Insurance Brokers

Leading Brokers
Agent/Broker
Top
Global
Best’s Review’s
Insurance Brokers
D
espite the downturn in the economy in 2008, the
multibillion dollar global
insurance brokerage business held steady, for the
most part, in terms of brokerage revenues. As Best’s
Review presents its fourth
annual ranking of the
major players in this marketplace, there is a differ58
Best’s Review • July 2009
ence: Figures are based on
2008 brokerage revenue
from the placement of primary insurance business
only, using data provided
by the companies. Reinsurance, wholesale business,
managing general agent
and other business revenues not directly related
to the placement of primary insurance business
were excluded. Previously,
the ranking was not as
tightly defined. This has
led to some changes in
the Top 20, as some companies’ positions changed
and others dropped off
the Top 20. Beyond the
economic crisis, 2008
was a year of mergers
and acquisitions for brokers. Aon merged with
Top Global Brokers
Ranked by 2008 Brokerage Revenue
Ranking Broker
Benfield, Willis acquired
H i l b R o g a l & H o bb s
and Gallagher made 37
acquisitions. These deals,
along with some continued organic growth, also
altered the brokerage landscape. Looking ahead this
year, many brokers plan to
hone their strategies while
competing in a challenging
economic environment.
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Brokerage
Revenues 2008
Aon Corp.
$6.2 billion
Marsh Inc.
$4.5 billion
Willis Group Holdings Ltd.*
—
Arthur J. Gallagher & Co.
$950 million
Jardine Lloyd Thompson
Group plc
$853 million
Brown & Brown Inc.
$834.1 million
BB&T Insurance Services Inc.
$730.2 million
Lockton Companies Inc.
$726 million
Hub International Ltd.
$691 million
USI Holdings Corp.
$636 million
Alliant Insurance Services Inc. $277.5 million
The Leavitt Group
$169 million
CBIZ Benefits & Insurance
Services
$135.6 million
Keenan & Associates
$123 million
Bollinger Inc.
$103.3 million
Mesirow Financial
$90 million
The NIA Group LLC
$69.1 million
Barney & Barney LLC
$63 million
Woodruff-Sawyer & Co.
$61.4 million
Integro Insurance Brokers
$60.7 million
Note: Figures are based on 2008 brokerage revenue from the placement
of primary insurance business.
* Willis declined to subtract reinsurance brokerage revenue.
Best’s Review • July 2009
59
1. Aon Corp.
Brokerage Revenues
Total Revenues
2008: $6.2 billion
2008: $7.6 billion
2007: $6.0 billion
2007: $7.4 billion
Top Executive: Greg Case, President and
Chief Executive Officer
200 East Randolph St., Chicago, IL 60601
Phone: 312-381-1000
www.aon.com
Greg
Trading symbol: AOC
Case
Ownership: Public
Top Lines: Risk brokerage, reinsurance brokerage and
human capital consulting.
Developments in 2008: Acquisition of Aon Benfield, divestiture of underwriting businesses.
Strategy for 2009 & 2010: Focusing on providing value to
clients; building teams of unmatched talent; and achieving
operational excellence.
2. Marsh & McLennan Cos.
Brokerage Revenues
Total Revenues
2008: $4.5 billion
2008: $11.6 billion
2007: $4.4 billion 2007: $11.2 billion
Top Executive: Brian Duperreault,
President and Chief Executive Officer
1166 Avenue of the Americas,
New York, NY 10036
Phone: 212-345-5000
Fax: 212-345-4808
Brian
www.mmc.com
Duperreault
Trading symbol: MMC
Top Lines: Commercial insurance.
Developments in 2008: Brian Duperreault appointed chief
executive officer of Marsh & McLennan Cos. Marsh Inc. was
returned to profitability. A new management team at Guy Carpenter led by Peter Zaffino restructured business resulting in
performance turnaround and maintained profitability. Ben Allen
was promoted to CEO of Kroll and the company’s U.S. and U.K.
restructuring businesses were sold to their senior executives.
Strategy for 2009 & 2010: To utilize the expertise of talent
and global reach to protect and enhance the value of clients
while continuing the transformation of businesses, ensuring
profitable growth.
