The main activity of insurance brokers – also called insurance brokers – is to arrange insurance contracts between two parties. In most cases, the parties are insurance companies and policyholders.
Under commercial law, they are considered merchants and are not contractually bound to an insurance company.
First and foremost, the broker’s loyalty is to the customer or client.
His duties include not only determining and arranging adequate insurance cover, but also managing, supervising and updating these insurance relationships.
On behalf of the client, the broker undertakes to analyse and evaluate the market according to the policyholder’s requirement criteria.
Finally, it comes down to the decisive price-performance ratio, which is where the broker makes his recommendation. We present the ten largest insurance brokers in the world in our Top 10 list.
USI Insurance Services broker
USI Insurance Services is a US insurance brokerage firm with its headquarters in Valhalla, New York City, USA. The company started in 1994 with a single office and only 40 employees. Today, USI has revenues of nearly $2 billion with more than 6,000 employees in over 150 offices across the country. USI has served over 150,000 clients, meeting property and casualty, employee benefits, personal risk and retirement needs.
Lockton Companies Inc. broker
Lockton Companies Inc. is a US company and the world’s largest privately held insurance brokerage firm. Its services relate to insurance, risk management and retirement solutions. Founded in 1966 by Jack Lockton and headquartered in Kansas City, Missouri, USA, the company has more than 88 locations in 24 countries and employs approximately 6,500 people. At last count, the company achieved a worldwide turnover of more than 1.44 billion US dollars.
Jardine Lloyd Thompson Group plc. broker
JLT Group is a British corporation headquartered in London, England. The company was founded in 1972 by Jardine Matheson. It provides insurance, reinsurance and employment consultancy services. In 1997, it merged with the Lloyd Thompson Group. It employs about 10,600 people and has a turnover of US$1.78 billion.
Hub International Ltd. broker
HUB International Limited is a US company specialising in property, casualty, risk management, life, health and employee benefits, among others. Founded in 1998, the company is headquartered in Chicago, Illinois, USA, and has more than 375 offices in the USA and Canada. It employs a total of more than 10,000 people. The company’s turnover amounts to approximately 1.47 billion US dollars.
Brown & Brown Inc. broker
B&B is a US provider of insurance and reinsurance products and services to businesses, as well as government agencies and private clients. The company is headquartered in Daytona Beach, Florida, USA. It has a turnover of approximately 1.77 billion US dollars and employs around 4,000 people.
BB&T Insurance Holdings Inc. broker
BB&T Insurance Holdings Inc. is a US insurance brokerage company and a wholly owned subsidiary of BB&T Corporation. The company was founded in 1922 and is headquartered in Raleigh, North Carolina, USA.
Arthur J. Gallagher & Co. broker
AJG is a US insurance brokerage firm headquartered in Rolling Meadows, Illinois, USA. The company was founded in 1927 by Arthur James Gallagher in Itasca, Illinois. The group employs about 26,800 people and has an annual turnover of 6.16 billion US. Dollar.
Willis Towers Watson P.L.C. broker
Willis Towers Watson is a British global risk management, insurance broking and consulting company. The group operates in more than 140 countries and employs approximately 43,000 people. Founded on 5 January 2016, the company is headquartered in London.
Aon P.L.C. broker
Aon is a British services company based in London that provides risk, insurance and health advice. The company was formed in 1982 from the merger of Ryan Insurance Group and Combined Insurance Company of America. It was not until 1987 that the company was renamed Aon, which is based on the Gaelic number one. It has about 69,000 employees and regularly has a turnover of about 12.05 billion US dollars.
Marsh & McLennan Cos. Inc. broker
MMC is a US-based insurance brokerage, risk management and reinsurance services company headquartered in New York City. The company was founded in Chicago in 1905. The insurance brokerage group employs about 65,000 people and has an annual turnover of 14.02 billion US dollars.