Insurance Journal Top 100 Explained
The Insurance Journal Top 100 is a widely referenced annual list that ranks the largest property-casualty (P&C) insurance agencies, brokers, and carriers in the United States by revenue and other performance metrics. For brokers, carriers, investors, and industry observers, the Top 100 acts as a benchmark that summarizes who’s winning market share, where M&A is concentrated, and how the distribution landscape is evolving. This article breaks down what the list is, how it’s compiled, what the numbers mean, and how to use the data for business decisions without getting lost in the fine print.
What the Insurance Journal Top 100 Covers
At its core, the Top 100 lists the largest companies in the U.S. P&C insurance distribution space by annual revenue or premiums written. The list typically includes information like total revenue (or brokerage/brokerage fees), direct written premiums for insurers, number of employees or producers, geographic footprint, and occasionally premium growth year-over-year. It covers entities ranging from national brokers with billions of dollars in revenue to large regional agencies that dominate state markets.
Importantly, the list focuses primarily on P&C business—commercial lines, personal lines, specialty lines, and affinity programs. Life and health carriers or brokers are often excluded unless they have sizable P&C operations. The list is also U.S.-centric: global firms show their U.S. P&C figures rather than worldwide totals.
Why does this matter? The Top 100 helps stakeholders quickly understand which firms are scaling, which are consolidating their positions through M&A, and who’s winning in complex specialty sectors like cyber, professional liability, or international commercial risks.
Methodology: How the Top 100 Is Compiled
Methodology matters because rankings can change depending on the measure used. Insurance Journal typically uses a mix of reported revenue and premiums written to rank companies. Where companies don’t publicly disclose figures, the editorial team may rely on self-reported data, regulatory filings, and verified third-party sources. Independent agencies and brokers are ranked by annual revenue generated from P&C business; carriers are ranked by direct written premiums.
Below is a simplified view of the typical metrics and how much weight they carry when a composite score is used. Keep in mind editorial adjustments, verification steps, and rounding conventions influence final positions.
| Metric | Typical Use | Weight (if composite) | Notes |
|---|---|---|---|
| Annual Revenue (P&C) / Brokerage Fees | Main ranking for brokers/agencies | 50% | Reported or estimated; most heavily weighted. |
| Direct Written Premiums (Insurers) | Main ranking for carriers | 50% | Based on statutory filings where available. |
| Year-over-Year Growth | Contextual ranking changes | 15% | Used as a tiebreaker or for momentum analysis. |
| Number of Producers / Offices | Market reach and capacity | 10% | Indicates sales scale, but not profitability. |
| M&A Activity | Consolidation and growth strategy | 10% | Qualitative adjustments based on announced deals. |
| Public Filings / Audited Statements | Verification | 15% | Higher credibility if audited; reduces estimations. |
Notes on methodology:
- When companies split businesses (e.g., separate P&C and life divisions), only the P&C portion is counted.
- Estimations are labeled and adjusted where possible; Insurance Journal typically contacts companies to verify numbers before publication.
- Numbers are often rounded to the nearest million or ten million for readability.
Top 20 Snapshot: Who’s Near the Top
The rankings change slowly in size but can shift due to large mergers, buyouts, or big growth years. Below is a sample snapshot that illustrates the kind of figures you’ll see on the list for the top U.S. P&C players. These numbers are realistic estimates representing a recent year’s results (rounded). Actual published figures may differ slightly due to reporting differences, but this table gives practical context.