3. Willis Group Holdings Ltd.
Brokerage Revenues
Total Revenues
2008:$2.75 billion*
2008:$2.83 billion
2007: $2.46 billion
2007: $2.58 billion
Top Executive: Joseph J. Plumeri, Chairman
and Chief Executive Officer
The Willis Building, 51 Lime St., London,
EC3M 7DQ United Kingdom
Phone: (44-20) 3124-6000
Joseph J.
www.willis.com
Plumeri
Trading symbol: WSH
Top Lines: Commercial; reinsurance; construction; aerospace; energy; marine; financial and executive risks; employee
benefits; health care; niche; environmental.
Developments in 2008: Acquired Hilb Rogal & Hobbs. The
60
Best’s Review • July 2009
combination expanded Willis’ North American presence to
more than 200 locations; more than doubled its North American employee benefits business; strengthened key practice
areas such as personal lines, real estate, health care, environmental, construction, complex property and executive risk;
strengthened Willis’ leadership as a middle-market broker and
reinforced its large account presence; further expanded its
specialty expertise and complemented its substantial presence
in the London market. In addition, as part of its wholesale strategy, Willis formed Faber & Dumas, a new third-party wholesale
broker that includes Glencairn, a multiline specialist broker, and
such specialty practices as Fine Art, Jewelry & Specie; Special
Contingency Risks, which deals with kidnap and ransom insurance, and Hughes-Gibb, a bloodstock broker.
Strategy for 2009 & 2010: Focus on top-line growth by
optimizing new business development and pipeline management, cross-selling capabilities, developing new products, and
expanding the Willis Client Advocate service model. Continue
to execute against the “Shaping Our Future” strategy for profitable growth, the integration of HRH and the ongoing expense
review to right-size Willis for the current environment.
* Willis declined to subtract reinsurance brokerage revenue. Willis reported
$606 million in reinsurance revenue for 2007.
4. Arthur J. Gallagher & Co.
Brokerage Revenues
Total Revenues
2008: $950 million
2008: $1.64 billion
2007: $891 million
2007: $1.62 billion
Top Executive: J. Patrick Gallagher Jr., Chairman, President and Chief Executive Officer
The Gallagher Centre/Two Pierce Place, Itasca,
IL 60143-3141
Phone: 630-773-3800
Fax: 630-285-4000
J. Patrick
Gallagher Jr. www.ajg.com
Trading symbol: AJG
Ownership: Public
Top Lines: Retail commercial P/C; employee benefits; wholesale
insurance brokerage; risk management; claims management.
Developments in 2008: Gallagher announced 37 acquisitions in
2008 with annualized revenues of some $165.6 million. Gallagher
completed the sale of its global reinsurance operations in the first
quarter. In the third quarter, Gallagher abandoned efforts to sell
its small Irish wholesale brokerage operations and ceased those
operations; as a result, the revenues and expenses of these
operations have been reclassified from continuing operations to
discontinued operations for all periods presented. Additionally,
Norman L. Rosenthal was appointed to the board of directors on
Jan. 24 after Gary P. Coughlan retired from the board effective at
Gallagher’s 2008 annual shareholders meeting. Major developments in 1Q 2009: Gallagher entered into a definitive agreement
on Jan. 21 to acquire all of the policy renewal rights from Liberty
Mutual’s middle-market commercial P/C brokers located in their
Midwest and Southeast regions; the company expects to hire
about 75 Liberty Mutual producers in these regions. Gallagher
also is acquiring substantially all of the policy renewal rights
and hiring the national producer group from Wausau Signature
Agency, Liberty Mutual’s commercial P/C and employee benefits
insurance agency, headquartered in Wausau, Wis.; it is expected
that the combined transaction will add approximately 120 new
insurance sales professionals to Gallagher’s retail commercial P/C
brokerage operation. The definitive agreement includes an initial
payment of approximately $44 million in cash and Gallagher’s
common stock and additional payments in cash or Gallagher’s
Leading Brokers
Agent/Broker
common stock (at Gallagher’s election) that are based on revenues generated in the two-year period beginning 12 months
after closing. The maximum potential amount of the additional
payments is $120 million. The agreement was subject to customary closing conditions and closed on Feb. 27.
