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Insurance Brokers Best Review

VIEWS: 13 PAGES: 8

									Leading Brokers
Agent/Broker




 Top
     Best’s Review’s




 Global
 Insurance Brokers
 D       espite the down-
         turn in the econ-
         omy in 2008, the
 multibillion dollar global
 insurance brokerage busi-
                                   ence: Figures are based on
                                   2008 brokerage revenue
                                   from the placement of pri-
                                   mary insurance business
                                   only, using data provided
                                                                were excluded. Previously,
                                                                the ranking was not as
                                                                tightly defined. This has
                                                                led to some changes in
                                                                the Top 20, as some com-
 ness held steady, for the         by the companies. Reinsur-   panies’ positions changed
 most part, in terms of bro-       ance, wholesale business,    and others dropped off
 kerage revenues. As Best’s        managing general agent       the Top 20. Beyond the
 Review presents its fourth        and other business reve-     economic crisis, 2008
 annual ranking of the             nues not directly related    was a year of mergers
 major players in this mar-        to the placement of pri-     and acquisitions for bro-
 ketplace, there is a differ-      mary insurance business      kers. Aon merged with
58     BesT’s Review • July 2009
                               Top Global Brokers
                               Ranked by 2008 Brokerage Revenue
                                                                                   Brokerage
                               Ranking Broker                                      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
                                          Jardine Lloyd Thompson
                                 5.       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
                                          CBIZ Benefits & Insurance
                                13.       Services
                                                                                   $135.6 million
Benfield, willis acquired       14.       Keenan & Associates                      $123 million
H i l b R o g a l & H o bb s
and Gallagher made 37           15.       Bollinger Inc.                           $103.3 million
acquisitions. These deals,      16.       Mesirow Financial                        $90 million
along with some contin-
ued organic growth, also        17.       The NIA Group LLC                        $69.1 million
altered the brokerage land-     18.       Barney & Barney LLC                      $63 million
scape. looking ahead this
year, many brokers plan to
                                19.       Woodruff-Sawyer & Co.                    $61.4 million
hone their strategies while     20.       Integro Insurance Brokers                $60.7 million
competing in a challenging     Note: Figures are based on 2008 brokerage revenue from the placement
                               of primary insurance business.
economic environment.          * Willis declined to subtract reinsurance brokerage revenue.

                                                                               BesT’s Review • July 2009   59
                1. Aon Corp.                                        combination expanded Willis’ North American presence to
                                                                    more than 200 locations; more than doubled its North Ameri-
                  Brokerage Revenues       Total Revenues
                                                                    can employee benefits business; strengthened key practice
                  2008: $6.2 billion       2008: $7.6 billion       areas such as personal lines, real estate, health care, environ-
                  2007: $6.0 billion       2007: $7.4 billion       mental, construction, complex property and executive risk;
                  Top Executive: Greg Case, President and           strengthened Willis’ leadership as a middle-market broker and
                  Chief Executive Officer                           reinforced its large account presence; further expanded its
                  200 East Randolph St., Chicago, IL 60601          specialty expertise and complemented its substantial presence
                  Phone: 312-381-1000                               in the London market. In addition, as part of its wholesale strat-
                                                                    egy, Willis formed Faber & Dumas, a new third-party wholesale
                  www.aon.com                                       broker that includes Glencairn, a multiline specialist broker, and
      Greg        Trading symbol: AOC
      Case
                                                                    such specialty practices as Fine Art, Jewelry & Specie; Special
                  Ownership: Public                                 Contingency Risks, which deals with kidnap and ransom insur-
 Top Lines: Risk brokerage, reinsurance brokerage and               ance, and Hughes-Gibb, a bloodstock broker.
 human capital consulting.                                          Strategy for 2009 & 2010: Focus on top-line growth by
 Developments in 2008: Acquisition of Aon Benfield, divesti-        optimizing new business development and pipeline manage-
 ture of underwriting businesses.                                   ment, cross-selling capabilities, developing new products, and
 Strategy for 2009 & 2010: Focusing on providing value to           expanding the Willis Client Advocate service model. Continue
 clients; building teams of unmatched talent; and achieving         to execute against the “Shaping Our Future” strategy for prof-
 operational excellence.                                            itable growth, the integration of HRH and the ongoing expense
                                                                    review to right-size Willis for the current environment.
