Business Insurance has published their annual report on the Top 100 Insurance Brokers, ranked by U.S. revenue for 2025. Total revenue for the top 100 insurance brokers reached $83.3 billion. Of that total, the top 10 firms represented 70% of it, with $58.5 billion.
The total revenue of the top 100 brokers of U.S. business increased by $2.7 billion (compared to last year’s list). However, revenue by the top 10 brokers of U.S. business increased by over $4.1 billion. This means there has been another significant shift in overall revenue towards the top 10 insurance brokerages. To enter the top 10 bracket today, a firm would need nearly $2.9 billion in revenue. This compares to just $999 million needed 10 years ago in 2015 – an 189% increase in the revenue threshold required to join the top tier.
Biggest takeaways from the top 10 list
2025 was shaped by a strong focus on consolidation, talent competition, and softening rate increases. As conditions become more challenging, “Investors are looking more closely at how growth is generated, including whether it comes from new business, geographic expansion, specialization, or favorable market conditions,” said MarshBerry’s CEO, John Wepler.
Technology implementation is a prime driver of future growth, with brokers using AI in data analysis, automation of manual tasks, and improved productivity. Mr. Wepler stated, “Large brokers, in particular, are expected to use AI-driven efficiencies to free up resources for sales, consulting and risk management services.”
These trends were reflected in the activities of the ten largest insurance brokers in 2025. Here are some of the most noteworthy takeaways from the top 10 list:
Public broker Marsh (its rebranded parent company name, shortened from Marsh McLennan in 2025) retained its long-held #1 position with $13.1 billion in U.S. revenue, a 13.2% year-over-year (YoY) increase. Marsh completed nine U.S. acquisitions in 2025. This followed the ten acquisitions it made in 2024, which included the $7.75 billion acquisition of McGriff Insurance Services.
In 2025, public broker Arthur J. Gallagher (AJG) finalized its acquisition of AssuredPartners, the 10th largest insurance broker of U.S. business (as ranked in 2024), for approximately $13.45 billion, one of the largest brokerage deals ever announced. The acquisition allowed AJG to expand in several sectors, including transportation, energy, healthcare, and public entities. As predicted, the deal enabled AJG to leapfrog public broker Aon into the #2 spot on the largest brokers of U.S. business list – with $8.8 billion in revenue (a 24.4% YoY increase). Previously, Aon held the #2 spot since 2010. AJG completed 16 publicly announced U.S. transactions in 2025, after completing 25 in 2024.
While Aon got bumped from its long-held #2 place down to #3 on the largest insurance brokers of U.S. business list (mostly as a result of Gallagher’s acquisition of AssuredPartners) – they still comfortably hold the #2 position on the world’s largest brokers list. Aon delivered approximately $8.2 billion in U.S. revenue, an 8.8% YoY increase. Aon completed six publicly announced U.S. transactions in 2025, after completing nine in 2024.
Public broker Brown & Brown (BRO) moved up one spot on the top 10 list to #5 despite a late year setback when 275 employees joined rival Howden Insurance Brokers, a case that remains in litigation. In August 2025, BRO completed a $9.83 billion purchase of Accession Risk Management Group, the 13th largest insurance broker of U.S. business (as ranked in 2024), a deal that added about $1.7 billion in revenue. BRO’s 2025 U.S. revenue was $4.9 billion, a 22.4% YoY increase. BRO completed six publicly announced U.S. transactions in 2025, after completing seven in 2024.
Public broker Willis Towers Watson (WTW) dropped two places to #6, on approximately $4.7 billion in U.S. revenue, a 7.5% YoY decrease. The revenue hit was in part due to WTW’s divestiture of Tranzact in early 2025, as the firm looked to “sharpen strategic focus and simplify the portfolio.” Later in 2025, WTW announced the acquisition of Newfront, previously the #37 ranked U.S. broker (as ranked in 2024) for $1.30 billion, which contributed about $235 million in annualized revenue (proforma adjusted) to WTW. WTW completed three publicly announced transactions in 2025, after completing no transactions in 2024.