Strategy for 2009 & 2010: Arthur J. Gallagher & Co. is
focused on target revenue and EBITDA growth of 15%/year.
Gallagher’s Retail Insurance Brokerage Operations (P/C
and benefits) anticipates its greatest revenue growth over
the next year will continue to come from its niche/practice
groups and middle-market accounts; cross-selling other brokerage products to existing customers; developing and managing alternative market mechanisms such as captives, renta-captives, deductible plans and self-insurance; and through
mergers and acquisitions. Gallagher’s Wholesale Insurance
Brokerage Operations anticipates growth by increasing the
number of broker-clients, developing new managing general
agency and underwriter programs and through mergers and
acquisitions. Gallagher’s Risk Management Segment (P/C
Third-Party Administrator) expects its most significant growth
prospects will come from Fortune 1000 companies, larger
middle-market companies, captives, program business and
the outsourcing of insurance company claims departments.
5. Jardine Lloyd Thompson Group plc
Brokerage Revenues
Total Revenues
2008: $853 million
2008: $853 million
2007: $753 million
2007: $753 million
Top Executive: Dominic Burke,
Group Chief Executive Officer
6 Crutched Friars, London,
EC3N 2PH United Kingdom
Phone: (44-20) 7528-4444
Dominic
Burke
Fax: (44-20) 7528-4185
www.jltgroup.com
Trading symbol: JLT
Ownership: Jardine Lloyd Thompson Group plc—a publicly
traded company on the London Stock Exchange
Top Lines: Risk management; insurance/reinsurance brokerage; employee benefits administration; consultancy.
Developments in 2008: JLT achieved strong growth in 2008
across all of its businesses, driven by organic growth and
enhanced by both favorable currency movements and the
impact of acquisitions. The work undertaken in 2006 and
2007 in changing the strategy, structure and culture of the
group enabled good progress. The acquisition of Harman
Wicks & Swayne into JLT’s reinsurance business in June
2008 supported the continued progress of JLT Re and Lloyd
& Partners had a stand-out performance during the year.
Strategy for 2009 & 2010: JLT’s medium-term strategic goals
are to continue to build a balanced and mutually reinforcing
business using bolt-on acquisitions to enhance the composition
of the group; to offer global representation, capacity and placing power through an international network, with retail operations that support specialty strengths; to continue working with
U.S. independent brokers to provide leading risk transfer services to U.S. corporates and to underpin these goals with high
quality, efficient operational processes. The group’s investment
initiatives, the ICAP JLT joint venture, JLT Online and Thistle
Underwriters are progressing well. The group is facing a challenging economic environment across the world but remains
well placed to make further progress in 2009.
6. Brown & Brown Inc.
Brokerage Revenues Total Revenues
2008: $834.1 million
2008: $977.5 million
2007: $784.2 million
2007: $959.7 million
Top Executive: J. Hyatt Brown, Chairman
220 South Ridgewood Ave.,
Daytona Beach, FL 32114
Phone: 386-252-9601
Fax: 386-239-5705
www.bbinsurance.com
Trading symbol: BRO
J. Hyatt
Ownership: Public
Brown
Top Lines: Middle market property/casualty.
Developments in 2008: Positive top line growth.
Strategy for 2009 & 2010: Sell more insurance.
7. BB&T Insurance Services Inc.
Brokerage Revenues Total Revenues
2008: $730.2 million
2008: $1.03 billion
2007: $631.5 million
2007: $974.5 million
Top Executive: H. Wade Reece, Chairman
and Chief Executive Officer
3605 Glenwood Ave., Raleigh, NC 27612
Phone: 919-716-9777
www.bbt.com
Trading symbol: BBT
Ownership: Corporation
H. Wade
Reece
Top Lines: Commercial property/casualty;
employee benefits; personal lines.
Developments in 2008: Client retention and organic growth;
concentrated on finding more cost efficient operating models.
Strategy for 2009 & 2010: Continued emphasis on organic
growth and client retention while concentrating on more cost
efficient operating models.
