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Global Insurance Broking: A Strategic Review of the World's Top 150 Commercial Non-Life Insurance Brokers is the first-ever study providing a focused analysis of leading competitors in commercial lines broking worldwide. It leverages Finaccord's unrivalled knowledge of commercial non-life insurance broking across numerous countries to present not only a ranking of broking groups according to their actual or approximate total revenues generated from commercial lines in 2013 but also a series of analyses that further illustrate their presence in this arena. For each of the top 150 broking groups, these include: the percentage weighting of commercial non-life insurance broking revenues within total broking revenues; the number of countries in which they have offices; the percentage of commercial non-life insurance broking revenues derived from countries other than the groups' home markets; the number of acquisitions made that are relevant to their commercial lines broking operations over the 30 months from January 2012 to June 2014; and their main broker network affiliations (if any). Data is also provided for each group's total broking revenues in 2013 (i.e. including other sources such as personal lines, employee benefits, wholesale insurance and reinsurance) plus growth in total broking revenues in the same year relative to 2012.

Table Of Contents

Global Insurance Broking: A Strategic Review of the World%s Top 150 Commercial Non-Life Insurance Brokers
0.0 EXECUTIVE SUMMARY 1
1.0 INTRODUCTION 3
What is this report about? 3
The study represents the first ever worldwide analysis of the top 150 commercial lines insurance brokers 3
Methodology 3
Research program 3
Definitions 4
Commercial non-life insurance 4
The focus is principally on commercial non-life insurance, excluding other types of business… 4
Brokers 4
and on genuine brokers, not multi-tied agencies or companies with a mixed operating model 4
Exchange rates 4
Finaccord 5
2.0 OVERVIEW OF THE TOP 150 BROKERS 6
Introduction 6
Country of headquarters 7
More than half of the world's largest 150 commercial non-life brokers are based in either the US or the UK… . 7
Legal structure of ultimate holding company 8
… and the UHCs of most are owned privately (rather than being listed publicly on a stock market) 8
Ownership status of ultimate holding company 9
A number of the leading broking groups are controlled by banks, insurers or private equity firms 9
Total broking revenues in 2013 11
By total revenues, the duo of Aon and Marsh and McLennan Companies remain well ahead 11
Growth in total broking revenues in 2013 15
Over 40 broking groups achieved revenue growth of more than 10% in 2013 15
Commercial non-life broking revenues in 2013 19
29 groups earned revenues of more than USD 100 million from commercial non-life broking in 2013 19
Multiple acquisitions made by Arthur J. Gallagher and Co. will see it narrow the gap with Willis 19
Global market shares in commercial non-life broking in 2013 23
The three largest brokers account for more than a quarter of global commercial non-life broking revenues 23
Ratio of commercial non-life broking revenues to total revenues in 2013 24
122 of the top 150 broking groups earn at least half of their total revenues from commercial lines broking… .. 24
… with an unweighted average of 64.4% across the full sample 24
April Group, NFP and Swinton are the three brokerages least reliant on commercial non-life broking 28
Ratio of international revenues to commercial non-life broking revenues in 2013 29
Almost a third of the top 150 groups secure at least a proportion of their revenues from international markets .. 29
Willis, Howden Broking Group and JLT Group are the most internationally-diversified competitors 29
Number of acquisitions in commercial non-life broking, 2012 to H1 / 2014 32
61 groups carried out at least one qualifying acquisition between January 2012 and June 2014… 32
… with Arthur J. Gallagher and Co, HUB International and Towergate the most acquisitive 33
International broker networks 35
Assurex Global has the highest share of members among the top 150 commercial lines brokers 35
3.0 PROFILES OF THE TOP 150 BROKERS 36
Introduction 36
3.1 AA INSURANCE SERVICES 37
AA Insurance Services makes most of its revenues through personal insurance 37
3.2 ACRISURE 38
Acrisure achieved extremely rapid growth in its total revenues in 2013 38
3.3 ALIANÇA RIO 39
Aliança Rio's 18 subsidiaries are active across 40 Brazilian municipalities 39
3.4 ALLIANT INSURANCE SERVICES 40
Alliant Insurance Services was bought by KKR in November 2012 40
3.5 AON 41
Aon's retail brokerage experienced strong growth in Asia, emerging markets and the US in 2013… 41
