When it comes to managing risk, securing assets, or ensuring financial stability, the world’s largest insurance brokers play a pivotal role. These giants offer a range of services, including risk management and consultancy, as well as securing the best insurance policies for individuals and businesses. In this article, we’ll delve into the top 10 largest insurance brokers of 2025, offering insights into their market influence, strengths, and what sets them apart.
What Makes an Insurance Broker the Largest?
Before jumping into the rankings, let’s define what makes an insurance broker stand out in the market. The largest brokers are typically those with the highest revenue, a broad international presence, diversified services, and a robust client base spanning across various industries. They offer not just insurance products but also risk management, mergers and acquisitions support, and strategic consultancy. These brokers continuously evolve by embracing digital transformation, acquisitions, and maintaining strong relationships with insurers and clients alike.
1. Marsh & McLennan Companies (MMC)
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Revenue: $24.46 billion (2024)
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Headquarters: New York, USA
Marsh & McLennan Companies, the largest insurance broker in the world, dominates the global market with its extensive offerings. Their services go beyond insurance brokerage, extending to risk management and consulting through subsidiaries like Mercer and Oliver Wyman. With a presence in over 130 countries, Marsh & McLennan provides tailored solutions for businesses, governments, and individuals.
Key Strengths:
Marsh & McLennan’s focus on client-centric risk solutions and global reach makes it a standout. Their innovative risk management strategies and advanced data analytics set them apart from competitors.
Challenges:
The increasing regulatory pressure and market competition continue to pose challenges. However, their ongoing investment in digital tools keeps them at the top.
2. Aon PLC
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Revenue: $15.7 billion (2024)
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Headquarters: London, UK
Aon PLC is another heavyweight in the insurance brokerage industry. Aon’s expertise spans insurance, reinsurance, and human capital solutions, catering to large enterprises and complex risks. Their Aon Risk Solutions division continues to lead in corporate insurance and risk consulting.
Key Strengths:
Aon has a strong emphasis on data-driven risk analysis and employee benefits consulting. Their recent merger with Willis Towers Watson (although blocked by regulators) highlighted their desire to solidify their market position.
Challenges:
Aon faces stiff competition in its core reinsurance sector and the challenge of integrating emerging digital tools while maintaining high-quality customer service.
3. Arthur J. Gallagher & Co.
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Revenue: $11.3 billion (2024)
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Headquarters: Itasca, Illinois, USA
Arthur J. Gallagher & Co. has seen rapid growth over the years, acquiring several competitors to become one of the top players. Known for its consultative approach, the company serves a diverse range of industries, including agriculture, construction, and healthcare.
Key Strengths:
Their acquisition strategy and client-centric model ensure consistent growth. Gallagher’s ability to merge risk management with innovative technology platforms has enhanced its position as a leading broker.
Challenges:
As with most growing firms, maintaining integration and streamlining operations across different geographies poses ongoing challenges.
4. Willis Towers Watson (WTW)
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Revenue: $9.93 billion (2024)
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Headquarters: London, UK
A global leader in risk management and human capital solutions, Willis Towers Watson is well known for its advanced advisory services, particularly in the employee benefits and insurance consulting spaces. They’re an essential partner for businesses looking for comprehensive risk solutions.
Key Strengths:
Their innovative technology solutions and deep analytics make them a preferred partner for businesses seeking tailored risk strategies. Additionally, their focus on sustainability and climate risk management has made them a thought leader.
Challenges:
Recent regulatory challenges and shifting market conditions in the reinsurance sector remain critical hurdles for the company.
5. Alliant Insurance Services
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Revenue: $5.07 billion (2024)
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Headquarters: Newport Beach, California, USA
Alliant Insurance Services may be smaller than the above firms, but it continues to make waves in the industry. Known for specialized insurance services, Alliant excels in niche markets, such as construction and energy, while offering extensive employee benefits solutions.
Key Strengths:
Their focus on specialized markets and strong client relationships has propelled them to success. They’ve also adopted digital platforms to streamline services for clients.
Challenges:
Competition in the specialty insurance sector remains fierce. The market dynamics could affect profitability in the coming years.