8. Lockton Companies Inc.
Brokerage Revenues
Total Revenues
2008: $726 million
2008: $786.8 million
2007: $686.4 million
2007: $742.2 million
Top Executive: David Lockton, Chairman
444 West 47th St., Suite 900,
Kansas City, MO 64112-1906
Phone: 816-960-9000
www.lockton.com
David
Lockton
Ownership: Private
Top Lines: Commercial property/casualty; executive risks;
employee benefits; affinity; surety; retirement services
Developments in 2008: Maintained high client retention;
expanded client services in risk finance; launched Seurat
Health Risk Management services; named Company of the
Year in U.K.; rated highest for client service among AIRMIC
Risk Managers; Best Place to Work in New York City,
Denver, Kansas City, Chicago and St. Louis; expanded
to Middle East with Dubai office; licensed in China and
opened Shanghai office.
Strategy for 2009 & 2010: Deliver on “We Live Service!” strategy; support clients through economic turmoil and recovery;
continue to expand capabilities in executive risks; core commercial property/casualty services; enhance retirement services.
Best’s Review • July 2009
61
9. Hub International Ltd.
Brokerage Revenues
Total Revenues
2008: $691 million
2008: $757.5 million
2007: $589 million
2007: $651 million
Top Executive: Martin P. Hughes, Chairman
and Chief Executive Officer
55 East Jackson Blvd., Chicago, IL 60604
Phone: 877-402-6601
www.hubinternational.com
Ownership: Private
Martin P.
Top
Lines: Commercial lines; personal lines;
Hughes
employee benefits.
Developments in 2008: Hub International completed a total
of 16 acquisitions in 2008 throughout the U.S. and Canada,
including Scheer’s (Illinois) and HKMB (Toronto).
Strategy for 2009 & 2010: Sustain growth through continued development of sales culture, increased emphasis on
enhancing the customer experience, organic growth, strategic acquisitions, improved productivity and margins. In early
2009, Hub acquired the renewal rights to Liberty Mutual’s
middle-market commercial property/casualty business in Arizona, Arkansas, California, Colorado, Hawaii, Kansas, Louisiana, Nebraska, Oklahoma, Utah and Texas.
10. USI Holdings Corp.
Brokerage Revenues
Total Revenues
2008: $636 million
2008: $636 million
2007: $623 million
2007: $623 million
Top Executive: Michael J. Sicard, Chairman,
President and Chief Executive Officer
555 Pleasantville Road, Suite 160 South, Briarcliff Manor, NY 10510
Phone: 914-749-8500
Fax: 914-749-8550
Michael J.
www.usi.biz
Sicard
Ownership: Private, owned by Goldman
Sachs Capital Partners and Management
Top Lines: Property/casualty; group employee benefits; specialized benefits services.
Developments in 2008: USI realized growth in revenues,
EBITDA (earnings before interest, taxes, depreciation and
amortization) and EBITDA margins. In addition, USI acquired
$44.5 million in annualized revenues.
Strategy for 2009 & 2010: Continue to grow organically
and through targeted acquisitions while improving margins and operating efficiencies. In first quarter of 2009, USI
announced the acquisition of the northeastern middle-market
P/C direct business from Liberty Mutual Insurance Group,
including the hiring of 43 Liberty Mutual sales professionals.
11. Alliant Insurance Services Inc.
Thomas W.
Corbett
62
Brokerage Revenues
Total Revenues
2008: $277.5 million
2008: $335.8 million
2007: $239 million
2007: $296 million
Top Executive: Thomas W. Corbett,
Chairman and Chief Executive Officer
1301 Dove St., Suite 200, Newport Beach,
CA 92660
Phone: 949-756-0271
www.alliantinsurance.com
Best’s Review • July 2009
Ownership: Private (The Blackstone Group and Management)
Top Lines: Property/casualty, employee benefits.
Developments in 2008: Completed two acquisitions.
Strategy for 2009 & 2010: Remain independent; continue to
grow organically; selective acquisition strategy; recruit top
senior-level production talent.
12. The Leavitt Group
Brokerage Revenues
Total Revenues
2008: $169 million
2008: $187 million
2007: $168 million
2007: $186 million
Top Executive: Dane Leavitt,
Chief Executive Officer
216 South 200 West, Cedar City, UT 84720
Phone: 435-586-6553
Fax: 435-586-1510
www.leavitt.com
Dane
Ownership: C corporation
Leavitt
Top Lines: Commercial package; workers’
compensation; general liability.
