Agents and Brokers Rankings + Directory - EPIC Insurance · PDF file5 BUSINESS INSURANCE DIRECTORY LISTINGS 2017 Eni ontn Coyri 2017 b Bin Inn Holin. All i eserved 2017 rank 2016 rank

Broker Trends & ProfilesAgents and Brokers Rankings + Directory

Entire contents © Copyright 2017 by Business Insurance Holdings. All rights reserved

2017

2 BUSINESS INSURANCE DIRECTORY LISTINGS 2017


By Gavin Souter

Commercial insurance brokers contin-ue to face strong headwinds in 2017 as they strive to grow in the soft market and a still-sluggish economy.

With organic growth rates in the low single digits and fluctuating foreign ex-change values, most of the largest brokers saw only moderate revenue increases or decreases last year. However, some of the acquisitive firms among the 10 largest in-surance brokers saw stronger growth, with

Brokers brace against market forcesprivate equity-owned Hub International Ltd. showing the biggest percentage increase at 12.1%.

Divestitures also affected the ranking with Wells Fargo Insurance Services USA Inc. dropping out of Business Insurance’s 2017 listing of the world’s 10 largest insur-ance brokers and being replaced by USI In-surance Services L.L.C.

Bank-owned Wells Fargo Insurance sold its crop insurance business, Rural Commu-nity Insurance Agency Inc., to Zurich Insur-ance Group Ltd. last year, and Wells Fargo is rumored to be seeking to sell its insurance



brokerage business as well. The bank said in a statement that “we are considering strate-gic options for our insurance business.”

Just outside the Top 10, however, growth rates often hit double digits as several bro-kers — particularly those with private equi-ty backing — continued aggressive, acquisi-tion-fueled expansion strategies.

That consolidation continued this year with some notable names in the upper third of the 100 largest brokers of U.S. business be-ing bought by rivals.

In March, Lake Mary, Florida-based As-suredPartners Inc. announced it was buying Keenan & Associates in Torrance, California. Last year, Keenan ranked 22nd with $170.9 million in 2015 U.S. brokerage revenue.

In January, Marsh & McLennan Agency L.L.C., the middle-market agency division of Marsh L.L.C., announced it would acquire J. Smith Lanier & Co. The West Point, Geor-gia-based brokerage was ranked 30th last year with $132.9 million in 2015 U.S. broker-age revenue.

And consolidation is likely to continue, said Mike Sicard, chairman and CEO of USI.

“There are 36,000 agents and brokers across the U.S., and on average about 400 have traded or been acquired each year for the past several years. So, while the space is consolidating, it would take a very long time — if you do the math, there’s a 100-year sup-ply,” he said.

Outside of acquisitions, the outlook for growth among brokers is “OK but not great,” because their growth rates are tied quite closely to the rates in the commercial insur-ance market, said Paul Newsome, managing director at Sandler O’Neill & Partners L.P.

Looking forward, the soft market is ex-pected to continue, but a possible increase in general economic activity may aid broker-

age growth.“It has continued to be a soft market …

but you have to look at specific lines of busi-ness and specific geographies, and you can get very different stories. In general, there’s continued softness on the pricing side but a bit of a lift on the exposure side,” said Mi-chael J. O’Connor, Chicago-based CEO of Aon Risk Solutions.

But if promised political changes come through, brokers could see increased business. In particular, President Donald Trump’s plan to significantly increase infra-structure spending would be a boon to the insurance sector, said J. Patrick Gallagher Jr., chairman, president and CEO of Arthur J. Gallagher & Co.

“If he gets it legislatively approved, that will be fantastic for brokers because that’s going to create construction projects all across the country,” he said.

Consolidation among insurers has been another feature of the past several years, but so far it has not caused problems for brokers or their clients because it has not led to a reduction in capacity, brokerage executives say.

“There is and has been a highly fragment-ed environment with a large number of high-quality insurers for any given risk, so we have not seen consolidation have a dra-matic change on the property/casualty mar-ket,” Mr. Sicard said.

The market’s net capacity has grown, “so we haven’t had challenges meeting our clients’ demands. It’s just a matter of us staying on top of those market changes and taking advantage of opportunities for our clients,” said Glenn Spencer, president and CEO of Kansas City, Missouri-based Lockton Cos. L.L.C.’s global operation.

And the increased size of insurers can be beneficial to policyholders, said Mr. O’Con-nor of Aon Risk Solutions.

“We see that as a positive, as nobody has actually taken capital off the table … they want to maintain or increase line sizes,” he said. In addition, with increased capacity, insurers are more likely to cover previous-ly uninsured risks such as some cyber ex-posure or reputational risks, Mr. O’Connor said.

Business Insurance’s editorial directories are copyrighted products of Business Insurance Holdings.

All rights reserved.

Contents may not be copied, shared, resold, redistributed, sublicensed or publicly displayed on a website without the permission of Business Insurance.

To obtain information on reprints, contact [email protected]

The market’s net capacity has grown, “so we haven’t had challenges meeting our clients’ demands. It’s just a matter of us staying on top of those market changes and taking advantage of opportunities for our clients.”Glenn Spencer, Lockton Cos. L.L.C.

Rank Company 2016 revenue% increase (decrease)

1 Marsh & McLennan Cos. Inc. $3,043,000,000 6.3%

2 Aon P.L.C. $2,571,000,000 (0.6%)

3 Arthur J. Gallagher & Co. $1,094,054,000 11.0%

4 Brown & Brown Inc. $998,671,764 5.2%

5 Willis Towers Watson P.L.C. $957,000,000 (6.1%)1

6 Hub International Ltd. $739,854,000 16.3%

7 Alliant Insurance Services Inc. $694,168,814 25.2%

8 Lockton Cos. L.L.C. $665,880,000 4.8%

9 BB&T Insurance Holdings Inc. $549,838,000 (14.3%)

10 USI Insurance Services L.L.C. $500,527,551 10.1%

LEADING U.S. COMMERCIAL RETAIL BROKERSRanked by 2016 commercial retail brokerage revenue from U.S. offices*

*Excludes revenue from placement of employee benefits; 12015 restatedSource: BI survey



Outside of market trends, some bro-kers have come under fire recently from a high-profile insurer executive. In his annual letter to shareholders, Chubb Ltd. Chairman and CEO Evan G. Greenberg slammed the “abusive behavior” of some brokers. He said brokers, particularly in the London market, charge excessive commissions and force un-derwriters to “succumb to the lowest com-mon denominator” and warned that brokers could be “disintermediated.”

The criticism may be a feature of the soft market and was unlikely to have much effect in the short term, said Mr. Newsome of San-dler O’Neill.

“It’s not an issue in the short term, but it is an issue in the long term as our world is changing and, looking across all businesses, people want to lower costs in general,” he said.

Market forces do influence compensation, said Meyer Shields, managing director at Keefe, Bruyette & Woods Inc. in Baltimore.

“If companies end up being unprofitable because the rates they’ve accepted are too low, that’s not the broker’s fault. I’m sym-pathetic to the concern, but I don’t think there’s anything to complain about in terms of what the brokers are doing,” he said.

“While broker remuneration models vary across regions, it’s important to remember the market has evolved and insurance trans-actions have changed,” Willis Towers Wat-son P.L.C. CEO John Haley said in an emailed statement. “The role of the broker is no lon-ger as a simple risk transfer intermediary. Now, we have an entire value chain that we build as a broker and the risk transfer does not happen until the very end. Across risk assessment, analytics and global resources, the way we bring risks to the marketplace is very different today and when brokers achieve the best value for a client, we think it’s mutually beneficial.”

Some London brokers are also coming under regulatory scrutiny. In April, Jardine Lloyd Thompson Group P.L.C., UIB Group,

Marsh Ltd., Aon P.L.C. and Willis Ltd., the U.K. brokerage subsidiary of Willis Towers Watson P.L.C., all acknowledged that they are being investigated by the U.K.’s Finan-cial Conduct Authority for allegedly sharing competitively sensitive information within the aviation and insurance sectors.

None of the brokers would comment be-

yond statements they made at the time. An FCA spokeswoman said the authority does not comment on ongoing investigations.

Gloria Gonzalez, Judy Greenwald, Rob Lenihan, Matthew Lerner and Sarah Veysey contributed to this report.

“The role of the broker is no longer as a simple risk transfer intermediary. Now we have an entire value chain that we build as a broker.”John Haley, Willis Towers Watson P.L.C.

Rank Company2016 employee

benefits revenue% increase (decrease)

% of 2016 revenue

1 Marsh & McLennan Cos. Inc. $4,323,000,000 0.2% 32.7%

2 Willis Towers Watson P.L.C. $3,908,000,000 (1.1%)* 49.6%

3 Aon P.L.C. $2,762,000,000 4.0% 23.7%

4 Arthur J. Gallagher & Co. $893,547,000 11.3% 16.0%

5 NFP Corp. $546,000,000 3.0% 56.3%

6 USI Insurance Services L.L.C. $455,160,360 3.2% 43.4%

7 Lockton Cos. L.L.C. $425,840,000 11.7% 29.7%

8 Hub International Ltd. $380,364,000 16.7% 23.1%

9 Jardine Lloyd Thompson Group P.L.C.1 $370,480,110 (12.9%) 23.8%

10 Brown & Brown Inc. $277,499,821 6.7% 15.7%

LARGEST BENEFITS BROKERSRanked by 2016 global benefits revenue

*2015 restated; 1British pound = $1.2337Source: BI survey

Rank Company2016 broker

revenue% increase (decrease)

1 Hub International Ltd. $1,648,795,000 12.1%

2 Lockton Cos. L.L.C. $1,425,251,000 7.3%

3 USI Insurance Services L.L.C. $1,030,124,263 0.2%

4 NFP Corp. $969,599,000 6.8%

5 Alliant Insurance Services Inc. $966,769,832 16.7%

6 AssuredPartners Inc. $841,112,936 47.5%

7 Acrisure L.L.C. $639,312,851 55.7%

8 BroadStreet Partners Inc. $423,200,000 25.7%

9 Integro Group Holdings L.P. $276,316,000 (0.2%)

10Edgewood Partners Insurance Center, dba EPIC Insurance Brokers & Consultants

$258,273,000 31.8%

LARGEST PRIVATELY OWNED BROKERS*

*Companies that derive more than 49% of revenue from personal lines are not ranked.Source: BI survey



2017 rank

2016 rank Company/address Phone/website Officers

2016 brokerage revenue %

incr

ease

(d

ecre

ase)

Empl

oyee

s

Offic

es

Com

mer

cial

Who

lesa

le

Rein

sura

nce

Pers

onal

line

s

Empl

oyee

ben

efits

Serv

ices

Inve

stm

ents

Othe

r

1 1Marsh & McLennan Cos. Inc. 1166 Avenue of the Americas New York, NY 10036

212-345-5000 www.mmc.com

Daniel S. Glaser, president/CEO

$13,229,000,000 2.5% 60,000 669 45.2% 0% 8.6% 0% 32.7% 13.5% 0.2% (0.3%)

2 2Aon P.L.C. 122 Leadenhall St. London EC3V 4AN, England

44-207-623-5500 www.aon.com

Gregory C. Case, president/CEO

$11,605,000,000 (0.5%) 69,000 540 42.3% 0% 11.8% 0% 23.7% 22.0% 0.2% 0%

3 3Willis Towers Watson P.L.C. 51 Lime St. London EC3M 7DQ, England

44-203-124-6000 www.willistowerswatson.com

John Haley, CEO; Roger Millay, CFO

$7,778,000,000 (4.3%) 41,500 500 26.3% 4.4% 10.0% 0.8% 49.6% 7.5% 0% 1.4%

4 4Arthur J. Gallagher & Co. 2850 W. Golf Road Rolling Meadows, IL 60008

630-773-3800 www.ajg.com

J. Patrick Gallagher Jr., chairman/president/CEO

$4,186,100,000 4.9% 24,790 600 32.7% 9.9% 0% 3.4% 16.0% 12.8% 25.2% 0%

5 6

BB&T Insurance Holdings Inc. 389 Interpace Parkway Fourth Floor Parsippany, NJ 07054

862-286-3500 www.insurance.bbt.com

John Howard, chairman/CEO

$1,809,175,000 7.9% 7,004 109 29.2% 48.5% 0.1% 7.9% 10.3% 0% 0.4% 3.6%

6 7Brown & Brown Inc. 220 S. Ridgewood Ave. Daytona Beach, FL 32114

386-252-9601 www.bbinsurance.com

J. Powell Brown, president/CEO

$1,762,787,105 6.4% 8,297 237 56.5% 11.8% 0% 6.9% 15.7% 8.8% 0.1% 0.1%

7 8Hub International Ltd. 300 N. LaSalle St., 17th Floor Chicago, IL 60654

877-402-6601 www.hubinternational.com

Martin P. Hughes, chairman/CEO

$1,648,795,000 12.1% 8,730 399 56.0% 4.5% 0% 15.6% 23.1% 0.7% 0.1% 0%

8 5

Jardine Lloyd Thompson Group P.L.C. The St. Botolph Building 138 Houndsditch London EC3A 7AW, England

44-207-528-4444 www.jlt.com

Geoffrey Howe, chairman; Dominic Burke, group chief executive

$1,550,390,7901 (8.7%) 5,460 115 38.4% 7.7% 19.9% 1.7% 23.8% 7.9% 0.5% 0%

9 9Lockton Cos. L.L.C.2 444 W. 47th St., Suite 900 Kansas City, MO 64112

816-960-9000 www.lockton.com

Glenn Spencer, president/CEO; David M. Lockton, executive chairman

$1,425,251,000 7.3% 6,500 89 62.5% 3.6% 2.5% 1.1% 29.7% 0% 0.6% 0%

10 11USI Insurance Services L.L.C.3 200 Summit Lake Drive Valhalla, NY 10595

914-749-8500 www.usi.com

Michael J. Sicard, chairman/president/CEO

$1,030,124,263 0.2% 4,353 140 47.7% 0% 0% 7.1% 43.4% 0% 0.1% 1.7%

WORLD’S 10 LARGEST INSURANCE BROKERSRanked by 2016 brokerage revenue

*Percentage of revenue may not add up to 100% due to rounding; 1British pound = $1.2337; 2Fiscal year ends April 30; 3On June 27, USI Insurance Services L.L.C. said it had agreed to purchase Wells Fargo Insurance Services USA Inc. The deal is expected to close in the fourth quarter and is not reflected in this ranking/directory.Source: BI Survey

PERCENTAGE OF REVENUE*



A DECADE OF GROWTH*The world’s 10 largest insurance brokers posted only a modest 0.4% growth in 2016. This is the smallest percentage growth since 2009, when there was a decrease of 3.7%. The group’s dollar gain was $191 million from 2015.

$25.9$27.7

$30.0 $28.9

$32.7

$35.2$36.2

$38.6

$41.1

$45.8 $46.0

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Source: BI survey

*In billions of dollars



2017 rank

2016 rank Company 2016 U.S.

brokerage revenue % increase (decrease)

1 1 Marsh & McLennan Cos. Inc.1 $6,614,500,000 4.5%

2 2 Aon P.L.C.1 $6,065,933,500 0.2%

3 3 Willis Towers Watson P.L.C. $3,733,440,000 (6.2%)

4 4 Arthur J. Gallagher & Co.1 $2,888,409,000 6.5%

5 5 BB&T Insurance Holdings Inc.1 $1,809,175,000 7.9%

6 6 Brown & Brown Inc.1 $1,762,787,105 6.4%

7 8 Hub International Ltd.1 $1,286,060,100 12.1%

8 10 Lockton Cos. L.L.C.2 $1,054,685,740 5.8%

9 9 USI Insurance Services L.L.C.1,9 $1,030,124,263 0.2%

10 7 Wells Fargo Insurance Services USA Inc.9 $980,800,000 (25.5%)

11 12 Alliant Insurance Services Inc.1 $966,769,832 17.0%

12 11 NFP Corp. $930,815,040 6.8%**

13 13 AssuredPartners Inc.1 $820,926,226 47.7%

14 14 Acrisure L.L.C.1 $639,312,851 55.7%

15 15 BroadStreet Partners Inc. $423,200,000 25.7%

16 16 Jardine Lloyd Thompson Group P.L.C.1,3 $248,062,526 (5.1%)

17 20 Edgewood Partners Insurance Center, dba EPIC Insurance Brokers & Consultants1 $245,359,350 25.5%

18 19 Leavitt Group1 $225,272,000 4.3%

19 18 CBIZ Benefits & Insurance Services Inc.1 $222,700,000 1.0%

20 17 Integro Group Holdings L.P.1 $221,052,800 (0.2%)

21 23 Paychex Insurance Agency Inc.4 $207,000,000 21.7%

22 27 Risk Strategies Co. Inc.1 $198,285,654 39.2%

23 21 Hays Group Inc., dba Hays Companies $193,400,000 5.5%

24 25 Insurance Office of America Inc.1 $177,353,744 23.7%

25 24 Crystal & Company $163,102,500 3.9%

2017 rank



26 28 Holmes Murphy & Associates Inc.1 $159,141,215 15.8%

27 31 Higginbotham1 $155,052,063 17.5%

28 26 Meadowbrook Insurance Group Inc. $153,680,869 7.9%

29 36 Digital Insurance Inc., dba OneDigital Health and Benefits1 $147,907,507 27.0%

30 35 Cottingham & Butler Inc.1 $146,503,000 16.5%

31 29 The IMA Financial Group Inc. $146,308,389 9.7%

32 33 Cross Financial Corp., dba Cross Insurance1 $144,000,000 12.3%

33 32 Regions Insurance Group Inc. $141,823,035 8.4%

34 44 RKH Specialty5,6 $136,241,499 42.6%

35 34 Wortham Insurance & Risk Management1 $126,757,030 0%

36 38 Hylant Group Inc. $120,554,989 7.7%

37 42 Woodruff-Sawyer & Co.1 $119,150,000 13.3%**

38 37 BancorpSouth Insurance Services Inc.1 $113,798,569 (0.7%)**

39 43 PayneWest Insurance Inc. $109,144,450 10.9%

40 40 Heffernan Group1 $105,001,120 (2.5%)

41 45 Assurance Agency Ltd. $99,568,112 13.1%

42 47 Ascension Insurance Inc.1 $89,027,000 7.6%

43 46 Insurica Inc.1 $86,782,717 1.4%

44 50 Prime Risk Partners Inc.1 $86,507,000 13.0%

45 NR The Hilb Group $84,799,495 N/A

46 48 Insurors Group L.L.C. $81,600,000 4.9%

47 49 Associated Benefits and Risk Consulting $80,993,794 4.9%

48 51 Frenkel Benefits L.L.C., dba Frenkel & Co. $76,472,000 5.4%

49 52 Eastern Insurance Group L.L.C.1 $74,779,865 6.2%

50 53 Oswald Cos.1 $72,369,000 9.9%

100 LARGEST BROKERS OF U.S. BUSINESS (1-50)*Ranked by 2016 brokerage revenue generated by U.S.-based clients

*Companies that derive more than 49% of their gross revenue from personal lines are not ranked; **2015 restated; NR = Not ranked in 2016; N/A = Not available; 1Reported U.S. acquisitions in 2016; 2Fiscal year ending April 30; 3British pound = $1.2337; 4Fiscal year ending May 31; 5British pound = $1.3015; 6Fiscal year ending Sept. 30; 7Fomerly First Niagara Risk Management Inc; 8Fiscal year ending Aug. 31; 9On June 27, USI Insurance Services L.L.C. said it had agreed to purchase Wells Fargo Insurance Services USA Inc. The deal is expected to close in the fourth quarter and is not reflected in this ranking/directory. Source: BI survey



2017 rank



51 56 Propel Insurance $70,844,000 14.1%

52 55 Marshall & Sterling Enterprises Inc.1 $70,591,449 10.6%

53 59 Horton Group Inc.1 $65,408,104 9.7%

54 57 Lawley Service Inc.1 $65,162,058 5.2%

55 63 TrueNorth Cos. L.L.C.1 $63,777,000 20.9%**

56 60 Houchens Insurance Group1,6 $62,774,780 7.8%

57 58 Huntington Insurance Inc. $59,290,110 (1.4%)

58 54 Key Insurance & Benefits Services Inc.7 $59,139,783 (9.4%)

59 68 Towne Insurance Agency L.L.C. $54,228,923 14.6%

60 66 M3 Insurance Solutions Inc. $54,228,830 8.4%

61 76 ABD Insurance & Financial Services Inc. $52,241,938 21.8%

62 64 William A. Graham Co., dba The Graham Co. $52,137,792 2.6%

63 61 Sterling & Sterling L.L.C., dba SterlingRisk $51,456,000 (2.3%)

64 67 James A. Scott & Son Inc., dba Scott Insurance $51,103,000 2.9%

65 62 Bowen, Miclette & Britt Inc. $50,611,066 (3.7%)

66 69 LMC Insurance & Risk Management Inc.1 $50,269,372 6.4%

67 73 Parker, Smith & Feek Inc. $49,904,000 11.1%

68 72 Starkweather & Shepley Insurance Brokerage Inc. $49,592,000 9.6%

69 65 Frost Insurance Agency Inc. $48,477,224 (3.4%)

