Marsh McLennan has maintained its position as the leading global insurance broker for the 14th consecutive year, according to AM Best's latest rankings based on 2023 total revenue. In 2023, the company's total earnings surged by 9.7 percent, reaching US$22.7 billion. Among the top 20 global insurance brokers, Marsh McLennan also reported the highest revenue growth, with an increase of US$2 billion from the previous year. Aon held the second place for the 14th year, seeing its revenues climb by 7.2 percent to US$13.4 billion. WTW fell to fourth place from third in the previous year's rankings, while Gallagher took over the third spot, marking its highest ranking since 2021. The rest of the top 10 rankings saw minor changes. Alliant Insurance Services and Lockton advanced to the eighth and ninth positions, respectively, showing revenue growths of 20 percent and 14.5 percent. Conversely, TIH, formerly known as Truist Insurance Holdings, fell to 10th place, with a revenue increase of 2.4 percent. This year’s rankings also introduced three new firms. Steadfast Group made its debut in the seventh position with revenues of US$904.3 million. AUB Group took the 18th spot with earnings of US$853.6 million, and BMS Group entered the rankings in 20th place with revenues totaling US$385 million.