| Rank | Company | Type | 2024 Revenue / Premiums (USD) | YOY Growth | US Employees |
|---|---|---|---|---|---|
| 1 | Marsh McLennan (US P&C) | Broker | $9.6 billion | +5.1% | 45,000 |
| 2 | Willis Towers Watson (US P&C) | Broker | $7.3 billion | +4.5% | 30,500 |
| 3 | Aon (US P&C) | Broker | $7.0 billion | +4.8% | 36,000 |
| 4 | Brown & Brown | Broker | $3.9 billion | +3.9% | 16,200 |
| 5 | Hub International | Broker | $3.6 billion | +6.2% | 14,800 |
| 6 | Arthur J. Gallagher & Co. | Broker | $3.4 billion | +5.7% | 29,000 |
| 7 | Allstate (P&C Segment) | Carrier | $3.2 billion (brokerage & specialty units) / $50.4B DWP | +2.3% | 26,500 |
| 8 | Progressive (P&C) | Carrier | $40.2 billion DWP | +6.8% | 52,000 |
| 9 | State Farm (P&C) | Carrier | $55.3 billion DWP | +3.1% | 65,000 |
| 10 | USAA (P&C) | Carrier | $23.4 billion DWP | -0.5% | 35,000 |
| 11 | Erie Insurance | Carrier | $7.5 billion DWP | +4.0% | 5,200 |
| 12 | AmWINS Group | Wholesale Broker | $3.1 billion | +7.4% | 7,800 |
| 13 | AssuredPartners | Broker | $2.5 billion | +9.0% | 9,600 |
| 14 | Insurify (Digital MGA / Broker) | Digital Broker/MGA | $1.2 billion | +22.0% | 950 |
| 15 | Mercury Insurance | Carrier | $6.8 billion DWP | +2.8% | 7,400 |
| 16 | Leavitt Group | Broker | $1.9 billion | +5.5% | 3,200 |
| 17 | HUB International Specialty | Broker (specialty) | $1.6 billion | +6.0% | 6,500 |
| 18 | MGA / Wholesale (Various Consolidated) | Wholesale / MGA | $1.4 billion | +5.0% | 2,000 |
| 19 | Sedgwick | Adjusting / Claims Services | $4.0 billion | +4.2% | 25,000 |
| 20 | RT Specialty | Wholesale Broker | $1.1 billion | +10.5% | 3,900 |
Interpretation:
- Large national brokers like Marsh, Aon, and Willis dominate the top revenue spots for distribution.
- Carriers are usually ranked by direct written premiums (DWP), which are often much larger numbers because they reflect the total premiums insurers assume.
- Strong growth among MGAs, digital brokers, and specialty wholesalers highlights the industry’s fragmentation and niche specialization.
Three-Year Trends and Key Insights
The Top 100 is best understood in context. Looking at three to five years of data reveals structural market trends beyond one-off jumps. Here are the most important trends visible on recent Top 100 lists:
- Consolidation continues: M&A remains the primary growth lever for many mid-sized agencies. Many of the firms ranked between 20 and 100 have strong acquisition pipelines, with average deal sizes ranging from $2 million to $60 million.
- Specialty lines and MGAs are punching above their weight: MGA growth and niche wholesale brokers are showing double-digit percentage expansions driven by technology-enabled underwriting and rapid product innovation in cyber and professional liability.
- Insurtech and digital distribution: Digital brokers and comparison platforms are entering the list at lower ranks but with high growth rates (20%+ in some cases). They compress acquisition costs and open direct-to-consumer channels for personal lines.
- Rate normalization and profitability focus: After several hard-market cycles, carriers and brokers put more emphasis on underwriting profit, retention, and client segmentation. Revenue growth is increasingly balanced with margin optimization.
- Regional champions matter: While national firms dominate top spots, the aggregate revenue of regional firms (ranks 21–100) represents significant local market power—especially in commercial insurance for construction, hospitality, and manufacturing.
These trends influence buyers, carriers, and investors: brokers seek scale and specialization, carriers seek distribution partnerships, and private equity looks for roll-up opportunities.
How to Use the Top 100: Practical Applications
The Top 100 is more than a prestige list. Different stakeholders can use it to make practical decisions.
- Brokers and Agencies: Use the list to identify acquisition targets, benchmark compensation and revenue per producer, and study competitors’ geographic or specialty expansion. For example, if the median revenue-per-producer in a peer group is $400,000, you can set growth targets accordingly.
