The 2024 edition of Gracechurch’s London’s Leading Broker Survey reveals a notable consolidation of talent within London’s broking market.
As competitive pressures mount, the market is increasingly dominated by the Big 5 brokers — Marsh, Aon, WTW, Gallagher, and Howden — which together account for a significant portion of industry leadership and talent.
This year’s report – brought to you by Gracechurch and presented by Insurindex – highlights that of the top 25 brokers recognised for their expertise and impact, a striking 18 are affiliated with these major players.
While the 2023 survey showed nominations from 16 distinct broking firms, the 2024 survey finds that only ten firms are represented.
The reshuffling within the Big 5 is also noteworthy: Howden has climbed the ranks to third place, overtaking WTW, which now shares fourth place with Gallagher. The report suggests that the Big 5’s increasing dominance is a by-product of several industry-wide challenges, including heightened regulation, evolving client needs, and the demand for specialised talent to navigate complex risks.
Consolidation appears to be enabling these top firms to respond with agility and scale, further entrenching their position at the forefront of the market.
While industry consolidation raises concerns about diversity and innovation, some progress is being made. Charlotte Hampshire of BPL made history as the first woman to achieve a top-three position, an achievement that marks incremental progress for women in the industry.
The methodology for the 2024 Gracechurch London’s Leading Brokers Report involves a rigorous, independent ranking process based on peer endorsements from the London Market underwriting community. To capture a representative cross-section, Gracechurch conducted both online and telephone interviews, gathering anonymous nominations from over 200 underwriters across more than 60 insurance firms.
The brokers’ performance was assessed based on the volume of nominations in each class, with endorsements aggregated to determine individual broker rankings as well as the overall “bench strength” for each broking firm. This bench strength metric reflects the collective recognition of brokers within each firm, providing insights into a company’s depth of talent and industry influence.
The nomination period spanned from January to May 2024, covering a wide temporal range to capture consistent, high-quality data.
Download the London's Leading Broker Report for free, here.
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