70 70 Poms & Associates Insurance Brokers Inc. $47,215,000 2.3%

71 71 Riggs, Counselman, Michaels & Downes Inc. $46,833,209 3.0%

72 75 Moreton & Co. $46,529,000 7.4%

73 78 Bolton & Co. $45,353,147 8.2%

74 79 M&T Insurance Agency Inc. $44,760,000 14.2%

75 74 The Mahoney Group $41,979,934 (3.5%)

2017 rank



76 82 Gowrie Group1 $40,990,950 13.9%

77 81 Bouchard Insurance Inc., dba Roger Bouchard Insurance Inc. $40,331,910 10.6%

78 NR Professional Insurance Associates Inc. $40,000,000 N/A

79 80 Robertson Ryan & Associates Inc. $38,698,598 5.0%

80 87 Lovitt & Touche Inc.1 $36,921,430 14.2%

81 105 Baldwin Risk Partners1 $36,453,898 49.7%

82 85 Armfield, Harrison & Thomas Inc., dba AHT Insurance $36,389,118 8.1%

83 84 James G. Parker Insurance Associates4 $35,800,000 3.5%

84 83 Charles L. Crane Agency Co. $35,088,000 0.2%

85 98 PacWest Alliance Insurance Services Inc. $34,517,760 27.0%

86 93 Ansay & Associates L.L.C.1 $34,488,898 16.9%

87 86 The Loomis Co. $33,418,000 3.3%

88 90 Tolman & Wiker Insurance Services L.L.C. $33,141,582 7.3%

89 88 SullivanCurtisMonroe Insurance Services L.L.C. $32,940,000 2.6%

90 97 R&R Insurance Services Inc.1 $31,600,000 12.1%

91 NR Sterling Seacrest Partners Inc.1 $31,555,000 N/A

92 NR People’s United Insurance Agency Inc. $31,431,000 7.6%

93 89 Haylor, Freyer & Coon Inc.8 $30,816,432 (0.9%)

94 96 MJ Insurance Inc.8 $29,901,423 3.3%

95 92 PSA Financial Services Inc.1,2 $29,667,702 0.4%

96 94 Tompkins Insurance Agencies Inc. $29,295,000 1.8%**

97 95 Rich & Cartmill Inc. $29,197,164 (0.4%)

98 100 Shepherd Insurance L.L.C.1 $28,447,325 7.8%

99 101 Kapnick Insurance Group $28,032,000 7.3%

100 91 Underwriters Safety & Claims Inc., dba The Underwriters Group $27,835,830 (7.6%)

100 LARGEST BROKERS OF U.S. BUSINESS (51-100)*Ranked by 2016 brokerage revenue generated by U.S.-based clients

*Companies that derive more than 49% of their gross revenue from personal lines are not ranked; **2015 restated; NR = Not ranked in 2016; N/A = Not available; 1Reported U.S. acquisitions in 2016; 2Fiscal year ending April 30; 3British pound = $1.2337; 4Fiscal year ending May 31; 5British pound = $1.3015; 6Fiscal year ending Sept. 30; 7Fomerly First Niagara Risk Management Inc; 8Fiscal year ending Aug. 31; 9On June 27, USI Insurance Services L.L.C. said it had agreed to purchase Wells Fargo Insurance Services USA Inc. The deal is expected to close in the fourth quarter and is not reflected in this ranking/directory. Source: BI survey



Marsh & McLennan Cos. Inc. grew through a com-bination of organic growth and acquisitions in 2016 amid a tough pricing environment that is not expect-

ed to end anytime soon.New York-based Marsh & McLennan’s 2016 brokerage

revenue increased 2.5% to $13.23 billion, keeping it atop the Business Insurance broker rankings.

Last year marked the company’s sixth consecutive year of underlying organic growth greater than 3%, which Peter Zaffino, CEO of Marsh L.L.C. and chairman of the risk and insurance services segment of Marsh & McLennan, attributed to the broker’s ability to acquire new clients, geographic distribution, middle-market expansion strat-egy and investments made in previous years paying off in 2016.

The company has reported strong organic revenue growth in its brokerage division, and its reinsurance unit has also fared well despite pricing headwinds, said Elyse Greenspan, equity research analyst and director with Wells Fargo Securities in New York.

“Externally, things could be better, but there’s not a whole lot to complain about internally,” said Meyer Shields, managing director at Keefe, Bruyette & Woods Inc. in Baltimore.

“The two issues that are most important are insurance pricing and general economic growth. In that context, we’re still seeing steady progress,” Mr. Shields said.

Rate decreases have become more orderly, meaning reductions have moderated in the low- to mid-single-digit range, Mr. Zaffino said.

“Do we expect to continue to see rate decreases? We do,” he said. “We think that’s the environment we’re going to be in for the next couple of years.”

Marsh & McLennan units made 15 acquisitions in 2016, spending about $901 million on the deals, according to stock market filings.

Seven of the deals added to its middle-market unit Marsh & McLennan Agency L.L.C., two involved Marsh and six related to its consulting units.

Marsh & McLennan Agency also announced in January that it had acquired J. Smith Lanier & Co., a West Point, Georgia-based brokerage that reported $132.9 million in U.S. brokerage revenue in 2015.

Including J. Smith Lanier, Marsh & McLennan Agency made four acquisitions in the first quarter of 2017, for about $509 million, according to stock market filings.

The firm “has been pretty disciplined in how it uses its capital, really balancing acquisitions against share repur-chase,” Ms. Greenspan said.

The expansion of the middle-market business has been a consistent theme at the company for almost 10 years, with more than 50 acquisitions in the sector since 2009.

“They’ve made investments in the middle market that are starting to pan out,” said Julie Herman, director at S&P Global Ratings in New York.

Ms. Herman said there is plentiful opportunity for addi-tional acquisitions with more than 30,000 brokers in the United States.

However, Paul Newsome, managing director at Sandler O’Neill & Partners L.P. in Chicago, said this expansion is “a little of a negative in the sense that there’s a lot of private equity demand for mid- and small-size brokerage operations, and companies like Marsh are competing with them. I think it’s harder and harder to make really good acquisitions in that world.”

Several top insurance brokers, including Marsh Ltd., are being investigated by the U.K.’s Financial Conduct Authority for allegedly sharing competitively sensitive information within the aviation insurance and reinsurance sectors.

Marsh & McLennan President and CEO Daniel Gla-ser declined further comment beyond statements made during the company’s quarterly earnings call in April, when he said the agency indicated it had reasonable grounds for its investigation and pledged the company’s full and complete cooperation.

Analysts view the investigation as a concern, but also say the aviation insurance market is unique and a certain amount of regulatory scrutiny is generally expected.

Gloria Gonzalez

2016 brokerage revenue:

$13.23 billion

Percentage increase (decrease):

2.5%

1 Marsh & McLennan Cos. Inc.

Peter Zaffino



Aon P.L.C. has seen significant changes over the past few months after unwinding a large portion of the benefits business it acquired seven years ago with the purchase

of Hewitt Associates Inc. The sale of its benefits outsourcing business to Black-

stone Group L.P. for $4.8 billion will allow Aon to focus on its core business of providing broking and consulting services, its senior management says.

The deal slimmed Aon down, with staff numbers reduced by about 20,000, and is expected to save Aon $400 million in annual costs, but the firm also added to its business over the past year through several smaller stra-tegic acquisitions, including a purchase in the burgeoning cyber risk management sector.

Aon reported brokerage revenue of $11.61 billion in 2016, a slight decrease from the prior year as it main-tained its No. 2 ranking on Business Insurance’s list of the world’s largest insurance brokers. The decrease was largely due to foreign exchange fluctuations, and organic growth on a consistent currency basis was 4%, said Michael J. O’Connor, CEO of Aon Risk Solutions, its large account brokerage unit.

“If you look at the macroeconomic and geopolitical pic-ture around the world, there’s been a lot of things going on in the past year, and that created opportunities for us in certain geographies and certain product areas … and then there were also places where there were some real headwinds, so I think we look at it as a solid year,” Mr. O’Connor said.

Aon reported similar organic growth rates in the first quarter of 2017, with much of the growth driven by its health solutions unit.

Going forward, the sale of the outsourcing unit will allow Aon to “double down on risk, retirement and health,” Mr. O’Connor said.

The deal with Blackstone was surprising, given how big a part of the Hewitt business it accounted for, but it’s too early to tell how it will affect Aon, said Paul Newsome, managing director, at Sandler O’Neill & Partners L.P. in Chicago.

“When the dust settles, you hope you have something that is faster-growing and has higher margins, but we don’t know to what extent that will be true and we’ll have to see how that develops over the next couple of quarters,” he said.

Aon will likely use most of the money it raised through the sale to repurchase shares, Mr. Newsome said.

The reduction in overall revenue may also affect Aon’s financial performance, according to analysts at Credit Suisse Securities (USA) L.L.C., which issued a research note on the outsourcing sale last month.

“For a mature industry defined by slow but stable growth and recurring revenues, size should also factor into valua-tion as well and one observation is that Aon’s revenue base has not been this small since 2010,” the note said.

While the deal will shrink Aon’s overall business, the firm made eight smaller acquisitions in 2016. Several of the deals involved health-related businesses, but on the risk management side, in October Aon bought Stroz Friedberg Inc., a New York-based firm specializing in cyber incident response and cyber security.

“We had industry-leading capabilities on cyber risk, but the reality was that there were still many unmet needs for our clients in terms of getting our hands around this topic,” Mr. O’Connor said.

In addition, to the purchase, Aon made some key hires in the cyber area, he said, including former FBI cyber security expert James C. Trainor as senior vice president, and Jason Hogg, a former private equity executive who specialized in cyber security investments, as head of its cyber solutions unit.

Like several other large brokers with London market operations, Aon is being investigated by the U.K.’s Finan-cial Conduct Authority for allegedly sharing competitively sensitive information within the aviation insurance sector.

Mr. O’Connor declined to elaborate on comments made when the investigation was disclosed in April, when the firm said it is working with the FCA and that the aviation broking sector under investigation represented less than $100 million of its global revenue.

Gavin Souter


$11.61 billion


(0.5%)

2 Aon P.L.C.

Michael J. O’Connor



Eighteen months after one the largest mergers in the insurance broking and consulting sector, Willis Towers Watson P.L.C. is looking to switch from integrating

two distinct businesses to growing as a unified company.The $18 billion deal, which brought together Lon-

don-based brokerage Willis Group Holdings P.L.C. and New York-based consulting firm Towers Watson & Co., was completed in January 2016. Since then, much of the management team’s efforts have focused on combining the businesses.

The process included some key leadership changes and the exit of several high-profile former Willis executives, including former Willis CEO Dominic Casserley, who had been deputy CEO of Willis Towers Watson after the merger. He left at the end of 2016, and in April pri-vate equity firm Warburg Pincus L.L.C. named him as a senior adviser in its financial services group.

Willis Towers Watson CEO John Haley, who previous-ly headed Towers Watson, said that 2016 was “essentially a year of building.”

“We did the merger and we put in place a lot of things that I think are going to position us well for 2017-2018 and beyond,” he said. “The first year of a merger, there’s always a little difficulty, but we feel like it’s put us in a very good position for starting 2017 now.”

Willis Towers Watson reported $7.78 billion in broker-age revenue in 2016, a 4.3% decrease from the prior year, yet it remains No. 3 in Business Insurance’s 2017 ranking of the world’s largest insurance brokers. The firm attributed the fall largely to foreign exchange fluctuations. On a constant currency basis, it reported 2% organic growth.

Paul Newsome, managing director at Sandler O’Neil & Partners L.P. in Chicago, said last year was a time of transition for the broker as it worked through the merger.

“They struggled with organic growth, revenue growth through the course of the year,” Mr. Newsome said. “It was not a horrible year for them; they did well in terms of meeting their adjusted margin targets and certainly seemed to put through an enormous effort in trying to restructure the combined business.”

But it is still too early to assess whether the merger has been a success from a financial viewpoint, Mr. Newsome said.

“I don’t think the merger will result in any serious finan-cial harm,” he said. “But I think it remains to be seen if it’s a really successful merger that added value from a shareholder perspective.”

Bruce Ballentine, lead analyst at Moody’s Investors Ser-vice Inc. in New York, said the brokerage made progress in merging the two organizations last year. “It’s a big effort for anybody to merge two roughly equal-sized firms,” Mr. Ballentine said. “They have a diversified global presence, and they are one of the big players in insurance broker-age and related advisory services, so we think they’ll get through the merger in good shape.”

Both Mr. Newsome and Mr. Ballentine said 2017 started well for Willis Towers Watson as it reported first-quarter revenue of $2.32 billion, a 3.8% increase from the year-earlier period. Net income in the first quarter of 2017 rose 43.7% to $352 million from $245 million a year ago.

“The company has a good market presence as the third-largest global broker, and metrics are gradual-ly improving as the company works through its various restructuring programs,” Mr. Ballentine said.

The leadership team is well-placed to grow the broker-age business, Mr. Haley said.

“I love the leadership team that we have in place now,” he said. “We took Todd Jones, who had been one of the co-heads of North America. We put him in charge of corporate risk and broking. Todd is sort of a broker’s bro-ker. In the short time he’s been in charge, he’s made an enormous difference in that operation, and it’s one of the reasons why we entered 2017 excited about where we’re headed.”

Like several other large brokers with London market operations, Willis Towers Watson is being investigated by the U.K.’s Financial Conduct Authority for allegedly sharing competitively sensitive information within the aviation insurance sector. Mr. Haley noted this was an ongoing investigation and said the brokerage is fully coop-erating with the FSA.

Rob Lenihan


$7.78 billion

Percent increase (decrease):

(4.3%)

3 Willis Towers Watson P.L.C.

John Haley



After spending the previous couple of years digesting some large international acquisitions, in 2016 — and so far in 2017 — Arthur J. Gallagher & Co. concen-

trated on its long-established strategy of buying numer-ous smaller agents and brokers and folding them into the larger organization.

Despite the high levels of competition for broker acqui-sitions, Gallagher continues to profitably bolt on smaller rivals and grow its business in a sluggish insurance mar-ket, analysts say.

In addition, the brokerage is investing in technology to help grow and streamline its business, its most senior executive says.

“They are largely done integrating the large internation-al acquisitions and are now doing lots and lots of bolt-on acquisitions,” said Paul Newsome, managing director at Sandler O’Neill & Partners L.P. in Chicago.

The international acquisitions in Australia, Canada, New Zealand and the United Kingdom in 2013 and 2014 expanded Gallagher’s global footprint, but concentrating on acquiring many smaller brokers is more in line with its traditional strategy, said Mark A. Dwelle, an analyst at RBC Capital Markets L.L.C. in Richmond, Virginia.

Those “bolt-on” acquisitions now include smaller bro-kers in the international markets Gallagher has expanded into, said J. Patrick Gallagher Jr., chairman, president and CEO of the brokerage.

“We are building a pipeline of acquisition opportunities and have closed some acquisitions in Australia, New Zea-land, the United Kingdom and Canada and, of course, in the United States,” he said.

Gallagher completed 37 acquisitions in 2016, repre-senting about $138 million in total revenue, as well as 12 deals in the first quarter of 2017, representing about $62.5 million in revenue, Mr. Gallagher said. Most of the deals were for brokerages that have less than $10 million in annual revenue, he said.

It’s largest acquisition in 2016 was San Francisco-based Altman & Cronin Benefit Consultants L.L.C., for which it paid $40.5 million plus future earnout payments, according to stock market filings.

Competition to buy brokers remains high, so “98% of our due diligence is on culture; we don’t do a deal to do a deal,” he said.

“We have a unique culture that emanates from being a family business — and we are buying family businesses — and that culture is one of teamwork, which allows us to naturally make sure that the best expertise that we have is at the point of the customer,” Mr. Gallagher said.

Despite the competition for M&As, Gallagher has largely been successful in finding profitable deals, said Mr. Dwelle of RBC Capital. “They take a long-term approach, and the deals are usually accretive to them once they get the synergies.”

But further increases in M&A prices could threaten that, said Mr. Newsome of Sandler O’Neill. “If prices continue to rise, they will not be able to complete acqui-sitions that are economically favorable,” he said.

Gallagher’s brokerage revenue grew 4.9% to $4.19 bil-lion in 2016, and it remains No. 4 on Business Insurance’s 2017 ranking of the world’s largest brokers. Gross reve-nue increased 3.7% to $5.59 billion.

In addition to investing in acquisitions, Gallagher is continuing to invest in technology, Mr. Gallagher said.

The brokerage has a cyber liability policy for small-to-medium accounts that binds 100 quotes a day based on a few underwriting questions and has no human involvement, and it plans to roll out the technology for many of its other smaller programs, he said.

“That doesn’t mean that a complex account that spends $2 million on their insurance is going to go online and click, click, click and be done. But the things that we do together are going to be more digitally based,” he said.

Meanwhile, Gallagher moved its headquarters earli-er this year and is now back in the Rolling Meadows, Illinois, building it left 27 years ago, though it has been completely refurbished and updated.

Gavin Souter


$4.19 billion


4.9%

4 Arthur J. Gallagher & Co.

J. Patrick Gallagher Jr.



While integrating a big wholesale insurance operation was the main task for management at BB&T Insur-ance Holdings Inc. in 2017, future expansion will

likely focus on its retail operations.The insurance unit of BB&T Corp. continues to be an

earnings driver for the bank, and the brokerage will like-ly benefit from its parent’s recent expansion efforts, its executives say.

Organic growth last year, however, remained limited as the soft insurance market continued.

The $500 million purchase of wholesaler Swett & Craw-ford was the main growth driver for BB&T insurance last year, said John Howard, chairman and CEO of the brokerage.

“For our overall company, the biggest driver of growth was the wholesale business, and it was driven by the April 1, 2016, acquisition of Swett & Crawford, which brought about $2 billion of premium volume,” Mr. Howard said.

The integration of the business is largely complete, and BB&T retained nearly all the Swett & Crawford produc-ers, he said.

“We’ve done our management, brand and agency com-binations, and the remaining synergies will occur as office leases come up for expiration,” Mr. Howard said.

With the addition of Swett & Crawford, BB&T Insur-ance reported brokerage revenue of $1.81 billion in 2016, a 7.9% increases over 2015. BB&T Insurance is the world’s fifth-largest broker in Business Insurance’s 2017 ranking.

BB&T Insurance can now focus on new business after digesting Swett & Crawford, said Brian Klock, managing director for Keefe, Bruyette & Woods Inc. in Boston.

“It seems the focus is now again about getting out there and generating revenue,” he said. “It looks like they are setting up for a good 2017.”

During the parent bank’s first-quarter earnings call, Christopher L. Henson, BB&T’s president, said the insurance unit would be an earnings driver.

“Certainly, one of the drivers next quarter will be insur-ance ... first quarter is always seasonally strong, but second quarter is actually our best quarter of the year. So, we see the possibility to be up in the 5% to 6% kind of range second quarter.”

Mr. Henson added that the insurance brokerage unit’s new business is offsetting soft markets.

“We’re very happy with the trends we’re seeing. While pricing is still down in the 3% to 4% range, our core organic growth is up 1%. So, we’re really outpacing the pricing through underlying new business growth,” he said on the earnings call.

“There was pretty decent growth in their fee income business, up 10% year over year. It was a good strong quar-ter, a little higher than we thought their insurance income would be,” Mr. Klock said.

“It provides a good source of relatively stable fee income, and it’s somewhat unique in the large banking space,” said Rian Pressman, director of global financial institutions ratings for Standard & Poor’s Financial Services L.L.C. in New York.

Mr. Howard sees growth coming from both new busi-ness and further acquisitions.

“I do expect to continue to grow organically and to con-tinue to grow through acquisitions,” he said. “We remain focused on driving profitable organic growth while we continue to consider acquisitions that expand our capa-bilities and our footprint.”

The Swett & Crawford deal left BB&T Insurance with a business split 53% in favor of wholesale, so the next acquisition would likely be in the retail brokerage sec-tor, he said. “On balance now we are tilted a little toward wholesale,” Mr. Howard said. “I would like to see retail acquisitions that would help us adjust that balance so that it tilts back toward retail.”

In the past few years, BB&T has acquired banks in southeast Florida, Texas, Kentucky, New Jersey and Pennsylvania, “all of which creates opportunity for us from an insurance brokerage standpoint,” Mr. Howard said. “I would like to find attractive acquisition opportunities that position us to serve those markets.”

Matthew Lerner


$1.81 billion

Percent increase:

7.9%

5 BB&T Insurance Holdings Inc.

John Howard



Brown & Brown Inc. continues to grow via small acqui-sitions and organic growth as it braces for changes in the political environment, such as the possible replace-

ment of Obamacare and pending tax reform from of a new presidential administration.

“The components of our growth over the past year was a combination of organic growth, driven by new business and expansion of the relationship with our customers, as well as acquisitions over the past 12 months,” said Andy Watts, the Daytona Beach, Florida-based company’s exec-utive vice president, chief financial officer and treasurer.

