Top
Global
Best’s Review
’s
Insurance Brokers
D
espite the
down-turn in the
econ-omy in 2008, the
multibillion dollar global
insurance brokerage
busi-ness held steady, for the
most part, in terms of
bro-kerage revenues. As
Best’s
Review presents its fourth
annual ranking of the
major players in this
mar-ketplace, there is a
differ-ence: Figures are based on
2008 brokerage revenue
from the placement of
pri-mary insurance business
only, using data provided
by the companies.
Reinsur-ance, wholesale business,
managing general agent
and other business
reve-nues not directly related
to the placement of
pri-mary insurance business
were excluded. Previously,
the ranking was not as
tightly defined. This has
led to some changes in
the Top 20, as some
com-panies’ positions changed
and others dropped off
the Top 20. Beyond the
economic crisis, 2008
was a year of mergers
and acquisitions for
bro-kers. Aon merged with
Agent/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
contin-ued organic growth, also
altered the brokerage
land-scape. looking ahead this
year, many brokers plan to
hone their strategies while
competing in a challenging
economic environment.
Top
Global
Insurance Brokers
Top Global Brokers
Ranked by 2008 Brokerage Revenue
Ranking Broker
Brokerage
Revenues 2008
1.
Aon Corp.
$6.2 billion
2.
Marsh Inc.
$4.5 billion
3.
Willis Group Holdings Ltd.*
—
4.
Arthur J. Gallagher & Co.
$950 million
5.
Jardine Lloyd Thompson
Group plc
$853 million
6.
Brown & Brown Inc.
$834.1 million
7.
BB&T Insurance Services Inc. $730.2 million
8.
Lockton Companies Inc.
$726 million
9.
Hub International Ltd.
$691 million
10.
USI Holdings Corp.
$636 million
11.
Alliant Insurance Services Inc. $277.5 million
12.
The Leavitt Group
$169 million
13.
CBIZ Benefits & Insurance
Services
$135.6 million
14.
Keenan & Associates
$123 million
15.
Bollinger Inc.
$103.3 million
16.
Mesirow Financial
$90 million
17.
The NIA Group LLC
$69.1 million
18.
Barney & Barney LLC
$63 million
19.
Woodruff-Sawyer & Co.
$61.4 million
20.
Integro Insurance Brokers
$60.7 million
Note: Figures are based on 2008 brokerage revenue from the placement of primary insurance business.
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
Trading symbol: AOC Ownership: Public
Top Lines: Risk brokerage, reinsurance brokerage and human capital consulting.
Developments in 2008: Acquisition of Aon Benfield, divesti-ture 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 www.mmc.com
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 Car-penter 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 www.willis.com
Trading symbol: WSH
Top Lines: Commercial; reinsurance; construction; aero-space; energy; marine; financial and executive risks; employee benefits; health care; niche; environmental.
Developments in 2008: Acquired Hilb Rogal & Hobbs. The
combination expanded Willis’ North American presence to more than 200 locations; more than doubled its North Ameri-can employee benefits business; strengthened key practice areas such as personal lines, real estate, health care, environ-mental, 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 strat-egy, 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 insur-ance, and Hughes-Gibb, a bloodstock broker.
Strategy for 2009 & 2010: Focus on top-line growth by optimizing new business development and pipeline manage-ment, cross-selling capabilities, developing new products, and expanding the Willis Client Advocate service model. Continue to execute against the “Shaping Our Future” strategy for prof-itable growth, the integration of HRH and the ongoing expense review to right-size Willis for the current environment.
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., Chair-man, President and Chief Executive Officer The Gallagher Centre/Two Pierce Place, Itasca, IL 60143-3141
Phone: 630-773-3800 Fax: 630-285-4000 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 develop-ments 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
Greg Case Brian Duperreault Joseph J. Plumeri J. Patrick Gallagher Jr.
* Willis declined to subtract reinsurance brokerage revenue. Willis reported $606 million in reinsurance revenue for 2007.
Agent/Broker
Leading Brokers
common stock (at Gallagher’s election) that are based on rev-enues 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 custom-ary 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 bro-kerage products to existing customers; developing and man-aging alternative market mechanisms such as captives, rent-a-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 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 broker-age; 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 plac-ing power through an international network, with retail opera-tions that support specialty strengths; to continue working with U.S. independent brokers to provide leading risk transfer ser-vices 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 chal-lenging 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 Ownership: Public
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
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
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!” strat-egy; support clients through economic turmoil and recovery; continue to expand capabilities in executive risks; core com-mercial property/casualty services; enhance retirement services.
Dominic Burke H. Wade Reece David Lockton J. Hyatt Brown
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
Top Lines: Commercial lines; personal lines; 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 contin-ued development of sales culture, increased emphasis on enhancing the customer experience, organic growth, strate-gic acquisitions, improved productivity and margins. In early 2009, Hub acquired the renewal rights to Liberty Mutual’s middle-market commercial property/casualty business in Ari-zona, Arkansas, California, Colorado, Hawaii, Kansas, Louisi-ana, 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, Bri-arcliff Manor, NY 10510
Phone: 914-749-8500 Fax: 914-749-8550 www.usi.biz
Ownership: Private, owned by Goldman Sachs Capital Partners and Management
Top Lines: Property/casualty; group employee benefits; spe-cialized 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 mar-gins 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.