While five of the top six spots are held by public brokers, the largest private equity-backed firm Alliant Insurance Services sits at the #4 position (moving up one spot) on the top 10 insurance brokers of U.S. business list. Alliant delivered $5.7 billion in U.S. revenue, a 14.7% YoY increase. The 100-year-old firm points out its continued commitment to organic growth and its recruitment of top talent as the primary drivers of their success. Alliant completed eight publicly announced transactions in 2025, after completing 13 in 2024.
Firms no longer in the top 100
As consolidation continues to reshape this industry, several previously ranked top 100 insurance brokers of U.S. business are no longer on this year’s list. This year, the seven firms missing from the top 100 list are all due to acquisition.
- AssuredPartners, previously ranked #10, was acquired by Arthur J. Gallagher for approximately $13.45 billion.
- Accession Risk Management Group, previously ranked #13, was acquired by Brown & Brown for approximately $9.83 billion.
- CAC Group previously ranked #35, was acquired by the Baldwin Group for approximately $1.03 billion.
- Newfront, previously ranked #37, was acquired by WTW for approximately $1.30 billion.
- Gibson Insurance, previously ranked #87, was acquired by Unison Risk Advisors.
- Buckner Co., previously ranked #88, was acquired by BroadStreet Partners.
- Tompkins Insurance Agencies, previously ranked #93, was acquired by Arthur J. Gallagher.
Biggest movers in the top 100
As firms are acquired it is natural for other firms to move up several spots, which is not always an indictment of their own performance. While strong organic growth continues to be a driver for firms moving up the top 100 list, M&A activity is often the key to significant movement.
In 2025 there were 854 announced M&A transactions, a 0.8% increase over the previous year. Strong firm valuations, consolidation goals and private capital investments were still key drivers of M&A activity last year. Of the top 100 brokers, 45 of them transacted one or more deals in 2025, representing 63.3% of total deals and 23.3% of total buyers of the U.S. insurance brokerage M&A market.
Here are eight firms (seven private capital-backed, one independently owned) that have moved up eight or more spots on this year’s list, due to M&A activity, organic growth or both.
- Alkeme Inc., backed by GCP Partners, moved up ten spots to #33 with $332.5 million in revenue (an 84.2% YoY increase). Alkeme had an aggressive M&A year, completing 42 publicly announced transactions in 2025, doubling the 20 deals completed in 2024.
- Inszone Insurance Services, backed by BHMS and Lightyear Capital, moved up eight more spots to #36, with $250.7 million in revenue (a 41.4% YoY increase). Inszone completed 44 publicly announced transactions in 2025, after completing 60 in 2024.
- Oakbridge Insurance Agency, backed by Audax Private Equity, moved solidly into the top 50 by jumping eight spots to #42, with $168.0 million in revenue (a 36.6% YoY increase). Oakbridge completed ten publicly announced transactions in 2025, and ten in 2024.
- King Risk Partners, backed by BHMS and Lightyear, had an impressive growth year – moving up 17 spots to #54 with $104.5 million in revenue (a 61.8% YoY increase). Growth has been attributed to both organic and a very active M&A year, completing 26 publicly announced transactions in 2025, after completing 14 in 2024.
- Superior Insurance Partners, backed by Tyree & D’Angelo Partners, after joining the top 100 list last year has moved up nine more spots to #55 with $103.2 million in revenue (a 52.6% increase). Superior completed one publicly announced transaction in 2025, after completing nine in 2024.
- Signers National, LLC, backed by CIVC Partner, after joining the top 100 list last year has moved up another ten spots to #60 with $85.5 million in revenue (a 29.7% increase). Signers had no publicly announced transactions in 2025, after completing three in 2024.
- Choice Financial Group, backed by Northlane Capital Partners, has moved up 12 spots to #61 with $81.4 million in revenue (a 31.4% increase). Choice Financial completed 11 publicly announced transactions in 2025, after completing four in 2024.
- The Cason Group, an independently owned firm, has moved up eight spots to #86 with $44.6 million in revenue (a 17.0% increase). The Cason Group had no publicly announced transactions in 2025 or 2024.
Insights from the top 50
The top 50 firms in 2025 represent $80.1 billion in revenue – which is 96% of the total revenue for the top 100. In 2025, a firm needed over $126M to break into the top 50, a 64.5% increase in this revenue threshold vs. 2015 when firms needed $76.6M to get into the top 50.