The firm reported $1.76 billion in total brokerage rev-enue for 2016, a 6.4% increase over 2015 figures, making it No. 6 in Business Insurance’s 2017 ranking of the world’s largest brokers.

For 2016, Brown & Brown also reported a 3% increase in organic revenue, with strong performance in each of the four segments of business: Its retail operations grew total revenue by 5.4%, with organic revenue growing 1.9%; the national programs segment reported total revenue growth of 4.6% and organic revenue growth of 4.2%; the wholesale brokerage segment grew total revenue by 12% and had the strongest organic growth of the four segments with 4.3%, despite downward premium pricing pressure in the coastal property market; and the services segment grew total revenue by 7.6% and organic revenue by 3.8%.

The first quarter of 2017 continued that upward trend, reporting 3.5% organic growth, according to company figures.

Elyse Greenspan, New York-based director at Wells Fargo Securities L.L.C., said it’s clear acquisitions and investing in the company are a focus for the company.

“They have been investing on the technological side … They are choosing to invest in the company,” she said

Mr. Watts said his firm is “looking to invest in all four of our divisions — investing in teammates, technology — to help further our business, or acquiring organizations that would give us new capabilities, geographic expansion or deepen relationships with carrier partners.”

Also, Mr. Watts reported eight small acquisitions in 2016; the new business added $58 million in aggregated annual revenue, according to the firm’s annual report.

Political changes could affect Brown & Brown further into 2017, especially on the benefits brokerage side of its business, he said.

“One of the areas that may be potentially impacted is the repeal and replace of Obamacare,” he said. “If there is modification, we will wait and see. Changes create uncer-tainty and opportunity.”

Ms. Greenspan said corporate tax reform — another key focus in President Donald Trump’s campaign besides health care — could further affect the broker, which only does business in the United States.

“If tax rates go down, they benefit,” she said. “(Their) stock did well after the election (as they are a) primary beneficiary of U.S. corporate tax reform.”

Louise Esola


$1.76 billion


6.4%

6 Brown & Brown Inc.

Brown & Brown “is looking to invest in all four of our divisions — investing in teammates, technology — to help further our business, or acquiring organizations that would give us new capabilities, geographic expansion or deepen relationships with carrier partners.”Andy Watts, Brown & Brown



Hub International Ltd. reported another year of dou-ble-digit revenue growth in 2016 as the private equi-ty-backed brokerage bought dozens of smaller rivals

across North America.That acquisition-fueled growth is expected to continue

as it targets large and small acquisitions and seeks growth opportunities in several specialty areas.

The Chicago-based brokerage, which is the largest pri-vately held brokerage, made 44 acquisitions in 2016 — one more than its 2015 tally. The purchases helped drive its brokerage revenue up 12.1% to $1.65 billion making it the world’s seventh-largest commercial insurance brokerage in Business Insurance’s 2017 ranking.

Hub tends to acquire “small to medium-size multiline insurance brokers and ancillary business. That has been their sweet spot,” said John Wicher, San Francisco-based principal at John Wicher & Associates Inc.

But the brokerage is also willing to consider large deals, said Martin P. Hughes, Hub’s chairman and CEO.

“We have always been an opportunistic company, and we had done both very large deals and small deals. We think about what makes most sense for the organization. It has to fit us strategically, culturally and financially. If it passes those three criteria, then we are willing to do a deal of any size,” he said.

The brokerage sector has seen a surge in merger-and-ac-quisition activity over the past several years, which has driv-en up prices for brokerage firms. However, the deals can still be profitable for the buyers, Mr. Hughes said.

“At the end of the day, people are going to measure the arbitrage between what’s being paid and what we or public brokers are able to recognize … As long as arbitrage exists, I would say they are definitely sustainable; if the arbitrage begins to shrink, they are not,” he said.

While M&A has driven much of Hub’s growth, organ-ic growth is important, too, he said. Hub recorded 2.5% organic growth in 2016, which is light for the brokerage, Mr. Hughes said.

“Typically if you would look at the results over the last seven years or so, Hub has always been near or at the top of the organic growth field. We think it’s important to do both of those well, and we do both of those well. For the first quarter of 2017 our organic growth was 5.5%,” said Mr. Hughes.

“They probably perform anywhere from slightly above average to above average in relation to their peers ... They are a very acquisitive company. I know, for example they will talk about how their compound annual growth rate going back 10 or 15 years has been double-digit, like around 15% and that their profit has grown by the same metric,” said Tim Cunningham, Chicago-based managing director of Optis Partners L.L.C.

Moving forward, Hub is concentrating on several spe-cialty areas, including entertainment, marine, construction and transportation.

“We have a listed a handful of specialty areas where we really want to do well, entertainment being one,” Mr. Hughes said. “We recently brought a brokerage firm, Glob-al Marine Insurance Agency, that does marine, yachts, and we see that as a fabulous growth opportunity for us. We see construction as another specialty arena. Transportation ... we will be doing that via a combination of strategic mergers and acquisitions of program companies in those arenas, as well bundling our own business.”

“As big as they are, it’s fairly easy to expand specialties,” said Mr. Cunningham.

Mr. Hughes said Hub’s employee benefits business, which grew to $380.3 million in revenue in 2016 from $326.0 million in 2015, is where it is seeing more growth. “We have seen more growth from a percentage standpoint in our employee benefits business than any of our other businesses,” he said.

In September, Hub named Marc Cohen president and Lawrence Lineker executive vice president of the broker. Both report directly to Mr. Hughes. “The key hire that we had to make when we rolled out that process is we had to replace Marc in Hub Northeast, where he was president. We hired a guy named Jim Collins who has replaced Marc. Everything else we have done has been internal,” he said.

Joyce Famakinwa


$1.65 billion


12.1%

7 Hub International Ltd.

Martin P. Hughes



London-based Jardine Lloyd Thompson Group P.L.C. saw brokerage revenue in its home currency rise, but reported in U.S. dollars the broker experienced a dip.

But against that challenging market backdrop, JLT con-tinued to expand its specialty operations in the United States.

JLT’s brokerage revenue was $1.55 billion for 2016, down from $1.70 billion in 2015. This caused JLT to slide into the No. 8 position in Business Insurance’s 2017 ranking of the top insurance brokers worldwide, down from No. 5 last year.

Even so, last year “was an important year, and I am pleased with the outcome of the business,” said Dominic Burke, CEO of JLT.

“As we entered into 2016, we faced the two major chal-lenges of continuing to build our U.S. specialty business and the corrective action in our U.K. employee benefits busi-ness,” he said. “These were the two big dynamics for 2016. And we are pleased that the market had confidence in us.”

“Less than four years ago, we were not on the ground in the United States. Now across our operations, we have 650 colleagues on the ground and 20-plus offices,” he said.

“We are very excited about the quality of people we are able to attract and the traction we are getting” in the United States, Mr. Burke said.

JLT continued to build out its U.S. specialty business, which posted revenue of $56 million in 2016, and that busi-ness is on track to deliver a profit in 2019, said Mr. Burke.

In late January, it bought a majority stake in U.S. con-struction and surety brokerage Construction Risk Partners L.L.C. This is an “outstanding” business, and the acquisi-tion is progressing well, he said.

Last year JLT shed 300 jobs in its U.K. employee bene-fits arm as part of a planned restructuring aimed at saving £14 million ($17.9 million) by 2017. That restructuring was prompted by the U.K. government’s Retail Distribu-tion Review, which reduced the commissions that could be earned on pensions.

During 2016, JLT sold the majority stake in its niche Thistle U.K. business, which catered largely to small to medium-size enterprises, to PIB Group Ltd.

“We need to be in areas where we can add value, so in 2016 we disposed of our U.K. Thistle operations,” Mr. Burke said. “Part of the rationale for this is that where transactions are commoditized, it is difficult to add value.”

There were some headwinds for insurance brokerages in 2016, he noted. For example, “commodity prices and rein-surance and insurance rates were challenges” during 2016, “and it is no secret that remains challenging for 2017.”

“In March, we said that we thought there might be a leveling off in rate declines, but that was a false dawn, and there continue to be rate reductions for July renewals,” Mr. Burke said.

Mr. Burke said he is not overly concerned about contin-ued insurer consolidation. While it is disruptive, “there is no shortage of capacity,” and as insurers consolidate, more capital fills the void, he said.

The concern about consolidation, and other trends such as insuretech and disintermediation in some areas, is the risk of losing expertise from the insurance industry, said Mr. Burke.

“Innovation can only come through expertise,” he said.JLT is one of the brokerages that is cooperating with the

U.K. regulator, the Financial Conduct Authority, as it looks into competition in the aviation insurance sector.

“I am unable to comment on the ongoing, industrywide investigation,” Mr. Burke said.

“My personal view is that the aviation market has always been, and continues to be, one of the most competitive marketplaces in which we trade — and that is healthy and helps our clients,” Mr. Burke said.

For the coming year, Mr. Burke said that emerging mar-kets will continue to be a focus for growth.

“I do aspire for JLT to be the world’s leading global spe-cialty broker,” he said.

Eamonn Flanagan, research analyst at Shore Capital Group in Liverpool, England, said that JLT continued to see momentum in 2016 and that its specialty operations withstood turmoil in the global energy and marine markets to deliver a profit.

Sarah Veysey


$1.55 billion


(8.7%)

8 Jardine Lloyd Thompson Group P.L.C.

Dominic Burke



Lockton Cos. L.L.C.’s position as one of the largest privately held brokers allows it to take the long view without worrying about short-term results, its executive

chairman says.Brokerages that are either publicly held or owned by

private equity firms as investments are by definition “very interested in near-term financial returns,” said David M. Lockton, executive chairman of the Kansas City, Missou-ri-based brokerage. “The Lockton family is interested in the next quarter of a century, not the next quarter.”

“The reality is that they have a business model which is different and effective for them,” said John Wicher, princi-pal of John Wicher & Associates in San Francisco.

“They historically have not required the same sort of earn-ings that other brokers require, and they’ve been prepared to invest in people,” Mr. Wicher said. And because they have not grown through acquisitions, the company has not required access to the capital markets, he added.

Lockton reported $1.43 billion in 2016 brokerage revenue, up 7.3% from a year earlier, and retained its No. 9 position in Business Insurance’s 2017 ranking of the world’s largest commercial insurance brokers. Gross revenue increased 7.2%, to $1.43 billion.

During the past year, the broker was “able to expand geographically and vertically through some of our areas of expertise,” said Mr. Lockton. The company opened in eight new U.S. locations — Sacramento, California; Miami, Tampa and Naples, Florida; Portland, Oregon; Greenville, South Carolina; Seattle; and Detroit — and internationally in Aguascalientes, Mexico, and Casablanca, Morocco.

It has also been increasing its presence in manufacturing, food processing and distribution, design and construction, health care and real estate.

“More clients are looking for in-depth knowledge of their industries. That’s been something we’ve been suc-cessful in delivering,” Mr. Lockton said.

“The property/casualty market is obviously soft, and we’re planning for it to be that way for the balance of the year. And although it’s challenging, we’ve managed to continue to grow and be resilient,” said Glenn Spencer, president and CEO of Lockton’s global operations.

One promising area of growth is in the cyber arena, said Mr. Lockton. “There’s a higher level of advice that (clients are) looking for on risk analysis, exposure, quantifying the risk — and more and more companies are buying insurance,” he said.

Mr. Lockton said the brokerage has a client retention rate of about 96%. “That’s an important measurement of our success for us,” he said.

Company executives are also proud that in December, Lockton was named the highest-performing insurance broker in Costa Mesa, California-based J.D. Power & Associates’ 2016 customer satisfaction survey of the large commercial sector.

Lockton has seen some major changes in its top echelon of executives within the past year. Mr. Spencer assumed his current position with John L. Lumelleau’s retirement, effective May 1.

Filling Mr. Spencer’s former spot as U.S. president and CEO, also effective May 1, is Kansas City, Missou-ri-based Peter Clune, who was previously executive vice president of operations.

In addition, Alistair Rivers will begin in August as Lon-don-based global head of transportation, while Miami-based Hiram Marrero was named executive vice president of operations. Both had previously been executives with Willis Towers Watson P.L.C.

“We hired about 1,000 associates globally last year, so we’re inviting in people all the time,” said Mr. Spencer.

“Our biggest challenge is not as much finding business as it is finding great people,” Mr. Lockton said.

Lockton did not make any major acquisitions this past year. “We’re open to acquisitions, but it will never be our predominant source of growth,” Mr. Lockton said.

If a potential acquisition allows Lockton to enter a new specialty, or if “there’s a good culture match, we’ll enter-tain that,” he said.

Judy Greenwald


$1.43 billion


7.3%

9 Lockton Cos. L.L.C.

David M. Lockton



USI Insurance Services L.L.C. changed hands again in 2017, but its new ownership may keep hold of the bro-ker for longer than a traditional private equity owner.

The deal should allow Valhalla, New York-based USI to focus on the long term and continue to grow the bro-kerage, experts say.

The $4.3 billion transaction announced in March is the third time USI has been bought by private equity inves-tors in the past 12 years. In 2007, GS Capital, a unit of Goldman, Sachs & Co. took the brokerage private in a $1.4 billion deal and in 2012 it sold it to Onex Corp. for $2.3 billion.

The most recent transaction was a little different, how-ever: Kohlberg Kravis Roberts & Co. L.P. partnered with Montreal-based pension fund Caisse de dépôt et place-ment du Québec to buy USI, but KKR used money direct-ly from its balance sheet rather than an investment fund.

“It’s not a typical KKR investment because it’s direct from the balance sheet. There is no fund with a time hori-zon and no investors who want their money back. So it’s not your typical private equity structure,” said Julie Her-man, a director for S&P Global Ratings in New York.

Private equity funds have flooded into the insurance brokerage sector over the past several years. The firms typically buy a brokerage, grow its revenues — often via acquisitions — and then sell it on to another investment group a few years later.

The latest deal, though, could bring advantages to USI, said Ms. Herman.

“I think the structure is very much set up to be a lon-ger-term investment than a traditional private equity investor or the traditional ownership structure of USI past,” Ms. Herman said. “Having the potential lon-ger-term investors gives USI more flexibility.”

Mike Sicard, chairman and CEO of USI, said the deal was designed to “keep USI private for the long-term future. That creates for USI a long-term view to invest and innovate.”

The new ownership structure not only distinguishes USI from it private-equity owned peers, but is a novel venture for KKR, he said.

USI reported brokerage revenue of $1.03 billion up slightly from 2015. The brokerage moved into 10th place in Business Insurance’s ranking of the world’s largest bro-kers for 2017, ahead of Wells Fargo Insurance Services USA Inc., whose revenues slipped. Bank-owned Wells Fargo Insurance is rumored to be for sale. USI bought 40 of Wells Fargo Insurance’s offices in 2014.

As USI seeks to grow further, it will continue to inte-grate its acquired operations, Mr. Sicard said.

“The unit functions as a whole as opposed to a collection of stand-alone entities,” he said.

“Some by design make acquisitions and leave the acquired entities very much alone. USI, on the other hand, brings acquired entities into the USI system. We think that paves the way for good organic growth over time,” said Bruce Ballentine, vice president and senior credit officer at Moody’s Investors Service Inc. in New York.

“They have a much more integrated operating model relative to a lot of their peers, especially since Sicard took over,” Ms. Herman said.

“I have a favorable view of USI and Mike Sicard … They have made a lot of strides from where they were several years ago,” she said noting that the brokerage has improved its organic growth rate.

The brokerage has invested heavily in employee benefits over the past several years and its future growth may be helped by uncertainly over health care reform efforts, Mr. Sicard said.

“Nobody can credibly say what the world is going to look like in five, six, seven, eight years from now, but what you can do is keep clients ahead of the curve, so we’ve invested heavily to do just that,” he added.

Matthew Lerner


$1.03 billion


0.2%

10 USI Insurance Services L.L.C.

Mike Sicard

“Having the potential longer-term investors gives USI more flexibility.” Julie Herman, S&P



AABD Insurance & Financial Services Inc.3 Waters Park Drive, Suite 100San Mateo, CA 94403 650-488-8565www.theabdteam.com

TYPE OF COMPANY: Private

2016 2015

Premium volume $683,000,000 $595,000,000

Gross revenue $52,241,938 $42,886,000

Brokerage revenue $52,241,938 $42,886,000

U.S. clients 100% 100%

Brokerage retail 44% 44.4%

Personal 2.7% 2.8%

Employee benefits 43.5% 52.69%

Services 3.4%

Other 0.22% 0.11%

Employees 220 183

Retail offices 8 6

OFFICE LOCATIONS: All U.S. states and territories

FOUNDED: 2011

PARENT: None

BUSINESS TYPE: Broker

RETAIL BROKERAGE: Commissions, 87.8%; fees, 12.2%.

SUPPLEMENTAL COMPENSATION: 8.6%, automatically.

OFFICERS: Brian Hetherington, co-chairman/CEO; Kurt de Grosz, co-chairman/president; Michael McCloskey, CFO.

CONTACT: Jane Paolucci, vice president-marketing; 415-798-2693 (office), 415-867-3514 (cell); [email protected].

ABM Insurance & Benefit Services Inc.333 North Sam Houston Parkway, Suite 750Houston, TX 77060 800-362-2809www.getagreatquote.com


2016 2015

Premium volume $35,000,000

Gross revenue $2,500,000

Brokerage revenue $2,500,000



Employee benefits 40% 57.14%

Retail offices 1

FOUNDED: 1988

OFFICERS: Mike Alexander Jr.

CONTACT: Mike Alexander, Jr.; [email protected].

Acrisure L.L.C.5664 Prairie Creek Drive SECaledonia, MI 49316 800-748-0351 www.acrisure.com


2016 2015

Premium volume $7,590,687,278 $4,017,022,399

Gross revenue $649,365,999 $414,775,675



Brokerage retail 61.95% 69.1%

Wholesale 2.5% 3.01%

Personal 14.09% 11.78%


Investment income 0.02% 0.04%

Other 1.53% 0.96%

Employees 2,966 2,170

Retail offices 179 68


FOUNDED: 2009

PARENT: Acrisure L.L.C.

BUSINESS TYPE: Agent/Broker


SUPPLEMENTAL COMPENSATION: 6.5%, on request of client.

ACQUISITIONS: Alaska: 1 agency (P/C); California: 33 agencies (22 P/C, 11 benefits); Connecticut: 1 agency (benefits); Florida: 4 agencies (2 P/C, 2 benefits); Georgia: 1 agency (benefits); Illinois: 4 agencies (3 P/C, 1 benefits); Maryland: 1 agency (P/C); Massachusetts: 2 agencies (P/C); Michigan: 8 agencies (6 P/C, 2 benefits); Missouri: 4 agencies (2 P/C, 2 benefits); Nevada: 3 agencies (2 P/C, 1 benefits); New Jersey: 7 agencies (2 P/C, 5 benefits); New York: 2 agencies (1 P/C, 1 benefits); North Carolina: 1 agency (P/C); Ohio: 2 agencies (P/C); Pennsylvania: 6 agencies (4 P/C, 2 benefits); Texas: 2 agencies (P/C); Washington: 1 agency (P/C).

OFFICERS: Gregory L. Williams, CEO; Michael Sherman, president; Dave Tuit, CFO; Matthew Schweinzger, chief acquisition officer.

CONTACT: Michael Sherman; 216-407-6014; [email protected].

A.I.G. Agency Inc.150 Weldon ParkwaySt. Louis, MO 63043 314-432-1812 www.aigagency.com


2016 2015

Premium volume $20,000,000 $20,000,000

Gross revenue $2,250,000 $2,300,000




Personal 20% 21.74%

OFFICE LOCATIONS: All U.S. states

FOUNDED: 1958


RETAIL BROKERAGE: Commissions, 100%.

SUPPLEMENTAL COMPENSATION: Does not disclose

OFFICERS: Gregory G. Wherry, president.

CONTACT: Gregory G. Wherry; 800-737-0100.

Alliant Insurance Services Inc.*1301 Dove St., Suite 200Newport Beach, CA 92660 949-756-0271www.alliant.com


2016 2015

Premium volume $10,317,319,403 $8,109,147,621

Gross revenue $967,845,449 $828,969,725


U.S. clients 100% 99.8%

Non-U.S. clients 0.02%


Wholesale 11.92% 14.89%

Personal 0.93% 0.64%


Services 3.07% 4.21%


Other 0.1% 0.07%




FOUNDED: 1925




ACQUISITIONS: Mesirow Insurance Services (MIS), July 2016; Farmin, Rothrock & Parrott (FRP), September 2016; Hecht Group, October 2016; Burkhardt Consulting, March 2017; SES Insurance Brokerage Services, April 2017.

OFFICERS: Thomas W. Corbett, chairman/CEO; Greg Zimmer, president; Peter Carpenter, senior executive vice president/COO.

CONTACT: Lynda Lane, senior vice president-corporate director, marketing and corporate communications; 949-260-5050; [email protected].*Acquired Mesirow Insurance Services Inc.

