Marsh McLennan still top, but Gallagher now world’s third largest insurance broker – Reinsurance News

Ranked by 2023 total revenues, Marsh McLennan retains the top position for the 14th consecutive year in AM Best’s rankings of the top global insurance brokers, with its total revenue rising nearly 9.7% to reach $22.7 billion in the year.

Our directory of the Top 20 Global Insurance & Reinsurance Broking Groups is based on research data from rating agency A.M. Best.

Among the top 20 firms, Marsh McLennan also experienced the largest revenue growth, increasing by $2 billion compared to the previous year.

Aon maintained its second position for the 14th consecutive year, achieving a 7.2% increase in total revenue, from $12.5 billion to $13.4 billion.

However, WTW dropped to fourth place from its third-place position in 2022. In its place, Gallagher ascended to the third spot for the first time since its acquisition of WTW’s treaty reinsurance operations finalised in December 2021.

The remaining top 10 firms stayed the same, albeit with slight changes in rankings.

Both Alliant Insurance Services and Lockton moved up one spot from last year’s rankings to the 8th and 9th spots, respectively. Alliant witnessed a significant 20% increase in total revenue, reaching $3.88 billion, while Lockton experienced a 14.5% increase to $3.55 billion.

TIH (formerly Truist Insurance Holdings) dropped from rank 8 to 10, with total revenue of $3.46 billion, marking a slight 2.4% increase.

This year’s rankings also welcomed three newcomers. Steadfast Group is the first of these newcomers, debuting at the 17th spot with $904.3 million in total revenue.

AmeriTrust Group, previously ranked 18th, was acquired by AF Group and is no longer listed. AUB Group has taken its place, joining the list at number 18 with $853.6 million in revenue.

Lastly, BMS Group joins the list at the 20th spot with revenue totalling $385 million.