                                                                    * Willis declined to subtract reinsurance brokerage revenue. Willis reported
                2. Marsh & McLennan Cos.                            $606 million in reinsurance revenue for 2007.
                  Brokerage Revenues          Total Revenues
                  2008: $4.5 billion          2008: $11.6 billion
                                                                                       4. Arthur J. Gallagher & Co.
                                                                                      Brokerage Revenues             Total Revenues
                  2007: $4.4 billion          2007: $11.2 billion
                                                                                      2008: $950 million             2008: $1.64 billion
                  Top Executive: Brian Duperreault,
                  President and Chief Executive Officer                               2007: $891 million             2007: $1.62 billion
                  1166 Avenue of the Americas,                                        Top Executive: J. Patrick Gallagher Jr., Chair-
                  New York, NY 10036                                                  man, President and Chief Executive Officer
                  Phone: 212-345-5000         Fax: 212-345-4808                       The Gallagher Centre/Two Pierce Place, Itasca,
      Brian
                                                                                      IL 60143-3141
                  www.mmc.com
   Duperreault                                                                        Phone: 630-773-3800            Fax: 630-285-4000
                  Trading symbol: MMC                                   J. Patrick
 Top Lines: Commercial insurance.                                     Gallagher Jr. www.ajg.com
                                                                                      Trading symbol: AJG
 Developments in 2008: Brian Duperreault appointed chief
 executive officer of Marsh & McLennan Cos. Marsh Inc. was          Ownership: Public
 returned to profitability. A new management team at Guy Car-       Top Lines: Retail commercial P/C; employee benefits; wholesale
 penter led by Peter Zaffino restructured business resulting in     insurance brokerage; risk management; claims management.
 performance turnaround and maintained profitability. Ben Allen     Developments in 2008: Gallagher announced 37 acquisitions in
 was promoted to CEO of Kroll and the company’s U.S. and U.K.       2008 with annualized revenues of some $165.6 million. Gallagher
 restructuring businesses were sold to their senior executives.     completed the sale of its global reinsurance operations in the first
 Strategy for 2009 & 2010: To utilize the expertise of talent       quarter. In the third quarter, Gallagher abandoned efforts to sell
 and global reach to protect and enhance the value of clients       its small Irish wholesale brokerage operations and ceased those
 while continuing the transformation of businesses, ensuring        operations; as a result, the revenues and expenses of these
 profitable growth.                                                 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
                3. Willis Group Holdings Ltd.                                             .
                                                                    Jan. 24 after Gary P Coughlan retired from the board effective at
                 Brokerage Revenues         Total Revenues          Gallagher’s 2008 annual shareholders meeting. Major develop-
                 2008:$2.75 billion*        2008:$2.83 billion      ments in 1Q 2009: Gallagher entered into a definitive agreement
                 2007: $2.46 billion        2007: $2.58 billion     on Jan. 21 to acquire all of the policy renewal rights from Liberty
                 Top Executive: Joseph J. Plumeri, Chairman         Mutual’s middle-market commercial P/C brokers located in their
                 and Chief Executive Officer                        Midwest and Southeast regions; the company expects to hire
                                                                    about 75 Liberty Mutual producers in these regions. Gallagher
                 The Willis Building, 51 Lime St., London,
                                                                    also is acquiring substantially all of the policy renewal rights
                 EC3M 7DQ United Kingdom
                                                                    and hiring the national producer group from Wausau Signature
                 Phone: (44-20) 3124-6000                           Agency, Liberty Mutual’s commercial P/C and employee benefits
   Joseph J.     www.willis.com                                     insurance agency, headquartered in Wausau, Wis.; it is expected
    Plumeri
                 Trading symbol: WSH                                that the combined transaction will add approximately 120 new
 Top Lines: Commercial; reinsurance; construction; aero-            insurance sales professionals to Gallagher’s retail commercial P/C
 space; energy; marine; financial and executive risks; employee     brokerage operation. The definitive agreement includes an initial
 benefits; health care; niche; environmental.                       payment of approximately $44 million in cash and Gallagher’s
                                                                    common stock and additional payments in cash or Gallagher’s
 Developments in 2008: Acquired Hilb Rogal & Hobbs. The

60     BesT’s Review • July 2009
                                                                                                                Leading Brokers
                                                                                                               Agent/Broker
common stock (at Gallagher’s election) that are based on rev-                      6. Brown & Brown Inc.