Directory of Agents & Brokers



Alper Services L.L.C.60 W. Superior St.Chicago, IL 60654 312-642-1000www.alperservices.com


2016 2015

Premium volume $98,410,000 $84,300,000

Gross revenue $9,707,000 $9,179,000



Non-U.S. clients 1% 1%






Employees 55 55

Retail offices 2 2


FOUNDED: 1966


RETAIL BROKERAGE: Commissions, 95%; fees, 5%.

SUPPLEMENTAL COMPENSATION: 5%, on request of client.

NONRETAIL SUBSIDIARIES: None

OFFICERS: Howard C. Alper, chairman/founder; David Macknin, president/CEO; Leslie Morse, COO.

CONTACT: David Macknin; 312-642-1000; [email protected].

American Casualty Insurance Agency111 W. Sixth St.Taylor, TX 76574 512-836-1395 www.acitx.com

TYPE OF COMPANY: Public

2016 2015




Reinsurance 2.26% 2.24%

Personal 64.52% 65.52%

Employees 50 50

Retail offices 3 3

OFFICE LOCATIONS: Colorado, Florida, Kansas, Nebraska, New York, North Carolina, Texas.

FOUNDED: 1981

BUSINESS TYPE: Agent

SUPPLEMENTAL COMPENSATION: Automatically

OFFICERS: Ralph Nannola, president/CEO; Lisa Nannola, vice president/principal; Karen Rubel, executive director.

CONTACT: Ralph Nannola; [email protected].

Ansay & Associates L.L.C.101 E. Grand Ave., Suite 11 Port Washington, WI 53074 262-377-6063 www.ansay.com


2016 2015

Gross revenue $34,522,123 $29,872,106




Personal 25.46% 24.7%



Other 0.05% 1%

Employees 225 220



FOUNDED: 1946



SUPPLEMENTAL COMPENSATION: 16.8%, does not disclose.

NONRETAIL SUBSIDIARIES: N/A

ACQUISITIONS: Servant Insurance Services, Inc., Oshkosh and Franklin, Wisconsin; Disher Insurance Services, Inc., Stevens Point, Wisconsin; Thomas Insurance Group, Oshkosh, Wisconsin.

OFFICERS: Michael Ansay, chairman/CEO; Thomas M. Schaetz, president/COO; Angela Sikowski, CFO.

CONTACT: Rachel Ansay, director-brand marketing and business development; 262-376-3126; [email protected].

Aon P.L.C.122 Leadenhall St.London, EC3V 4AN, England 44-207-623-5500 www.aon.com


2016 2015

Gross revenue $11,627,000,000 $11,682,000,000

Brokerage revenue $11,605,000,000 $11,661,000,000

U.S. clients 52.27% 51.9%

Non-U.S. clients 47.73% 48.1%




Services 21.99% 22.75%


Employees 69,000 69,000



FOUNDED: 1987


SUPPLEMENTAL COMPENSATION: On request of client*

ACQUISITIONS: Globe Events Management, Australia, Jan. 1, 2016; Modern Survey, Minneapolis, Feb. 1, 2016; Nexus Insurance Brokers Ltd., Bayfair Insurance Centre Ltd., New Zealand, April 11, 2016; Univers Workplace Solutions, Hammonton, New Jersey, June 1, 2016.

OFFICERS: Gregory C. Case, president/CEO; Christa Davies, executive vice president/CFO; Peter Lieb, executive vice president/general counsel.

CONTACT: Cybil Rose; 312-755-3537; [email protected].*As of July 2010, Aon announced it would again accept contingent commissions and other types of supplemental compensation.

Armfield, Harrison & Thomas Inc., dba AHT Insurance20 S. King St.Leesburg, VA 20175 703-777-2341 www.ahtins.com


2016 2015

Premium volume $437,923,967 $345,287,094

Gross revenue $36,268,194 $33,764,156







Employees 187 173

Retail offices 6 6


FOUNDED: 1921




OFFICERS: David L. Schaefer, president/CEO; Kate Armfield, executive vice president; Ned Sander, executive vice president; Steven Uno, executive vice president.

CONTACT: [email protected]

Ascension Insurance Inc.1277 Treat Blvd, Suite 650Walnut Creek, CA 94597 888-442-1332 www.ascensionins.com


2016 2015

Premium volume $751,600,000 $709,800,000

Gross revenue $89,071,000 $89,121,000







Services 17.69% 17.16%

Other 0.05% 7.14%

Employees 467 433


OFFICE LOCATIONS: Arizona, California, Florida, Georgia, Kansas, Massachusetts, North Carolina, Nevada, Utah, Virginia.

FOUNDED: 2007



PARENT: Ascension Insurance Holdings L.L.C.




ACQUISITIONS: Greenpoint Insurance Group Inc., Highpoint, North Carolina; Sept. 30, 2016; Yosemite Pacific Insurance Services L.L.C., Fresno, California; March 31, 2017.

OFFICERS: Joseph L Tatum Jr., CEO; Edward Nathan Page, president; Jamie Linden, CFO.

CONTACT: Edward Nathan Page; [email protected].

Associated Benefits and Risk Consulting6000 Clearwater DriveMinnetonka, MN 55343 952-945-0200 www.associatedbrc.com


2016 2015

Premium volume $1,226,266,000 $1,275,953,000

Gross revenue $81,131,604 $77,888,404






Services 0.8% 0.81%


Other 0.12% 0.75%

Employees 379 379


OFFICE LOCATIONS: Offices in three U.S. states; clients in 50 U.S. states.

FOUNDED: 1956

PARENT: Associated Banc-Corp.




OFFICERS: Dean Hildebrandt, CEO; Mickey Webb, COO; David Kappus, director-finance.

CONTACT: Dean Hildebrandt; [email protected].

Associated Insurance Agencies Inc.8355 Rockville RoadIndianapolis, IN 46234 317-271-8666 www.associated-insurance.com


2016 2015







Employees 7 7

FOUNDED: 1991



SUPPLEMENTAL COMPENSATION: 10%, automatically.

OFFICERS: Douglas R. Scudder, president; Randy Prock, vice president; Kim Shrout, vice president.

CONTACT: Doug Scudder; 317-271-8666; [email protected].

Assurance Agency Ltd.1750 East Golf RoadSchaumburg, IL 60173 847-797-5700 www.assuranceagency.com


2016 2015

Premium volume $906,469,000 $880,427,000

Gross revenue $100,015,265 $88,418,374






Services 1.9% 1.91%


Employees 440 381

Retail offices 3 3

OFFICE LOCATIONS: Illinois, Missouri.

FOUNDED: 1961




OFFICERS: Anthony D. Chimino, CEO; Daniel G. Klaras, president; Jacquelyn K. Gould, COO.

CONTACT: Steven A. Handmaker, chief marketing officer; 847-463-7176; [email protected].

AssuredPartners Inc.200 Colonial Center ParkwayLake Mary, FL 32746 407-804-5222 www.assuredptr.com


2016 2015

Premium volume $7,825,556,098 $5,305,033,766

Gross revenue $841,300,000 $570,326,869


U.S. clients 97.6% 97.5%




Reinsurance 0.83%

Personal 10.18% 11.38%


Services 11.07% 2.31%





FOUNDED: 2011




ACQUISITIONS: Please see www.assuredptr.com for acquisitions

OFFICERS: Jim Henderson CEO; Tom Riley COO.

CONTACT: Paul Vredenburg

Axion RMS Ltd.2651 Warrenville RoadDowners Grove, IL 60515 630-789-9508 www.axionrms.com


2016 2015

Premium volume $360,000,000 $380,000,000

Gross revenue $9,239,789 $10,256,542



Non-U.S. clients 1%

Brokerage retail 100% 100%

Employee benefits 100.18% 100%

Employees 37 34

Retail offices 1 2

FISCAL YEAR ENDING: June 30


FOUNDED: 2015




OFFICERS: James P. Lill, CEO; Suzanne Hammond, CFO; Tom Hutchinson, principal; Dan Hutchinson, vice president-operations; Jason Shirk, principal.

CONTACT: Suzanne Hammond; [email protected].

BBaldwin Risk Partners4010 W. Boy Scout Blvd., Suite 200Tampa, FL 33607 813-387-6842 www.bks-partners.com


2016 2015

Premium volume $617,000,000 $255,000,000

Gross revenue $36,453,898 $25,407,688




Personal 34.24% 40.79%


Investment income 0.01%

Other 12.2% 4.06%

Employees 226 174


FOUNDED: 2006






NONRETAIL SUBSIDIARIES: Fort Myers and Naples, Florida

ACQUISITIONS: Ryan Insurance & Financial, January 2017; D&M Insurance, February 2017; Affordable Home Insurance, March 2017; Bradenton Insurance, March 2, 2017.

OFFICERS: Trevor Baldwin, president.

CONTACT: Rachel Carr; 813-418-5166; [email protected].

BancorpSouth Insurance Services Inc.1 Mississippi Plaza200 S. Spring St.Tupelo, MS 38804228-563-8362 www.bxs.com


2016 2015

Premium volume $951,000,000 $965,000,910

Gross revenue $113,798,569 $114,681,864




Wholesale 4.95%





Employees 623 614


OFFICE LOCATIONS: Offices in eight U.S. states

FOUNDED: 1882

PARENT: BancorpSouth Inc.




NONRETAIL SUBSIDIARIES: Gumtree Wholesale Brokers Jackson, Mississippi.

ACQUISITIONS: Eustis Risk Management, Waguespack Insurance Agency.

OFFICERS: James Threadgill, vice chairman; Markham McKnight, president; Scott Naugle, chief administrative officer.

CONTACT: Scott Naugle; 228-563-6101; [email protected].

Bazzi & Partners S.p.A.Via Carlo Morini 4Casale Monferrato, 15033, Italy 39-01-42-33501 www.bazzipartners.com


2016 2015

Premium volume $38,388,176 $36,920,600

Gross revenue $5,029,980 $4,837,685


CURRENCY: Euro, converted at applicable exchange rate.

FOUNDED: 1982

PARENT: Nexxtra Holding S.p.A.


SUPPLEMENTAL COMPENSATION: On request of client

OFFICERS: Salvatore Bazzi, president; Tommaso Bazzi, CEO.

CONTACT: Tommaso Bazzi; [email protected].

BB&T Insurance Holdings Inc.389 Interpace Parkway, Fourth Floor Parsippany, NJ 07054 862-286-3500 www.insurance.bbt.com


2016 2015

Premium volume $21,682,603,000 $19,536,489,000

Gross revenue $1,884,079,000 $1,750,596,000




Wholesale 48.54% 43.21%

Reinsurance 0.11%




Other 3.58% 3.82%



OFFICE LOCATIONS: Offices in 30 U.S. states

FOUNDED: 1922

PARENT: BB&T Corp.




NONRETAIL SUBSIDIARIES: AmRisc L.P., Houston; CRC Insurance Services, Birmingham, Alabama; Crump Life Insurance Services, Harrisburg, Pennsylvania.

ACQUISITIONS: National Penn Insurance, Allentown, Pennsylvania.

OFFICERS: John Howard, chairman/CEO; David Pruett, CEO-retail division; Dave Obenauer, CEO-wholesale division.

CONTACT: Randolph B. Screen; chief insurance marketing sales executive; 919-716-9748; [email protected].

Bolton & Co.3475 E. Foothill Blvd., Suite 100Pasadena, CA 91107 626-799-7000 www.boltonco.com


2016 2015

Premium volume $616,349,963 $510,512,000

Gross revenue $45,353,147 $41,923,200





Personal 2.8% 2.82%




Other 0.01%

Employees 171

Retail offices 4 3

OFFICE LOCATIONS: U.S.

FOUNDED: 1931




ACQUISITIONS: None

OFFICERS: Ron Wanglin, chairman; Steve Brockmeyer, president/CEO; Mike Morey, COO.

CONTACT: Steve Brockmeyer; [email protected].

Boston Insurance Brokerage Inc.24 Federal St., Suite 400Boston, MA 02110 617-556-7000 www.bostonbrokerage.com


2016 2015

Premium volume $44,000,000 $40,000,000

Gross revenue $6,600,000 $6,000,000



Wholesale 46.67% 46.67%


Employees 16 16


FOUNDED: 2001



OFFICERS: Keith Driscoll, Jim Seward, Nick Creatore.

CONTACT: Gordon Bewick; 617-556-7027; [email protected].

Bouchard Insurance Inc., dba Roger Bouchard Insurance Inc.101 Starcrest DriveClearwater, FL 33765 727-447-6481 www.bouchardinsurance.com


2016 2015

Premium volume $443,633,502 $399,669,822

Gross revenue $40,834,294 $36,665,960



Brokerage retail 58.53% 60%

Personal 10.16% 11.68%



Other 0.71% 0.02%

Employees 226 219

Retail offices 5 5

FOUNDED: 1948





OFFICERS: Doug Bishop, CEO; Matt Elsey, CFO; Andy Davis, COO.

CONTACT: Matt Elsey; [email protected].

Bowen, Miclette & Britt Inc.1111 N. Loop W., Suite 400Houston, TX 77008 713-880-7100 www.bmbinc.com


2016 2015

Premium volume $439,661,025 $475,220,316

Gross revenue $51,330,290 $53,712,798


U.S. clients 99.6% 99.7%








Other 0.97% 0.54%

Employees 218 233

Retail offices 5 5

OFFICE LOCATIONS: Florida, Louisiana, Texas.

FOUNDED: 1981




NONRETAIL SUBSIDIARIES: Camden Premium Finance L.L.C., Houston; Horizons Managed Care L.L.C., Houston.

OFFICERS: David G. Miclette, chairman; Edward G. Britt Jr., president/CEO; Samuel F. Bowen, executive vice president.

CONTACT: Edward G. Britt Jr.; 713-880-7170; [email protected].

BroadStreet Partners Inc.580 N. Fourth St., Suite 450Columbus, OH 43215 614-993-3011 www.broadstreetcorp.com


2016 2015

Gross revenue $425,300,000 $338,400,000




Personal 15.52% 19.09%



Other 0.45% 0.48%



OFFICE LOCATIONS: Alabama, Arkansas, Connecticut, California, Colorado, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Kentucky, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Nebraska, New York,

North Carolina, Ohio, Oklahoma, Pennsylvania, South Carolina, Tennessee, West Virginia.

FOUNDED: 2002




OFFICERS: Rick Miley, president/CEO.

CONTACT: Rick Miley; 614-464-5126; [email protected].

Brown & Brown Inc.220 S. Ridgewood Ave.Daytona Beach, FL 32114 386-252-9601 www.bbinsurance.com


2016 2015

Premium volume $14,925,298,978 $14,089,639,789

Gross revenue $1,766,629,098 $1,660,509,317




Wholesale 11.82% 11.27%





Other 0.14% 0.15%



OFFICE LOCATIONS: Offices in 41 U.S. states, Bermuda, Grand Caymans, London.

FOUNDED: 1939




NONRETAIL SUBSIDIARIES: B&B Protector Plans Inc., Public Risk Underwriters of Florida Inc., USIS Inc., Hull & Co. L.L.C., MacDuff Underwriters Inc., Brown & Brown of Missouri Inc., Madoline Corp., Brown & Brown of Florida Inc., Preferred Governmental Claim Solutions Inc., AFC Insurance Inc., Brown & Brown Program Insurance Services Inc., Public Risk Underwriters of The Northwest Inc., Peachtree Special Risk Brokers L.L.C., Title Pac Inc., Proctor Financial Inc., American Specialty Insurance & Risk Services Inc., ECC Insurance Brokers Inc., Public Risk Underwriters of Indiana L.L.C., Public Risk Underwriters of New Jersey Inc., Public Risk Underwriters Insurance Services of Texas L.L.C., Allocation Services Inc., Public Risk Underwriters of Illinois L.L.C., Apex Insurance Agency Inc., Decus Insurance Brokers Ltd., Irving Weber Associates Inc., The Advocator Group L.L.C., Arrowhead General Insurance Agency Inc., American Claims Management Inc., YouZoom Insurance Services Inc., Texas Security General Insurance Agency Inc., American Claims Management-Atlantic Region L.L.C., OnPoint Underwriting Inc., ICA, L.P., Wright National Flood Insurance Co., Wright National Flood Insurance Services L.L.C., Wright Risk Management Co. L.L.C., Wright Specialty Insurance Agency L.L.C., Brown & Brown Programs (CA) Inc., Arrowhead Insurance Risk Managers L.L.C. fka Arrowhead Special.

ACQUISITIONS: Kronholm Commercial Insurance Inc., Glastonbury, Connecticut, Sept. 1, 2016; Hameroff & Associates Inc., Tampa, Florida, Oct. 1, 2016, The Insurance House Inc., Marietta, Georgia, Dec. 30, 2016.

OFFICERS: J. Powell Brown, president/CEO; R. Andrew Watts, executive vice president/treasurer/CFO; Robert W. Lloyd, executive vice president/corporate secretary/general counsel.

CONTACT: R. Andrew Watts; 386.239.8811; [email protected].

The Buckner Co. Inc.6550 S. Millrock Drive, Suite 300Salt Lake City, UT 84121 801-937-6700 www.buckner.com


2016 2015

Premium volume $213,174,027 $186,880,250

Gross revenue $26,263,335 $24,514,091







Other 1.12% 1.01%

Employees 160 156

Retail offices 5 5


FOUNDED: 1936




OFFICERS: Terry Buckner, president/CEO; Frank Lancaster, CFO; Christian Deputy, chief sales officer.

CONTACT: Frank Lancaster; 801-937-6700; [email protected].

CC & M First Services Inc.1501 Broadway, Suite 1506New York, NY 10036 212-221-3753 www.cmfirst.com


2016 2015






Wholesale 45.24% 45.22%

Personal 27.84% 24.35%

Services 4.76% 4.9%


Employees 24 23

Retail offices 1 1



FOUNDED: 1989




OFFICERS: Eric Cheng, president; Cathy Cheng, vice president; Amy Lee, marketing.

CONTACT: Eric Cheng; 212-221-3757; [email protected].

CBIZ Benefits & Insurance Services Inc.700 W. 47th St., Suite 1100Kansas City, MO 64112 816-945-5500 www.cbiz.com


2016 2015

Premium volume $2,762,000,000 $2,804,000,000

Gross revenue $269,000,000 $246,000,000






Services 11.3% 10.85%


Other 16.91% 10.12%



OFFICE LOCATIONS: Offices in 24 U.S. states

FOUNDED: 1996

PARENT: CBIZ Inc.




NONRETAIL SUBSIDIARIES: CBIZ M.T. Donahoe & Associates Inc., Columbia, Maryland; CBIZ Payroll, Roanoke, Virginia; CBIZ Special Risk Inc., San Diego; EFL Associates, Kansas City, Missouri.

ACQUISITIONS: Ed Jacobs & Associates, Cleveland, Tennessee, July 2016; Actuarial Consultants Inc., Torrance, California, November 2016; Flex-Pay, Winston-Salem, North Carolina, June 2016.

OFFICERS: Michael Kouzelos, president-CBIZ benefits and insurance services division; Robert A. O’Byrne, senior vice president-growth strategies; Carol Morris, CFO-CBIZ benefits and insurance services division.

CONTACT: Carol L. Morris, CFO-CBIZ benefits and insurance services division; [email protected].

Christensen Group Inc.11100 Bren Road W.Minnetonka, MN 55343 952-653-1000 www.ChristensenGroup.com


2016 2015



FOUNDED: 1952



OFFICERS: Bruce Christensen, CEO; Charles Christensen, CFO; William Finley, executive vice president.

CONTACT: Charles Christensen, CFO; [email protected].

Cleary Insurance Inc.226 Causeway St., Suite 302Boston, MA 02114 617-723-0700 www.clearyinsurance.com


2016 2015






Personal 25.53% 25%


Employees 26 26

Retail offices 3 3

FISCAL YEAR ENDING: Sept. 30

FOUNDED: 1981




ACQUISITIONS: Wedgwood, Crane & Connolly Insurance L.L.C., Somerville, Massachusetts.

OFFICERS: William J. Cleary III, president; John C. Bernardin, COO; Frank Morelli, CFO.

CONTACT: John C. Bernardin; 617-723-0700; [email protected].

Cobbs Allen115 Office Park Drive, Suite 200Birmingham, AL 35223 205-414-8100 www.cobbsallen.com


2016 2015

Premium volume $203,027,126 $221,607,000

Gross revenue $26,425,699 $35,080,695




Wholesale 1.28%





Other (0.94%) 0.86%

Employees 135 134

Retail offices 4 3

OFFICE LOCATIONS: Offices in four U.S. states

FOUNDED: 1887

PARENT: CAH Holdings Inc.




ACQUISITIONS: Houston, July 2016.

OFFICERS: Bruce S. Denson, chairman; H. Grantland Rice III, CEO; Bruce Denson, Jr., president.

CONTACT: Bruce S. Denson; [email protected].

Cottingham & Butler Inc.800 Main St., P.O. Box 28Dubuque, IA 52001 563-583-7301 www.cottinghambutler.com


2016 2015

Premium volume $1,179,726,000 $956,090,000

Gross revenue $147,256,000 $126,416,000




Personal 0.27% 0.3%


Services 42.7% 42.06%


Other 0.1% 0.11%

Employees 780 696


OFFICE LOCATIONS: Offices in 11 U.S. states; business offerings in all 50 U.S. states.