6. Hub International
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Revenue: $4.81 billion (2024)
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Headquarters: Chicago, Illinois, USA
Hub International is a strong player known for its diversified portfolio of insurance services, from personal to commercial lines. The company’s aggressive acquisition strategy has expanded its footprint across North America and beyond.
Key Strengths:
Hub’s client-focused approach and strategic acquisitions have driven its growth. They provide tailored insurance solutions that cater to both individual and business needs.
Challenges:
Managing the scale of its growth while maintaining client satisfaction is crucial for Hub. Additionally, continued expansion into new geographies needs careful consideration.
7. Brown & Brown Inc.
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Revenue: $4.8 billion (2024)
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Headquarters: Daytona Beach, Florida, USA
Brown & Brown offers a broad range of services from property and casualty to life insurance. With its strong presence in the middle-market sector, it has built an excellent reputation for both individual and business insurance solutions.
Key Strengths:
Brown & Brown’s strong customer base and innovative product offerings give it a competitive edge, particularly in risk management for small to medium-sized businesses.
Challenges:
Maintaining its competitive advantage in the face of larger rivals with more resources presents a significant challenge.
8. Acrisure
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Revenue: $4.59 billion (2024)
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Headquarters: Grand Rapids, Michigan, USA
Acrisure has quickly become a global leader through a rapid acquisition model, bringing in a range of firms that have diversified its services. Their focus on technology-driven insurance solutions has revolutionized how brokers interact with clients.
Key Strengths:
Acrisure’s digital platforms and client-centric offerings set them apart in a crowded market. Their expansion into underserved markets also offers growth potential.
Challenges:
The speed of their acquisitions poses integration risks, and they must ensure they retain their innovative edge while managing complexity.
9. Lockton Companies
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Revenue: $4.0 billion (2024)
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Headquarters: Kansas City, Missouri, USA
Lockton is a privately held company that stands out for its personalized services. With a focus on corporate and commercial insurance, Lockton has successfully leveraged its family-oriented culture to offer excellent customer service.
Key Strengths:
Lockton’s strong client relationships and employee ownership model give it a distinct advantage, making it a preferred choice for businesses seeking personalized insurance solutions.
Challenges:
The challenge for Lockton lies in balancing growth while maintaining the personal touch that sets it apart.
10. Howden Group
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Revenue: $3.6 billion (2024)
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Headquarters: London, UK
Howden Group is one of the largest independent insurance brokers globally. Known for its innovative, client-focused services, Howden continues to build a strong presence, particularly in the reinsurance market.
Key Strengths:
Their independent status allows them to be flexible, offering bespoke services that cater to niche industries. Howden’s use of cutting-edge technology makes it an appealing choice for modern enterprises.
Challenges:
Remaining competitive with the larger players in the market while maintaining independence is Howden’s primary challenge.
Conclusion
The top 10 largest insurance brokers in 2025 reflect a mix of innovation, strategic acquisitions, and a constant drive to adapt to the ever-evolving risk landscape. While their dominance is clear, the market is changing rapidly, with digital disruption and new market demands challenging these giants to evolve further. For clients, it’s essential to look beyond size and consider factors such as specialization, client service, and technology integration when selecting a broker. By staying informed about the top players and their strategies, businesses can better position themselves for future success.
FAQs
Q1: Why do larger insurance brokers continue to grow?
A1: They expand through acquisitions, diversifying their services, and investing heavily in technology and data analytics to stay ahead of competitors.
Q2: How do I choose between large brokers and smaller firms?
A2: Large brokers offer extensive networks and resources, while smaller firms often provide personalized service. Consider your business’s specific needs when choosing.
Q3: Are large brokers more expensive than smaller firms?
A3: Larger brokers may charge higher fees due to their global reach and operational scale. However, they can often offer better rates through volume.
Q4: How has technology impacted the insurance broker industry?
A4: Technology enables brokers to offer faster, more efficient services, and advanced data analytics help in providing better risk management strategies.
Q5: What are the main challenges facing large brokers?
A5: Regulatory pressures, competition from digital disruptors, and merger integration challenges are among the top issues large brokers face.
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