enues generated in the two-year period beginning 12 months
                                                                                  Brokerage Revenues         Total Revenues
after closing. The maximum potential amount of the additional
payments is $120 million. The agreement was subject to custom-                    2008: $834.1 million       2008: $977.5 million
ary closing conditions and closed on Feb. 27.                                     2007: $784.2 million       2007: $959.7 million
Strategy for 2009 & 2010: Arthur J. Gallagher & Co. is                            Top Executive: J. Hyatt Brown, Chairman
focused on target revenue and EBITDA growth of 15%/year.                          220 South Ridgewood Ave.,
Gallagher’s Retail Insurance Brokerage Operations (P/C                            Daytona Beach, FL 32114
and benefits) anticipates its greatest revenue growth over                        Phone: 386-252-9601        Fax: 386-239-5705
the next year will continue to come from its niche/practice                       www.bbinsurance.com
groups and middle-market accounts; cross-selling other bro-                       Trading symbol: BRO
kerage products to existing customers; developing and man-
                                                                      J. Hyatt    Ownership: Public
aging alternative market mechanisms such as captives, rent-            Brown
a-captives, deductible plans and self-insurance; and through                      Top Lines: Middle market property/casualty.
mergers and acquisitions. Gallagher’s Wholesale Insurance          Developments in 2008: Positive top line growth.
Brokerage Operations anticipates growth by increasing the          Strategy for 2009 & 2010: Sell more insurance.
number of broker-clients, developing new managing general
agency and underwriter programs and through mergers and                           7. BB&T Insurance Services Inc.
acquisitions. Gallagher’s Risk Management Segment (P/C
Third-Party Administrator) expects its most significant growth                     Brokerage Revenues          Total Revenues
prospects will come from Fortune 1000 companies, larger                            2008: $730.2 million        2008: $1.03 billion
middle-market companies, captives, program business and                            2007: $631.5 million        2007: $974.5 million
the outsourcing of insurance company claims departments.                           Top Executive: H. Wade Reece, Chairman
                                                                                   and Chief Executive Officer
               5. Jardine Lloyd Thompson Group plc                                 3605 Glenwood Ave., Raleigh, NC 27612
                   Brokerage Revenues         Total Revenues                       Phone: 919-716-9777
                   2008: $853 million         2008: $853 million                   www.bbt.com
                   2007: $753 million         2007: $753 million                   Trading symbol: BBT
                   Top Executive: Dominic Burke,                       H. Wade     Ownership: Corporation
                                                                        Reece      Top Lines: Commercial property/casualty;
                   Group Chief Executive Officer
                   6 Crutched Friars, London,                      employee benefits; personal lines.
                   EC3N 2PH United Kingdom                         Developments in 2008: Client retention and organic growth;
    Dominic        Phone: (44-20) 7528-4444                        concentrated on finding more cost efficient operating models.
      Burke        Fax: (44-20) 7528-4185                          Strategy for 2009 & 2010: Continued emphasis on organic
                                                                   growth and client retention while concentrating on more cost
www.jltgroup.com
                                                                   efficient operating models.
Trading symbol: JLT
Ownership: Jardine Lloyd Thompson Group plc—a publicly                            8. Lockton Companies Inc.
traded company on the London Stock Exchange
                                                                                   Brokerage Revenues          Total Revenues
Top Lines: Risk management; insurance/reinsurance broker-
                                                                                   2008: $726 million          2008: $786.8 million
age; employee benefits administration; consultancy.
                                                                                   2007: $686.4 million        2007: $742.2 million
Developments in 2008: JLT achieved strong growth in 2008
across all of its businesses, driven by organic growth and                         Top Executive: David Lockton, Chairman
enhanced by both favorable currency movements and the                              444 West 47th St., Suite 900,
impact of acquisitions. The work undertaken in 2006 and                            Kansas City, MO 64112-1906
2007 in changing the strategy, structure and culture of the                        Phone: 816-960-9000
group enabled good progress. The acquisition of Harman                 David       www.lockton.com
Wicks & Swayne into JLT’s reinsurance business in June                Lockton      Ownership: Private
2008 supported the continued progress of JLT Re and Lloyd
& Partners had a stand-out performance during the year.            Top Lines: Commercial property/casualty; executive risks;
                                                                   employee benefits; affinity; surety; retirement services
Strategy for 2009 & 2010: JLT’s medium-term strategic goals
are to continue to build a balanced and mutually reinforcing       Developments in 2008: Maintained high client retention;
business using bolt-on acquisitions to enhance the composition     expanded client services in risk finance; launched Seurat
of the group; to offer global representation, capacity and plac-   Health Risk Management services; named Company of the
ing power through an international network, with retail opera-     Year in U.K.; rated highest for client service among AIRMIC
tions that support specialty strengths; to continue working with   Risk Managers; Best Place to Work in New York City,
U.S. independent brokers to provide leading risk transfer ser-     Denver, Kansas City, Chicago and St. Louis; expanded
vices to U.S. corporates and to underpin these goals with high     to Middle East with Dubai office; licensed in China and
quality, efficient operational processes. The group’s investment   opened Shanghai office.
initiatives, the ICAP JLT joint venture, JLT Online and Thistle    Strategy for 2009 & 2010: Deliver on “We Live Service!” strat-
Underwriters are progressing well. The group is facing a chal-     egy; support clients through economic turmoil and recovery;
lenging economic environment across the world but remains          continue to expand capabilities in executive risks; core com-
well placed to make further progress in 2009.                      mercial property/casualty services; enhance retirement services.