… bolstered in part through having made several acquisitions 42
3.6 APRIL GROUP 43
Across its diverse operations, April Group maintains offices in 37 countries 43
3.7 ARTHUR J. GALLAGHER and CO. 44
In recent years, Arthur J. Gallagher and Co. has been among the most acquisitive broking groups… 44
… especially in the UK market 45
3.8 ARTUS GRUPPE 46
Artus Gruppe operates as a holding company for several regional brokers… 46
… and has a strong focus on medium-sized commercial clients in Germany 47
3.9 ASCENSION INSURANCE 48
Ascension Insurance has a strong presence in several niche sectors in the US 48
3.10 ASCOMA GROUP 49
Ascoma Group has a particularly strong presence in Africa 49
3.11 ASSURANCE AGENCY 50
Schaumberg-based Assurance Agency has about 200 employees and 5,800 clients 50
3.12 ASSUREDPARTNERS 51
Since its formation in 2011 AssuredPartners has set up more than 80 offices across 26 US states 51
3.13 ASTON SCOTT 53
Aston Scott is prominent as a broker for the construction industry and the motor trade in the UK 53
3.14 AU GROUP 54
AU Group is the largest specialist trade credit insurance broker in France 54
3.15 AUSTBROKERS 55
Austbrokers owns or co-owns over 40 Australia-based broking companies… 55
… and registered a strong increase in both revenues and net profit in 2013 55
3.16 AUTONET INSURANCE SERVICES 56
Autonet Insurance ranks among the largest van insurance brokers in the UK 56
3.17 AXELLIANCE GROUPE 57
Axelliance has financed multiple acquisitions with funds raised from external capital providers 57
3.18 BANCORPSOUTH INSURANCE SERVICES 58
BancorpSouth Insurance Services has offices in eight states of the US 58
3.19 BARNEY and BARNEY 59
Barney and Barney was acquired by a subsidiary of Marsh in February 2014 59
3.20 BBandT INSURANCE SERVICES 60
BBTandT Insurance Services is one of the largest insurance brokers in the US 60
3.21 BEECHER CARLSON 61
Atlanta-based Beecher Carlson was acquired by Brown and Brown in July 2013 61
3.22 BESSE 62
Besse is traditionally strong on marine risks but has also grown its presence in several other segments 62
3.23 BFL CANADA 63
The Caisse de Depôt et Placement du Quebec made a major investment in BFL Canada in March 2014 63
3.24 BLUEFIN 64
Bluefin acquired two commercial lines brokers in 2013 and another two in the first half of 2014 64
3.25 BMB 65
Houston-based BMB maintains offices in Arkansas, Florida and Louisiana as well as Texas 65
3.26 BOLLINGER INSURANCE 66
Bollinger Insurance was bought by Arthur J. Gallagher and Co. in August 2013… 66
… having previously belonged to Evercore Partners 66
3.27 BOLLINGTON INSURANCE BROKERS 67
The core clients of Bollington Insurance Brokers include care providers, charities and the motor trade… 67
… and the group is also cultivating a number of affinity partnerships 67
3.28 BOUCHARD INSURANCE 68
Bouchard Insurance has especially strong expertise in construction, healthcare and real estate 68
3.29 BPL GLOBAL 69
BPL Global is a leading broker for political risk insurance worldwide 69
3.30 BRASIL INSURANCE 70
Since listing on the São Paulo Stock Exchange in 2010 the company has made 25 acquisitions 70
3.31 BRIGHTSIDE GROUP 71
The Brightside Group has a strong focus on small and medium-sized commercial clients 71
3.32 BROADSTREET PARTNERS 72
BroadStreet Partners has grown through a large number of acquisitions since its foundation in 2001 72
3.33 BROKERLINK INSURANCE BROKER 73
BrokerLink Insurance Broker is strong in Alberta, Atlantic Canada and Ontario 73
3.34 BROWN and BROWN 74
About half of Brown and Brown's 7,000 employees work in its retail broking division… 74
… and made the largest acquisition in its history in 2013 with the purchase of Beecher Carlson 74
3.35 BÃœCHNER BARELLA 75
Büchner Barella followed its purchase of Inverma Gruppe in 2012 by acquiring GGR-Gruppe in 2013 75
3.36 CAPACITY GROUP 76
Capacity Group has an especially strong presence in niche transportation insurance 76
3.37 CBIZ BENEFITS and INSURANCE SERVICES 77
CBIZ is active across around 140 locations in the US… 77
… and has increased its presence through several acquisitions in recent years 77
3.38 CHARLES L. CRANE AGENCY 78
Based in St. Louis, Charles L. Crane Agency has offices in three US states 78
3.39 CONCORDIA 79
Concordia's Dutch operations merged with De Keizer in 2012 79
3.40 CONNER STRONG and BUCKELEW 80
Conner Strong and Buckelew opened its first New York office in May 2014 80
3.41 COTTINGHAM and BUTLER 81
Dubuque-based Cottingham and Butler serves clients across 47 states in the US 81
3.42 CROSS FINANCIAL 82
Cross Financial recorded the strongest revenue growth of any major broking groups in 2013 82
3.43 CRYSTAL and COMPANY 83
Crystal and Company maintains nine offices across seven states in the US 83
3.44 DALE PARIZEAU MORRIS MACKENZIE 84
