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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.
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.
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.
To view the ranking or to purchase copies of the 2011 Business Insurance directory of the world’s largest insurance brokers and other broker categories, go to www.BusinessInsurance.com/directories.