FOUNDED: 1887




ACQUISITIONS: Burnett Insurance Corp., Little Rock, Arkansas; Lare Area Community Healthplan L.L.C., Fergus Falls, Minnesota.

OFFICERS: John Butler, executive chairman; David Becker, president/CEO; Andrew Butler, vice chairman.

CONTACT: Dean F. Fair, senior vice president; [email protected].

Charles L. Crane Agency Co.100 N. Broadway, Suite 900St. Louis, MO 63102 314-241-8700www.craneagency.com


2016 2015

Premium volume $249,714,529 $248,786,727

Gross revenue $35,088,000 $35,029,007




Personal 15.06% 15.69%




Employees 245 245

Retail offices 4 4

OFFICE LOCATIONS: Illinois, Missouri.

FOUNDED: 1885






OFFICERS: Tom Berra Jr., president; Joel Karsten, secretary; Bill Purcell, treasurer.

CONTACT: Joel Karsten; 636-537-5079; [email protected].

Cross Financial Corp., dba Cross Insurance491 Main St.Bangor, ME 04401 207-947-7345 www.crossagency.com


2016 2015

Premium volume $851,300,000 $770,600,000

Gross revenue $144,000,000 $128,200,000




Personal 22.22% 21.53%



Employees 810 700



FOUNDED: 1954




ACQUISITIONS: Bardwell, Bowlby & Karam, Pittsfield, Massachusetts, May 2016; Sargent, Tyler & West, Bangor, Bucksport and Portland, Maine, July 2016; Colt Insurance, Pittsfield, Massachusetts, October 2016; J.P. Henderson, Portland, Maine, November 2016; Brown Thayer Shedd, Darien and New Canaan, Connecticut, November 2016; President Insurance Agency, Quincy, Massachusetts, January 2017; A.E. Barnes, South Weymouth, Massachusetts, May 2017.

OFFICERS: Royce M. Cross, president; Jonathan Cross, COO.

CONTACT: Royce Cross; [email protected].

Crystal & Company32 Old SlipNew York, NY 10005800-221-5830 www.crystalco.com


2016 2015

Gross revenue $164,750,000 $157,000,000



Non-U.S. clients 1%


Personal 14.72% 14.66%


Employees 475 475


OFFICE LOCATIONS: Serve clients in all U.S. states/territories; retail offices in New York, California, Florida, Oregon, Pennsylvania, Texas.

FOUNDED: 1933



OFFICERS: James W. Crystal, chairman/CEO; James F. Crystal, Sanford F. Crystal, Jonathan F. Crystal, executive vice presidents.

CONTACT: James W. Crystal; [email protected].

DThe Daniel & Henry Co.1001 Highlands Plaza Drive W., Suite 500St. Louis, MO 63110 314-421-1525 www.danielandhenry.com


2016 2015

Premium volume $204,860,555 $201,318,000

Gross revenue $26,470,000 $25,861,000




Personal 15.8% 15.34%



Other 0.01% 0.01%

Employees 183 176

Retail offices 3 3


FOUNDED: 1921




OFFICERS: Robert M. Harrison, president; Mary Kay Johnson, COO/senior vice president; John Drew, executive vice president.

CONTACT: Robert M. Harrison; [email protected].

Digital Insurance Inc., dba OneDigital Health and Benefits200 Galleria Parkway, Suite 1950Atlanta, GA 30339 770-250-2900 www.onedigital.com


2016 2015

Premium volume $4,631,819,317 $1,940,000,000

Gross revenue $148,277,115 $116,451,000





Services 0.27%

Employees 894 660



FOUNDED: 2000




NONRETAIL SUBSIDIARIES: Compass Consulting, Jacksonville, Florida; Deepview Solutions, Bellevue, Washington; Fahrenheit (HR Consulting), Richmond, Virginia.

ACQUISITIONS: MRCT, St Louis, Aug. 1, 2016; Mann & Watters, Wilmington, North Carolina, Aug. 1, 2016; SEBS MN, Minnesota, Sept. 1, 2016; FHR, Richmond, Virginia, Sept. 1, 2016; CTHA, Chevy Chase, Maryland, Dec. 1, 2016; Designing Benefits, San Francisco, Dec. 1, 2016; Deepview, Bellevue, Washington, Jan. 1, 2017; Oetgen, Savannah, Georgia, Jan. 1, 2017; Benefit Planning Group, Marietta, Georgia, Feb. 1, 2017; EMF, San Francisco, Feb. 1, 2017; Goldie, Houston, March 1, 2017.

OFFICERS: Adam Bruckman, president/CEO; Chuck Ristau, CFO; Mike Sullivan, CGO.

CONTACT: Elizabeth Chrane; [email protected].

Durham & Bates Agencies Inc.720 SW Washington St., Suite 250Portland, OR 97205503-224-5170 www.dbates.com


2016 2015








Employees 43 41

Retail offices 2 1

OFFICE LOCATIONS: All U.S. states, Canada.

FOUNDED: 1907




OFFICERS: Jeremy Andersen, CEO; Bill Hurst, president; Julie Greenley, CFO.

CONTACT: Christen Picot; 503-796-0291; [email protected].

EEastern Insurance Group L.L.C.233 W. Central St.Natick, MA 01760 508-651-7700 www.easterninsurance.com


2016 2015

Premium volume $718,033,980 $671,157,334

Gross revenue $75,393,568 $70,448,368




Personal 34.49% 34.93%





Employees 360 337



FOUNDED: 1935

PARENT: Eastern Bank Corp.


RETAIL BROKERAGE: Commissions, 100%


ACQUISITIONS: Patterson Insurance, Westwood, Massachusetts, Aug. 1, 2016; Chase & Lunt, Newburyport, Massachusetts, Feb. 1, 2017.

OFFICERS: Hope A. Aldrich, president/CEO; John F. Koegel, executive vice president-personal lines; Bill Gross, executive vice president-commercial lines.

CONTACT: John F. Koegel; [email protected].

Edgewood Partners Insurance Center, dba EPIC Insurance Brokers and Consultants135 Main St., 21st FloorSan Francisco, CA 94105 415-356-3900 www.epicbrokers.com


2016 2015

Premium volume $3,032,075,000 $2,295,400,000

Gross revenue $260,042,000 $196,862,000


U.S. clients 95% 99.8%

Non-U.S. clients 5% 0.2%



Personal 0.92% 1.2%



Other 0.56% 0.46%

Employees 1,004 793



FOUNDED: 2007

PARENT: Edgewood Partners Holdings L.L.C.




ACQUISITIONS: Equipment Rental, Benefit Compass, The Capacity Group.

OFFICERS: John Hahn, CEO; Pete Garvey, president; Karman Chan, CFO.

CONTACT: David Hock; 650-295-4608; [email protected].

FFBMC Benefits Management Inc.3101 Sessions Road Tallahassee, FL 32303 850-425-6200 www.fbmc.com


2016 2015

Premium volume $92,876,941 $93,470,216

Gross revenue $19,649,389 $19,817,718



Employee benefits 100% 100%

Employees 126 133

Retail offices 7 7


FOUNDED: 1976


OFFICERS: David Faulkenberry, president; Debra Tougas, CFO; Michelle Robleto, chief client officer.

CONTACT: Rick Farris, chief sales and marketing officer.

First Person Inc9000 Keystone Crossing, Suite 910Indianapolis, IN 46240 317-705-5900 firstpersonadvisors.com


2016 2015





Services 46.21% 45.06%

Employees 62 62

Retail offices 2 1

FISCAL YEAR ENDING: June 30


FOUNDED: 1997




OFFICERS: Hank Orme, president; Bryan Brenner, owner/CEO.

CONTACT: Bryan Brenner; 317-705-5900; [email protected].

Fisher Brown Bottrell Insurance Inc. 248 E. Capitol St., Suite 1200Jackson, MS 39215 601-960-7448 www.fbbins.com


2016 2015







Services 16.67% 16.06%


FOUNDED: 1936

PARENT: Trustmark Bank




OFFICERS: Scott Woods, president; Judy Grissom, operations; Robert Hahn, finance; Roger Elfert, agency development; Eric Donahoe, marketing; Mark Miranda, employee benefits.

CONTACT: Roger Elfert, manager-agency development; 601-960-7448; [email protected].

Frenkel Benefits L.L.C., dba Frenkel & Co.350 Hudson St.New York, NY 10014 212-488-0200 www.frenkel.com


2016 2015

Premium volume $1,419,148,000 $1,387,000,000

Gross revenue $76,552,000 $72,614,689









Other 0.02% 0.04%

Employees 240 244

Retail offices 6 6


FOUNDED: 1878

PARENT: Frenkel Benefits L.L.C.




OFFICERS: John Kelly, CEO; Joe Valenza, COO; Craig Hasday, president-benefits division.

CONTACT: Daniel Izraeli; 201-356-3387; [email protected].

Frost Insurance Agency Inc.100 W. Houston St.San Antonio, TX 78205 210-220-6420 www.frostbank.com


2016 2015

Premium volume $570,767,991 $613,000,000

Gross revenue $48,730,521 $50,245,070






Personal 13.04% 13.04%


Other 0.51% 0.08%

Employees 270 264

Retail offices 9 9

OFFICE LOCATIONS: Texas

FOUNDED: 1998

PARENT: Frost Bank




OFFICERS: Pat Frost, president/chairman.

CONTACT: Michelle York, executive vice president/compliance officer; 210-220-6556; [email protected].

Funk Gruppe GmbH*Valentinskamp 20Hamburg 20354, Germany 49-40-35914-535 www.funk-gruppe.com


2016 2015

Premium volume $1,371,760,000 $1,303,080,000

Gross revenue $158,280,000 $148,768,300







OFFICE LOCATIONS: Continental U.S. via Funk Alliance Network

FOUNDED: 1879



OFFICERS: Thomas Abel, Christoph Bulk, Yorck Hillegaart, Claudius Jochhelm, executive board members.

CONTACT: Anja Funk-Munchmeyes; [email protected].*Submitted via email by Yorck Hillegaart

GArthur J. Gallagher & Co.2850 W. Golf RoadRolling Meadows, IL 60008 630-773-3800 www.ajg.com


2016 2015

Gross revenue $5,594,800,000 $5,392,400,000








Services 12.82% 13.47%

Investment income 25.18% 26%

Employees 24,790 23,857


OFFICE LOCATIONS: Offices in 43 U.S. states and 33 countries.

FOUNDED: 1927




NONRETAIL SUBSIDIARIES: Visit company website for complete listing.

ACQUISITIONS: KRW Insurance Agency Inc., Crystal Lake, Illinois, June 1, 2016; The Buchholz Planning Corp., Madison, Wisconsin, June 1, 2016; Blue Horizon Insurance Services, San Diego, July 1, 2016; Brim A.B., Stockholm, July 1, 2016; Gabor Insurance Services Inc., Miami, July 1, 2016; Victory Insurance Agency Inc., Pearland, Texas, July 1, 2016; Orb Financial Services Ltd., Surrey, England, Aug. 1, 2016; Altman & Cronin Benefit Consultants L.L.C., San Francisco, Nov. 1, 2016; Argentis, London, Nov. 1, 2016; Regency Insurance Group Inc., East Lansing, Michigan, Nov. 1, 2016; Group Insurance Associates Inc., Metairie, Louisiana, Dec. 1, 2016; The MW Bagnall Co., Phoenix, Dec. 1, 2016; National Ethics Association, Carlsbad, California, Dec. 1, 2016; Construction Risk Solutions L.L.C., Hunt Valley, Maryland, Jan. 1, 2017; Hill, Chesson & Woody, Durham, North Carolina, Jan. 1, 2017; The Presidio Group Inc., Salt Lake City, Utah, Jan. 1, 2017; Commercial Insurance Brokers L.L.C., Tulsa, Oklahoma, April 1, 2017; Williams-Manny Insurance Group, Rockford, Illinois, May 1, 2017; 21 other acquisitions.

OFFICERS: J. Patrick Gallagher Jr., chairman/president/CEO; Douglas K. Howell, corporate vice president/CFO; James S. Gault, corporate vice president/chairman-global property/casualty brokerage operations.

CONTACT: Raymond Iardella, vice president-investor relations; [email protected].

Garzor Insurance4248 Town Center Blvd., Suite 1Orlando, FL 32837 321-206-8035 www.garzorinsurance.com


2016 2015

Premium volume $6,500,000 $5,540,000

Gross revenue $650,000 $550,000

Brokerage revenue $400,000 $225,000



Personal 45.45%

Employees 10

Retail offices 1

OFFICE LOCATIONS: Ocala, Florida

FOUNDED: 2008



OFFICERS: Mariana Zorrilla, agency principal; Mando Garcia, operations manager.

CONTACT: Mariana Zorrilla; 321-206-8035; [email protected].

Georgetown Insurance Service Inc.10010 Colesville Road, Suite ASilver Spring, MD 20901 301-681-9645 www.georgetownins.com


2016 2015







OFFICE LOCATIONS: Alabama, Arizona, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Hawaii, Illinois, Indiana, Kentucky, Maine, Maryland, Massachusetts, Michigan, Missouri, North Carolina, Nevada, New Jersey, New Mexico, New York, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, Washington, West Virginia, Wisconsin.

FOUNDED: 1977



SUPPLEMENTAL COMPENSATION: 8%, does not disclose.

OFFICERS: Remmie Butchko, CEO; Matt Simmons; vice principal; Lauri Schloz, agency principal.

CONTACT: Remmie Butchko; 301-681-9645; [email protected].

Gowrie Group70 Essex RoadWestbrook, CT 06498 860-399-5945 www.gowrie.com


2016 2015

Premium volume $310,537,000 $274,080,000

Gross revenue $41,405,000 $36,350,000



Non-U.S. clients 1%


Wholesale 32% 30.26%

Personal 28.44% 23.38%


Employees 166 160

Retail offices 9 7


FOUNDED: 1990



NONRETAIL SUBSIDIARIES: Maritime Program Group, Westbrook, Connecticut; Axiom Insurance Services, Atlanta.

ACQUISITIONS: Hartge Insurance Services, Sept. 1, 2016; Axiom Insurance Services, Oct. 1, 2016; International Marine Insurance Services, Nov. 1, 2016.

OFFICERS: S. Carter Gowrie, CEO/chairman; Ed Gumbrecht, president/COO.

CONTACT: Ed Gumbrecht; [email protected].



William A. Graham Co., dba The Graham Co.1 Penn Square W.Philadelphia, PA 19102 215-567-6300 www.grahamco.com


2016 2015

Premium volume $343,363,265 $312,859,440

Gross revenue $55,595,719 $52,391,006







Investment income 0.4%

Other 6.22% 3.56%

Employees 169 168


FOUNDED: 1950




OFFICERS: William A. Graham IV, CEO; Kenneth L. Ewell, president/COO; Michael J. Mitchell, vice chairman.

CONTACT: Kenneth L. Ewell, 215-701-5281, [email protected]; Ryan Cacciatore, executive assistant, 215-701-5318, [email protected].

GrECo International Holding A.G. Elmargasse 2-4 1190Vienna 1190, Austria 43-0-50404-175 www.greco-jlt.com


2016 2015

Premium volume $640,371 $653,060

Gross revenue $81,672 $84,483






Employees 760 790



OFFICE LOCATIONS: 16 European countries

FOUNDED: 1925



SUPPLEMENTAL COMPENSATION: Does not accept such compensation

ACQUISITIONS: Auctor Sollers; Serbia Interrsik, Serbia.

Officers: Fritz Neubrand, CEO; Georg Neubrand, CFO; F. Georg Winter, CTO.CONTACT: Petra Steininger; director communications; [email protected].

Gregory & Appel Insurance1402 North Capitol Ave., Suite 400Indianapolis, IN 46202 317-634-7491 www.gregoryappel.com


2016 2015

Gross revenue $23,500,000 $22,000,000







Employees 130 125


FOUNDED: 1884




OFFICERS: Dan Appel, chairman/CEO; Andrew Appel, president-property/casualty; Sheri Alexander, president-employee benefits; David Riley, CFO/COO.

CONTACT: Dan Appel; [email protected].

HHaylor, Freyer & Coon Inc.231 Salina Meadows, P.O. Box 4743Syracuse, NY 13212 315-451-1500 www.haylor.com


2016 2015

Premium volume $300,000,000 $305,200,000

Gross revenue $35,978,908 $35,174,458






Personal 12.16% 12.78%




Other 13.43% 10.67%

Employees 173 185

Retail offices 7 7

FISCAL YEAR ENDING: Aug. 31


FOUNDED: 1928




OFFICERS: James D. Freyer Jr., CEO/chairman; Mark McAnaney, CFO; Robert Rayo, president.

CONTACT: James D. Freyer, CEO; 315-451-1500; [email protected].

Hays Group Inc., dba Hays Companies80 S. Eighth St., Suite 700Minneapolis, MN 55402 612-333-3323 www.hayscompanies.com


2016 2015

Premium volume $2,030,000,000 $1,923,500,000

Gross revenue $194,825,000 $184,400,000







Other 0.06% 0.05%

Employees 745 723


OFFICE LOCATIONS: Offices in 25 U.S. states, offering brokerage services in all U.S. states.

FOUNDED: 1994




OFFICERS: James Hays, president/CEO; Michael Egan, president-Hays benefits; William Mershon, executive vice president.

CONTACT: Stephen Lerum, CFO; [email protected].

Heffernan Group1350 Carlback Ave., Suite 200Walnut Creek, CA 94596 925-934-8500 www.heffins.com


2016 2015

Premium volume $1,034,650,000 $1,019,590,000

Gross revenue $121,175,249 $113,600,500




Wholesale 20.65% 22.09%





Other 11.17% 5.41%

Employees 420 422


OFFICE LOCATIONS: Offices in four states, with the ability to provide service and coverage nationwide.

FOUNDED: 1988




NONRETAIL SUBSIDIARIES: Heffernan Investment Advisors, San Francisco; Tangram Insurance Services,



Petaluma, California; Trek Insurance Solutions, Chesterfield, Missouri; Heffernan Securities L.L.C., San Francisco.

ACQUISITIONS: BCA Insurance, Phoenix, April 2017.

OFFICERS: F. Mike Heffernan III, CEO; Dan Sebastiani, CFO; Stephanie Worden, secretary.

CONTACT: Jackie Pitchford, director-corporate communications; 925-942-4692; [email protected].

Higginbotham500 W. 13th St.Fort Worth, TX 76102 800-728-2374 www.higginbotham.net


2016 2015

Premium volume $2,348,091,000 $1,996,290,000

Gross revenue $155,221,401 $132,115,000







Other 0.11% 0.08%

Employees 840 692



FOUNDED: 1948




ACQUISITIONS: Davis Insurance Agency, Lufkin, Texas, Sept. 1, 2016; Book of business, Houston, Dec. 1, 2016; Insurance Associates of the Southwest, Houston, Dec. 1, 2016; Book of business, Houston, Jan. 1, 2017; Book of business, Oklahoma City, Jan. 1, 2017; Painter & Johnson Financial, Brownwood, Texas, May 1, 2017; Walker Myers Insurance Agency, San Antonio, Texas, May 1, 2017; Jeannette Blanton Insurance Agency, Ennis, Texas, June 1, 2017.

OFFICERS: Rusty Reid, president/CEO; Jim Krause, CFO.

CONTACT: John Ledyard; 817-349-2228; [email protected].

The Hilb Group8720 Stony Point Parkway, Suite 125 Richmond, VA 23235 804-414-6501 www.hilbgroup.com


2016 2015

Premium volume $559,867,841 $243,035,066

Gross revenue $84,799,495 $36,810,921




Personal 14% 14%


Employees 520 174


FOUNDED: 2009




OFFICERS: Robert J. Hilb, CEO; David Hobbs, president; Jason Angus, executive vice president/chief marketing officer.

CONTACT: Jason Angus, executive vice president/chief marketing officer.

Holmes Murphy & Associates Inc.3001 Westown ParkwayWest Des Moines, IA 50266515-223-6800 www.holmesmurphy.com


2016 2015

Premium volume $2,848,472,077 $2,459,938,387

Gross revenue $159,514,436 $137,756,550






Services 23.91% 18.11%




FOUNDED: 1932

PARENT: HMA Inc.




ACQUISITIONS: One in Kansas City, Missouri

OFFICERS: Daniel T. Keough, chairman/CEO; Dennis Bishop, president.

CONTACT: Daniel T. Keough

Horton Group Inc.10320 Orland ParkwayOrland Park, IL 60467 708-845-3000 www.thehortongroup.com


2016 2015

Premium volume $786,542,000 $620,830,978

Gross revenue $66,249,170 $59,832,623




Personal 8% 6.49%




Other 0.12% 0.06%

Employees 369



FOUNDED: 1971




ACQUISITIONS: William Holler (from Hays Companies), Chicago, Sept. 6, 2016; Secure Care of America, Bourbonnais, Illinois, Sept. 7, 2016.

OFFICERS: Glenn Horton, CEO; George Daly, COO; Tricia Pucek, CFO.

