteed. For believed to be reliable, sources While the content was obtained from ergers and consolidation. ergers and consolidation. Consolidation and mergers.

The marquee deal of 2018 was MMC’s acquisition MMC’s deal of 2018 was The marquee The M&A activity reshaped theThe M&A activity reshaped ($14.95 Marsh Cos. & McLennan MarshBerry, a consulting and advisory MarshBerry,

Insurance Brokers Insurance Top Top Best’s Review landscape as Best’s of Jardine Lloyd Thompson Group plc in SeptemberThompson Group Lloyd Jardine of April 2019. completed in It was in a $5.6 billion merger. is a senior associate editor. He can be reached at He can be reached Roberts is a senior associate editor. Jeff [email protected]. annual ranking of the top global insurance ranking annual based on 2018 total revenue. brokers, Aon ($10.77 billion), last year), billion in total revenue Arthur J. ($8.61 billion) and Watson Towers Willis ($6.93 billion) maintained their Gallagher & Co. positions among the top four. by Jeff Roberts by Jeff Hub jumps three spots to spots Hub jumps three No. 5 and Epic Insurance & Consultants Brokers debuts in the top 20.

and acquisitions market continued continued and acquisitions market 2018. unabated in a record-breaking 631 transactions An unprecedented in the United States and Canada were to Optis according year, last tracked financial a Chicago-based Partners, consulting firm specializing in the industry. insurance distribution the insurance space, firm for brokerage counted 580 announced U.S. from a 4% increase in 2018, transactions 557 in 2017. a then-record M www.bestreview.com www.bestreview.com Global Broker Ranking revenues of$340million. acquisitions with estimated annualized Developments in2018:Completed48 compensation auto, professional liability, workers’ Top Lines:Property, casualty, commercial chairman, president andCEO Top Executive:J.PatrickGallagherJr., Revenue 2018:$6.93billion Headquarters: RollingMeadows,Ill. 4. ArthurJ.Gallagher&Co. foreign broker totransactalllinesofinsurancebusinessinChina. InsuranceBrokersapproved tobethefirstfullylicensed Willis flow. InMay, China’s BankingInsurance RegulatoryCommission growth andloweringtaxrate,nearlydoubledfree cash including synergygoalsaround marginexpansionforrevenue revenue. Thecompanyreached significantfinancialmilestones and thecorporateriskbroking segmentwith$2.9billionin human capitalandbenefitssegmentwith$3.2billionin revenue increased 5%to$8.61billion,ledbythe Developments in2018:Total revenue administration risk andreinsurance; benefitsdeliveryand corporate riskandbroking; investment, Top Lines:Humancapitalandbenefits; Top Executive:JohnHaley, CEO Revenue 2018:$8.61billion Headquarters: London,Arlington,Va. 3. WillisTowers Watson pershareearnings of$8.16. organic revenue growth, record operatingmargin,andadjusted Group toaccelerateinnovation.Thefirmdelivered accelerated by co-presidents andcreated aNewVentures a globalAonOperatingCommitteeoverseen P&L, embracedasinglebrand,announced Developments in2018:Aonadoptedasingle health solutions Top Lines:Commercial risk;retirement and Top Executive:Greg Case,CEO Revenue 2018:$10.77billion Headquarters: London 2. AonPlc. a proprietary advisoryoffering oninsurtech. platform fortheaffinitymarket,andGuyCarpenter’s GCGenesis, seven agencies.LaunchedBluestream, Marsh’s digitalbroking and SummitStrategies.Marsh&McLennanAgencyadded Wortham Insurance,andMercer’s acquisitionofPavilionFinancial transactions, includingMarsh’s acquisitionofHouston-based 2019. Deployedanadditional$1.1billionofcapitalacross 23 Group plcfor$5.6billion.TheacquisitionwascompletedinApril plans inSeptembertoacquire UK-basedJardine LloydThompson Oliver Wyman)revenue increased 5%to$6.8billion.Announced increased 8%to$8.2billionin2018,whileconsulting(Mercer and services (MarshandGuyCarpenter)revenue Developments in2018:Riskandinsurance management consulting broking; humanresource consulting; Top Lines:Insuranceandreinsurance and CEO Top Executive:DanielS.Glaser, president Revenue 2018:$14.95billion Headquarters: NewYork 1. Marsh&McLennanCos. BEST’S REV