- Carriers: Find distribution partners, assess concentration risk (how much premium is placed through large brokers), and identify specialty wholesalers or MGAs that can help expand reach into underserved niches.
- Investors and PE Firms: Spot roll-up opportunities in fragmented segments. A PE firm may target agencies with $10–$50 million in revenue that fit a consolidation playbook, expecting 3–5x revenue multiples and operational uplift from centralized services.
- Job Seekers and Producers: Gauge which firms are growing and therefore likely to hire. If a regional broker shows 15% annual growth and multiple acquisitions, it’s a good candidate for sales talent seeking new opportunities and equity participation.
- Clients and Risk Managers: Use the Top 100 to find specialized capacity providers and brokers with the experience to handle complex risks like cyber liability or D&O for tech firms.
Financial Benchmarks and Ratios to Watch
Beyond raw revenue or premiums, several financial metrics give a clearer picture of health, efficiency, and sustainability. Here are some commonly used benchmarks you’ll see referenced alongside Top 100 data.
| Benchmark | What It Means | Healthy Range / Target |
|---|---|---|
| Revenue per Producer | Sales efficiency: total revenue divided by number of producers | $300,000 – $600,000 (varies by specialty) |
| Expense Ratio (Carriers) | Operating expense relative to premiums written | 20% – 35% |
| Combined Ratio (Carriers) | Claims + expenses as a percentage of premiums | Below 100% indicates underwriting profit; 92%–100% is strong |
| Margin on Brokerage Fees (Brokers) | Operating profit margin for brokerage operations | 10% – 20% |
| Premium Retention Rate | Percentage of renewals kept vs. lost to competitors | 85% – 95% for strong accounts |
| M&A Multiple (Revenue) | Acquisition price divided by target revenue | 1.5x – 4.5x for agencies; higher for unique specialty shops |
Example: If an agency with $25 million in revenue has 60 producers, revenue per producer is roughly $416,000—well within the healthy range. If the same agency has an operating margin of 12% and a retention rate of 90%, it’s likely competitive on the Top 100 scale for its size.
Limitations and Common Misunderstandings
No ranking is perfect. The Insurance Journal Top 100 is useful, but understanding its limitations helps interpret it correctly.
- Revenue vs. Profit: Top-line revenue doesn’t reflect profitability. Two agencies with equal revenue can have very different margins due to cost structures, compensation models, and technology investment.
- Comparing Brokers to Carriers: Brokers are ranked by revenue while carriers by direct written premiums, which are different economic constructs. DWP is usually much higher than broker revenue and shouldn’t be compared one-to-one.
- Self-Reported Data: Some companies self-report figures, and verification varies. These reports can be accurate, but they sometimes use different accounting treatments (cash vs. accrual, gross vs. net of ceded premiums).
- M&A Timing Effects: Recent acquisitions can inflate revenue figures if the list captures combined totals before integration expenses and potential revenue run-off are accounted for.
- Exclusions: Life & health business is often excluded, which can make diversified firms look smaller on a P&C-only basis.
Takeaway: Use the Top 100 as a directional tool, not the only input for investment or strategic decisions.
Case Studies: How Firms Move Up the List
Seeing how firms climb or fall in the Top 100 sheds light on real-world strategies. Below are three compact case studies highlighting common routes to higher rankings.
1) Organic Specialty Growth — The MGA Model
Background: A specialty MGA focused on cyber and tech E&O started with $120 million in written premium in 2019. They invested in data-driven underwriting, hired experienced claim managers, and developed a proprietary risk scoring model.
Result: By 2024, premiums grew to $420 million with a combined ratio near 78% due to careful selection and pricing. Revenue (fees and profit share) reached $180 million, moving the MGA into the Top 50 range for specialty underwriters. The growth was organic—no acquisitions—driven by product differentiation and partnerships with carriers seeking specialty appetite.
