Steadfast and AUB have made AM Best’s top 20 global insurance brokers list for the first time, placing 17th and 18th respectively.

Marsh McLennan tops the list, followed by Aon, marking the 14th straight year they have held the first and second spots.

Ratings agency AM Best compiles the annual list based on brokers’ annual revenues. Last year Marsh earned revenue of $US22.7 billion ($33.5 billion), ahead of Aon’s $US13.4 billion ($19.7 billion).

Steadfast achieved $US904.3 million ($1.3 billion) and AUB $US853.6 million ($1.26 billion). Joining them as newcomers on the list is Britain’s BMS Group, which placed 20th with revenue of $US358 million ($529 million).

The two listed Australian brokerages say their debuts on the list show their growth strategies are yielding results.

Steadfast CEO and MD Robert Kelly says last financial year was a “watershed” for the network as it expanded into the US market with the acquisition of ISU Group for $US55 million ($81.3 million) in October. ISU is one of the largest independent insurance agency groups in the US.

“It’s a new and exciting chapter for us because the research is clear – the value of a broker or agent is increasing, with intermediaries taking more and more of the direct market share,” Mr Kelly said.

“While we continue to adapt and grow, the scale and strength of our network remains our priority and we look forward to maximising our strength over the next financial year.”

AUB CEO and MD Mike Emmett says the business continued to expand its global client offering last year and made 18 acquisitions including exciting start-ups. 

“We experienced strong growth across our broking and agency businesses,” he said. “The top 20 global insurance ranking highlights our commitment to strengthening our position as a premier broker delivering first-class, innovative wholesale and direct-to-client solutions.

“We also acknowledge our friends at Steadfast for their inclusion in this list, also for the first year.”

Under Mr Emmett, AUB made one of its biggest acquisitions in 2022, buying UK-based Lloyd’s wholesaler Tysers for $880 million.

AM Best notes the changes at Tysers since it came under AUB ownership, including “introduction of a new chair, restructuring of senior management and a simplification of the operating model. In 2024, Tysers made several senior appointments, particularly in international hubs, reflecting its strategy of regional expansion and growth to provide comprehensive client service in sectors such as property and casualty, as well as construction and engineering.”

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