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
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
Ownership: C corporation
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 pro-vides value-added services to benefit clients and brokers. Strategy for 2009 & 2010: Strengthen sales culture, pro-ducer 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 admin-istration; retirement planning services; prop-erty/casualty; payroll services; human capital 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 pro-vider of innkeepers insurance); EFL Associates, Overland Park, Kan., (leading national executive search firm); Mahoney Cohen & Co, New York (full service accounting and management consult-ing firm); Tofias PC, Cambridge, Mass., (accountconsult-ing firm). Strategy for 2009 & 2010: Commitment to helping to grow cli-ents’ businesses as well as investing in company’s people con-tinue 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. Inter-nally, 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. Michael J. Sicard Thomas W. Corbett Dane Leavitt Robert A. O’Byrne Martin P. Hughes
Agent/Broker
Leading Brokers
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 www.keenan.com
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 compa-ny’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
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
Ownership: Private
Top Lines: Employee benefits; life and disabil-ity; 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 Chi-cago Business. Added a number of new producers and busi-ness 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 head-quarters 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
www.niagroup.com
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 pro-ducers 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 www.barneyandbarney.com
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, col-leagues 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
Ownership: Private, 27% employee stock ownership plan
Top Lines: Property/casualty, employee benefits and man-agement 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 bro-ker to be listed in all client asset sizes delineated in the survey. In addition, expanded employee benefits services by opening
Sean K. Smith John A. Windolf Richard S. Price Paul Gross Paul J. Hering Charles Rosson
new regional office, adding enhanced compliance capabilities and developing new communications services. Woodruff-Saw-yer 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 www.integrogroup.com
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
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.
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 ben-efits; bonds.
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
Ownership: S corporation
Top Lines: Commercial property/casualty; employee benefits; personal lines.
Developments in 2008: Focused on contin-ued organic growth and development of new brokers. Strengthened offerings to employee benefits clients. Became exclusive broker for Human Resources Association with more than 3,000 members.
Strategy for 2009 & 2010: Pursuit and training of new bro-kers. 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, Oklahoma City, OK 73118
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 Ownership: Public
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 lead-ing excess and surplus lines products facility, as well as other strategic markets.
Peter Garvey Robert S. Cubbin Ronald Wanglin Steven Brockmeyer Michael F. Ross Alexander Green Anthony Chimino
Agent/Broker
Leading Brokers
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; life and health; personal lines.
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 and Chief Executive Officer
1 West Fourth St., Suite 1300, Cincinnati, OH 45202 Phone: 513-977-3100 Fax: 513-977-3193 www.sksins.com
Ownership: Privately held S corporation Top Lines: Commercial property/casualty; life and employee benefits; personal property/casualty.
Developments in 2008: Expanded offerings in the area of financial services.
Strategy for 2009 & 2010: Continue to refine a structure of sales support and accountability.
Thoits Insurance Service Inc.
Brokerage Revenues Revenues
2008: $11.9 million 2008: $11.9 million 2007: $11.1 million 2007: $12.5 million Top Executive: Paul Saich,
Chief Executive Officer
160 W. Santa Clara Street, 12th Floor, San Jose, CA 95113-1171
Phone: 408-792-5400 www.thoitsinsurance.com
Ownership: ESOP
Top Lines: Workers’ compensation; commercial; group benefits. Developments in 2008: Transition of leadership, including new Chief Executive Officer Paul Saich, previously executive vice president. Recruiting of young producers. Organization into four revenue teams: risk management, select commer-cial, personal insurance, employee benefits.
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 https://wfis.wellsfargo.com
Trading symbol: WFC Ownership: Public
Top Lines: Commercial lines; personal lines; employee ben-efits; 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 broker-age revenue and Wachovia’s insurance brokerbroker-age operation ranked as 12th largest.
Wells Fargo also became the exclusive manager of the HLA Global Network, now known as the Wells Fargo Global Bro-ker Network. The Network has 10,000 insurance and risk management professionals serving customers from 330 offices across 70 countries, and provides insurance broker-age services in 115 countries. BR
Thomas R. Dietz Paul Saich Kenneth P. Riesch
* Wells Fargo declined to provide Best’s Review with year-end 2008 brokerage revenue. However, the company reported $1.7 billion in insurance revenue through Sept. 30, 2008, the end of the third quarter.
Neal Aton
At the Market:
Health/HMO
Dec. 31, 2004 = 1,000
A.M. Best’s U.S. Health & HMO Insurance Index (AMBUH)
Stock performance: From May 8, 2009 to June 5, 2009
650 679 708 737 766 795 5 29 22 15 8
At the Market:
Global Reinsurance
Dec. 31, 2004 = 1,000A.M. Best’s Global Reinsurance Index (AMBGR)
Stock performance: From May 8, 2009 to June 5, 2009
760 773 786 799 812 825 5 29 22 15 8
At the Market:
U.S. Life
Dec. 31, 2004 = 1,000A.M. Best’s U.S. LIfe Index (AMBUL)
Stock performance: From May 8, 2009 to June 5, 2009
550 583 616 649 682 715 5 29 22 15 8
At the Market:
U.S. Property/Casualty
Dec. 31, 2004 = 1,000A.M. Best’s U.S. Property/Casualty Index (AMBUPC)
Stock performance: From May 8, 2009 to June 5, 2009
875 888 901 914 927 940 5 29 22 15 8
At the Market:
U.S. Brokers
Dec. 31, 2004 = 1,000A.M. Best’s U.S. Brokers Index (AMBUB)
Stock performance: From May 8, 2009 to June 5, 2009
785 801 817 833 849 865 5 29 22 15 8 May May May May May
June June June
June June