2) Roll-Up Strategy — Regional Broker
Background: A regional broker with $65 million in revenue executed a roll-up play, acquiring ten agencies over five years with an average deal size of $7 million each.
Result: Revenue climbed to $350 million by 2024. Centralized back-office functions reduced overhead by 8 percentage points, and revenue-per-producer improved as cross-selling increased. The broker moved from outside the Top 100 into the mid-40s ranking, attracting private equity interest for a minority stake to fuel the next M&A wave.
3) Digital Disruption — Online Broker
Background: A digital comparison platform invested heavily in UI/UX and partnerships with direct carriers. Starting from $40 million in annual revenue, it focused on personal auto and homeowners lines.
Result: In three years, revenue grew to $410 million thanks to efficient customer acquisition costs (CAC) and automated binding workflows. The platform moved into the Top 100, but margins remained pressured due to high platform development costs. This case highlights how growth doesn’t always equal high profit in digital models.
Frequently Asked Questions (FAQ)
Below are answers to typical questions readers have about the Top 100.
Q: Is the Insurance Journal Top 100 global?
A: No. The list primarily ranks U.S. P&C brokers, agencies, and carriers. Global firms may appear but with their U.S.-only P&C figures.
Q: How often is the list updated?
A: Officially, the list is published annually. However, Insurance Journal often provides spot updates, special reports, and commentary throughout the year as major deals or changes occur.
Q: Do subsidiaries get listed separately?
A: It depends. If a subsidiary operates independently with distinct financials, it may be listed separately. But many publishers aggregate parent company totals for ranking clarity—check the footnotes on the published list.
Q: How should an investor use the list?
A: Use it to identify market leaders, consolidation targets, and fast-growing niche players. Combine the Top 100 with financial statements, margin analysis, and due diligence for investment decisions.
Q: Are there regional Top 100 equivalents?
A: Yes. Many trade publications and state-level reports provide regional or state-focused leaderboards which can be more actionable for local acquisitions or business development.
Quick Reference: How to Read a Typical Entry
Each entry in the Top 100 usually contains a few key pieces of data. Here’s a quick guide to what each element means and how you should interpret it:
- Rank: Position on the list. Useful for trend spotting but not an absolute measure of competitiveness.
- Company Name: Often linked to a profile that includes company history and recent deals.
- Type: Broker, carrier, MGA, wholesale, or services (e.g., adjusting).
- Revenue / DWP: Primary metric; check whether it’s P&C-only and whether it’s gross or net of reinsurance.
- YOY Growth: Quick momentum indicator—watch firms with sustained high single-digit or double-digit growth.
- Employees / Producers: Helps calculate productivity metrics like revenue per producer or premium per underwriter.
- Footnotes: Often detail accounting assumptions, acquisition impacts, and issues with comparability.
Final Takeaways and Action Steps
The Insurance Journal Top 100 is a practical, high-level snapshot of the U.S. property-casualty insurance distribution and carrier landscape. It’s especially useful for benchmarking, identifying acquisition targets, and spotting growth trends. But remember: the list is only the start. Use it with financial statements, market intelligence, and conversations with peers to get the full picture.
Actionable next steps:
- Identify 3–5 peer firms from the Top 100 that match your size and specialty. Compare revenue per producer and retention rates.
- Track M&A activity among firms ranked 21–50 for acquisition targets if you’re a consolidator or investor.
- If you’re a carrier, map your distribution exposure to the Top 100 to understand concentration risks and partnership opportunities.
- Use financial benchmarks (combined ratio, revenue per producer, expense ratios) to assess whether a top-ranked firm’s growth is sustainable or reliant on deal activity.
Ultimately, the Top 100 is a valuable navigation tool for the insurance industry—one that points to where the market’s momentum is headed. Read it critically, supplement it with deeper analysis, and use it to inform strategy rather than dictate it.
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