Aon’s reinsurance arm remains the largest reinsurance intermediary by some distance in a survey conducted by re-Insurance that uses a combination of publicly available information and market intelligence.
In re-Insurance’s Sunday Monte Carlo edition, we reveal that Aon Reinsurance Solutions - which rebranded from Aon Benfield earlier this year - earned revenues of $1.43bn last year, some 20 percent higher than number two incumbent Guy Carpenter.
In third place, after a strong 2017, was Willis Re with estimated revenues in the region of $860mn. Re-Insurance calculate this was a significant leap on circa $790mn the year before.
Strong growth was also notable among two fast-growing mid-tier intermediaries that are both poised to celebrate significant anniversaries.
Capsicum Re - which celebrates its fifth birthday later this year - saw its 2017 revenues increase by 50 percent to £48mn from the year earlier, measured in sterling.
TigerRisk, which celebrates its ten year anniversary this year, also enjoyed a strong 2017 with revenues climbing to an estimated $90mn. In addition to its traditional Florida specialism, the Rod Fox-led firm advised on a number of niche significant placements last year.
Indeed, 2017 was a strong year for mont intermediaries who capitalised on the increased demand for both longer-tail placements, adverse development covers and cat treaties - especially in the wake of the cat events in the second half of 2017.
At JLT Re overall revenues were up 11 percent to £217.1mn ($280mn), including 4 percent organic growth.
|1||Aon Benfield||1,429||Top line benefited from organic revenue growth of 6% in 2017 in Aon’s Reinsurance Solutions division, outpacing group organic growth rate of 4%|
|2||Guy Carpenter||1,187||Guy Carpenter grew organically at 4% in 2017, compared to 3% for MMC’s risk and insurance services division|
|3||Willis Re||860||The total counts fac (including Miller in 2017) but not capital markets. 2016 estimate for Willis Global Re and Fac is thought to be $787mn|
|4||JLT Re||280||In £ terms JLT Re revenues climbed 11% to £217.1mn in 2017, with 4% organic growth|
|5||TigerRisk||90||Revenues can be lumpy, with several significant one-off casualty deals in recent years; 2016 revenue thought to be in region of $70mn|
|6||UIB Holdings||60||Total revenues of £50.6mn for 2017 (2016: £46.5mn) - sources suggest 90-95% of business was reinsurance, or at midpoint £46.8mn ($60.4mn), for the firm that specialises in emerging markets|
|7||BMS Group||58||Revenues from US platform in 2017 thought to be close to $40mn (2016: $30mn) with balance from rest of group. US platform bought Advocate late 2016|
|8||Beach & Associates||55||Midpoint of an estimated range of $50-60mn for 2017, including solid year-on-year growth. Beach was bought by $1bn+ revenue US broker consolidator Acrisure this year|
|9||Lockton Re||52||Reinsurance revenues of US-based parent estimated at >$50mn across all lines (up from $46.5mn in 2016), with around half from London platform|
|9||THB Group||52||Unclear how much of the revenue figure is true reinsurance or traditional wholesale business into the London market at the AmWins-owned broker|
|10||Capsicum Re||48||2017 revenues of £37mn (2016: £25mn) at fast-growing firm - Capsicum uses internal peg rate of $1.45:£1, we have converted to $ at average 2017 FX rate|
|11||Holborn Corp||35||Market estimate. New York-based US broker does not disclose revenues|
|12||RKH||33||Hyperion-owned RKH has a significant fac book. Parent reported 20% revenue growth in year-ended 30 Sep 2017 to £535mn|
For the full survey, download today’s Monte Carlo edition of re-Insurance here…