                                                                                                   BesT’s Review • July 2009      61
                 9. Hub International Ltd.                        Ownership: Private (The Blackstone Group and Management)
                 Brokerage Revenues        Total Revenues         Top Lines: Property/casualty, employee benefits.
                 2008: $691 million        2008: $757.5 million   Developments in 2008: Completed two acquisitions.
                 2007: $589 million        2007: $651 million     Strategy for 2009 & 2010: Remain independent; continue to
                                                                  grow organically; selective acquisition strategy; recruit top
                 Top Executive: Martin P. Hughes, Chairman
                                                                  senior-level production talent.
                 and Chief Executive Officer
                 55 East Jackson Blvd., Chicago, IL 60604
                 Phone: 877-402-6601
                                                                                   12. The Leavitt Group
                                                                                   Brokerage Revenues            Total Revenues
                 www.hubinternational.com
                                                                                   2008: $169 million            2008: $187 million
                 Ownership: Private
    Martin P.                                                                      2007: $168 million            2007: $186 million
     Hughes      Top Lines: Commercial lines; personal lines;
                 employee benefits.                                                Top Executive: Dane Leavitt,
                                                                                   Chief Executive Officer
 Developments in 2008: Hub International completed a total
 of 16 acquisitions in 2008 throughout the U.S. and Canada,                        216 South 200 West, Cedar City, UT 84720
 including Scheer’s (Illinois) and HKMB (Toronto).                                 Phone: 435-586-6553           Fax: 435-586-1510
 Strategy for 2009 & 2010: Sustain growth through contin-                          www.leavitt.com
                                                                       Dane
 ued development of sales culture, increased emphasis on              Leavitt      Ownership: C corporation
 enhancing the customer experience, organic growth, strate-                        Top Lines: Commercial package; workers’
 gic acquisitions, improved productivity and margins. In early    compensation; general liability.
 2009, Hub acquired the renewal rights to Liberty Mutual’s
                                                                  Developments in 2008: Acquired Jenkins Insurance Group,
 middle-market commercial property/casualty business in Ari-
                                                                  a $25 million revenue multilines agency with offices in Concord
 zona, Arkansas, California, Colorado, Hawaii, Kansas, Louisi-
                                                                  and Sacramento, Calif.; acquired Service Insurance Agency of
 ana, Nebraska, Oklahoma, Utah and Texas.
                                                                  Vernal, Utah, a significant provider of insurance to the petroleum
                                                                  services industry in the Rocky Mountain West; formed Leavitt
                 10. USI Holdings Corp.                           Benefits Services, a centralized, agency-owned facility that pro-
                 Brokerage Revenues          Total Revenues       vides value-added services to benefit clients and brokers.
                 2008: $636 million          2008: $636 million   Strategy for 2009 & 2010: Strengthen sales culture, pro-
                 2007: $623 million          2007: $623 million   ducer recruitment and development, consolidate wholesale
                                                                  relationships, continued acquisition activity.
                 Top Executive: Michael J. Sicard, Chairman,
                 President and Chief Executive Officer
                 555 Pleasantville Road, Suite 160 South, Bri-                     13. CBIZ Benefits & Insurance Services
                 arcliff Manor, NY 10510                                             Brokerage Revenues           Total Revenues
                 Phone: 914-749-8500         Fax: 914-749-8550                       2008: $135.6 million         2008: $178.2 million
   Michael J.    www.usi.biz                                                         2007: $141.5 million         2007: $175.1 million
      Sicard
                 Ownership: Private, owned by Goldman                                Top Executive: Robert A. O’Byrne, President
 Sachs Capital Partners and Management                                               11440 Tomahawk Creek Parkway
 Top Lines: Property/casualty; group employee benefits; spe-                         Leawood, KS 66211
 cialized benefits services.                                                         Phone: 913-234-1788          Fax: 913-458-5279
 Developments in 2008: USI realized growth in revenues,                              Ownership: Public
 EBITDA (earnings before interest, taxes, depreciation and
                                                                                     Top Lines: Benefits, consulting and admin-
 amortization) and EBITDA margins. In addition, USI acquired
                                                                                     istration; retirement planning services; prop-
 $44.5 million in annualized revenues.                               Robert A.       erty/casualty; payroll services; human capital
 Strategy for 2009 & 2010: Continue to grow organically               O’Byrne        services; individual wealth management.
