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World's 10 Largest Insurance Brokers www.businessinsurance.com Business Insurance® As seen the week of: July 19, 2010 SPOTLIGHT World’s 10 largest insurance brokers Ranked by 2009 brokerage revenues PERCENTAGE OF REVENUES* 2009 brokerage % 2009 2009 Rank Company/Address Phone/Web site Chief executive revenues change employees offices Commercial retail Wholesale Reinsurance Employee benefitsPersonal lines Services Investments Other Marsh & McLennan Cos. Inc.1 Brian 212-345-6000 1166 Ave. of the Americas, Duperreault, $10,507,000,000 -8.21% 52,000 700 41.09% 0.00% 8.67% 31.66% 0.00% 18.55% 0.68% -0.65% www.mmc.com 1 New York, N.Y. 10036 president/CEO Aon Corp. 312-381-1000 Gregory C. Case, 200 E. Randolph St., $7,410,000,000 1.49% 36,200 397 61.10% 0.00% 19.48% 14.54% 0.00% 2.06% 2.01% 0.81% www.aon.com president/CEO 2 Chicago, Ill. 60601 Willis Group Holdings P.L.C. 44-203-124-6000 Joe Plumeri, 51 Lime St., $3,210,000,000 -4.52% 17,000 402 58.11% 4.01% 18.82% 14.43% 2.21% 0.80% 1.53% 0.09% www.willis.com chairman/CEO 3 London, EC3M 7DQ England Arthur J. Gallagher & Co. J. Patrick The Gallagher Centre, 630-773-3800 Gallagher Jr., $1,711,683,000 6.23% 9,840 200 41.26% 11.15% 0.00% 19.11% 1.34% 26.12% 1.02% 0.00% 4 2 Pierce Place, www.ajg.com chairman/ Itasca, Ill. 60143-3141 president/CEO Wells Fargo Insurance Services Inc. 312-423-2500 Neil R. Aton, $1,560,908,000 -10.45% 7,412 170 55.58% 1.10% 0.02% 12.76% 9.63% 3.29% 2.55% 15.07% 5 150 N. Michigan Ave., Suite 3900 wfis.wellsfargo.com president/CEO Chicago, Ill. 60601 BB&T Insurance Services Inc. 919-716-9777 H. Wade Reece, P.O. Box 31128, $1,081,485,400 12.40% 4,669 115 46.05% 25.88% 0.00% 9.83% 8.16% 0.00% 1.18% 8.92% www.bbt.com chairman/CEO 6 Raleigh, N.C. 27622 Brown & Brown Inc. 386-252-9601 J. Powell Brown, 220 S. Ridgewood Ave., $964,862,833 -0.12% 5,206 138 56.63% 14.48% 1.81% 16.35% 7.04% 3.38% 0.12% 0.19% www.bbinsurance.com president/CEO 7 Daytona Beach, Fla. 32114 Jardine Lloyd Thompson Dominic Burke, Group P.L.C. 44-207-528-4444 group chief $957,983,3702 -3.51% 6,097 80 52.11% 6.50% 15.10% 14.60% 1.73% 8.63% 1.15% 0.19% 6 Crutched Friars, www.jltgroup.com 8 executive London, EC3N 2PH England Lockton Cos., LLC 816-960-9000 David M. Lockton, 444 W. 47th St., Suite 900, $765,885,0003 4.46% 3,880 51 68.01% 6.34% 1.67% 22.48% 0.41% 0.00% 1.08% 0.00% www.lockton.com chairman 9 Kansas City, Mo. 64112-1906 Gras Savoye & Cie. 2-8 Rue Ancelle, 33-1-41-43-5000 Patrick Lucas, $754,719,6004 -4.02% 3,670 105 64.08% 0.00% 1.55% 30.20% 3.18% 0.00% 0.99% 0.00% 10 Neuilly-sur-Seine, 92200 www.grassavoye.com chairman/CEO France *Percentage of revenues may not total 100% due to rounding. 1 Revenues do not include HSBC Insurance Brokers Ltd., purchased April 2010. 2. British pound=$1.5661 (2009) fiscal year ending Dec. 31. 3 Fiscal year ending April 30. 4 Euro=$1.3935 (2009) fiscal year ending Dec. 31. Source: BI survey, Researched by Kevin Edison Additional charts on brokers are available at www.businessinsurance.com. Visit www.businessinsurance.com/directories for more information and to access the full searchable Directory of Agents & Brokers. Business Insurance now offers the option to purchase the entire online directory as an Excel file or as a PDF. Reprinted with permission from the July 19, 2010, issue of Business Insurance. © 2010 Crain Communications Inc. All rights reserved. Further duplication without permission is prohibited. 212.210.0707 • Visit www.BusinessInsurance.com/section/reprints. #BI10-034 standpoint of new client “We have great anticipa- helps our clients to develop TOP BROKERS growth. There are compa- tion of a lot of growth in the their risk management objec- nies around the world that Asian market this year,” in- tives, develop plans for need the assistance and ad- cluding China, Singapore, achieving those objectives RANK vice of a company like Thailand and Hong Kong, as and direct their resources to Lockton,” so “it’s a double- well as Mexico, Mr. Lockton the areas of greatest benefit,” edged sword,” Mr. Lumel- said. Mr. Lockton said. leau said. The company also contin- On the technical side, 9 David M. Lockton, chairman Lockton’s ability to ues its partnership with Lockton is developing an an- achieve more than 4% or- Montreal-based BFL Canada, alytic risk metric resource, LOCKTON COS., LLC ganic growth in this envi- under which the brokerages which will allow Lockton to ronment “really speaks to help each other’s