Although Lockton Cos. L.LC. has reported double-digit annual organic growth for 20 straight years, it wasn't until last year's $170 million acquisition of Alexander Forbes International Risk Services that the spotlight really began to shine on the Kansas City, Mo.-based brokerage.

"It sort of feels like an overnight 40-year success story," said Chairman David M. Lockton, referring to all the attention the brokerage has received since acquiring the London-based arm of South African broker Alexander Forbes Ltd., which thrust Lockton into the global scene.

Prior to the acquisition, which executives describe as an "out of the ordinary" move for the organically growth-driven Lockton, the privately held firm has quietly but quickly grown its operations at double-digit annual rates by relying on a strategy of recruiting and training top talent, who in turn service loyal customers.

"Our value proposition is not the same as others," said John L. Lumelleau, president and chief executive officer. "We are a company that takes a very long view of this business. It's not transient, it's not near-term, and it's not focused on any annual or five-year plan. It's focused on doing the basics necessary to get and keep clients, and you get and keep clients by getting and keeping great people."

For its 2006 fiscal year, which ended April 30, 2007, Lockton reported $657.2 million in brokerage revenues, up 69.3% over the previous year. That propelled Lockton for the first time into Business Insurance's 2007 ranking of the world's largest brokers in the No. 10 spot.

Although AFIRS did account for most of Lockton's surge--about $200 million--Lockton's U.S. operations posted 13.8% organic growth in fiscal 2006, the 20th straight year of double-digit organic growth.

The purchase of AFIRS was a "strategic imperative," said Mr. Lumelleau, as it was "inevitable" that as Lockton continued to grow, an increasing number of its clients were going to rely on it to service them around the world, and AFIRS almost "exclusively" serviced Lockton's existing U.S.-based multinational accounts through a decade long partnership.

Executives insist that while the once smaller, national Lockton is now larger and more global in scope, the cultural underpinnings on which the Midwest brokerage were founded remain unchanged.

"We are a much larger company that is still grounded in the basics of taking care of our clients and our people," Mr. Lumelleau said.

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