 and through targeted acquisitions while improving mar-
                                                                  Developments in 2008: In keeping with strategy of building out
 gins and operating efficiencies. In first quarter of 2009, USI
                                                                  CBIZ service capabilities within key markets, CBIZ Inc. acquired
 announced the acquisition of the northeastern middle-market
                                                                  five companies in 2008: Computer Payroll Co, Palm Desert,
 P/C direct business from Liberty Mutual Insurance Group,
                                                                  Calif., (a payroll processing firm); NAIS, Frederick, Md., (large pro-
 including the hiring of 43 Liberty Mutual sales professionals.
                                                                  vider of innkeepers insurance); EFL Associates, Overland Park,
                                                                  Kan., (leading national executive search firm); Mahoney Cohen &
                 11. Alliant Insurance Services Inc.              Co, New York (full service accounting and management consult-
                 Brokerage Revenues        Total Revenues         ing firm); Tofias PC, Cambridge, Mass., (accounting firm).
                 2008: $277.5 million      2008: $335.8 million   Strategy for 2009 & 2010: Commitment to helping to grow cli-
                 2007: $239 million        2007: $296 million     ents’ businesses as well as investing in company’s people con-
                                                                  tinue to be central to primary strategy. Cross-serving as well as
                 Top Executive: Thomas W. Corbett,
                                                                  acquisitions that build out CBIZ service capabilities within key
                 Chairman and Chief Executive Officer
                                                                  markets will help to bring additional services to clients. Inter-
                 1301 Dove St., Suite 200, Newport Beach,         nally, continue to support and grow CBIZ Women’s Advantage,
                 CA 92660                                         Great People Great Place Initiative, and provide comprehensive
     Thomas W.   Phone: 949-756-0271                              business development training for associates through CBIZ
      Corbett                                                     Training Academy.
                 www.alliantinsurance.com

62      BesT’s Review • July 2009
                                                                                                                    Leading Brokers
                                                                                                                    Agent/Broker
               14. Keenan & Associates                                               17. The NIA Group LLC
                Brokerage Revenues          Total Revenues                           Brokerage Revenues               Total Revenues
                2008: $123 million          2008: $123 million                       2008: $69.1 million              2008: $69.7 million
                2007: $132.2 million        2007: $132.2 million                     2007: $70.6 million              2007: $73.4 million
                Top Executive: Sean K. Smith, President and                          Top Executive: Paul Gross,
                Chief Executive Officer                                              Chief Executive Officer
                2355 Crenshaw Blvd, Suite 200, Torrance, CA 90501                    66 Route 17, Paramus, NJ 07652
                Phone: 310-212-3344         Fax: 310-782-2084                        Phone: 201-845-6600
   Sean K.      www.keenan.com                                            Paul       www.niagroup.com
    Smith                                                                Gross
                Ownership: Privately held ESOP                                       Ownership: Limited liability corporation
Top Lines: Workers’ compensation; property and liability;           Top Lines: Commercial lines; personal lines; employee benefits.
employee benefits.                                                  Developments in 2008: Provided a substantial amount of
Developments in 2008: Expanded technology portal and                staff training, made a major financial investment in updated
administration tools to property/casualty, which is a major,        computer systems and reconfigured several key departments.
long-term undertaking and will be a large part of the compa-        Strategy for 2009 & 2010: The focus is on organic growth and
ny’s focus for the next year and beyond.                            retention. A major initiative is to hire successful, experienced pro-
Strategy for 2009 & 2010: The company said it does not              ducers and expand sales management capabilities. The firm seeks
announce future strategy publicly for competitive reasons.          to make strategic acquisitions that complement existing offices.

               15. Bollinger Inc.                                                    18. Barney & Barney LLC
               Brokerage Revenues        Total Revenues                              Brokerage Revenues        Total Revenues
               2008: $103.3 million      2008: $103.3 million                        2008: $63 million         2008: $63 million
               2007: $103.6 million      2007: $105 million                          2007: $52 million         2007: $52 million
               Top Executive: John A. Windolf,                                       Top Executive: Paul J. Hering, Chief
               Chairman and Chief Executive Officer                                  Executive Officer and Managing Principal
               101 JFK Parkway, Short Hills, NJ 07078                                9171 Towne Centre Drive, Suite 500,
               Phone: 800-526-1379       Fax: 973-921-2876                           San Diego, CA 92122
   John A.     www.bollingerinsurance.com                                            Phone: 800-321-4696
   Windolf     Ownership: Private                                       Paul J.      www.barneyandbarney.com
                                                                        Hering
Top Lines: Benefits, commercial lines, personal lines and                            Ownership: Private
program business.                                                   Top Lines: Property/casualty; employee benefits.
