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22 ORANGE COUNTY BUSINESS JOURNAL
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10.3.16 SR_InsurEmployBenef_Layout 1 9/29/16 5:35 PM Page 23
OCTOBER 3, 2016
Local breaking news: www.ocbj.com
ORANGE COUNTY BUSINESS JOURNAL 23
Insurance Brokers Grow Revenue 7% to $624 Million
Biggest Rise Fastest,
Account 75% of Total
By MICHAEL DE LOS REYES
Orange County’s insurance brokerages
grew for a sixth straight year to combine
for about a 7% increase in local revenue to
$623.6 million in 2015.
This week’s Business Journal list ranks
the 25 largest insurance brokerage firms
with headquarters or significant operations
in Orange County.
Their growth follows a 13% increase in
2014, a 9% jump in 2013, 7% in 2012, 13%
in 2011, and 3% in 2010.
This year’s growth is almost three times
faster than the 2.5%
annual growth to
$142 billion experienced by the overall
industry in the past
five years, according
to research firm
IBISWorld in Santa
Monica.
OC’s improving
economy and lower
unemployment rate likely are boosting brokers’ revenue. More companies need commercial coverage as they grow and benefits
coverage as they hire employees, the research
firm said.
Five of the firms reported a drop in revenue, 15 were up, the Business Journal estimated numbers for five, and two
companies grew enough to premier on the
list.
The firms with $25 million or more in
revenue grew almost three times faster than
p
20
Alliant: maintains top spot with 14% growth
their smaller competitors—22% versus
7.6%. The larger firms also accounted for
75% of total revenue on the list; they made
up 66% of total revenue a year earlier.
Four of the top five firms this year accounted for $22.6 million, or about 54%,
of the total dollar increase on the list.
The list also includes firms’ number of
licensed brokers, support staff and companywide offices, though that information
didn’t factor into the rankings.
The firms combined for 2,109 property
and casualty producers, seven more than a
year earlier, and 286 benefits producers, up
about 3%. They had 1,482 support staffers,
up about 2%.
■ Alliant Insurance Services Inc. in
Newport Beach, the perennial No. 1, had
revenue of $111.5 million, up about 14%.
The firm had 26 property and casualty producers, up by one, and eight benefits producers, also up one position. It had 188
support staff, up about 7%.
■
Marsh Risk & Insurance
Services/Mercer in Irvine is No. 2 with
$57.5 million, up about
11%. The firm had 23
property and casualty
producers, up 21%, and
26 benefits producers,
down 13%. It held support staff steady at 126.
■ USI Insurance
Services LLC is No. 3
with about $43.8 million, down 6%. The
Valhalla, N.Y.-based
insurer had four property and casualty producers and 11 benefits
producers in its Irvine
office, down one specialist in both categories. It had 45 local support staffers,
down 61%.
■ BB&T Insurance Services of Orange
County/Precept Group in Irvine is No. 4
with about $39 million, up about 2%. The
company’s OC employment held steady
with 21 property and casualty producers,
33 benefits producers and 265 support
staff.
■ Arthur J. Gallagher & Co. is No. 5
with $36.7 million, up about 7%. The
Itasca, Ill.-based company had 13 benefits
producers in Irvine, hired seven support
staff to employ a total of 59, and held
steady on property and casualty producers
with 14 in its Irvine office.
Notables
■ Barney & Barney, a Marsh &
McLennan Insurance Agency LLC Co.
rose two spots to No. 8. The White Plains,
N.Y.-based firm said its Aliso Viejo office
took in $31.2 million in revenue, up about
31% and the largest percentage increase on
the list. The firm had 13 property and casualty producers, eight benefits producers and
83 staff up 17%.
“Significant organic growth in employee
benefits and property and casualty” drove
growth at the firm, Managing Director
Travis Trask said in a written statement.
“Employee benefits grew 42% year-over
year, while property & casualty experienced strong, double-digit revenue growth.
During the same period, we had over 100%
renewal revenue retention. All of this
growth occurred through our existing producer team that continues to win larger and
more complex accounts. To maintain our
high-touch, client service model, we continued to add support staff in Orange
County.”
■ Wood Gutmann & Bogart Insurance
Brokers in Tustin climbed one spot to No.
10. The firm’s revenue rose 23% to about
$27.8 million. It had 42 property and casualty producers, up 5%, and three benefits
producers. It increased support staff by
about 34% to 99.
■ OneDigital debuted at No. 22, with its
Aliso Viejo office reporting about $7.2 million in revenue, down about 22%. The Atlanta-based company formerly was named
Digital Benefit Advisors. It had no property
and casualty producers; added three benefits producers for a total of seven locally,
and increased its support staff by about
42% to 44.
■ Northwestern Mutual in Irvine debuted at No. 25 with a little more than $5
million in revenue, down about 4%. The
Milwaukee-based company said its OC office employed no property and casualty
producers and had 52 benefits producers
and 42 support staff, up 5%. ■