CONTACT: George Daly; 708-845-3311; [email protected].

Houchens Insurance Group 1240 Fairway St.Bowling Green, KY 42103 270-529-1397 www.houchensins.com


2016 2015

Premium volume $895,605,000 $833,454,874

Gross revenue $64,742,271 $58,227,077






Services 2.8% 8.86%


Employees 295 299



OFFICE LOCATIONS: All U.S. territories

FOUNDED: 2006

PARENT: Houchens Industries Inc.




ACQUISITIONS: Partial BOB, Assured Partners NL, Bowling Green, Kentucky; JLJ Insurance Services Inc., Lexington, Kentucky.

OFFICERS: Cecil Martin, president; Brian Sewell, secretary/treasurer; Andy Barker, director.

CONTACT: Gerald Heming; 270-781-2020, ext. 4247; [email protected].

Hub International Ltd.300 N. LaSalle St., 17th FloorChicago, IL 60654 877-402-6601 www.hubinternational.com


2016 2015

Premium volume $12,200,000,000 $10,873,367,594

Gross revenue $1,649,686,000 $1,471,839,000






Personal 15.57% 16.63%








OFFICE LOCATIONS: Offices in all U.S. states and Canada

FOUNDED: 1998

PARENT: Hellman & Friedman L.L.C.


SUPPLEMENTAL COMPENSATION: On request of client.

NONRETAIL SUBSIDIARIES: Beacon Underwriting, Salmon Arm and Langley, British Columbia; Cross Border Underwriting Services Inc., Toronto; Program Brokerage Corp., New York, Warwick, Rhode Island; RISC, Dallas; Totten, Toronto and Hamilton, Ontario; Winnipeg, Manitoba; Dartmouth, Nova Scotia.

ACQUISITIONS: Cowan Benefits, Brentwood, Tennessee; Gathings Insurance Services L.L.C., Ridgeland, Mississippi; Fred Chukes BoB, Riverside, California; RPG Solutions Inc., Raleigh, North Carolina; Laurie Borne BoB, Baton Rouge, Louisiana; Wendy Caldwell BoB, Great Falls, Montana; Columbian, New Lenox, Illinois; Equity Risk Partners, San Francisco; Unified Grocers, Riverside, California; Wescom BoB, Anaheim, California; Greene-Hazel, Jacksonville, Florida; Gwaltney Insurance, Anchorage, Alaska; Benefits Mart (Jean Russell), Wilmington, Massachusetts; Pickett Benefits, La Quinta, California; Harmony Insurance Ltd., Hinton, Alberta; Gonzales & Goenaga Inc., Puerto Rico; First Santa Fe Insurance Services, Albuquerque/Santa Fe, New Mexico; Lighthouse BoB, Michigan; 1st Alaska Insurance, Soldotna, Alaska; FirstBank Insurance Agency, Puerto Rico; Kuperman Insurance (Parq), Beverly Hills, California; Parq, Beverly Hills, California; Tenth Dot, Pittsburgh; HSBI Benefits Inc., Toronto; Keenan & Suggs, Columbia, South Carolina; Canadian Resource Insurance Solutions (CRIS), Sudbury, Ontario; Hickey & Associates BoB, Warwick, Rhode Island; Kristin Muir BoB (Alaska USA), Anchorage, Alaska; New Dimensions, Edmonton, Canada; Sarjeant Insurance, Barrie, Ontario; Patterson Insurance Brokers (PIB), Anchorage, Alaska; Norton Insurance, Portland, Maine; Tevis, Sacramento, California; Mayport Insurance, Portland, North Dakota; Sweet & Baker, San Francisco; Jamie Younger BoB, Newport Beach, California; Riviera Insurance, Santa Barbara, California; DFM Insurance Agency, Falmouth, Massachusetts; Doug Anders BoB (MDA Inc.), Kalispell, Montana; MDW, Coral Gables and Plantation, Florida; Global Marine, Michigan; Pinnacle Financial Group, Southborough, Massachusetts; Medley/Turrentine & Associates, Oklahoma City; Mark Biegler BoB (Stockman Insurance), Helena, Montana.

OFFICERS: Martin P. Hughes, chairman/CEO; Richard Gulliver, vice chairman; Marc Cohen, president.

CONTACT: Trey Biggs; 918-712-5295; [email protected].

Huntington Insurance Inc.37 W. Broad St.Columbus, OH 43215 888-576-7900 www.huntington.com


2016 2015

Premium volume $638,524,145 $681,647,236

Gross revenue $68,015,000 $68,860,000





Personal 30.02% 31.18%



Other 11.4% 11.38%

Employees 337 364


OFFICE LOCATIONS: Illinois, Indiana, Kentucky, Ohio, Michigan, Pennsylvania, West Virginia, Wisconsin. Can provide services to all U.S. states.

FOUNDED: 1866

PARENT: Huntington Bancshares Inc.




NONRETAIL SUBSIDIARIES: HBI Title Services Inc., Columbus, Ohio.

OFFICERS: Mary Beth Sullivan, president; Dennis Raab, senior vice president/COO; Michael Long, senior vice president/senior managing director-insurance sales leader.

CONTACT: Joe Lilley; [email protected].

Hylant Group Inc.811 Madison Ave.Toledo, OH 43603-1687 419-255-1020 www.hylant.com


2016 2015

Premium volume $1,684,615,000 $1,610,839,000

Gross revenue $122,689,368 $114,087,578









Other 0.05% 0.03%

Employees 668 627


OFFICE LOCATIONS: Offices in six U.S. states

FOUNDED: 1935




NONRETAIL SUBSIDIARIES: Asset Optimization Group, Toledo, Ohio; Risk Matters, Toledo, Ohio.

OFFICERS: Patrick R. Hylant, chairman; Michael M. Hylant, CEO; William P. Pridgeon, president; Jon J. Strole, CFO.

CONTACT: William P. Pridgeon; [email protected].

IThe IMA Financial Group Inc.1705 17th St., Suite 100Denver, CO 80202 303-534-4567 www.imafg.com


2016 2015

Premium volume $2,050,000,000 $1,915,000,000

Gross revenue $146,308,389 $137,689,831









Other 2.2%

Employees 659 624



FOUNDED: 1974




NONRETAIL SUBSIDIARIES: Towerstone Inc., Dallas, San Antonio, Texas; TrueNorth Inc., Wichita, Kansas; Cornerstone Risk Solutions, Denver.

OFFICERS: Robert L. Cohen, CEO/chairman; Bob Reiter, president.

CONTACT: Robert L. Cohen; 303-615-7401; [email protected].

Insgroup Inc.1455 W. Loop S., 9th Floor Houston, TX 77027 713-541-7272 www.insgroup.net


2016 2015

Premium volume $176,000,000 $175,000,000

Gross revenue $22,900,000 $22,070,000




Personal 17.9% 17.22%



Employees 101 98

Retail offices 2 2

OFFICE LOCATIONS: All U.S. states, District of Columbia.

FOUNDED: 1978






OFFICERS: David Kapiloff, CEO; Brian Kapiloff, president; Henry Hochman, executive vice president.

CONTACT: Brian Kapiloff; 800-713-4711; [email protected].

Insurance Design and Placement Inc.3401 Quebec St., Suite 3550Denver, CO 80207-2309 303-607-9009 www.insurancedp.net

TYPE OF COMPANY: Private C-corporation; 100% of the stock owned by an African-American woman.

2016 2015


Gross revenue $325,000

Brokerage revenue $325,000




Employees 3 3

Retail offices 2 2


FOUNDED: 1991




OFFICERS: Sebrina Nailah Bush-Hillard, president; Melvin E. Bush, vice president-marketing.

CONTACT: Melvin E. Bush; [email protected].

Insurance Marketing Agencies Inc.The Day Building306 Main St.Worcester, MA 01608 508-753-7233 www.imaagency.com


2016 2015

Premium volume $65,000,000 $58,000,000

Gross revenue $7,400,000 $6,900,000




Personal 10.81% 9.42%



Employees 54 48

Retail offices 3 3


FOUNDED: 1924



OFFICERS: Laura Herman-Strohecker, CEO; Peter H. Herman, president; Bill Wilcox, CFO.

CONTACT: Peter H. Herman; [email protected].

Insurance Office of America Inc.1855 W. State Road 434Longwood, FL 32750 407-788-3000 www.ioausa.com


2016 2015

Premium volume $1,808,855,672 $1,448,332,328

Gross revenue $178,398,596 $146,214,917


U.S. clients 99.5% 99%

Non-U.S. clients 0.5% 1%







Other 0.68% 0.76%

Employees 1,072 822


OFFICE LOCATIONS: Alabama, Arizona, California, Colorado, Delaware, Florida, Georgia, Illinois, Maryland, Massachusetts, Nevada, New Jersey, New York, North Carolina, Ohio, Rhode Island, South Carolina, Texas, Utah.

FOUNDED: 1988

PARENT: IOA Group L.L.C.




NONRETAIL SUBSIDIARIES: Environmental Underwriting Solutions, Birmingham, Alabama; ACN Services London, London; Legends Environmental, Aliso Viejo, California; Eidyia Insurance Services, Arvada, Colorado; Telecom Insurance Services, Gainesville, Georgia.

ACQUISITIONS: King & Brim Insurance, Atlanta, Aug. 1, 2016; USA Insurance Group, Golden, Colorado, Sept. 1, 2016; Ronald Diskin Associates, East Hanover, New Jersey, April 1, 2017.

OFFICERS: John Ritenour, chairman; Heath Ritenour, CEO; Jeff Lagos, president.

CONTACT: Chip Meyers; 407-998-5566; [email protected].

Insurance Solutions Associates8181 Professional Place, Suite 115Landover, MD 20785 301-505-6006 www.theinsursolution.com


2016 2015





Personal 29.17% 18%

Services 41.67% 20%

Employees 10 7

OFFICE LOCATIONS: Maine-Georgia

FOUNDED: 2003




OFFICERS: Loretta Fuller; CEO/CFO; Tasha Poulson, accounting manager.

CONTACT: Loretta Fuller; 301-505-6006; [email protected].

Insurica Inc.*5100 N. Classen, Suite 300 Oklahoma City, OK 73118 405-523-2100 www.insurica.com


2016 2015

Premium volume $740,152,903 $769,433,381

Gross revenue $87,745,209 $86,593,992







Services 3.58% 3.5%


Other 0.45% 0.64%

Employees 529 483


OFFICE LOCATIONS: Arizona, Arkansas, California, Colorado, Oklahoma, Texas.

FOUNDED: 1959

PARENT: Cameron Enterprise L.P.




ACQUISITIONS: Amarillo, Pampa and Arlington, Texas, Jan. 1, 2017; Bakersfield, California, Sept. 1, 2016.

OFFICERS: Michael F. Ross, president/CEO; John G. Hester, senior vice president; Edward L. Young, CFO.

CONTACT: Edward L. Young; 405-556-2361; [email protected].*Formerly INSURICA Insurance Management Network

Insurors Group L.L.C. 1120 Capital of Texas Highway S., 3-300 Austin, TX 78746 979-774-2233 www.insurorsgroup.com


2016 2015

Premium volume $605,462,000 $451,070,699

Gross revenue $83,800,000 $79,643,925





Employee benefits 1,606.21% 16.9%






OFFICE LOCATIONS: Texas

FOUNDED: 1998




OFFICERS: David Wood, president; Bob Bentley, president-elect; W.D. Bayless, Jr., vice president; Bob Shepard, past president/vice president.

CONTACT: Kayla Slack, executive administrator; 979-774-2233; [email protected].

Integro Group Holdings L.P.1 State St.New York, NY 10004 212-295-8000 www.integrogroup.com


2016 2015

Premium volume $3,400,000,000 $3,100,000,000

Gross revenue $277,461,000 $278,071,000





Wholesale 21.95% 20.84%


Personal 4.5% 4.81%



Other 0.41% 0.41%



OFFICE LOCATIONS: All U.S. states and territories, continental U.S.

FOUNDED: 2005

PARENT: Integro Group Holdings L.P.



ACQUISITIONS: Jerry Parks Equine Insurance Inc. and Parks Insurance Corp., Ocala, Florida; Insurance Revolution Inc., New York.

OFFICERS: William Goldstein, CEO; Andrew Behrends, CFO; Eric Levy, head of operations-strategy and integration.

CONTACT: Betsy VanAlstyne, principal; 877-688-8701; [email protected].

JJackson LeBlanc Agency1200 Ashwood Parkway, Suite 128Atlanta, GA 30338 770-246-5525 jacksonleblancagency.com


2016 2015





OFFICE LOCATIONS: Georgia

FOUNDED: 2010


OFFICERS: Julie LeBlanc, president; Michael Jackson, CEO.

CONTACT: Julie LeBlanc; 770-246-5525, ext. 1; [email protected].

Jardine Lloyd Thompson Group P.L.C.The St. Botolph BuildingLondon, EC3A 7AW, England 44-207-528-4444 www.jlt.com


2016 2015

Gross revenue $1,558,903,320 $1,705,669,820


U.S. clients 16% 15.4%

Non-U.S. clients 84% 84.6%




Personal 1.7% 1.93%






CURRENCY: U.K. pound, converted at applicable exchange rate.


FOUNDED: 1970




NONRETAIL SUBSIDIARIES: JLT Re Argentina Corredores de Reaseguros S.A., Buenos Aires, Argentina; JLT Re Pty Ltd., New South Wales, Australia; Isosceles Insurance Ltd., Hamilton, Bermuda; JLT Insurance Management (Bermuda) Ltd., Hamilton, Bermuda; JLT RE Brasil, Administracao e Corretagem de Resseguros Ltda./S.A., Rio De Janeiro, Brazil; JLT Chile Corredores de Reaseguro Ltda., Santiago, Chile; JLT Re Colombia, Corredores Colombianos de Reaseguros, Bogota, Colombia; JLT Reinsurance Brokers GmbH, Munich, Germany; Isosceles PCC Ltd., St. Peter Port, Guernsey; Jardine Lloyd Thompson PCS Ltd., Hong Kong; Jardine Lloyd Thompson India Private Ltd., Mumbai, India; PT JLT GESA, Jakarta, Indonesia; Echelon Claims Consultants

Sdn. Bhd., Kuala Lumpur, Indonesia; JLT Corredores de Reaseguros S.A., Lima, Peru; JLT Specialty Pte Ltd., Singapore; Independent Trustee Services Ltd., London; JLT Benefits Solutions Ltd., London; JLT Colombia Wholesale Ltd., London; JLT Management Services Ltd., London; JLT Re Ltd., London; JLT Reinsurance Brokers Ltd., London; JLT Wealth Management Ltd., London; Profund Solutions Ltd., London; Core Risks Ltd. L.L.C., Southeaston, Pennsylvania; GCube Insurance Services Inc., Newport Beach, California; Jardine Lloyd Thompson Capital Markets Inc., New York; JLT Re (North America) Inc., New York; JLT Aerospace (North America) Inc., Herndon, Virginia; JLT Facilities Inc., Latham, New York; JLT Insurance Management (Barbados) Ltd., Christchurch, Barbados; JLT Re Consultants Inc., Latham, New York; Jardine Lloyd Thompson Insurance Services Inc., Latham, New York; JLT Insurance Management (Guernsey) Ltd., St Peter Port, Guernsey; Recovre Group, Australia; Alpha Consultants, New Zealand.

ACQUISITIONS: Broderick Piller Pty. Ltd., Perth, Australia, May 16, 2016; Magaseguros Asesores y Corredores de Seguros S.A.C., Trujillo, Peru, May 16, 2016; Olsa Re Corredores de Reaseguros S.A., Lima, Peru, July 16, 2016; Nova Scotia Ltd., Halifax, Nova Scotia, Nov. 16, 2016; AssetVal Pty. Ltd., Brisbane, Australia, Dec. 16, 2016; Stonehill Reinsurance Partners L.L.C., Minneapolis, Dec. 16, 2016; Risk & Reinsurance Solutions Corp., Miami, Dec. 16, 2016; CRP Holding Co. L.L.C., Delaware Jan. 17, 2017.

OFFICERS: Geoffrey Howe, chairman; Dominic Burke, group chief executive.

CONTACT: Paul Dransfield, group head of investor relations; [email protected].

KKapnick Insurance Group333 Industrial Drive, P.O. Box 1801Adrian, MI 49221 517-263-4656 www.kapnick.com


2016 2015

Premium volume $330,000,000 $310,000,000

Gross revenue $29,400,000 $27,300,000





Personal 7.31% 7.6%



Employees 158 150

Retail offices 3 3

OFFICE LOCATIONS: Licensed in all U.S. states

FOUNDED: 1946



NONRETAIL SUBSIDIARIES: None

OFFICERS: Jim Kapnick, CEO; Mike Kapnick, president/COO; Steve Peck, president-benefit services; Bob Weiland, executive vice president.

CONTACT: Jim Kapnick; 517-263-4656; [email protected].



Key Insurance & Benefits Services Inc.*726 Exchange St. Buffalo, NY 14210716-819-5500 www.key.com/insurance


2016 2015

Premium volume $620,827,730 $702,133,374

Gross revenue $57,686,222 $65,950,658





Personal 11.43% 10.97%


Services 4.2% 4.66%

Other (3.56%) 0.01%

Employees 340 348


OFFICE LOCATIONS: Connecticut, New York, Pennsylvania.

FOUNDED: 1968

PARENT: KeyCorp




OFFICERS: Kirk Jensen, senior director; Tammy Frank, director-shared services; William Hartz, regional sales manager.

CONTACT: Kim McGillicuddy; 203-854-3429; [email protected].*Formerly First Niagara Risk Management Inc.

LLaPorte & Associates Inc.5515 SE Milwaukie Ave.Portland, OR 97202 503-239-4116 www.laporte-insurance.comTYPE OF COMPANY: Private

2016 2015






Personal 12.5% 12.67%


Employees 56 53


FOUNDED: 1979




OFFICERS: Marvin LaPorte, president; Mark Allen, vice president; Adam Harris, vice president.

CONTACT: Marvin LaPorte; [email protected].

Lassiter Ware Inc. 1317 Citizens Blvd.Leesburg, FL 34748 800-845-8437 www.lassiterware.com


2016 2015

Premium volume $166,331,962 $196,022,405

Gross revenue $16,868,466 $15,949,561





Personal 4.55% 4.8%




Other 6.6% 8.63%

Employees 85 94

Retail offices 5 6

OFFICE LOCATIONS: Florida

FOUNDED: 1912




OFFICERS: Doug Childers, CEO; Mandy Funkhouser, CFO; John Bruneau, vice president-insurance operations.

CONTACT: Susan McClodden, marketing manager; [email protected].

Lawley Service Inc.361 Delaware Ave.Buffalo, NY 14202 716-849-8618 www.lawleyinsurance.com


2016 2015

Premium volume $647,400,391 $622,753,301

Gross revenue $67,021,870 $62,194,969




Personal 16.18% 16.75%



Other 2.59% 0.19%

Employees 361 353

OFFICE LOCATIONS: Connecticut, New Jersey, New York.

FOUNDED: 1955




NONRETAIL SUBSIDIARIES: Lawley Benefits Group L.L.C., Buffalo, New York.

ACQUISITIONS: Patrick Malleolo, Employee Benefits, Clinton Corners, New York.

OFFICERS: William J. Lawley Jr., managing partner/secretary; Christopher D. Ross, managing partner/treasurer; Michael R. Lawley, managing partner/sales manager.

CONTACT: Michael R. Lawley; 716-849-8658; [email protected].

Leavitt Group216 S. 200 W., Suite 301Cedar City, UT 84720 435-586-6553 www.leavitt.com


2016 2015

Premium volume $2,500,000,000 $2,390,000,000

Gross revenue $240,260,000 $229,936,000




Personal 12.89% 12.81%



Other 5.35% 5.02%



OFFICE LOCATIONS: Alabama, Arizona, California, Colorado, Georgia, Idaho, Louisiana, Mississippi, Montana, Nevada, New Mexico, Ohio, Oregon, Pennsylvania, South Dakota, Texas, Utah, Washington, West Virginia.

FOUNDED: 1952

PARENT: Leavitt Group Enterprises




NONRETAIL SUBSIDIARIES: Allegiance Premium Finance Co. L.L.C., Cedar City, Utah; Leavitt Group Agency Association L.L.C., Cedar City, Utah; Leavitt Group Enterprises, Cedar City, Utah; PacWest Captive Insurance Co., Cedar City, Utah; Data Smart Solutions, Helena, Montana; It Starts With Me, Missoula, Montana; Allen Marketing Group, Cedar City, Utah.

ACQUISITIONS: Murray & Murray Insurance Agency, Santa Maria, California, Oct. 1, 2016; Mountain America Insurance Services, West Jordan, Utah, Oct. 1, 2016; BB&H Benefits Designs, Santa Barbara, California, Nov. 1, 2016.

OFFICERS: Eric O. Leavitt, CEO; Vance K Smith, president; Kelly Russell, chief affiliation officer.

CONTACT: Mark Leavitt, affiliation marketing director; [email protected]; Kelly Russell, [email protected].