Developments in 2008: Completed four acquisitions and               Developments in 2008: Merged with Saylor & Hill Co.
enhanced client services.                                           Strategy for 2009 & 2010: As the company turns 100 this
Strategy for 2009 & 2010: Equal growth from mergers and             year, will continue to focus on aggressive growth, while not
acquisitions and organic improvements.                              losing sight of core values and mission to serve clients, col-
                                                                    leagues and community.
               16. Mesirow Financial
                 Brokerage Revenues          Total Revenues                          19. Woodruff-Sawyer & Co.
                 2008: $90 million           2008: $91 million                        Brokerage Revenues             Total Revenues
                 2007: $89 million           2007: $81.4 million                      2008: $61.4 million            2008: $61.4 million
                 Top Executive: Richard S. Price, President                           2007: $61.2 million            2007: $61.2 million
                 and Chief Operating Officer                                          Top Executive: Charles Rosson,
                 321 North Clark St., Chicago, IL 60654                               Chief Executive Officer
                 Phone: 312-595-6200         Fax: 312-595-6993                        220 Bush St., 7th Floor,
                 www.mesirowfinancial.com                                             San Francisco, CA 94104
   Richard S.    Ownership: Private                                                   Phone: 415-391-2141
      Price
                 Top Lines: Employee benefits; life and disabil-                      www.wsandco.com
ity; personal lines; property/casualty; structured settlements.         Charles       Ownership: Private, 27% employee stock
                                                                        Rosson
Developments in 2008: Launched a new corporate identity                               ownership plan
to mark the next chapter in the firm’s evolution and was also       Top Lines: Property/casualty, employee benefits and man-
ranked as one of Chicago’s best places to work by Crain’s Chi-      agement liability.
cago Business. Added a number of new producers and busi-            Developments in 2008: Established CleanTech Practice to
ness development alliances including additional niche markets.      meet the risk management needs of this emerging market.
Strategy for 2009 & 2010: Plan for growth will continue to          Named the #1 D&O Broker in the nation by the 2007 Towers
involve strategic acquisitions of agencies where synergies          Perrin Directors & Officers Liability survey. In addition to being
exist as well as the recruitment of talented professionals.         named #1 D&O broker overall, Woodruff-Sawyer is the only bro-
Mesirow Financial will be moving to a new 45-story head-            ker to be listed in all client asset sizes delineated in the survey.
quarters developed by Mesirow Financial Real Estate Inc.            In addition, expanded employee benefits services by opening

                                                                                                       BesT’s Review • July 2009        63
 new regional office, adding enhanced compliance capabilities                            Bolton & Company
 and developing new communications services. Woodruff-Saw-
                                                                                         Brokerage Revenues         Total Revenues
 yer was a winner of the 2008 Alfred P. Sloan Award for Business
 Excellence in Workplace Flexibility, distinguishing the employer                        2008: $21.5 million        2008: $21.5 million
 as a leading practitioner of workplace flexibility. Launched new                        2007: $20 million          2007: $21.7 million
 podcast series addressing insurance regulatory topics.                                  Top Executive: Steven Brockmeyer,
                                                                                         President and Chief Executive Officer;
                   20. Integro Insurance Brokers                                         Ronald Wanglin, Chairman,
                   Brokerage Revenues            Total Revenues                          245 South Los Robles Ave., Pasadena , CA 91101
                    2008: $60.7 million          2008: $63 million                       Phone: 626-799-7000
                    2007: $57.2 million          2007: $58 million           Steven      www.boltonco.com
                                                                          Brockmeyer Ownership: S corporation
                    Top Executive: Peter Garvey,
                    Chief Executive Officer                                              Top Lines: Commercial property/casualty;
                    1 State Street Plaza, 9th Floor,                                     employee benefits; personal lines.
                    New York, NY 10004                                                   Developments in 2008: Focused on contin-
                    Phone: 877-688-8701                                                  ued organic growth and development of new
       Peter
                                                                                         brokers. Strengthened offerings to employee
                    www.integrogroup.com
      Garvey                                                                             benefits clients. Became exclusive broker for
                    Ownership: Private                                       Ronald      Human Resources Association with more than
                                                                            Wanglin
 Top Lines: Complex risk including property/casualty; management                         3,000 members.
 risk; health care; international including wholesale and reinsurance.   Strategy for 2009 & 2010: Pursuit and training of new bro-
 Developments in 2008: Realized industry-leading 19%                     kers. Acquisition of other agencies. Further development of
 organic revenue growth over 2007 and 98% client retention               target markets and programs.
