Two Australia-headquartered insurance brokers have been listed on the "Best Rankings - Top 20 Global Brokers - 2024 Edition", where rankings are based on 2023 total revenue. This is the first time that the two brokers appear on the list.
The two are Steadfast and AUB, with a revenue of $904m and $854m in 2023 respectively. They rank 17th and 18th biggest globally on a list dominated by insurance brokers from the US. The two brokers are headquartered in Sydney.
Developments in 2023
AM Best’s comments on developments in 2023 concerning Steadfast, which is the largest general insurance broker network in Australasia, are: “Maintained its strong track record with 426 brokerages in the Network. Network broking gross written premium grew by 12.8% to $11.6bn with underwriting agencies generating $2.1bn of GWPs. Steadfast Client Trading Platform facilitated $1.2bn of GWP transaction.”
As for AUB, AM Best said, “Operations in 13 countries placed insurance risks during 2023 of more than $6.6bn. During the half year to 31 December 2023, AUB Group achieved growth in underlying revenue of 36% and net profit after tax of 50%, Global expansion of the business has continued with 18 acquisitions and startups in the US, Belgium, the UK, Australia, and New Zealand. AUB Group delivered strong growth in broking, particularly in Australia and New Zealand, supported by progress in wholesale (Tysers) while the InsurTech and MGA divisions delivered strong results.”
Best Rankings – Top 20 Global Brokers – 2024 Edition
|
Rank
|
Broker (headquarters)
|
2023 Revenue $
|
Rank
|
Broker (headquarters)
|
2023 Revenue $
|
|
1
|
Marsh McLennan (US)
|
22.70bn
|
11
|
Howden (UK)
|
3.00bn
|
|
2
|
Aon (Ireland)
|
13.40bn
|
12
|
USI (US)
|
2.70bn
|
|
3
|
Arthur J Gallagher (US)
|
9.91bn
|
13
|
Amwins Group (US)
|
2.60bn
|
|
4
|
WTW (UK)
|
9.48bn
|
14
|
Assured Partners (US)
|
2.49bn
|
|
5
|
Hub International (US)
|
4.30bn
|
15
|
NFP Corp (US)
|
2.48bn
|
|
6
|
Acrisure (US)
|
4.30bn
|
16
|
The Ardonagh Group (UK)
|
1.94bn
|
|
7
|
Brown & Brown (US)
|
4.26bn
|
17
|
Steadfast (Australia)
|
0.90bn
|
|
8
|
Alliant (US)
|
3.88bn
|
18
|
AUB (Australia)
|
0.85bn
|
|
9
|
Lockton (US)
|
3.55bn
|
19
|
Fanhua (China)
|
0.45bn
|
|
10
|
TIH (US)
|
3.46bn
|
20
|
BMS (UK)
|
0.39bn
|
|
Source: AM Best
Note: Total revenues for Hub International are higher than those for Acrisure but their totals look the same due to rounding
|