Chicago-based Aon Corp. is No. 1 in the Business Insurance 2011 ranking of the world’s largest insurance brokers, pushing New York-based Marsh & McLennan Cos. Inc. to the No. 2 spot for the first time since the ranking began in 1972.
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Under Business Insurance’s policy, ranked brokers are requested to report acquisitions that exceed $100 million on a pro forma basis to show a full year of revenue, providing a better basis for comparison.
2010 purchases
Aon’s brokerage revenues were nearly $10.61 billion in 2010, a 43.1% increase from 2009, augmented by the fall 2010 acquisition of Hewitt Associates Inc., a $4.9 billion cash-and-stock deal.
Though Marsh included its purchase of HSBC Insurance Brokers Ltd., increasing its 2010 brokerage revenues 7.7% to nearly $10.6 billion, the brokerage fell short of the No. 1 ranking by $10 million in revenue.
London-based Willis Group Holdings P.L.C. maintained the No. 3 spot with $3.3 billion in 2010 brokerage revenues, a 2.8% increase from the previous year.
Itasca, Ill.-based Arthur J. Gallagher & Co. and Chicago-based Wells Fargo Insurance Services USA Inc. maintained their rankings at Nos. 4 and 5, respectively, in the 2011 ranking.
Absent from the 2011 ranking of the world’s largest brokers is Neuilly-sur-Seine, France-based Gras Savoye & Cie., which was edged out by Hub International Ltd. The Chicago-based brokerage increased its 2010 revenues 5% to $761.6 million to earn the No. 10 spot.
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