Montreal-based Dale Parizeau Morris MacKenzie acquired Merlin Assurance in 2013 84
3.45 DALTON TIMMIS INSURANCE GROUP 85
Dalton Timmis Insurance Group is a leading broker for transportation insurance in Canada 85
3.46 DIOT 86
Owned by Groupe Burrus, Diot operates through 13 offices in France 86
3.47 DR. SCHMIDT and ERDSIEK 87
Dr. Schmidt and Erdsiek endows its broking subsidiaries with considerable independence 87
3.48 ECCLESIA GRUPPE 88
Ecclesia Gruppe is the largest indigenous commercial lines broker in Germany 88
3.49 EPIC 90
Carlyle Group, a private equity firm, acquired a controlling stake in EPIC in November 2013… 90
… and helped it to buy a number of broking businesses in the following months 90
EPIC is a prominent provider of affinity schemes in the US 91
3.50 ESSOR ASSURANCES 92
Essor Assurances serves about 100,000 personal and commercial customers across Quebec 92
3.51 FILHET ALLARD 93
Filhet Allard is one of the leading commercial non-life insurance brokers in the south-west of France 93
3.52 FINAXY 94
Since its creation in December 2008, Finaxy has expanded rapidly through acquisition 94
3.53 FIRST NIAGARA RISK MANAGEMENT 95
First Niagara Risk Management bought Gernold Agency in the first half of 2014 95
3.54 FRENKEL and CO. 96
While based in New York, Frenkel and Co. also has offices in three other major urban centres 96
3.55 FUNK 97
Funk has expanded its presence into several European countries in recent years 97
3.56 GGW GRUPPE 98
Hamburg-based GGW Gruppe acquired Glauerdt in 2013 98
3.57 GILES INSURANCE BROKERS 99
Giles Insurance Brokers was acquired by Arthur J. Gallagher and Co. in the final quarter of 2013 99
3.58 GRAS SAVOYE 100
Willis maintains an option to acquire full ownership of Gras Savoye in 2016… 100
… which would provide it with a market-leading position in France and offices across around 130 countries 100
3.59 GRECO JLT 102
GrECo JLT has invested significantly in central, eastern and south-eastern Europe in recent years 102
3.60 GRIFFITHS and ARMOUR 103
Griffithts and Armour has especially strong expertise in the area of professional indemnity insurance 103
3.61 GROUPE SATEC 104
Groupe SATEC handled around EUR 250 million in premiums in 2013 104
3.62 GROUPE SFS 105
Groupe SFS operates over 50 offices, many of which are outside of France itself 105
3.63 GRUPPO ASSITECA 106
Gruppo Assiteca is present in 26 cities in Italy and four in Spain 106
3.64 GRUPPO GPA 107
Gruppo GPA was acquired by Italian rival Gruppo Assiteca in December 2013 107
3.65 HAYS COMPANIES 108
Minneapolis-based Hays Companies maintains 35 offices across the US 108
3.66 HEFFERNAN INSURANCE BROKERS 109
Heffernan Insurance Brokers has branches in California, Missouri, New York and Oregon 109
3.67 HENDERSON INSURANCE BROKERS 110
Henderson Insurance Brokers is especially strong in agriculture, construction and real estate 110
3.68 HIGGINBOTHAM and ASSOCIATES 111
Higginbotham and Associates has made three acquisitions relevant to commercial lines since 2013 111
3.69 HOLMES MURPHY and ASSOCIATES 112
Holmes Murphy and Associates is a major broker in the mid-west and south-west regions of the US 112
3.70 HOWDEN BROKING GROUP 113
Howden Broking Group is one of the world's most internationally diversified brokers… 113
… and only derives around 20% of its commercial lines revenues from the UK 113
In recent years, it has bought brokers in Brazil, Chile, Hong Kong, Israel and Norway 114
3.71 HUB INTERNATIONAL 115
HUB International was bought by Hellman and Friedman for USD 4.4 billion in October 2013… 115
… and has been making acquisitions itself at a rapid rate both before and after this transaction 115
3.72 HUNTINGTON 116
Huntington is particularly strong in construction, healthcare, hotels and restaurants, and the public sector 116
3.73 HYLANT 117
Toledo-based Hylant maintains offices in Florida, Illinois, Indiana, Michigan, Ohio and Tennessee 117
3.74 IMA FINANCIAL GROUP 118
Wichita-based IMA Financial Group remains owned by its employees 118
3.75 INDWE RISK SERVICES 119
Indwe Risk Services has more than 120,000 personal and commercial clients in South Africa 119
3.76 INSURANCE OFFICE OF AMERICA 120
Insurance Office of America was approved as a Lloyd's of London registered broker in January 2014 120
3.77 INSUREBC 121
In recent years, InsureBC has expanded into both the Netherlands and the US through acquisition 121
3.78 INSURICA 122
INSURICA has finalised three acquisitions since the beginning of 2014 122
3.79 INTEGRO 123
Since its creation in 2005 the company has expanded into six other US states and the UK 123
3.80 INTERWEST INSURANCE SERVICES 124
Specialist areas include construction, educational institutions, financial institutions and healthcare providers .. 124

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