THELEADERS IEW •JULY 2019 out employeebenefitsolutions. brokerages; increased focusonretirement servicestoround pension solution—sincelaunch,Hubhasacquired 13Canadian Canada tooffer clientsacompleteemployeebenefitsand best-in-class capabilitiesandentrepreneurial talentacross excess riskpurchasing group; launchedstrategytoassemble risk services,mortgageimpairmentinsuranceandumbrella/ specialty products: hospitalitycaptive,cannabisinsuranceand more than65brokerages; introduced new managed byAltasPartners;acquired substantial minorityinvestmentfrom funds Developments in2018:Secured a personal Top Lines:Commercial; employeebenefits; Top Executive:Marc Cohen,president andCEO Revenue 2018:$2.15billion Headquarters: Chicago Ltd. 5. HubInternational segment revenues in2018. brokerage operationsaccountedfor16%ofbrokerage health andwelfare insurancecoverage.Wholesale place nearlyalllinesofcommercial property/casualty and segment revenues in2018. brokerage operationsaccountedfor84%ofthebrokerage from previously reported information.Theretail insurance period presented. management solutions. technology andlaunched newcapabilitiestoprovide risk was largestacquisitionincompany history. Investedin annualized revenue ofabout$323million.HayesCompanies with marginsofover30%.Completed 23acquisitionswith revenue goalwithgrowth of7.1%and2.4%organicgrowth, Developments in2018:Surpassed$2billionannual third-party administrativeservices national programs, wholesaleandspecialty personal andprofessional lines—retail, property/casualty, employeebenefits, Top Lines:Middleanduppermiddle-market and CEO Top Executive:J.PowellBrown, president Revenue 2018:$2.01billion Headquarters: DaytonaBeach,Fla. 7. Brown &Brown Inc. experience andcapture future growth opportunities. in keytechnologiesandautomationforimproved customer improvement through operationalefficienciesandinvested drove 6%organicrevenue growth; focusedonmargin designed toenableongoinggrowth; strong salesculture Insurance Servicesandformednewretail divisionstructure in July, rebranded itsmiddlemarketretail group toMcGriff Insurance Holdings;closedonRegionsacquisition model thatreflects differentiation ofBB&T implemented transformationaloperating Developments in2018:Developedand employee benefits;life Top Lines:Commercial property/casualty; and CEO Top Executive:JohnM.Howard, chairman Revenue 2018:$2.03billion Headquarters: Parsippany, N.J. 6. BB&TInsuranceHoldingsInc. the fullretrospective methodtorestate eachpriorreporting Adopted anewrevenue recognition accountingstandard using