There is a clear growth trend dividing the top 50 (with 96% of the total revenue) and the bottom 50 (with 4% of the total revenue) on the top 100 list. The average 5-year CAGR (compound annual growth rate) for firms in the top 50 is 10.7%. But for firms ranked 51-100, the CAGR drops to 6.7%. This speaks to how quickly and consistently these larger firms are growing, and how challenging it is for smaller firms to be consistent in their growth in order to keep pace.
This also represents an opportunity for other firms, on the outside, looking in, to break into the top 100 list.
Opportunity to enter the top 100?
The average YoY revenue growth of the top 100 firms was 15.4%. (This includes organic growth and acquisitions.) However, 49 of the top 100 firms grew by less than double digits in 2025. Of the 49 firms that failed to grow by 10% or more, 28 of them were ranked in the bottom 50.
For firms on the outside, looking in – this is where the opportunity for entry is relatively open. The barrier for entry onto the Business Insurance’s Top 100 list hasn’t risen significantly in the past ten years. In 2015, a broker needed $26.4M to enter the top 100. Today they would need $31.3M (18.6% growth in revenue since 2015). A significant task for some firms, but not impossible.
Newcomers to the top 100
As the consolidation of firms continues, removing some firms from the top 100 list – eight firms have either returned to or joined the top 100 list for the first time. These firms include:
- UK-based Howden Insurance Brokers insurance makes its first appearance on the U.S. list at #20, with $802.9 million in revenue, as a result of aggressive expansion into the American market. Multiple lawsuits have been filed against Howden by Brown & Brown, Aon, Marsh, WTW, Alliant and Acrisure for poaching both employees and clients.
- Legacy Risk Solutions, backed by fellow top 100 broker BroadStreet Partners, is a united network of independent, community-based insurance agencies. Legacy debuts on the top 100 list, appearing at #48 with $131.8 million in revenue (a 127.7% YoY increase). In 2025, Legacy merged with PointeNorth Insurance Group.
- James G. Parker Insurance Associates, which was previously listed at #120, moves to the top 100 list at #85 with $44.9 million in revenue (a 3.1% YoY increase) but had no publicly announced M&A transactions in 2025.
- OVD Insurance appears for the first time on the top 100 list at #89 with $40.7 million in revenue (a 12.5% YoY increase). OVD had no publicly announced M&A transactions in 2025.
- C3 Risk & Insurance Services officially cracked the top 100 moving from #103 to #94 with $33.3 million in revenue, an impressive 21% YoY increase. C3 had no publicly announced M&A transactions in 2025.
- First Mid Insurance Group moved up seven spots to #95 to officially reach the top 100 with $33.0 million in revenue for 2025 (a 17.9% YoY increase). First Mid had no publicly announced M&A transactions in 2025.
- Sequel Insurance Agencies moved up 13 spots to rank #99 with $31.5 million in revenue (a 135.4% YoY increase). Sequel had no publicly announced M&A transactions in 2025.
- Bennie Health makes the list at #100 with $31.3 million in revenue and a 28.3% YoY increase in growth. They had no announced acquisitions in 2025.
How firms can grow and stay competitive
Firms that want to make the list (or stay at the top) should seek sustainable organic growth fueled by a disciplined focus on sales velocity (new business produced as a percentage of the prior year’s total commission income). This continues to be the most controllable method for increasing revenue and taking the firm to the next level. Here are common strategies that firms of all shapes and sizes should address:
- Reassess your capital structure to support growth.
- Re-think your risk tolerance as it relates to debt and leverage.
- Evaluate AI investment to improve productivity, efficiency and growth.
- Deliver a process-driven new client acquisition strategy.
- Embrace aggressive new business goals and real production accountability.
- Build industry vertical specialization supported by data analytics.
- Double down on hiring new production talent.
- Explore consolidation with industry partners to expand.
- Design a wealth creation perpetuation plan to attract and retain talent.
The path to compete remains clear: combine disciplined organic growth with strategic capital deployment. Firms that focus on sales effectiveness, producer recruitment, specialization, analytics, and thoughtful use of capital are best positioned to move up – or break into – the Top 100.
