HEADQUARTERS: New York

2011 U.S. BROKERAGE REVENUES: $131,740,000

Frank Crystal & Co. Inc. is the fifth-largest broker headquartered in the Northeast, based on 2011 U.S. commercial insurance brokerage revenues of $131.7 million.

Jonathan Crystal, executive vice president, said New York-based Frank Crystal does not classify clients by market segment, but rather by the scope of their risk management, insurance brokerage and employee benefits consulting needs. Its middle-market accounts typically start at 200 employees and $100 million in annual revenues.

“It's a mind-set,” Mr. Crystal said. “The middle-market buyer is looking for their insurance broker to be a trusted adviser and advocate for their business.”

Frank Crystal has a large concentration of clients in the Northeast. It also has 10 offices across the country, serving clients in all 50 states and 70 countries.

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HEADQUARTERS: New York

2011 U.S. BROKERAGE REVENUE: $360,238,608

Though typically viewed as an employee benefits and management consultant, Towers Watson & Co. is the fourth-largest commercial insurance broker headquartered in the Northeast, based on $360.2 million in 2011 U.S. brokerage revenues.

New York-based Towers Watson defines middle-market businesses as companies that generate at least $250 million in revenues yearly but are not considered to be among the 2,500 largest companies in the United States. Middle-market businesses fall into all industry segments, said a spokesman. But Towers Watson does not break down revenue by regions or market segment, so it could not provide details on what proportion of its business is derived from the Northeast nor quantify the value of its middle-market accounts.

Towers Watson places risks in all property/casualty lines of insurance, executive liability, and group health and welfare benefits.

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HEADQUARTERS: Briarcliff Manor, N.Y.

2011 U.S. BROKERAGE REVENUE: $659,276,000

USI Holdings Corp. is the third-largest commercial insurance broker headquartered in the Northeast, based on 2011 U.S. brokerage revenue of $659.3 million, though less than one-third of the total is derived from its home region.

All of Briarcliff Manor, N.Y.-based USI's revenue comes from middle-market business. The broker targets employers with 50 to 2,000 employees and provides property/casualty insurance services to companies with revenues between $10 million and $1 billion.

USI's property/casualty operations cater to manufacturers, distributors, health care, construction, real estate, transportation, municipalities, technology, architects and engineers, retail, law firms, marine, energy, aviation, nonprofit, education and hospitality. On the benefits side, USI specializes in professional service firms, finance, energy, retail, manufacturing and technology-related firms.

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HEADQUARTERS: New York

2011 U.S. BROKERAGE REVENUE: $692,986,755

National Financial Partners Corp. is the second-largest commercial insurance broker based in the Northeast, with $693.0 million in total 2011 U.S. brokerage revenues.

New York-based NFP defines middle market as companies with between 50 and 2,000 employees, but declined to disclose what proportion of its book of business is derived from this market segment. NFP also declined to disclose what proportion of its total U.S. brokerage revenues come from the Northeast region.

NFP's middle-market clients represent all types of industries. NFP provides commercial property/casualty and surety coverage, as well as employee benefits. More than one-third of NFP's total U.S. brokerage revenues come from employee and executive benefits, which include brokering health and retirement plans and providing plan administration services.

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HEADQUARTERS: New York

2011 U.S. BROKERAGE REVENUE: $5,068,360,000

New York-based Marsh & McLennan Cos. Inc. leads brokers based in the Northeast, with $5.07 billion in annual U.S. brokerage revenues, half of which are derived from middle-market business.

Although Marsh operates worldwide, the Northeast produces the largest share of the broker's U.S. book of business, according to Tane R. Abbott, managing director and U.S. national brokerage leader.

Marsh, which defines middle-market customers as those with revenues under $1 billion that often do not have a professional risk manager, serves these clients via its U.S. national brokerage office, which Mr. Abbott runs from San Francisco.

Mr. Abbott said he finds middle-market clients face many of the same risks as large, national accounts, including property/casualty exposures, financial and professional liability, employee benefits, contingent business interruption, supply chain disruption and cyber liability.

“What's unique is the buying style of the middle market,” he said. “Often there is not a professional risk manager, so it's handled by finance, human resources or legal. Since it's one of many responsibilities on their plates, we tend to provide a broader level of expertise.”

See the top five Regional mid-market broker leaders: U.S. South-headquartered firms.

A ranking of the top 10 brokers in each region is available in the weekly edition of Business Insurance. To subscribe to Business Insurance, click here.