The region’s largest insurance brokers saw a 7% increase in revenue in 2024.
The 22 companies on the list reported $1.6 billion in local revenue. This follows a 9.7% increase in 2023 and a 9.5% bump in 2022.
For the last decade, Alliant Insurance Services Inc. has been the largest insurance broker in the county, reporting revenue growth of 21% to $459 million last year.
“Alliant continues to be the destination of choice for the industry’s top talent,” Alliant Chief Executive Greg Zimmer told the Business Journal.
The firm’s number of local property and casualty (P&C) brokers rose 16% to 43, with benefits producers growing 38% to 18 and support staff up 12% to 370.
Zimmer said that while not specific to Orange County, the property and casualty marketplace has moderated from prior years, which “has served as a benefit to clients with low claims activity.”
Investing in New Tech
Some brokers say they are investing more in new technologies to gain a competitive edge.
OneDigital’s Irvine office has launched tools, including a client health dashboard and Impact Studio, a centralized platform that gives employers real-time visibility of their organization’s total spending across health and benefits, retirement, wages and salaries.
“This year, we’ve doubled down on innovation,” Senior Managing Principal Russell Gramstad told the Business Journal.
The firm said it has also integrated AI into everyday operational functions, with employees using AI companions, or chatbots, to better serve clients.
Atlanta-based OneDigital, ranked No. 10, recorded revenue growth of 4.7% to $49.3 million in 2024.
“We’ve expanded our footprint in employee benefits and risk management while also investing in technology and smarter processes,” Gramstad said.
No. 11-ranked Epic Insurance Brokers & Consultants was among a handful of brokers reporting double-digit revenue growth. The San Francisco-based firm said its Newport Beach office was its highest-performing location last year, having generated a 20% increase in revenue to $39.4 million.
Acquisitions
The Business Journal ranked the 22 largest insurance brokers in the county with a cutoff of $6 million.
Besides OneDigital, Alliant and Epic, three other firms reported revenue increases, including Irvine-based Baldwin Group, New York-based Marsh Risk & Insurance Services/Mercer and Marsh McLennan Agency. The latter two operate local offices in Irvine and Aliso Viejo, respectively.
Three firms reported a decline while 10 are Business Journal estimates.
Marsh McLennan Agency, which provides consultation services to growing companies in construction, manufacturing, and tech, grew local revenue 15% to $82 million. Last November, it completed its acquisition of McGriff Insurance Services LLC, adding more than 3,500 employees companywide to the firm.
“Our two companies are now one, creating new opportunities for collaboration and deeper analytical tools for the future,” Managing Director Stacy Hubbard told the Business Journal.
The largest decrease on the list came from Daytona Beach, Florida-based Brown & Brown Insurance Services Inc. in Irvine. Local revenue at the firm went down 5% to $8.9 million.
Despite the decrease, a spokesperson at Brown & Brown said the brokerage “continues to thrive in Orange County by combining the strength of a national brokerage with the personal touch of local expertise.”
In August, Brown & Brown closed on its acquisition of RSC Topco Inc., the holding company for Accession Risk Management Group Inc.
It’s the largest acquisition for the firm to date and “added a significant amount of locations around the world,” according to the spokesperson.
Woodruff Sawyer & Co., which has an office in Irvine, was acquired by Rolling Meadows, Illinois-based Arthur J. Gallagher & Co. for $1.2 billion in April.
Research Director Desmond Celo contributed to this report.
