HEADQUARTERS: Memphis, Tenn.

2011 U.S. BROKERAGE REVENUE: $101,892,006

Memphis, Tenn.-based Regions Insurance Group Inc. is the fifth-largest commercial insurance broker headquartered in the South, based on 2011 U.S. brokerage revenue of $101.9 million, 92.6% of which is generated in its home region.

The broker finds that defining the middle-market business, which represents 39% of its total brokerage revenue, goes beyond the number of employees or company revenue.

“Some of the additional variables would include looking at the industry of the company, their buying philosophy, management style and service needs,” said Mark Forrester, CEO of Regions Insurance of Tennessee, a division within the group.

However, Mr. Forrester said Regions considers employers with 50 to 500 employees among its middle-market clients. He also said they tend to be more local or regional and do not have full-time risk managers.

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HEADQUARTERS: West Point, Ga.

2011 U.S. BROKERAGE REVENUES: $107,929,729

J. Smith Lanier & Co., a West Point, Ga.-based broker, is the fourth-largest commercial insurance broker headquartered in the South, based on 2011 U.S. brokerage revenues of $107.9 million.

Eighty percent of Lanier's clients, about 65% of which are middle market, have their headquarters in the South, said Peter Krause, vice president and managing director.

Lanier defines the middle market as companies that generate $10,000 to $100,000 in property/casualty revenue. For employee benefits, middle-market firms are defined as those with 50 to 500 employees.

“All types of businesses fall under this definition,” Mr. Krause said. “If I had to pick one common characteristic, it would be the vast majority are private firms, similar to us.”

Lanier is 100% owned by its employee-shareholders through an employee stock ownership program.

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HEADQUARTERS: Lake Mary, Fla.

2011 U.S. BROKERAGE REVENUE: $172,316,140

AssuredPartners Inc. is the third-largest commercial insurance company headquartered in the South, based on 2011 U.S. brokerage revenues of $172.3 million.

The Lake Mary, Fla.-based broker, which has grown mostly by acquiring small to middle-market property/casualty and employee benefits agencies, generates about half, or $90 million, of its revenue from its home region, with about 85% coming from middle-market clients.

AssuredPartners defines middle-market as those accounts that generate $10,000 to $700,000 in premiums, said Chief Financial Officer Dean Curtis.

Primarily local and regional-based businesses and some smaller national accounts fall under AssuredPartner's definition of middle market, Mr. Curtis said. These companies generally purchase most lines of property/casualty insurance, he added.

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HEADQUARTERS: Raleigh, N.C.

2011 U.S. BROKERAGE REVENUES: $1,104,126,900

BB&T Insurance Services Inc., the second-largest broker based in the South, based on 2011 U.S. brokerage revenues of $1.1 billion, defines middle-market clients as those whose premiums range between $50,000 and $500,000, generating brokerage revenue between $10,000 and $50,000.

These clients generate about 55% of the broker's revenue, said Randolph P. Screen, senior vice president and chief insurance marketing executive officer at the Raleigh, N.C.-based broker.

Though BB&T Insurance is known for its expertise in industries such as long-term care, construction, habitation, hospitality, equine, agriculture and manufacturing, “we can write just about everything throughout our 100-plus locations,” Mr. Screen said.

Approximately 65% of BB&T Insurance's broker revenues can be attributed to the Southern region, where it is based.

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HEADQUARTERS: Daytona Beach, Fla.

2011 U.S. BROKERAGE REVENUE: $1,107,656,240

Brown & Brown Inc. is the largest commercial insurance broker headquartered in the South, based on 2011 U.S. brokerage revenue of $1.12 billion, though less than half — approximately $450 million — is generated in the region where it is headquartered.

Almost 90% of the Daytona Beach, Fla.-based broker's revenue is derived from middle-market clients, which it defines as companies with 500 or fewer employees, said Cory T. Walker, Brown & Brown's treasurer and chief financial officer.

Businesses that fall into Brown & Brown's stable of middle-market clients run the gamut, said Mr. Walker, as do products and services provided to them.

“We place all kinds of business, from regular property insurance, auto liability and workers compensation to professional liability and directors and officers,” he said. “It's really all lines of coverage.”

See the top five Regional mid-market broker leaders: U.S. Midwest-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.