Top Reinsurance Brokers 2025

1. A Two-Horse Race at the Top
Aon and Guy Carpenter collectively generate $5.2–5.4B in reinsurance brokerage revenue — more than the entire rest of the top 10 combined. This duopoly has held for over a decade, though 2025 H1 data suggests Guy Carpenter may be closing the gap for the first time.

2. Gallagher Re: The Decade’s Biggest Climb
From a sub-$200M operation in 2020 to $1.4–1.5B in 2025, Gallagher Re’s trajectory is arguably the most dramatic structural shift in the market’s recent history — driven primarily by the Willis Re acquisition and sustained double-digit organic growth.

3. A Clear Structural Break After the Top Three
There is a 45–50% revenue gap between Gallagher Re ($1.4–1.5B) and the next tier starting with Howden Re ($700–800M). This is not a gradual decline — it is a structural discontinuity that reflects the consolidation advantages of the top three.

4. The Mid-Tier Is Competitive But Fragmented
Acrisure Re, Lockton Re, and BMS Re are all clustered between $200–300M, growing at 15–17%. None has yet broken away from the pack. The competition here is won on speed, specialization, and client relationships — not scale.

5. McGill & Partners: The Most Interesting Story
Founded in 2019 and already generating $80–90M with ~20% growth — the fastest rate in the top 10. It demonstrates that a well-positioned specialist firm can scale rapidly even in a consolidation-heavy market.

Key Takeaway
The 2025 rankings reveal a market with three distinct competitive tiers — a global duopoly, a mid-scale consolidation zone, and a fast-moving specialist layer — each operating by entirely different competitive rules.

✅ Official = Confirmed via company filings | ⚠️ Partial = H1 data or specialist industry sources | 🔵 Estimate = Private companies, no public disclosure Full verified 2025 rankings expected: September 2026