Accordingly, all2017amountswere restated

The retail brokerage operations 8. Jardine Lloyd Thompson Group plc 12. Alliant Insurance Services Inc. Headquarters: London Headquarters: Newport Beach, Calif. Revenue 2018: $1.94 billion Revenue 2018: $1.35 billion Top Executive: Dominic Burke, Group CEO Top Executive: Thomas W. Corbett, Top Lines: Specialist insurance products; chairman and CEO captive management; capital raising Top Lines: Property/casualty (specialty vertical and corporate finance advice; pension niches and middle market); personal lines; administration; trustee and corporate and employee benefits; retirement services; underwriting benefits consulting; wealth and investment Developments in 2018: Continued management; pension software expansion through organic growth, Developments in 2018: Reorganized into three global divisions: acquisitions and the procurement of top brokerage talent. specialty, reinsurance and employee benefits. It also began its Grew to encompass more than 3,600 employees in more than Global Transformation Programme, which is expected to achieve 100 offices throughout the United States. Completed seven US$51 million in annual savings by 2020. The company acquired acquisitions, including: CLS Partners, Crystal & Company, International Risk Consultants, a credit risk and political risk broker; Dumortier Risk Management, Engel Agency, Harbor Group Chartwell Healthcare, a private medical insurance company in the Consulting, Hecht & Hecht and Zande Group. U.K. SME sector; Moola, a digital savings and investment platform; and Owl Marine Insurance Brokers, a specialist broker for hull and 13. NFP Corp. machinery protection and indemnity insurance. In September, Marsh Headquarters: New York & McLennan Companies announced a bid for JLT for an estimated Revenue 2018: $1.25 billion enterprise value of $6.4 billion, which was approved by shareholders Top Executive: Doug Hammond, chairman in November. The acquisition was completed in April 2019. and CEO Top Lines: Property/casualty, corporate 9. Lockton Inc. benefits, individual solutions Headquarters: Kansas City, Mo. Developments in 2018: Experienced growth Revenue 2018: $1.72 billion in key markets throughout the United States Top Executive: David M. Lockton, chairman and Canada. Completed 40 acquisitions while Top Lines: Risk management (property/ seeing considerable growth in the P/C line of business and steady casualty insurance), employee benefits, expansion in the corporate benefits and individual solutions (wealth retirement services, affinity programs management and life insurance) divisions. Established an innovation Developments in 2018: Launched Lockton lab and venture fund to advance ideation and deliver new solutions Capital Markets to facilitate investment focused on the dynamic needs of clients and prospects. Advanced banking and capital markets transactions diversity and inclusion to drive talent acquisition and retention focused on the convergence between insurance and alternative and reinforced its commitment to elevating women in leadership capital. Named Said Taiym executive vice president, chief digital positions. Hit a key milestone by exceeding more than 5,000 officer; Julie Gibson senior vice president, director of marketing, employees worldwide. communications and external affairs; and Mark Moitoso executive vice president, risk practices leader. 14. AssuredPartners Inc. Headquarters: Lake Mary, Fla. 10. USI Insurance Services Revenue 2018: $1.23 billion Headquarters: Valhalla, N.Y. Top Executive: Jim Henderson, chairman Revenue 2018: $1.68 billion and CEO Top Executive: Michael J. Sicard, chairman Top Lines: Commercial property/casualty and CEO with a focus on senior living, aerospace, Top Lines: Commercial property/casualty, transportation, professional liability and real employee benefits, personal risk, retirement estate. Employee benefits for large and small solutions, programs/wholesale employers. Personal lines. Developments in 2018: Saw a continuation of Developments in 2018: Continued growth with the addition of strong organic growth, heavy investments in top 42 acquisitions. Many of the new acquisitions were focused on industry talent, innovation and investment in technology, and strategic our current specialty markets. Expansion into new regions and expansion through partnership transactions across the country. specialties with continued investments in producer training and mentoring programs. 11. Acrisure LLC Headquarters: Caledonia, Mich. 15. AmWINS Group Inc. Revenue 2018: $1.40 billion Headquarters: Charlotte, N.C. Top Executive: Greg Williams, president Revenue 2018: $1.09 billion and CEO Top Executive: Scott M. Purviance, CEO Top Lines: Commercial (60%) employee Top Lines: Commercial property/casualty; benefits (29%) personal (11%) employee benefits; niche programs Developments in 2018: Expanded by Developments in 2018: Generated organic partnering with 102 agencies and international growth of approximately 12% and continued expansion of the firm. Product expansion to develop more proprietary capacity and continued in property/casualty as well as employee and voluntary products for our retail broker clients. benefits and specialty offerings. Key internal efforts included the build-out of Acrisure Partner Solutions and the related internal product development, data and analytic initiatives.

