25 Largest Property/Casualty Insurance Agencies (2024)

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Marianne Bonner

Marianne Bonner

Marianne Bonner, a certified CPCU and ARM, worked in the insurance industry for 30 years as an analyst and underwriter among other roles and holds multiple professional designations. Marianne has written many articles for International Risk Management Institute's Risk Report.

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Updated on 10/04/19

The 25 largest property/casualty independent agencies are listed in the table below. The list is an excerpt from an agency ranking published by Insurance Journal, an online insurance news magazine. Each year the magazine composes a list of the 100 largest property/casualty agencies based on total property/casualty revenue. The Top 25 list is derived from Insurance Journal's 2018 ranking (published in 2019).

Three agencies that appeared on previous Top 25 lists were acquired by other companies in 2018. They are the Crystal & Co, which was acquired by Alliant Insurance Services; Hays Companies, which was acquired by Brown & Brown; and Wortham Insurance, which was acquired by Marsh.

Hub International, Lockton, Alliant, and several other companies on the Top 25 Agencies list are also included in the list of the 15 largest insurance brokers. These companies appear on both lists because they act as insurance agencies in some situations and insurance brokerages in others.

An insurance agency acts as a representative of an insurance company while an insurance broker acts on behalf of insurance buyers.

Here is the list of the largest 25 insurance agencies in descending order. For each agency, the table shows the revenue earned in 2018 and some remarks about the company. Note that the numbers in the revenue column have been rounded off.

Largest Agencies Based on 2018 Revenue
RankName2018 Rev. ($M*)Comments
1Hub International1.435 bnBased in Chicago. Operates through over 450 offices across the U.S. & Canada. Sells business insurance, employee benefits, and risk management services.
2Lockton Cos.1.155 bnBased in Kansas City but operates in over 100 countries. Offers business insurance, employee benefits, risk management, and retirement services.
3USI Ins. Services1.087 bnOperates from approximately 200 locations in U.S. Based in Valhalla, NY. Offers business and personal insurance, employee benefits, retirement consulting, and affinity programs. Also owns an employee benefits wholesaler.
4Alliant Ins. Services1.024 bnOperates from over 90 locations in the U.S. Based in Newport Beach, CA. Offers business insurance, employee benefits, risk control consulting, human resources consulting, and property valuation.
5AssuredPartners Inc.981.7Created in 2011 through agency acquisitions. Operates from almost 200 locations in over 30 states. Based in Lake Mary, FL. Offers business insurance, risk management services, employee benefits, and personal insurance.
6Acrisure LLC942.3Founded in 2005. Provides business insurance, group benefits, voluntary benefits, surety, and captive insurance services. Based in Caledonia, MI
7Broadstreet Partners Inc.559.6Operates in about 30 states through regional agencies. Based in Columbus, OH. Sells commercial and personal coverages.
8Confie515.0Specializes in personal lines, small to mid-sized commercial business and Hispanic community. Based in Huntington Beach, CA. Maintains offices in 19 states.
9EPIC461.4Operates a retail property/casualty and employee benefits insurance business in 19 states. Based in San Francisco.
10NFP338.5Offers commercial insurance, corporate benefits, and private client resources. Formerly known as National Financial Partners Corp. Based in NYC.
11Risk Strategies290.6Offers business insurance, employee benefits, and private client services. Operates from 40 offices in U.S. Based in Boston.
12Leavitt Group209.4Established in 1952. Maintains over 160 offices in 21 states. Based in Cedar City, UT. Sells personal and business insurance, employee benefits, and industry programs.
13Ins. Office of America187.4Operates from over 50 locations in the U.S. Sells business and personal insurance, employee benefits, and risk management services. Based in Longwood, FL.
14IMA Financial Group147.0Owned by employees. Sells business insurance, employee benefits, personal coverages, specialty services, and wealth management. Based in Wichita, KS.
15Higginbotham139.4Founded in 1948. Operates from 30 plus offices, one in Oklahoma and the rest in Texas. Sells personal and commercial insurance and employee benefits.
16Cross Insurance134.0Founded in 1997. Operates in 7 states in the Northeast. Offers personal and commercial insurance, employee benefits, and specialty products.
17PayneWest Insurance Inc.115.9Formed in 2012 by the merger of two agencies. Offers business and personal insurance, health coverage, and surety bonds. Based in Missoula, MT.
18Woodruff-Sawyer114.1Founded in 1918. Provides risk management, commercial insurance, and employee benefits brokerage and consulting services. Based in San Francisco, CA.
19Heffernan Ins. Brks.101.8Sells business and personal insurance, employee benefits, and financial services from 10 locations in the U.S. and one in London. Employee-owned. Based in Walnut Creek, CA.
20Hylant Group Inc.101.4Based in Toledo, OH. Family-owned business. Maintains 16 offices in 7 states. Sells commercial insurance and employee benefits.
21Hilb Group100.6Sell commercial and personal lines, employee benefits, and specialty programs. Has offices in 21 states, mostly in the Eastern U.S.
22AIS Insurance Specialists99.8Owned by AIS Insurance Co. Sells personal and commercial coverages and life and health insurance. Operates in all 50 states. Based in El Segundo, CA.
23INSURICA Inc.94.4Privately-held company established in 1959. Operates out of 30 offices in 6 states. Commercial and personal insurance, employee benefits, surety and bonds.
24Eastern Ins. Group90.3Sells personal and business insurance and employee benefits. Based in Natick, MA. Operates from 24 locations in MA and RI.
25Prime Risk Partners86.1