 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
                                                                                         Insurica (North American Group)
 reinsurance and U.K. wholesale units.                                                  Brokerage Revenues        Total Revenues
 Strategy for 2009 & 2010: Continue industry leading organic                            2008: $43.1 million       2008: $43.1 million
 growth. Expand core offerings, proven capabilities and top                             2007: $39.01 million      2007: $39.01 million
 lines. Build on reputation for creativity, thought leadership                          Top Executive: Michael F. Ross,
 and quality service.                                                                   President and Chief Executive Officer
                                                                                        5100 North Classen Blvd., Suite 300,
     The following brokers, although not ranked, shared their              Michael F.   Oklahoma City, OK 73118
                                                                             Ross
     results, development and strategies with Best’s Review.                            Phone: 405-523-2100
                                                                         www.insurica.com
                   AH&T Insurance                                        Ownership: Corporation
                   Brokerage Revenues        Total Revenues              Top Lines: Workers’ compensation; property/casualty.
                   2008: $18.5 million       2008: $18.7 million         Developments in 2008: Phoenix acquisition.
                   2007: $17.5 million       2007: $18.0 million         Strategy for 2009 & 2010: Corporatewide branding initiative:
                   Top Executive: Alexander Green, President             INSURICA Insurance Management Network.
                   20 South King St., Leesburg, VA
                   Phone: 703-777-2341                                                   Meadowbrook Insurance Group Inc.
                   www.ahtins.com                                                         Brokerage Revenues           Total Revenues
      Alexander    Ownership: Private                                                     2008: $11.1 million          2008: $105.6 million
        Green                                                                             2007: $11.3 million          2007: $96.9 million
                   Top Lines: Property/casualty.
                                                                                          Top Executive: Robert S. Cubbin,
                   Assurance Agency Ltd.                                                  Chief Executive Officer and President
                   Brokerage Revenues       Total Revenues                                26255 American Drive,
                                                                                          Southfield, MI 48034-6112
                   2008: $39.7 million      2008: $39.7 million
                                                                                          Phone: 800-482-2726
                   2007: $35.6 million      2007: $35.6 million
                                                                                          www.meadowbrook.com
                   Top Executive: Anthony Chimino,
                   Chief Executive Officer                                                Trading symbol: MIG
                                                                           Robert S.      Ownership: Public
                   1750 East Golf Road,                                      Cubbin
                   Schaumburg, IL 60173                                                   Top Lines: Commercial business (property/
                   Phone: 847-797-5700                                   casualty); life/health, benefits; personal lines.
                   www.assuranceagency.com                               Developments in 2008: Launched a wholesale operation
                                                                         called MarketPlus. The entity represents Meadowbrook’s
                   Ownership: Private
      Anthony
                                                                         newly acquired subsidiary, Century Insurance Group, a lead-
                   Top Lines: Property/casualty; employee ben-           ing excess and surplus lines products facility, as well as
      Chimino
                   efits; bonds.                                         other strategic markets.

64        BesT’s Review • July 2009
                                                                                                                                      Leading Brokers
                                                                                                                                      Agent/Broker
Strategy for 2009 & 2010: Growth of wholesale agency                          Strategy for 2009 & 2010: Five-year strategic plan to grow
MarketPlus; expanded growth in the health and benefits                        from $125 million premium to $300 million premium by 2015.
segment. The company also continues to review select                          Emphasizing internal growth and producer recruiting.
agency and program administrator acquisition candidates,
while recruiting experienced individual account executives
and producers.                                                                                   Wells Fargo Insurance Services
                                                                                                  Brokerage Revenues
                                                                                                  2008: $1.7 billion*
                  R&R Insurance Services Inc.                                                     2007: $1.5 billion
             Brokerage Revenues           Total Revenues
                                                                                                   Top Executive: Neal Aton, President and
             2008: $21.2 million          2008: $21.2 million                                      Chief Executive Officer of Wells Fargo
             2007: $21.3 million          2007: $21.3 million                                      Insurance Services, the commercial lines
             Top Executive: Kenneth P. Riesch, President                                           brokerage and Wells Fargo Insurance Inc., the
             1581 East Racine Ave., Waukesha, WI 53186                                             personal lines brokerage.
             Phone: 262-574-7000                                                                   150 North Michigan Ave., Suite 3900,
             www.myknowledgebroker.com                                                             Chicago, IL 60601
             Ownership: S corporation                                                              Phone: 312-423-2500
                                                                                    Neal           https://wfis.wellsfargo.com
             Top Lines: Commercial property/casualty;                               Aton
  Kenneth P. life and health; personal lines.                                                      Trading symbol: WFC
   Riesch
             Developments in 2008: Further investment in                      Ownership: Public
e-communications and Web site.                                                Top Lines: Commercial lines; personal lines; employee ben-
                                                                              efits; life wholesale.
