Ranked by 2023 revenue, Aon is still the world’s largest reinsurance broker

Based on fully-year 2023 revenues, Aon Reinsurance Solutions, the reinsurance broking arm of the global intermediary, remains the world’s top reinsurance broker, although Guy Carpenter, the reinsurance arm of Marsh McLennan, has narrowed the gap at the top.

Our ranking of the top global reinsurance brokers in the world is based on data collated from annual reports, other company information sources, as well as our discussions with executive teams and sources, and ranks companies based on total revenues.

It’s important to note that the way revenues are accounted for can differ and are not on a like-for-like basis, particularly in terms of timing, while also different parts of the year can provide a greater contribution to one reinsurance broker’s revenues, compared to another.

The data shows that, since 2019, Aon Reinsurance Solutions has consistently topped the list, with annual revenue hitting $2.481 billion in 2023, rising from $2.19 billion in 2022.

But while Aon Re is leading the way, reinsurance broker Guy Carpenter isn’t far behind and in recent years has closed the gap and is now a close second, based on 2023 revenues.

In 2022, Guy Carpenter generated revenue of $2.06 billion, so $130 million less than Aon Re for that year. The following year, in 2023, Guy Carpenter’s revenue hit $2.432 billion, so up year-on-year and just $49 million below Aon Re’s number.

After Guy Carpenter, in third place on the list, sits reinsurance broker Gallagher Re with revenue of an estimated $1.12 billion, up on the $1 billion generated in 2022, and the $900 million in 2021.

As a reminder, Gallagher Re completed the acquisition of Willis Re’s treaty reinsurance operations in late 2021, which saw the firm’s revenue jump significantly from $128 million in 2021 to the aforementioned $900 million in 2022.

Next, in fourth place, is Howden Re, the reinsurance broking arm of Howden Group, who has achieved steady growth in recent years, moving from an estimated $425 million in 2022 to $530 million in 2023.

BMS Re sits fifth on the list, with 2023 revenue of $180 million, up from $150 million in the prior year.

You can see our ranking of the top global reinsurance brokers below, ranked by revenues from the most recent year and where we can we have excluded non-reinsurance income. Click on the image for the full table, which includes estimates for some of the smaller global reinsurance broking players. We welcome corrections and clarifications to this data, just get in touch.

Overall, the rising revenues of brokers underlines the growth in reinsurance limit deployed, as well as their ability to generate additional revenues through their value-add consultancy services, data offerings and analytics.

With reinsurance demand remaining high and expected to rise over the coming year, we would not be surprised to see the big reinsurance brokers increasing their revenues again, while some of the smaller brokers are set to increase their totals and perhaps rise up the ranks thanks to their team acquisitions, platform-build-outs and company growth.

Note: We provide our ranking of the world’s top reinsurance brokers on a best-efforts basis. Where reported data is not available we try our best to source input from companies, but where that is not possible our discussions with industry participants and sources informs our estimates.

As stated, we welcome any corrections and clarifications to this reinsurance broker revenue data, please reach out to get in touch.

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