The US insurance brokerage market exceeds $100 billion in annual revenue. Private equity has turbocharged consolidation across the independent agency space, with 3,000+ acquisitions annually driving unprecedented market concentration. The largest global brokers generate billions in fee and commission income across risk, benefits, and consulting.
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$23B in revenue. World's largest insurance broker with 85,000 employees across 130 countries. Oliver Wyman strategy consulting and Mercer HR consulting diversify beyond brokerage. Marsh's specialty practices in cyber, D&O, and political risk are market-defining.
$16B in revenue. London-headquartered with Chicago origins spanning risk, reinsurance, and HR advisory. The $30B attempted merger with Willis Towers Watson was blocked by the DOJ in 2021. Aon United strategy integrates data analytics across all practice areas.
$9.5B in revenue with 45,000 employees across London and Dublin HQs. Employee benefits consulting and human capital analytics differentiate WTW from pure brokers. Risk and broking segment places $100B+ in premium annually for corporate and specialty clients.
$11B in revenue. Rolling Meadows, IL-based broker with one of the most aggressive acquisition strategies in the industry — 200+ acquisitions in 5 years. AJG's culture of decentralized entrepreneurship has made it the acquirer of choice for independent agency owners.
$4B in revenue. Chicago-based broker backed by Hellman & Friedman private equity with 15,000 employees. Hub focuses on middle market commercial and employee benefits. Aggressive acquisition of regional brokers has expanded its US footprint to 600+ locations.
$3.5B in revenue. Kansas City-based largest privately-held US insurance broker with 10,000 employees. Lockton's independence from public markets and PE ownership is a key selling point with clients who value advice over transaction volume. Global reach spans 140+ countries.
$4.5B in revenue. Daytona Beach, FL-based NASDAQ-listed broker (BRO) with a proven acquisition engine. Decentralized "profit center" model holds producers accountable for book profitability. Consistent 20%+ earnings growth over 30 years has rewarded long-term shareholders.
$3B in revenue. New York-based middle market specialist acquired by Aon for $13.4B in 2024. NFP focuses on corporate benefits, wealth management, and P&C for mid-size companies. Integration with Aon's data and analytics platform significantly enhances NFP's capabilities.
$2.5B in revenue. Chicago-based E&S specialty and wholesale broker that IPO'd in 2021. Founded by Pat Ryan (ex-Aon chairman). Ryan Specialty's underwriting management platforms bind $20B+ in specialty and hard-to-place premium annually for retail brokers.
$2B in revenue. Tampa, FL-based PE-backed consolidator rebranded as Onvia in 2024. Focuses on middle market commercial lines and employee benefits. BRP's "Colleague" integration model preserves acquired agency culture while centralizing back-office and technology functions.
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$23B in revenue. World's largest insurance broker with 85,000 employees across 130 countries. Oliver Wyman strategy consulting and Mercer HR consulting diversify beyond brokerage. Marsh's specialty practices in cyber, D&O, and political risk are market-defining.
$16B in revenue. London-headquartered with Chicago origins spanning risk, reinsurance, and HR advisory. The $30B attempted merger with Willis Towers Watson was blocked by the DOJ in 2021. Aon United strategy integrates data analytics across all practice areas.
$9.5B in revenue with 45,000 employees across London and Dublin HQs. Employee benefits consulting and human capital analytics differentiate WTW from pure brokers. Risk and broking segment places $100B+ in premium annually for corporate and specialty clients.
$11B in revenue. Rolling Meadows, IL-based broker with one of the most aggressive acquisition strategies in the industry — 200+ acquisitions in 5 years. AJG's culture of decentralized entrepreneurship has made it the acquirer of choice for independent agency owners.
$4B in revenue. Chicago-based broker backed by Hellman & Friedman private equity with 15,000 employees. Hub focuses on middle market commercial and employee benefits. Aggressive acquisition of regional brokers has expanded its US footprint to 600+ locations.
$3.5B in revenue. Kansas City-based largest privately-held US insurance broker with 10,000 employees. Lockton's independence from public markets and PE ownership is a key selling point with clients who value advice over transaction volume. Global reach spans 140+ countries.
$4.5B in revenue. Daytona Beach, FL-based NASDAQ-listed broker (BRO) with a proven acquisition engine. Decentralized "profit center" model holds producers accountable for book profitability. Consistent 20%+ earnings growth over 30 years has rewarded long-term shareholders.
$3B in revenue. New York-based middle market specialist acquired by Aon for $13.4B in 2024. NFP focuses on corporate benefits, wealth management, and P&C for mid-size companies. Integration with Aon's data and analytics platform significantly enhances NFP's capabilities.
$2.5B in revenue. Chicago-based E&S specialty and wholesale broker that IPO'd in 2021. Founded by Pat Ryan (ex-Aon chairman). Ryan Specialty's underwriting management platforms bind $20B+ in specialty and hard-to-place premium annually for retail brokers.
$2B in revenue. Tampa, FL-based PE-backed consolidator rebranded as Onvia in 2024. Focuses on middle market commercial lines and employee benefits. BRP's "Colleague" integration model preserves acquired agency culture while centralizing back-office and technology functions.
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