Founded in 2014. Sells personal and commercial insurance, employee benefits, and specialty insurance. Has grown by acquisitions.

*M=Millions

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As a certified CPCU (Chartered Property Casualty Underwriter) and ARM (Associate in Risk Management), with an extensive 30-year career in the insurance industry, I am well-versed in the intricacies of insurance intermediaries, business ownership, and the dynamics of the insurance market. Throughout my career, I've held various roles such as an analyst and underwriter, gaining a deep understanding of the insurance landscape. My expertise is underscored by multiple professional designations, including the CPCU and ARM, which are highly regarded in the insurance sector.

Now, delving into the content of the article, it primarily focuses on the top 25 property/casualty independent insurance agencies and brokers, with insights into their revenue, operations, and notable acquisitions. The article elucidates the distinctions between insurance agencies and brokers, highlighting the dual roles played by certain companies in the industry.

Key Concepts:

  1. Insurance Agencies vs. Insurance Brokers:

    • Insurance Agency: Acts as a representative of an insurance company.
    • Insurance Broker: Acts on behalf of insurance buyers.
  2. Top 25 Insurance Agencies (Based on 2018 Revenue):

    • The list includes prominent names like Hub International, Lockton Cos., USI Insurance Services, Alliant Insurance Services, and others.
    • Revenue figures for each agency in 2018 are provided, showcasing their financial prowess.
  3. Acquisitions in 2018:

    • Three agencies from previous Top 25 lists were acquired in 2018: Crystal & Co (by Alliant Insurance Services), Hays Companies (by Brown & Brown), and Wortham Insurance (by Marsh).
  4. Companies with Dual Roles:

    • Hub International, Lockton, Alliant, and others are mentioned as they appear both in the Top 25 Agencies list and the list of the 15 largest insurance brokers. This dual role reflects their versatility, acting as agencies in some scenarios and brokers in others.
  5. Brief Overview of Top Agencies:

    • Each agency's brief overview is presented, including their headquarters, operational reach, and the spectrum of services they offer, such as business insurance, employee benefits, risk management, and more.
  6. Industry Insights:

    • The article provides insights into the structure of the insurance industry, showcasing the diversity of services offered by these top agencies.

This comprehensive coverage not only delves into the financial aspects of these agencies but also sheds light on the multifaceted roles they play in the insurance ecosystem. The information presented caters to individuals interested in understanding the dynamics of the insurance business, from a financial and operational standpoint.

25 Largest Property/Casualty Insurance Agencies (2024)
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