Developments in 2008: Acquired Jenkins Insurance Group,
a $25 million revenue multilines agency with offices in Concord
and Sacramento, Calif.; acquired Service Insurance Agency of
Vernal, Utah, a significant provider of insurance to the petroleum
services industry in the Rocky Mountain West; formed Leavitt
Benefits Services, a centralized, agency-owned facility that provides value-added services to benefit clients and brokers.
Strategy for 2009 & 2010: Strengthen sales culture, producer recruitment and development, consolidate wholesale
relationships, continued acquisition activity.
13. CBIZ Benefits & Insurance Services
Brokerage Revenues
Total Revenues
2008: $135.6 million
2008: $178.2 million
2007: $141.5 million
2007: $175.1 million
Top Executive: Robert A. O’Byrne, President
11440 Tomahawk Creek Parkway
Leawood, KS 66211
Phone: 913-234-1788
Fax: 913-458-5279
Ownership: Public
Top Lines: Benefits, consulting and administration; retirement planning services; propRobert A.
erty/casualty; payroll services; human capital
O’Byrne
services; individual wealth management.
Developments in 2008: In keeping with strategy of building out
CBIZ service capabilities within key markets, CBIZ Inc. acquired
five companies in 2008: Computer Payroll Co, Palm Desert,
Calif., (a payroll processing firm); NAIS, Frederick, Md., (large provider of innkeepers insurance); EFL Associates, Overland Park,
Kan., (leading national executive search firm); Mahoney Cohen &
Co, New York (full service accounting and management consulting firm); Tofias PC, Cambridge, Mass., (accounting firm).
Strategy for 2009 & 2010: Commitment to helping to grow clients’ businesses as well as investing in company’s people continue to be central to primary strategy. Cross-serving as well as
acquisitions that build out CBIZ service capabilities within key
markets will help to bring additional services to clients. Internally, continue to support and grow CBIZ Women’s Advantage,
Great People Great Place Initiative, and provide comprehensive
business development training for associates through CBIZ
Training Academy.
Leading Brokers
Agent/Broker
14. Keenan & Associates
Brokerage Revenues
Total Revenues
2008: $123 million
2008: $123 million
2007: $132.2 million
2007: $132.2 million
Top Executive: Sean K. Smith, President and
Chief Executive Officer
2355 Crenshaw Blvd, Suite 200, Torrance, CA 90501
Phone: 310-212-3344
Fax: 310-782-2084
Sean K.
www.keenan.com
Smith
Ownership: Privately held ESOP
Top Lines: Workers’ compensation; property and liability;
employee benefits.
Developments in 2008: Expanded technology portal and
administration tools to property/casualty, which is a major,
long-term undertaking and will be a large part of the company’s focus for the next year and beyond.
Strategy for 2009 & 2010: The company said it does not
announce future strategy publicly for competitive reasons.
15. Bollinger Inc.
Brokerage Revenues
Total Revenues
2008: $103.3 million
2008: $103.3 million
2007: $103.6 million
2007: $105 million
Top Executive: John A. Windolf,
Chairman and Chief Executive Officer
101 JFK Parkway, Short Hills, NJ 07078
Phone: 800-526-1379
Fax: 973-921-2876
www.bollingerinsurance.com
John A.
Windolf
Ownership: Private
Top Lines: Benefits, commercial lines, personal lines and
program business.
Developments in 2008: Completed four acquisitions and
enhanced client services.
Strategy for 2009 & 2010: Equal growth from mergers and
acquisitions and organic improvements.
16. Mesirow Financial
Brokerage Revenues
Total Revenues
2008: $90 million
2008: $91 million
2007: $89 million
2007: $81.4 million
Top Executive: Richard S. Price, President
and Chief Operating Officer
321 North Clark St., Chicago, IL 60654
Phone: 312-595-6200
Fax: 312-595-6993
www.mesirowfinancial.com
Richard S.
Ownership: Private
Price
Top Lines: Employee benefits; life and disability; personal lines; property/casualty; structured settlements.
Developments in 2008: Launched a new corporate identity
to mark the next chapter in the firm’s evolution and was also
ranked as one of Chicago’s best places to work by Crain’s Chicago Business. Added a number of new producers and business development alliances including additional niche markets.