LHD Benefit Advisors L.L.C.250 W. 96th St., Suite 350Indianapolis, IN 46260 317-705-1600 www.lhdbenefits.com


2016 2015

Premium volume $664,062,500 $605,887,500

Gross revenue $9,721,000 $8,116,600





Services 23.95% 16.23%


Employees 33 28

OFFICE LOCATIONS: All U.S. states, primarily Indiana.

FOUNDED: 1999




OFFICERS: Jeff Hadden, partner/president; Bill Drew, partner Rick Darragh, COO.

CONTACT: Rick Darragh; 317-663-8308; [email protected].

Lipscomb & Pitts Insurance L.L.C.2670 Union Ave. Extended, Suite 100Memphis, TN 38112 901-321-1000 www.lpinsurance.com


2016 2015

Premium volume $356,234,000 $350,255,000

Gross revenue $24,449,136 $23,776,831






Services 1.55%


Other 0.2%

Employees 121 124

Retail offices 2 2

OFFICE LOCATIONS: Arkansas, Tennessee.

FOUNDED: 1954




OFFICERS: Johnny Pitts, Mat Lipscomb III, chief managers; Al J. Bryant, CFO.

CONTACT: Karla Combs, COO; 901-321-1000; [email protected].

LMC Insurance & Risk Management Inc.4200 University Ave., Suite 200West Des Moines, IA 50266-5945 515-244-0166 www.lmcinsurance.com


2016 2015

Premium volume $473,135,762 $465,846,006

Gross revenue $50,483,683 $47,462,644







Other 0.32% 0.39%

Employees 280 256

Retail offices 10 8

OFFICE LOCATIONS: 48 U.S. states

FOUNDED: 1865




ACQUISITIONS: ISG Advisors, August 2016.

OFFICERS: Greg LaMair, president/CEO; Mark Lyons, executive vice president/CFO; Colleen Orbell, director-human resources.

CONTACT: www.lmcinsurance.com; www.abisonline.com.

Lockton Cos. L.L.C.444 W. 47th St., Suite 900Kansas City, MO 64112

816-960-9000 www.lockton.com


2016 2015

Premium volume $24,300,000,000 $22,500,000,000

Gross revenue $1,434,593,000 $1,337,969,000












FISCAL YEAR ENDING: April 30

OFFICE LOCATIONS: All U.S. states and territories, Australia, Bermuda, Brazil, China, Ecuador, Greece, Hong Kong, Ireland, Italy, Jordan, Malaysia, Mexico, Monaco, Morocco, Norway, Philippines, Singapore, South Korea, Thailand, United Arab Emirates, United Kingdom, Venezuela. We serve clients in more than 125 countries through the Lockton Global partnership.

FOUNDED: 1966

PARENT: Lockton Inc.




OFFICERS: Glenn Spencer, president/CEO; David M. Lockton, executive chairman; Neil Nimmo, CEO-Lockton international operations.

CONTACT: Dean Davison, vice president-director of communications; 816-960-9309, 816-810-0982 (mobile); [email protected].

The Loomis Co.850 N. Park Road, P.O. Box 7011Wyomissing, PA 19610 484-334-6999 www.loomisco.com


2016 2015

Premium volume $296,000,000 $284,000,000

Gross revenue $34,100,000 $33,000,000










Other 0.29% 0.45%

Employees 335 335


FOUNDED: 1955




OFFICERS: James R. Loomis, president/CEO; Christopher M. Barto, CFO; Jim Hodson, COO.

CONTACT: James R. Loomis; 484-334-6999; [email protected].

Lovitt & Touche Inc.1050 W. Washington St., Suite 233Tempe, AZ 85281 602-956-2250 www.lovitt-touche.com


2016 2015

Premium volume $396,741,656 $377,002,644

Gross revenue $37,438,250 $33,975,795










Other 0.25%

Employees 193 185

Retail offices 3 3




FOUNDED: 1911

PARENT: Financial Services Group Inc.




ACQUISITIONS: Small book ($10,000) in 2016

OFFICERS: Charles A. Touche, chairman/CEO; Steven D. Touche, president; David M. Wilder, executive vice president.

CONTACT: Susan V. Espinoza, vice president; [email protected].

MM3 Insurance Solutions Inc.828 John Nolen DriveMadison, WI 53708-8950 800-272-2443 www.m3ins.com


2016 2015

Premium volume $1,167,421,152 $999,366,410

Gross revenue $54,228,830 $50,025,493






Other 0.11% 0.16%

Employees 231 213

Retail offices 5 5

OFFICE LOCATIONS: All

FOUNDED: 1968




OFFICERS: Michael Victorson, president/CEO; Michael Moore, executive vice president-insurance operations; Thomas Golden, executive vice president-corporate services.

CONTACT: Michael Moore; [email protected].

The Mahoney Group1835 S. Extension RoadMesa, AZ 85210 480-730-4920 www.mahoneygroup.com


2016 2015

Premium volume $286,594,465 $348,562,257

Gross revenue $44,080,909 $44,672,683





Personal 4.4% 4.5%



Other 1% 0.77%

Employees 176 185

Retail offices 13

OFFICE LOCATIONS: Arizona, California, Michigan, Nevada, New Mexico, Utah, Washington.

FOUNDED: 1915

PARENT: Southwestern Financial Corp. Inc.




OFFICERS: Glendon Nelson, chairman/CEO; Steven Goble, president; R. Brad Rucker, secretary/treasurer.

CONTACT: Amanda Michitson, executive assistant; [email protected].

M&T Insurance Agency Inc.285 Delaware Ave., Suite 400Buffalo, NY 14202 716-853-7960 mandtbank.com


2016 2015

Premium volume $482,000,000 $465,000,000

Gross revenue $44,760,000 $39,200,000






Employees 146 141

Retail offices 9 9


FOUNDED: 1955

PARENT: M&T Bank




OFFICERS: John Rumschik, president; Tucker Lounsbury, administrative vice president.

CONTACT: John Rumschik; [email protected].

Marsh & McLennan Cos. Inc.1166 Avenue of the AmericasNew York, NY 10036 212-345-5000 www.mmc.com


2016 2015

Gross revenue $13,216,000,000 $12,906,000,000







Services 13.54% 13.57%


Other (0.33%) (0.31%)

Employees 60,000 60,000


OFFICE LOCATIONS: More than 200 offices throughout the U.S.

FOUNDED: 1871



ACQUISITIONS: Marsh: AD Seguros, Brazil, Dec. 22, 2016; Bluefin, U.K., Dec. 31, 2016. Marsh & McLennan Agency: Benefit Advisory Group, Atlanta, Aug. 31, 2016; Vero Insurance, Vero Beach, Florida, Sept. 30, 2016; Benefits Resource Group, Independence, Ohio, Nov. 30, 2016; Presidio Benefits Group, San Francisco, Nov. 30, 2016; J. Smith Lanier, West Point, Georgia, Jan. 31, 2017; iaConsulting, Lubbock, Texas, Feb. 1, 2017; Blakestad Inc., Minneapolis, Feb. 28, 2017; RJF Financial, Brooklyn Park, Minnesota, March 31, 2017; Insurance Partners of Texas, Abilene, Texas, May 1, 2017. Mercer: Sirota, Purchase, New York, Dec. 2, 2016; Pillar Administration, Sydney, Dec. 7, 2016; Thomsons Online Benefits, U.K., Dec. 15, 2016. Oliver Wyman: LShift, U.K., Dec. 1, 2016.

OFFICERS: Daniel S. Glaser, president/CEO-Marsh & McLennan Cos. Inc.; Peter Zaffino, chairman-risk and insurance services/CEO-Marsh L.L.C.; John Q. Doyle, president-Marsh L.L.C.; Julio A. Portalatin, president/CEO-Mercer L.L.C.; Peter Hearn, president-Guy Carpenter & Co. L.L.C.; Scott McDonald, president/CEO-Oliver Wyman Group.

CONTACT: Sally Roberts, U.S. media relations director; 303-952-9453; [email protected].

Marshall & Sterling Enterprises Inc.110 Main St.Poughkeepsie, NY 12601 845-454-0800 www.marshallsterling.com


2016 2015

Premium volume $677,922,445 $651,350,830

Gross revenue $73,377,407 $66,770,792





Personal 20.4% 20%




Other 2.48% 1.46%

Employees 434 417



FOUNDED: 1864




ACQUISITIONS: Henke-Warren Agency Inc. Coxsackie, New York, Jan. 4, 2017.

OFFICERS: John P. O’Shea, chairman; Tim Dean, president; Tim Rychcik, senior vice president/CFO/COO.

CONTACT: Tim Rychcik; 845-454-0800, ext. 2289.



Meadowbrook Insurance Group Inc.26255 American DriveSouthfield, MI 48034 248-358-1100 www.meadowbrook.com


2016 2015

Premium volume $1,618,500,000 $1,500,000,000

Gross revenue $154,082,760 $142,757,519






Personal 1.29% 0.7%


Services 26.85% 26.99%


Employees 928 938



FOUNDED: 1955

PARENT: Fosun Insurance Group




OFFICERS: Kenn Allen, president/CEO; Patrick Stewart, senior vice president/CFO; Nathan Voorhis, chief revenue officer/COO.

CONTACT: Kirk Medlyn, president-MIG Agencies; 248-204-8124; [email protected].

Melendez Insurance Group Co.1310 W. 18th St., Suite BChicago, IL 60608 773-843-3333 www.4myins.com


2016 2015

Premium volume $2,100,000 $2,000,000

Gross revenue $280,000 $275,000




Personal 33.21% 27.27%

Employee benefits 5.36% 8%


Employees 3 3

Retail offices 1 1

OFFICE LOCATIONS: Illinois, Indiana, Michigan, Wisconsin.

FOUNDED: 2009




OFFICERS: Jose Melendez, president.

CONTACT: Jose Melendez; [email protected].

MJ Insurance Inc.9225 Priority Way West Drive, Suite 100Indianapolis, IN 46240 317-805-7500 www.mjinsurance.com


2016 2015

Premium volume $805,552,650 $719,662,302

Gross revenue $29,944,968 $28,963,163







Employees 141 141

Retail offices 2 2

FISCAL YEAR ENDING: Aug. 31


FOUNDED: 1964




OFFICERS: Michael H. Bill, CEO; Jon E. Loftin, president/COO; Brian P. Friend, vice president-finance.

CONTACT: Brian P. Friend; 317-805-7508; [email protected].

Moreton & Co.101 S. 200 E., Suite 300Salt Lake City, UT 84111 801-531-1234 www.moreton.com


2016 2015

Premium volume $622,478,000 $622,478,000

Gross revenue $55,566,000 $51,575,000






Other 16.26% 16.03%

Employees 189 194

Retail offices 5 7

OFFICE LOCATIONS: Three states

FOUNDED: 1910




OFFICERS: William R. Moreton, president/CEO; James Jones COO; William E. Tingey, treasurer/CFO.

CONTACT: William E. Tingey; [email protected].

Murray Securus39 N. Duke St.Lancaster, PA 17602 717-397-9600 www.murrayins.com


2016 2015

Premium volume $289,023,000 $279,250,000

Gross revenue $29,841,000 $29,330,000






Services 13.14% 12.11%


Other 8.16% 7.45%

Employees 189 189

Retail offices 6 6


OFFICE LOCATIONS: Delaware, Maryland, New York, Ohio, Virginia, West Virginia and 1 client in all 50 states.

FOUNDED: 1930

PARENT: Murray Insurance Associates Inc.




OFFICERS: Richard M. Rankin, chairman; Holly Kutz, CFO/secretary/treasurer; David Hossler, COO.

CONTACT: Richard M Rankin; 717-397-9600; [email protected].

NNFP Corp.340 Madison Ave.New York, NY 10173 212-301-4000 nfp.com


2016 2015

Gross revenue $969,599,000 $907,847,000


U.S. clients 96% 96%*

Non-U.S. clients 4% 4%*

Brokerage retail 17.07%

Wholesale 11.79%

Personal 13%

Employee benefits 58.38%

Other 43.18%

Employees 3,601

Retail offices 246

OFFICE LOCATIONS: All U.S. states, Puerto Rico.

FOUNDED: 1998

PARENT: NFP Corp.





OFFICERS: Douglas W. Hammond, chairman/CEO; Michael N. Goldman, COO; Edward G. O’Malley, president–corporate benefits and individual solutions.

CONTACT: Eric Boester, executive vice president–corporate development; 212-301-4000; [email protected].*Restated

OOswald Cos.1100 Superior Ave., Suite 1500Cleveland, OH 44114 216-367-8787 www.oswaldcompanies.com


2016 2015

Premium volume $980,400,000 $973,190,000

Gross revenue $74,190,000 $67,736,000









Other 1.13% 1.24%

Employees 366 317

Retail offices 7 6

OFFICE LOCATIONS: Michigan, Ohio.

FOUNDED: 1893

PARENT: JBO Holding Co.




NONRETAIL SUBSIDIARIES: ERC Health Academy Inc., Gemini Risk Partners L.L.C.

ACQUISITIONS: The Hoffman Group, Medina, Ohio, June 1, 2016.

OFFICERS: Marc S. Byrnes, chairman; Robert J. Klonk, CEO; David C. Jacobs, president/COO.

CONTACT: Christina Schmitz; 216-658-8540; [email protected].

Otterstedt Insurance Agency540 Sylvan Ave.Englewood Cliffs, NJ 07632 201-227-1800 www.otterstedt.com


2016 2015

Premium volume $124,040,839 $129,607,566

Gross revenue $15,643,237 $14,622,367




Personal 32.99% 33.87%



Other 0.06% 0.08%

Employees 92 88

Retail offices 6 7

OFFICE LOCATIONS: Continental U.S.

FOUNDED: 1919




OFFICERS: Joseph C. Parisi, CEO/chairman; Robert J. Casazza, president.

CONTACT: Joseph C. Parisi; 201-227-1800; [email protected].

PPacWest Alliance Insurance Services Inc.5756 N. Marks Ave., Suite 156Fresno, CA 93711 559-446-1398 www.pacwestalliance.com


2016 2015

Premium volume $300,154,442 $236,345,185

Gross revenue $38,629,876 $30,441,259



Brokerage retail 40.71%

Personal 32.08% 32.08%




Employees 349 312

OFFICE LOCATIONS: Arizona, California, Idaho, Michigan, Nevada, Oregon, Texas, Washington.

FOUNDED: 2004




OFFICERS: Tom Powell, president/CEO; Chris Harbour, vice president; Michael Golden, secretary; Dan Book, treasurer/CFO.

CONTACT: Terry Bellinger; 559-570-8107 phone, 916-548-6949 cell; [email protected].

James G. Parker Insurance Associates1753 E. Fir Ave.Fresno, CA 93720 559-222-7722 www.jgparker.com


2016 2015

Premium volume $316,500,000 $314,380,000

Gross revenue $35,833,000 $35,577,000







Employees 215 209

FISCAL YEAR ENDING: May 31


FOUNDED: 1978




OFFICERS: James Parker III, president; Jon Parker, vice president; Todd Parker, secretary.

CONTACT: Jon Parker; [email protected].

Parker, Smith & Feek Inc.2233 112th Ave. NEBellevue, WA 98004 425-709-3600 www.psfinc.com


2016 2015

Premium volume $469,575,000 $427,077,000

Gross revenue $50,629,000 $45,630,000




Personal 6.2% 6.01%



Other 0.52% 0.55%

Employees 215 200

Retail offices 3 2


FOUNDED: 1937




OFFICERS: Greg Collins, president/CEO; Jim Chesemore, secretary/COO; Chad Kincaid, CFO/controller.

CONTACT: Jim Chesemore; 425-709-3773; [email protected].

The Partners Group Ltd.11740 SW 68th Parkway, Suite 200Portland, OR 97223 503-241-9550 www.tpgrp.com


2016 2015

Premium volume $740,365,000 $521,500,000

Gross revenue $29,021,469 $25,084,488




Personal 11.9% 12.31%


Services 15.71% 18.51%


Employees 135 127

Retail offices 6 7




FOUNDED: 1981




OFFICERS: Rod Cruickshank, president/CEO; Doreen Barnhouse executive vice president-operations; Jake Shafer, CFO.

CONTACT: Lisa Veber; 503-726-5762; [email protected].

Paychex Insurance Agency Inc.150 Sawgrass DriveRochester, NY 14620 877-266-6850 www.paychexinsurance.com


2016 2015

Premium volume $2,000,100,000 $1,977,800,000

Gross revenue $207,000,000 $170,100,000






Services 24.15% 16.93%

Employees 928 867

FISCAL YEAR ENDING: May 31

FOUNDED: 1997

PARENT: Paychex Inc.




OFFICERS: Martin Mucci, president/CEO; Efrain Rivera, senior vice president/CFO; Kevin Hill, vice president-insurance and human resources services.

CONTACT: Paychex Sales; 877-266-6850; [email protected].

PayneWest Insurance Inc. 2925 Palmer St., Suite BMissoula, MT 59808 406-721-9230 www.paynewest.com


2016 2015

Premium volume $917,659,423 $846,260,368

Gross revenue $109,513,966 $98,767,248




Personal 17.73% 18.55%



Other 0.3% 0.28%

Employees 686 659


OFFICE LOCATIONS: Idaho, Montana, Oregon, Washington.

FOUNDED: 1992




OFFICERS: Terry Payne, chairman; Kyle Lingscheit, CEO; Sarah Walsh, COO; Stephen Smelley, COO.

CONTACT: Terry Payne; 406-532-5923; [email protected].

People’s United Insurance Agency Inc.*One Financial PlazaHartford, CT 06103 860-524-7600 www.peoples.com/insurance


2016 2015

Gross revenue $31,431,000 $29,227,000





Personal 12.02% 12.78%


Employees 156 154

OFFICE LOCATIONS: Six U.S. states

FOUNDED: 1893

PARENT: People’s United Bank



OFFICERS: Daniel F. Casey, president/CEO; Scott Brabant, CFO.

CONTACT: Daniel F. Casey; [email protected].*Formerly R.C. Knox & Co. Inc.

Poms & Associates Insurance Brokers Inc.5700 Canoga Ave., Suite 400Woodland Hills, CA 91367 818-449-9300 www.pomsassoc.com


2016 2015

Premium volume $269,700,000 $267,000,000

Gross revenue $49,700,000 $48,600,000








Other 1.34% 0.72%

Employees 133

Retail offices 7 6


FOUNDED: 1991




OFFICERS: David Poms, president; Matthew Getty, CFO; Chris Poveromo, executive vice president-brokerage.

CONTACT: Naureen McMillan; [email protected].

Prime Risk Partners Inc.*3820 Mansell Road., Suite 100Alpharetta, GA 30022 914-512-8558 www.primeriskpartners.com


2016 2015

Premium volume $996,000,000 $902,000,000

Gross revenue $86,916,000 $77,204,000





Personal 17.92% 17.74%


Services 12.19% 13.93%


Other 0.36% 0.74%

Employees 483 457


OFFICE LOCATIONS: Continental U.S.

FOUNDED: 2014




NONRETAIL SUBSIDIARIES: Blue Point Brokerage, Southampton, New York; JWF Services, Indianapolis; Employee Plans, Indianapolis.

ACQUISITIONS: Mintz Girgan Brightly, New Jersey; Gundermann & Gundermann, New York.

OFFICERS: Bret Quigley, chairman/CEO; Adam Meyerowitz, senior executive vice president/co-founder; Robert Schneider, executive vice president/CFO.

CONTACT: Bret Quigley; 770-856-9332; [email protected].*Cook Maran & Associates and Prime Risk Partners merged June 1, 2015. Cook Maran & Associate is now a wholly own subsidiary.

Pritchard & Jerden Inc.Atlanta Plaza, Suite 2000 950 E. Paces Ferry NE Atlanta, GA 30326 404-238-9090 www.pjins.com


2016 2015







Personal 8.67% 8.8%





Other 4.26% 4.5%

Employees 97 95

Retail offices 1 1

FISCAL YEAR ENDING: March 31


FOUNDED: 1960


OFFICERS: Jim Bailey, president; Charles Caswell, executive vice president; Dave Matthews, executive vice president.

CONTACT: Jim Bailey; [email protected].

Professional Insurance Associates Inc.1100 Industrial Road, Suite 3 San Carlos, CA 94070 650-592.7333 www.piainc.com


2016 2015






Personal 37.5% 37.84%

Employees 52 48

Retail offices 3 1


FOUNDED: 1960




OFFICERS: Paula Hammack, CEO; Paul Hammack, president.

CONTACT: Paul Hammack; 650-598-3540; [email protected].

Propel Insurance1201 Pacific Ave., Suite 1000Tacoma, WA 98402253-759-2200 www.propelinsurance.com


2016 2015

Premium volume $635,000,000 $540,000,000

Gross revenue $71,300,000 $62,500,000


U.S. clients 99.5% 99.5%







Employees 333 300

Retail offices 7 5

OFFICE LOCATIONS: Oregon, Washington.

FOUNDED: 1923




OFFICERS: Kurt C. Carlson, president/CEO; Peter M. Hendrick, treasurer/CFO; Peter J. Comfort, secretary.