BEST’S REVIEW • JULY 2019 Global Broker Ranking Brown &Brown Inc. completed 23acquisitions million inestimated annualized revenues. No. 7 mergers. pursuing brokers Mergers &Acquisitions broker with 102agencies. partnered commercial, lines employee benefits andpersonal No. 18in2016. Lastyear, theCaledonia, Michigan-based billion), which rose toNo. 11from No. 13andfrom conference call. President and CEODanielS. Glasersaidinan April long-term investoralongsideGeneralAtlanticandouremployee de dépôtetplacementduQuébeccompleted.CDPQjoinedasa Howden. Operationalhighlights: Mexican broker, GrupoOrdás, inMexicoCity, toformGrupoOrdás its Ibero-American operationswithitsinvestmentintop-five acquired a9.9%share inApolloPartnersLLP. Howdenexpanded PlanningGroupInternational toformIPGHowden. Expanded retail broking operationsinAsiawithaninvestment ACP toformHowdenACP. DUALItaliaacquired Synkronos Italia. broking operationsinTurkey withitsinvestmentininsurancebroker and intermsofspecialistmarketpositions.Expandedtheretail distribution capabilitiesbothgeographically of investmentstostrengthen product and Developments in2018:Madeanumber and technologybusiness,HyperionX RKH, underwritingdivisionDUAL,anddata Top Lines:Broking divisionsHowdenand Top Executive:DavidHowden,CEO Revenue 2018:$887million Headquarters: London 17. HyperionInsuranceGroup markets throughout theUnitedStates. A newnationalbrandingcampaignwaslaunchedinourmajor the evolvingneedsofourclientsbothtodayandinfuture. new technologiestosupportourgrowing businessandtomeet developing additionalproducers. Investmentswere madein the sametime,there wasanincreased focusonhiringand health benefitsbusinesscontinueditspositivetrend, andat casualty, andpayroll servicesallperformedwell.Thegroup insurance servicessegment,retirement planning,property/ Developments in2018:Inthebenefitsand consulting services plan consulting,payroll, humanresources property/casualty insurance,retirement Top Lines:Group healthbenefits, president Top Executive:Jerome P. GriskoJr., CEO, Revenue 2018:$922million Headquarters: Cleveland 16. CBIZInc. Canada. more than65U.S. brokerages in2018and13 linesbrokeremployee acquired benefits andpersonal Best’s Review ranking. The Chicago-based commercial, biggest riser, jumpingtoNo. 5from No. 8inlastyear’s Gallagher completed48deals,Gallagher $340 acquiring MMC, Huband areAcrisure hardly theonly Another active mover was LLC($1.40 Acrisure Ltd.Hub International ($2.15billion)was the BEST’S REV

THELEADERS IEW •JULY 2019

The equity investment by Caisse The equityinvestmentbyCaisse

The Group The Group and enterpriseriskmanagement. appointments, newproduct development Developments in2018:Retailagent liability, autoliabilityandproperty coverages Top Lines:Workers’ compensation,general CEO Top Executive:KennR.Allen,president and Revenue 2018:$632.18million Headquarters: Southfield,Mich. 19. AmeriTrust shareholders, board andmanagementteaminheritedin2015. the turnaroundofTowergate businessthatthecurrent claims andcommercial MGAbusinesses.Largelycompleted personal linesbrand,andthedisposalof through theacquisitionofSwinton,a Developments in2018:Reshapedportfolio digital distribution,specialistunderwriting wholesale insurancebroking, healthcare, Top Lines:Corporate,advisory, retail and Top Executive:DavidRoss,CEO Revenue 2018:$849.14million Headquarters: London 18. TheArdonagh Group the topspotin the2020Best’s Review merger quickly fell through. an all-stock offer ofNo. 3 Willis Towers Watson. The 2019 whenNo. 2 Aon announceditwas considering The DealThatAlmostWas broker acquired Vanbridge LLCandIntegro USA. commercial andcommercial property autolines compensation, commercial package, medical, million. Last year, theSanFrancisco-based workers’ the ranking atNo. 20withrevenue of$589.01 Making aDebut No. 13NFPCorp. completed 40acquisitions. with annualized revenue $323million. ofabout Holdings Inc. Insurance Trust. SteveDentonappointedpresident ofEpic American CouncilofEngineeringCompaniesBusiness as broker/program administratorforthe Vanbridge LLCandIntegro USA.Selected Developments in2018:Acquired property andcommercial auto commercial package,medical,commercial Top Lines:Workers’ compensation, Top Executive:PeterGarvey, CEO Revenue 2018:$589.01million Headquarters: SanFrancisco 20. EpicInsuranceBrokers &Consultants data, analyticsanddigitalplatformdelivery. shareholders. Launched Hyperion Xtodevelopkeyareas of It mighthave propelled into Aon aheadofMarsh The entire landscapecouldhave shiftedinMarch It alsoappointedSteve Dentonaspresident. &Consultantscracked Epic Insurance Brokers And No. 14 AssuredPartners Inc. made42deals. rankings.