Strategy for 2009 & 2010: Plan for growth will continue to
involve strategic acquisitions of agencies where synergies
exist as well as the recruitment of talented professionals.
Mesirow Financial will be moving to a new 45-story headquarters developed by Mesirow Financial Real Estate Inc.
17. The NIA Group LLC
Brokerage Revenues
Total Revenues
2008: $69.1 million
2008: $69.7 million
2007: $70.6 million
2007: $73.4 million
Top Executive: Paul Gross,
Chief Executive Officer
66 Route 17, Paramus, NJ 07652
Phone: 201-845-6600
Paul
www.niagroup.com
Gross
Ownership: Limited liability corporation
Top Lines: Commercial lines; personal lines; employee benefits.
Developments in 2008: Provided a substantial amount of
staff training, made a major financial investment in updated
computer systems and reconfigured several key departments.
Strategy for 2009 & 2010: The focus is on organic growth and
retention. A major initiative is to hire successful, experienced producers and expand sales management capabilities. The firm seeks
to make strategic acquisitions that complement existing offices.
18. Barney & Barney LLC
Brokerage Revenues
Total Revenues
2008: $63 million
2008: $63 million
2007: $52 million
2007: $52 million
Top Executive: Paul J. Hering, Chief
Executive Officer and Managing Principal
9171 Towne Centre Drive, Suite 500,
San Diego, CA 92122
Phone: 800-321-4696
Paul J.
www.barneyandbarney.com
Hering
Ownership: Private
Top Lines: Property/casualty; employee benefits.
Developments in 2008: Merged with Saylor & Hill Co.
Strategy for 2009 & 2010: As the company turns 100 this
year, will continue to focus on aggressive growth, while not
losing sight of core values and mission to serve clients, colleagues and community.
19. Woodruff-Sawyer & Co.
Brokerage Revenues
Total Revenues
2008: $61.4 million
2008: $61.4 million
2007: $61.2 million
2007: $61.2 million
Top Executive: Charles Rosson,
Chief Executive Officer
220 Bush St., 7th Floor,
San Francisco, CA 94104
Phone: 415-391-2141
www.wsandco.com
Charles
Ownership: Private, 27% employee stock
Rosson
ownership plan
Top Lines: Property/casualty, employee benefits and management liability.
Developments in 2008: Established CleanTech Practice to
meet the risk management needs of this emerging market.
Named the #1 D&O Broker in the nation by the 2007 Towers
Perrin Directors & Officers Liability survey. In addition to being
named #1 D&O broker overall, Woodruff-Sawyer is the only broker to be listed in all client asset sizes delineated in the survey.
In addition, expanded employee benefits services by opening
Best’s Review • July 2009
63
new regional office, adding enhanced compliance capabilities
and developing new communications services. Woodruff-Sawyer was a winner of the 2008 Alfred P. Sloan Award for Business
Excellence in Workplace Flexibility, distinguishing the employer
as a leading practitioner of workplace flexibility. Launched new
podcast series addressing insurance regulatory topics.
20. Integro Insurance Brokers
Brokerage Revenues
Total Revenues
2008: $60.7 million
2008: $63 million
2007: $57.2 million
2007: $58 million
Top Executive: Peter Garvey,
Chief Executive Officer
1 State Street Plaza, 9th Floor,
New York, NY 10004
Phone: 877-688-8701
Peter
www.integrogroup.com
Garvey
Ownership: Private
Top Lines: Complex risk including property/casualty; management
risk; health care; international including wholesale and reinsurance.
Developments in 2008: Realized industry-leading 19%
organic revenue growth over 2007 and 98% client retention
rate during 2008. Identified by Greenwich Quality Index as
the industry leader in client satisfaction, quality of service,
knowledge and technical execution. Expansion of facultative
reinsurance and U.K. wholesale units.
Strategy for 2009 & 2010: Continue industry leading organic
growth. Expand core offerings, proven capabilities and top
lines. Build on reputation for creativity, thought leadership
and quality service.
The following brokers, although not ranked, shared their
results, development and strategies with Best’s Review.