                                                                              Developments in 2008: Wells Fargo acquired Wachovia,
                  Schiff, Kreidler-Shell Inc.                                 including Wachovia Insurance Services Inc. Prior to the
                Brokerage Revenues               Total Revenues               acquisition, Wells Fargo Insurance Services ranked as the
                2008: $22.7 million              2008: $22.7 million          fourth-largest global insurance broker based on total broker-
                2007: $22.2 million              2007: $22.9 million          age revenue and Wachovia’s insurance brokerage operation
                Top Executive: Thomas R. Dietz, Chairman                      ranked as 12th largest.
                       At the Market:
                and Chief Executive Officer                                     At Fargo also became the exclusive manager ofthe HLA
                                                                              Wells the Market:                                       At the Market:
                       Health/HMO
                1 West Fourth St., Suite 1300,                                Global Network, now known as the Wells FargoU.S. Life
                                                                                Global Reinsurance                                      Global Bro-
                       Stock performance: From May 8, 2009 to June 5, 2009      Stock performance: From May 8, 2009 to 10,000 insurance and risk
                                                                              ker Network. The Network hasJune 5, 2009                Stock performance: From May 8, 20
                                  45202
                Cincinnati, OH2004 = 1,000
                       Dec. 31,                                                 Dec. 31, 2004 1,000                                   Dec. 31, 2004
                                                                              management=professionals serving customers from 330 = 1,000
                Phone:A.M. Best’s U.S. Health & HMO Insurance Index
                        513-977-3100                                            A.M. Best’s Global Reinsurance Index                  A.M. Best’s U.S.
                                                                              offices across 70 countries, and provides insurance broker- LIfe Index
                       (AMBUH)
                Fax: 513-977-3193                                               (AMBGR)                                               (AMBUL)
                                                                              age services in 115 countries.                                          BR
  Thomas R.               795                                                      825                                                      715
                www.sksins.com
    Dietz                                                                     * Wells Fargo declined to provide Best’s Review with year-end 2008 brokerage
                Ownership: Privately held S corporation
                          766                                                      812                                                      682
                                                                              revenue. However, the company reported $1.7 billion in insurance revenue
                                                                              through Sept. 30, 2008, the end of the third quarter.
Top Lines: Commercial property/casualty; life and employee
                          737                                                      799                                                      649
benefits; personal property/casualty.
                          708                                                      786                                                      616
Developments in 2008: Expanded offerings in the area of
financial services.       679                                                      773                                                      583

Strategy for 2009 & 2010: Continue to refine a structure of
                          650                                                      760         Watch a22 video about 5                      550
sales support and accountability. 15
                               8                  22         29        5               8        15             29                               8       15       22
                               May                                  June             May       this article on      June                      May
                                                                                               bestreview.com/videos
                  Thoits Insurance Service Inc.
                 Brokerage Revenues               Revenues
                        At the Market: 2008: $11.9 million
                 2008: $11.9 million                                            At the Market:
                        U.S. Property/Casualty million
                 2007: $11.1 million              2007: $12.5                   U.S. Brokers
                        Stock performance: From May 8, 2009 to June 5, 2009     Stock performance: From May 8, 2009 to June 5, 2009
                 Top Executive: Paul Saich,
                        Dec. 31, 2004 = 1,000                                   Dec. 31, 2004 = 1,000
                 Chief Executive Officer
                        A.M. Best’s U.S. Property/Casualty Index                A.M. Best’s U.S. Brokers Index
                         Santa Clara Street, 12th Floor,
                 160 W. (AMBUPC)                                                (AMBUB)
                 San Jose, CA 95113-1171
                           940                                                     865
      Paul       Phone: 408-792-5400
                           927                                                     849
     Saich
                 www.thoitsinsurance.com
                           914                                                     833
Ownership: ESOP
                           901                                                     817
Top Lines: Workers’ compensation; commercial; group benefits.
Developments in 2008: 888   Transition of leadership, including                    801
new Chief Executive Officer Paul Saich, previously executive
                           875                                                     785
vice president. Recruiting of8 young15     producers. Organization
                                                   22         29         5             8        15         22        29          5
into four revenue teams: risk management, select commer-
                             May                                      June           May                                      June
cial, personal insurance, employee benefits.

                                                                                                                          BesT’s Review • July 2009       65

								
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