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MMC pulls ahead in broker rankings but Aon + WTW could take top spot

3rd July 2020 - Author: Luke Gallin

Marsh & McLennan Companies (MMC) has extended its lead in the rankings of The Top 20 Global Insurance and Reinsurance Broking Groups, although a combined Aon and Willis Towers Watson (WTW) could claim the number one spot.

As shown by our directory of the Top 20 Global Insurance & Reinsurance Broking Groups, which is based on research data from A.M. Best (with groups ranked by total revenues), MMC tops the list in 2019 with total revenues of a huge $17 billion.

Of course, MMC completed its acquisition of broker JLT Group for $5.6 billion in April 2019, meaning that the latter no longer features in the list while the former has stretched its lead at the top of the table.

Year-on-year, the top five actually remains unchanged although there has been some growth. Aon remains in second place with 2019 total revenues of $11 billion, followed by WTW in third place with total revenues of $9.04 billion for the year. Arthur J. Gallagher takes fourth spot again with total revenues of $7 billion, with $2.4 billion of total revenues at Hub International in 2019 enough to secure fifth place for consecutive years.

Although MMC is ahead of its nearest rival by $6 billion, in terms of total revenues, a combined Aon and WTW could take the top spot.

After weeks of speculation, Aon confirmed in early March 2020 that it will combine with WTW in an all-stock transaction with an implied combined equity value of approximately $80 billion.

Analysts have said that a merger of such scale is expected to see the combined company claim the top spot in the global rankings, while other brokers, such as Gallagher, Hub International and Brown & Brown, will likely benefit in the near-term from both producer and revenue leakage.

Top ten broking groups 2019

As shown by the above chart, Brown & Brown is only just behind fifth place with total revenues of $2.39 billion as the company jumped from seventh to sixth in 2019. Truist Insurance Holdings (formerly BB&T Insurance Holdings) takes seventh place in 2019 with total revenues of $2.27 billion, followed by Lockton in eighth position at $1.88 billion, Acrisure in ninth with $1.88 billion, and USI Insurance Services in tenth place with 2019 total revenues of $1.87 billion.

The only new entry in 2019 is China-based broker Fanhua, who took the final spot on the list following its last appearance in 2017.

The full list of the Top 20 Global Insurance & Reinsurance Broking Groups can be viewed here.

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