AH&T Insurance
Alexander
Green
Brokerage Revenues
Total Revenues
2008: $18.5 million
2008: $18.7 million
2007: $17.5 million
2007: $18.0 million
Top Executive: Alexander Green, President
20 South King St., Leesburg, VA
Phone: 703-777-2341
www.ahtins.com
Ownership: Private
Top Lines: Property/casualty.
Assurance Agency Ltd.
Anthony
Chimino
64
Brokerage Revenues
Total Revenues
2008: $39.7 million
2008: $39.7 million
2007: $35.6 million
2007: $35.6 million
Top Executive: Anthony Chimino,
Chief Executive Officer
1750 East Golf Road,
Schaumburg, IL 60173
Phone: 847-797-5700
www.assuranceagency.com
Ownership: Private
Top Lines: Property/casualty; employee benefits; bonds.
Best’s Review • July 2009
Bolton & Company
Brokerage Revenues
Total Revenues
2008: $21.5 million
2008: $21.5 million
2007: $20 million
2007: $21.7 million
Top Executive: Steven Brockmeyer,
President and Chief Executive Officer;
Ronald Wanglin, Chairman,
245 South Los Robles Ave., Pasadena , CA 91101
Phone: 626-799-7000
www.boltonco.com
Steven
Brockmeyer Ownership: S corporation
Top Lines: Commercial property/casualty;
employee benefits; personal lines.
Developments in 2008: Focused on continued organic growth and development of new
brokers. Strengthened offerings to employee
benefits clients. Became exclusive broker for
Ronald
Human Resources Association with more than
Wanglin
3,000 members.
Strategy for 2009 & 2010: Pursuit and training of new brokers. Acquisition of other agencies. Further development of
target markets and programs.
Insurica (North American Group)
Brokerage Revenues
Total Revenues
2008: $43.1 million
2008: $43.1 million
2007: $39.01 million
2007: $39.01 million
Top Executive: Michael F. Ross,
President and Chief Executive Officer
5100 North Classen Blvd., Suite 300,
Michael F.
Oklahoma City, OK 73118
Ross
Phone: 405-523-2100
www.insurica.com
Ownership: Corporation
Top Lines: Workers’ compensation; property/casualty.
Developments in 2008: Phoenix acquisition.
Strategy for 2009 & 2010: Corporatewide branding initiative:
INSURICA Insurance Management Network.
Meadowbrook Insurance Group Inc.
Brokerage Revenues
Total Revenues
2008: $11.1 million
2008: $105.6 million
2007: $11.3 million
2007: $96.9 million
Top Executive: Robert S. Cubbin,
Chief Executive Officer and President
26255 American Drive,
Southfield, MI 48034-6112
Phone: 800-482-2726
www.meadowbrook.com
Trading symbol: MIG
Robert S.
Ownership: Public
Cubbin
Top Lines: Commercial business (property/
casualty); life/health, benefits; personal lines.
Developments in 2008: Launched a wholesale operation
called MarketPlus. The entity represents Meadowbrook’s
newly acquired subsidiary, Century Insurance Group, a leading excess and surplus lines products facility, as well as
other strategic markets.
Leading Brokers
Agent/Broker
Strategy for 2009 & 2010: Growth of wholesale agency
MarketPlus; expanded growth in the health and benefits
segment. The company also continues to review select
agency and program administrator acquisition candidates,
while recruiting experienced individual account executives
and producers.
R&R Insurance Services Inc.
Brokerage Revenues
Total Revenues
2008: $21.2 million
2008: $21.2 million
2007: $21.3 million
2007: $21.3 million
Top Executive: Kenneth P. Riesch, President
1581 East Racine Ave., Waukesha, WI 53186
Phone: 262-574-7000
www.myknowledgebroker.com
Ownership: S corporation
Top Lines: Commercial property/casualty;
Kenneth P.
life and health; personal lines.
Riesch
Developments in 2008: Further investment in
e-communications and Web site.
Schiff, Kreidler-Shell Inc.
Brokerage Revenues
Total Revenues
2008: $22.7 million
2008: $22.7 million
2007: $22.2 million
2007: $22.9 million
Top Executive: Thomas R. Dietz, Chairman
At Executive
the Market:
and Chief
Officer
Health/HMO
1 West Fourth
St., Suite 1300,
Stock performance: From May 8, 2009 to June 5, 2009
Cincinnati,
OH 45202
Dec. 31, 2004 = 1,000
Phone:A.M.