CONTACT: Therese Hammill; 253-761-3227; [email protected].

PSA Financial Services Inc.11311 McCormick Road, Suite 500Hunt Valley, MD 21031 410-821-7766 www.psafinancial.com


2016 2015

Premium volume $437,850,025 $395,094,129

Gross revenue $29,981,004 $31,184,314




Personal 10.23% 10.36%




Other 0.99% 5.22%

Employees 139 134

Retail offices 2 2

FISCAL YEAR ENDING: April 30


FOUNDED: 1928



ACQUISITIONS: NextLogical Benefit Strategies (book of business only), Westminster, Maryland, Sept. 16, 2016; Community Insurance (book of business only), Towson Maryland, January 2017.

OFFICERS: Trevor C. Lewis Jr., managing director/CEO; Craig A. English, senior vice president/director-property/casualty division; Kenneth Huber, senior vice president/director-employee benefits division.

CONTACT: Justin Hoffman, senior vice president-business development/chief marketing officer; [email protected].

RR&R Insurance Services Inc.1581 E. Racine Ave.Waukesha, WI 53186 262-574-7000 www.myknowledgeBrokercom


2016 2015

Premium volume $288,000,000 $255,000,000

Gross revenue $31,600,000 $28,200,000




Personal 12.97% 14.18%


Employees 192 174


FOUNDED: 1975



ACQUISITIONS: Frett Barrington, Pewaukee, Wisconsin, July 2016.

OFFICERS: Ken Riesch, president.

CONTACT: Stephanie Schreiber; 262-953-7238; [email protected].

Regions Insurance Group Inc.6000 Poplar Ave., Suite 300Memphis, TN 38119901-684-3333 www.regionsinsurance.com


2016 2015

Premium volume $1,544,472,971 $1,649,155,229

Gross revenue $150,056,000 $144,094,000


U.S. clients 99.9% 99.9%




Personal 11.47% 11.17%



Other 4.51% 7.95%

Employees 743 727


OFFICE LOCATIONS: Alabama, Arizona, Florida, Georgia, Indiana, Louisiana, Mississippi, Missouri, North Carolina, South Carolina, Tennessee, Texas.

FOUNDED: 2004

PARENT: Regions Financial Corp.




NONRETAIL SUBSIDIARIES: Insurisk, Little Rock Arkansas; Insurisk, Alexandria, Louisiana; Trilogy, Suwanee Georgia; Trilogy, Bradenton, Florida.

OFFICERS: Rick Ulmer, president/CEO; Dennis Pauls, sales leader; Mary Kay Caldwell, COO.

CONTACT: Kay Farrish; 901-684-3326; [email protected].

Rich & Cartmill Inc.2738 E. 51st St., Suite 400Tulsa, OK 74105918-743-8811 www.rcins.com


2016 2015

Premium volume $233,500,000 $205,500,000

Gross revenue $29,197,164 $29,316,529








Employees 165 168

Retail offices 6 6


FOUNDED: 1922




OFFICERS: Vaughn Graham, president; Mike McCullough, treasurer; Pat Mandeville, secretary.

CONTACT: Vaughn Graham; 918-743-8811; [email protected].

Riggs, Counselman, Michaels & Downes Inc.555 Fairmount Ave.Baltimore, MD 21286410-339-7263 www.rcmd.com


2016 2015

Premium volume $295,325,375 $339,958,730

Gross revenue $47,428,829 $46,023,832






Services 16.81% 16.34%


Employees 240 249

Retail offices 5 5

OFFICE LOCATIONS: Maryland, Pennsylvania, Virginia.

FOUNDED: 1885




OFFICERS: Albert R. Counselman, chairman/CEO; Robert T. Cawley, president; J Kevin Carnell, COO.

CONTACT: Robert T. Cawley; 410-339-5884; [email protected].

Risk Strategies Co. Inc.160 Federal St., Second FloorBoston, MA 02110617-330-5700 www.risk-strategies.com


2016 2015

Premium volume $2,185,987,000 $1,784,000,000

Gross revenue $198,564,200 $142,568,700




Wholesale 3.81%

2016 2015

Premium volume $328,807,163 $309,609,000

Gross revenue $38,749,984 $36,904,747




Personal 18.58% 17.74%



Other 0.25% 0.28%

Employees 234 229



FOUNDED: 1960



OFFICERS: Gary L. Burton, COO; Anthony S. Von Rueden, chairperson; Brian Remsza, CFO.

CONTACT: Gary L. Burton; 414-221-0386; [email protected].

Ross & Yerger Insurance Inc.100 Vision Drive, Suite 100Jackson, MS 39211 601-948-2900 www.rossandyerger.com


2016 2015

Premium volume $237,663,344 $228,892,948

Gross revenue $20,924,127 $21,104,411







Employees 111 104

OFFICE LOCATIONS: Two U.S. states

FOUNDED: 1860




OFFICERS: Dudley Wooley, president/CEO; Vivian Farris, CFO; Eason Leake, chairman.

CONTACT: Dudley Wooley; 601-944-0958; [email protected].

The Rowley Agency Inc.45 Constitution Ave.Concord, NH 03301 800-238-3840 www.rowleyagency.com


2016 2015

Premium volume $85,000,000 $82,000,000

Gross revenue $14,600,000 $14,427,000



Reinsurance 3.01%

Personal 11.94% 13.31%


Services 1% 1.3%


Employees 867 597



FOUNDED: 1997

PARENT: RSC Topco




ACQUISITIONS: O’Connell Insurance, Boston, August 2016; TSG Financial, Garden City, New York, September 2016; Kahn Carlin Insurance, Miami, September 2016; Advanced Insurance Underwriters, Hollywood, Florida, December 2016; University Health Plans, Quincy, Massachusetts, December 2016.

OFFICERS: Michael B. Christian, CEO; John P. Vaglica, CFO; John Mina, president/COO.

CONTACT: Michael B. Christian; [email protected].

RKH SpecialtyOne Whittington Ave.London, EC3V 1LE, England 020-7456-9300 www.rkhspecialty.com


2016 2015

Premium volume $2,675,109,567 $2,476,554,814

Gross revenue $218,335,736 $183,003,204


U.S. clients 62.4% 52.2%


Wholesale 89.82% 100%

Reinsurance 10.18%

Employees 800 520

CURRENCY: U.K. pound, converted at applicable exchange rate.


OFFICE LOCATIONS: All U.S. states with appropriate U.S.-based retail partner

FOUNDED: 1882 (R K Harrison Group Ltd.)

PARENT: Hyperion Insurance Group Ltd.




OFFICERS: Barnaby Rugge-Price, CEO; Elliot Richardson, chairman; Angus Cameron, CFO.

CONTACT: Paul Greenhill; 44-0-20-7456-8059; [email protected].

Robertson Ryan & Associates Inc.330 E. Kilbourn Ave., Suite 650Milwaukee, WI 53202414-271-3575 www.robertsonryan.com




FISCAL YEAR ENDING: Oct. 31

FOUNDED: 1966


OFFICERS: Daniel Church, CEO; Gary Stevens, president.

SJames A. Scott & Son Inc., dba Scott Insurance 1301 Old Graves Mill Road, P.O. Box 10489Lynchburg, VA 24506 434-832-2100 www.scottins.com


2016 2015

Premium volume $1,007,000,000 $822,000,000

Gross revenue $55,007,000 $50,640,000




Personal 2.8% 2.92%



Investment income 4.28% -1.64%

Other 2.82% 3.54%

Employees 300 279

Retail offices 9 8


FOUNDED: 1864



SUPPLEMENTAL COMPENSATION: 7.8%, on request of client.*

OFFICERS: R. Hutcheson Mauck Jr., president; Craig K. Ryder, COO/CFO.

CONTACT: Craig K. Ryder; [email protected].*For appropriate groupings of clients

Shepherd Insurance L.L.C.111 Congressional Blvd., Suite 100Carmel, IN 46032 317-846-5554 www.shepherdins.com


2016 2015

Premium volume $367,035,000 $313,624,417

Gross revenue $28,447,325 $26,400,219




Personal 19.67% 19.76%


Employees 223 185


OFFICE LOCATIONS: Arizona, Florida, Indiana, Kentucky.

FOUNDED: 1977




ACQUISITIONS: Dale State Agency, Dale, Indiana, Jan. 1, 2017; Rayls Insurance, Kokomo, Indiana, Jan. 1, 2017; Dean Webster Insurance, Evansville, Indiana, Oct. 1, 2016; Crabdree Insurance, Payson, Arizona, July 1, 2016.

OFFICERS: David Shepherd, CEO/founder; Jeff Kweder, president; Quinn Shepherd, managing general partner.

CONTACT: Christine Wiggins, marketing director; 317-660-7609; [email protected].

Six & Geving Insurance Inc.3630 Sinton Road, No. 200Colorado Springs, CO 80907 719-590-9990 www.six-geving.com


2016 2015

Premium volume $35,800,000 $34,200,000

Gross revenue $5,500,000 $4,600,000





Employees 35

Retail offices 2

OFFICE LOCATIONS: Colorado

FOUNDED: 1991




OFFICERS: Wayne Six, president; Randy Geving, vice president; Chris Rea, vice president.

CONTACT: Randy Geving; [email protected].

Starkweather & Shepley Insurance Brokerage Inc.60 Catamore Blvd.East Providence, RI 02914 401-435-3600 www.starshep.com


2016 2015

Premium volume $423,861,000 $416,700,000

Gross revenue $49,880,000 $45,625,000





Personal 21.24% 22.33%


Services 2% 2.27%


Employees 213 207


OFFICE LOCATIONS: Connecticut, Florida, Massachusetts, Rhode Island.

FOUNDED: 1879



NONRETAIL SUBSIDIARIES: RISCO Inc., East Providence, Rhode Island.

OFFICERS: Larry Keefe, chairman/CEO; David Soforenko, president/COO; Richard Anderson, CFO.

CONTACT: Larry Keefe; 401-435-3600; [email protected].

Sterling & Sterling L.L.C., dba SterlingRisk135 Crossways Park Drive, Suite 300Woodbury, NY 11797 516-487-0300 www.sterlingrisk.com


2016 2015

Premium volume $492,926,000 $499,893,000

Gross revenue $56,397,000 $56,648,000




Personal 9.1% 8.95%


Services 1.8% 1.5%


Other 8.66% 6.77%

Employees 225 225

Retail offices 8 8


FOUNDED: 1972



OFFICERS: David Sterling, chairman/CEO; Joanne Krush, senior vice president/CFO.

CONTACT: David Sterling; [email protected].

Sterling Seacrest Partners Inc.2500 Cumberland Parkway, Suite 400Atlanta, GA 30339 678-424-6500 www.sterlingseacrestpartners.com


2016 2015






Personal 4.28% 3.6%



Other 0.03% 0.02%

Employees 150 135

Retail offices 5 5


FOUNDED: 2003




ACQUISITIONS: Sterling Risk Advisors Inc. merged with Seacrest Partners Inc. on June 30, 2017; the consolidated numbers were provided.



OFFICERS: Doug Rieder, chairman; John Miller, CEO; David Paddison, president.

CONTACT: Gina Roman; 678-424-6500; [email protected].

SullivanCurtisMonroe Insurance Services L.L.C.1920 Main St., Suite 600Irvine, CA 92614 949-250-7172 www.sullivancurtismonroe.com


2016 2015

Premium volume $528,000,000 $515,110,000

Gross revenue $32,940,000 $32,100,000






Employees 185 187

Retail offices 3 3


FOUNDED: 1935



SUPPLEMENTAL COMPENSATION: On request of client.

OFFICERS: John F. Monroe, president; William Curtis, founder; Mark Eckenweiler, CFO.

CONTACT: Larry Webb, executive vice president; 949-852-4823; [email protected].

TTolman & Wiker Insurance Services L.L.C.196 S. Fir St.Ventura, CA 93001 805-585-6100 www.tolmanandwiker.com


2016 2015

Premium volume $334,605,879 $299,053,409

Gross revenue $33,255,233 $31,102,670




Personal 5.36% 5.5%



Other 0.45% 0.45%

Employees 150 155

Retail offices 4 4


FOUNDED: 1923




OFFICERS: Steve Carter, chairman; Gregory Van Ness, CEO; Vance Taylor, CFO.

CONTACT: Gregory Van Ness; 805-585-6100; [email protected].

Tompkins Insurance Agencies Inc. 90 Main St.Batavia, NY 14020 585-344-0833

www.tompkinsins.com


2016 2015

Premium volume $276,791,000 $282,950,000

Gross revenue $29,649,000 $29,492,000





Personal 29.36% 28.37%



Other 0.06%

Employees 172 179



FOUNDED: 1875

PARENT: Tompkins Financial Corp.




OFFICERS: David S. Boyce, president/CEO.

CONTACT: Kim Bellavia, vice president-marketing; 585-368-7555.

Towne Insurance Agency L.L.C.*301 Bendix Road, Suite 300Virginia Beach, VA 23452 757-468-6100 www.towneinsurance.com


2016 2015

Premium volume $734,432,843 $626,055,475

Gross revenue $54,508,595 $47,540,474




Personal 23.7% 22.72%


Other 0.51% 0.43%

Employees 311 266

OFFICE LOCATIONS: Continental U.S., primarily Virginia and North Carolina clients.

FOUNDED: 2001

PARENT: TowneBank




OFFICERS: F. Dudley Fulton, president/CEO; Steven L. Reardon, COO; B. Boyd Griffin Jr., CFO.

CONTACT: Christopher B. Dorr; 757-963-8608; [email protected].*Formerly Towne Insurance Agency Inc.

Tricor Inc.230 W. Cherry St.Lancaster, WI 53813 608-473-1053 www.tricorinsurance.com


2016 2015







Personal 29.94% 30.83%




Employees 201 177


OFFICE LOCATIONS: Midwest and other assorted states

FOUNDED: 1945




OFFICERS: David H. Fritz, owner/CEO; Bruce A. Fritz, owner/president; Jeffrey R. Paro, COO/CFO.

CONTACT: Jeff Paro; 608-386-7060; [email protected].

TrueNorth Cos. L.L.C.500 First St. SE Cedar Rapids, IA 52401 800-798-4080 www.truenorthcompanies.com


2016 2015

Premium volume $727,000,000 $634,115,000

Gross revenue $64,475,000 $54,638,000







Other 0.62% 2.91%

Employees 298 265


OFFICE LOCATIONS: Colorado, Illinois, Iowa, Kansas, Michigan, Tennessee, Texas.

FOUNDED: 2001




ACQUISITIONS: CSB, Des Moines, Iowa, Jan. 1, 2017.

OFFICERS: Loren Coppock, chairman; Duane Smith, CEO; Jason Smith, president.

CONTACT: Dru Bridges; 800-798-4080; [email protected].



UUnderwriters Safety & Claims Inc., dba The Underwriters Group1700 Eastpoint ParkwayLouisville, KY 40223 502-244-1343 www.uscky.com


2016 2015

Premium volume $91,400,000 $92,500,000

Gross revenue $28,118,000 $30,430,000



Non-U.S. clients 1%






Services 60.57% 63.16%

Employees 249 264

Retail offices 3 3


FOUNDED: 1941




OFFICERS: Bruce W. Ferguson, president; Scott C. Ferguson, executive vice president; Stuart J. Ferguson, executive vice president.

CONTACT: Bruce W. Ferguson; 502-244-1343; [email protected].

USI Insurance Services L.L.C.200 Summit Lake DriveValhalla, NY 10595 914-749-8500 www.usi.com


2016 2015

Premium volume $13,198,235,547 $13,403,227,628

Gross revenue $1,048,813,822 $1,037,254,610




Wholesale 0.21%

Personal 7.1% 7.72%



Other 1.68% 0.87%




FOUNDED: 1994

PARENT: Onex Corp.




ACQUISITIONS: Johnson & Bryan, Atlanta, Oct. 31, 2016; Ball Peoples, Austin, Texas, Nov. 30, 2016; Diversified Insurance Services, Elmore, Ohio, Dec. 30, 2016; Accelerated Benefits, Columbus, Ohio, Jan. 6, 2017; Carolina First Associates, Hickory, North Carolina, Jan. 18, 2017; Cameron M. Harris & Co., Charlotte, North Carolina, March 10, 2017; The Hartman Agency Inc., State College, Pennsylvania, May 9, 2017.

OFFICERS: Michael J Sicard, chairman/president/CEO; Philip E Larson III, co-president/COO-retail brokerage; Edward J Bowler, senior vice president-corporate development/CFO.

CONTACT: Cecile Locurto; 914-747-6331; [email protected].

WWallace Welch & Willingham Inc.300 First Avenue S., Fifth FloorSt. Petersburg, FL 33701 800-783-5085 www.w3ins.com


2016 2015


Gross revenue $16,085,189 $14,700,923




Personal 14.75% 15.75%



Employees 93 90

Retail offices 2 2

OFFICE LOCATIONS: All U.S. states except Wyoming

FOUNDED: 1925


RETAIL BROKERAGE: Commissions, 93%


OFFICERS: Keith Gramling, president; Scott Gramling, CEO; Jon Hammond, COO.

CONTACT: Jon Hammond; 727-522-7777, ext. 11; [email protected].

Wells Fargo Insurance Services USA Inc.10 S. Wacker Drive, 17th FloorChicago, IL 60606wfis.wellsfargo.com


2016 2015

Premium volume $9,000,000,000 $10,000,000,000

Gross revenue $1,424,250,000 $1,505,500,000

Brokerage revenue $980,800,000 $1,316,335,000




Personal 14.06% 14.7%


Services 7.88% 18.89%


Other 30.98% 12.25%




FOUNDED: 1852

PARENT: Wells Fargo & Co.




NONRETAIL SUBSIDIARIES: Safehold Special Risk Inc., Atlanta; Rural Community Insurance Co., Anoka, Minnesota.

OFFICERS: Tim Prichard, head of insurance; Laurie Nordquist, executive vice president.

CONTACT: Katie Ellis; 415-222-3767; [email protected].

Willis Towers Watson P.L.C.51 Lime St.London, EC3M 7DQ, England 44-203-124-6000 www.willistowerswatson.com


2016 2015

Premium volume $38,000,000,000 $40,000,000,000

Gross revenue $7,887,000,000 $8,151,000,000










Other 1.38% 0.32%

Employees 41,500 39,000

Retail offices 500* 500


FOUNDED: 1828



SUPPLEMENTAL COMPENSATION: On request of client.**

ACQUISITIONS: March 2017, Russell Actuarial, 100%, Australia; April 2017, OAAGC, 60% (now 100% owned), France.

OFFICERS: John Haley, CEO; Roger Millay, CFO.

CONTACT: Colleen McCarthy, communications manager; 212-915-8307; [email protected].*Record “Over 500” or “500+” as our retail office count.

**Prior to its merger with Willis, HRH accepted contingent compen-sation on certain of its clients’ accounts; these contingents will be phased out over three years, and no contingents will be accepted on any new retail brokerage clients or business generated after the Oct. 1, 2008 acquisition.



Woodruff-Sawyer & Co.50 California St., Floor 12San Francisco, CA 94111 415-391-2141 www.wsandco.com


2016 2015

Premium volume $1,389,600 $1,280,100,000

Gross revenue $119,250,000 $105,546,000








Employees 433 410



FOUNDED: 1918




ACQUISITIONS: Integrated Insurance Services, Dec. 1, 2016.

OFFICERS: Stan Loar, chairman; Andy Barrengos, CEO; Mary Sklarski, chief growth officer.

CONTACT: Andy Barrengos; [email protected].

Wortham Insurance & Risk Management2727 Allen Parkway, Suite 2400Houston, TX 77019 713-526-3366 www.worthaminsurance.com


2016 2015

Premium volume $1,247,000,000 $1,318,000,000

Gross revenue $127,845,000 $129,023,000


U.S. clients 99.5% 99.5%







Employees 526 501

Retail offices 6 5


FOUNDED: 1915



SUPPLEMENTAL COMPENSATION: 7.8%

ACQUISITIONS: John R. Ray & Sons Inc., Nov. 1, 2016.

OFFICERS: Richard M. Blades, chairman; Robert B. Hixon, chairman emeritus; Leo C. Taylor, vice chairman.

CONTACT: Richard M. Blades; 713-346-1061; [email protected].

MULTIPLE COPIES AND REPRINTS AVAILABLE.Multiple secure copies of the PDF can be purchased at discounted pricing for quantities of five or more. For information contact Andy Toh, Research Director, [email protected].

Reprints are also available for all or part of these reports. For information, contact [email protected]


We appreciate your feedback and suggestions to help improve future editions of our Rankings and Directories.Or, if you have any questions, please send them to:

Andy TohDirector of Research, Planning & InsightsBusiness Insurance4100 S. Hospital Drive, Suite 209Plantation, FL [email protected]

Agents and Brokers Rankings + Directory - EPIC Insurance · PDF file5 BUSINESS INSURANCE DIRECTORY LISTINGS 2017 Eni ontn Coyri 2017 b Bin Inn Holin. All i eserved 2017 rank 2016 rank

Documents