Marsh is the world’s largest broker by revenues, earning about $US20.7 billion ($30.5 billion) last year, according to an annual list compiled by credit agency AM Best. 

The New York City-headquartered business has topped the Global Insurance Brokers list for more than a decade and is ahead of its nearest competitors by a huge margin. 

London-based Aon placed second, on $US12.5 billion ($18.4 billion), followed by WTW, on $US8.9 billion ($13.1 billion). 

Arthur J Gallagher and Hub International round up the top-five rankings, with revenues of $US8.4 billion ($12.3 billion) and $US3.77 billion ($5.5 billion) respectively. 

AM Best says the top five brokers were unchanged from last year but there were some movements among the smaller players. 

Howden moved up three spots to place 12th on the list after its acquisition of TigerRisk, a US-headquartered risk and strategic adviser to the global and reinsurance industry. Howden made about $US2.35 billion ($3.44 billion) in revenues last year. 

“The Howden-Tiger deal was a bit of an outlier, as the industry has been dealing with a significant rise in interest rates and economic uncertainty that’s caused merger and acquisition activity to slow,” AM Best says. 

CBIZ, headquartered in Ohio, slipped from 17th to 20th with revenues of $US360 million ($527 million) last year. 

Here is the top-10 list: 

Marsh, $US20.7 billion 

Aon, $US12.5 billion 

WTW, $US8.9 billion 

Arthur J Gallagher, US$8.4 billion 

Hub International, $US3.77 billion 

Acrisure, $US3.68 billion 

Brown & Brown, $US3.6 billion 

Truist Insurance Holdings, $US3.38 billion 

Alliant Insurance Services, $US3.22 billion 

Lockton, $US3.1 billion