513-977-3100
Best’s U.S. Health & HMO Insurance Index
(AMBUH)
Fax: 513-977-3193
795
Thomas R.
www.sksins.com
Dietz
766 Privately held S corporation
Ownership:
Top Lines: Commercial property/casualty;
life and employee
737
benefits; personal property/casualty.
708
Developments in 2008: Expanded offerings in the area of
679
financial services.
Strategy for 2009 & 2010:
650 Continue to refine a structure of
8
15
22
29
5
sales support and accountability.
May
June
Strategy for 2009 & 2010: Five-year strategic plan to grow
from $125 million premium to $300 million premium by 2015.
Emphasizing internal growth and producer recruiting.
Wells Fargo Insurance Services
Brokerage Revenues
2008:$1.7 billion*
2007: $1.5 billion
Top Executive: Neal Aton, President and
Chief Executive Officer of Wells Fargo
Insurance Services, the commercial lines
brokerage and Wells Fargo Insurance Inc., the
personal lines brokerage.
150 North Michigan Ave., Suite 3900,
Chicago, IL 60601
Phone: 312-423-2500
Neal
https://wfis.wellsfargo.com
Aton
Trading symbol: WFC
Ownership: Public
Top Lines: Commercial lines; personal lines; employee benefits; life wholesale.
Developments in 2008: Wells Fargo acquired Wachovia,
including Wachovia Insurance Services Inc. Prior to the
acquisition, Wells Fargo Insurance Services ranked as the
fourth-largest global insurance broker based on total brokerage revenue and Wachovia’s insurance brokerage operation
ranked as 12th largest.
Atofthe
Market:
At the
Market:
Wells
Fargo
also became the exclusive manager
the HLA
Global
Network,
now known as the Wells FargoU.S.
Global
BroLife
Global
Reinsurance
Stock
performance:
From
May 8, 2009
to June
5, 2009
Stock
performance:
From May 8, 20
ker
Network.
The
Network
has
10,000
insurance
and
risk
Dec. 31, 2004 =professionals
1,000
Dec. 31,
2004 = 1,000
management
serving customers from
330
A.M. Best’s
Global
A.M. Best’s
U.S. LIfe Index
offices
across
70Reinsurance
countries,Index
and provides insurance
broker(AMBGR)
(AMBUL)
BR
age services in 115 countries.
825
715
* Wells Fargo declined to provide Best’s Review with year-end 2008 brokerage
812 However, the company reported $1.7 billion in insurance
682revenue
revenue.
through Sept. 30, 2008, the end of the third quarter.
799
649
786
616
773
583
760
8
May
Thoits Insurance Service Inc.
Brokerage Revenues
Revenues
At the
Market: 2008: $11.9 million
2008: $11.9
million
U.S. million
Property/Casualty
2007: $11.1
2007: $12.5 million
Stock performance: From May 8, 2009 to June 5, 2009
Top Executive: Paul Saich,
Dec. 31, 2004 = 1,000
Chief Executive
A.M. Best’s Officer
U.S. Property/Casualty Index
160 W. (AMBUPC)
Santa Clara Street, 12th Floor,
San Jose,940CA 95113-1171
Paul
Phone: 408-792-5400
927
Saich
www.thoitsinsurance.com
914
Ownership: ESOP
901
Top Lines: Workers’ compensation;
commercial; group benefits.
Developments in 2008: 888
Transition of leadership, including
new Chief Executive Officer
Paul Saich, previously executive
875
vice president. Recruiting of8 young15producers.
Organization
22
29
5
May management, select commerJune
into four revenue teams: risk
cial, personal insurance, employee benefits.
Watch
a22video about
15
29
5
June
this article on
bestreview.com/videos
550
8
May
15
At the Market:
U.S. Brokers
Stock performance: From May 8, 2009 to June 5, 2009
Dec. 31, 2004 = 1,000
A.M. Best’s U.S. Brokers Index
(AMBUB)
865
849
833
817
801
785
8
May
15
22
29
5
June
Best’s Review • July 2009
65
22