customers. gather and share data on 2009 GROSS ł the success” of its business Mergers and acquisitions property/casualty transac- REVENUES model, said John Wicher, $774,280,000 4.4% remain a possibility, Mr. tions in various industries principal of John Wicher Lumelleau said. “We’ll con- and track property/casualty 2009 BROKERAGE & Associates Inc. in San sider opportunities wherever insurance placements. REVENUES ł Francisco. they make sense for us,” he In conjunction with Hous- $765,885,000 4.5% Lockton’s revenue split said. ton-based Rice University, last year was 49% U.S. prop- Lockton, which also has Lockton also has developed a erty/casualty, 28% interna- moved its London office to a securities class action loss es- ockton Cos., LLC tional, 20% U.S. benefits new location, this year sold timate tool. With SCALE, continues to flourish and 3% affinity business. its insolvency practitioners “we’ve built a database that L despite the difficult Lockton’s clients range insurance business for an helps clients better define economic environment, its from small firms to Fortune undisclosed amount to Lon- their exposure to (directors leaders say. 50 companies. It has a client don-based Amlin P.L.C., and officers) actions,” said The privately held Kansas retention rate of more than which cut its workforce by Mr. Lockton. City, Mo.-based broker re- 95%, its leaders say. 40. “It was a peripheral busi- Lockton’s employee bene- ported $765.9 million in bro- “Our client base runs the ness,” said Mr. Lumelleau. fits revenues increased 6.5% kerage revenues in 2009, a gamut from mainstream, Among new developments in 2009 to $174.1 million, an 4.5% increase from the pre- Main Street America to the this year is Lockton’s estab- area Mr. Lumelleau said is ex- largest multinational compa- vious year, making it No. 9 lishment of a health reform pected to continue Lockton’s nies around the world,” said in Business Insurance’s 2010 advisory practice, which has growth. Mr. Lumelleau. ranking of the world’s largest “been a catalyst for very sig- “In the face of an amazing- Its Fortune 1000 clients brokers. nificant discussions with our ly soft market on the insur- now total 150, said a Chairman David M. Lock- clients and prospects around ance side,” Mr. Lumelleau spokesman. ton said the plan is to keep sorting out the confusion of said Lockton continued to Mr. Lockton said one area Lockton a privately held details of the health care leg- attract new clients last year, of emphasis throughout the firm. islation,” Mr. Lumelleau said. increasing its wholesale rev- “We do believe that in the past year has been interna- enue 1% to $49.1 million. tional business, in part be- The practice, which includes insurance brokerage and more than 25 consultants, “It’s been a very important risk consulting business, cause most international part of our growth strategy products “are not as vulnera- physicians and analysts our clients are best served throughout the country, is around the world,” he said. by a private enterprise ble as the U.S. casualty prod- led by Senior VP and Direc- Lockton’s reinsurance rev- whose first loyalty is to the ucts are to the marketplace.” tor of Compliance Ed Fen- enues increased 83.6% to client and not to the share- Lockton opened a Dubai, sholt. It is available to all $12.9 million in 2009, a ma- holder, and so we intend to United Arab Emirates, office jor improvement over a last year and is in the process Lockton clients. forever remain privately 30.3% drop in that category of adding a Beijing office to It has already served more held,” he said. in 2008. The dramatic its Shanghai operation as than 1,500 people through In response to the econo- change reflects an anomaly well as a new office in Min- in-person summits, online my, “We have redoubled our that occurred in 2008 when neapolis. It also has opened programs and weekly health efforts to make sure our the reinsurance markets an office in Rio de Janeiro. reform updates, according to clients are presented in the tightened certain lines of The broker this year also a spokesman. marketplace to their advan- coverage and the markets obtained an equity holding Meanwhile, Lockton’s ex- tage,” said President and moved to a quota-share ba- in Seoul, South Korea, insur- isting health risk manage- CEO John Lumelleau. As sis, which changed the way ance broker Insurance Man- ment unit that continues “to client risk exposures have de- policies are billed, said Mr.
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