Brokers have been ranked based on their 2023 revenues

Marsh McLennan has been ranked as the world’s biggest insurance broker based on its 2023 revenue.

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According to AM Best’s Top Global Insurance Brokers report, published in July 2024, the firm increased its revenue by $2bn (£1.54bn) to total $22.70bn (£17.55bn) last year.

Aon came in second place with a revenue of $13.40bn (£10.36bn), while Arthur J. Gallagher and Co ended up third after securing $9.91bn (£7.66bn).

Close behind was WTW with a revenue of $9.48bn (£7.33bn), while Hub International was fifth after taking $4.30bn (£3.32bn).

Other firms included in the list were Acrisure LLC, Brown and Brown, Alliant Insurance Services, Lockton, TIH, Howden, USI Insurance Services LLC, Amwins Group, Assured Partners, NFP, The Ardonagh Group, Steadfast Group, Aub Group, Fanhua and BMS Group.

Changes

AM Best said that compared to last year’s report, consistency was clear among the leaders.

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However, there were a few changes – for example, Steadfast, Aub and BMS were newcomers to the list.

And while WTW was third last year, it has now dropped to fourth, while Gallagher moved up to third.

James is the news editor at Insurance Times and joined the publication after several years working as a reporter.

His career began in 2019, when he joined a local north London newspaper after graduating from the University of Sheffield with a first-class honours degree in journalism.

He took up the position of deputy news editor at Insurance Times in March 2023, before being promoted to his current role in May 2024.View full Profile

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The 2025 Insurance Times Awards took place on the evening of Wednesday 3rd December in the iconic Great Room of London’s Grosvenor House.

Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Many congratulations to all the worthy winners and as always, huge thanks to our sponsors for their support and our judges for their expertise.

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