Orange County’s largest insurance brokerages continued solid growth as local revenue climbed above 7% for the fifth straight year.
The 25 largest firms on the Business Journal’s ranking reported a 7.8% increase in revenue at their OC offices to $673.6 million last year. Growth on the list has ranged from 7% to 13% in the past five years.
“We’re seeing good things happening in the county and throughout Southern California,” said John Monroe, chief executive at SullivanCurtisMonroe Insurance Services Inc. The Irvine-based firm reported 8.2% growth in OC sales to $34.7 million, keeping it the seventh biggest firm in OC.
“All of Southern California seems to be doing well economically. Our clients are growing, not at a gigantic pace, but at a sustainable heathy pace.”
This week’s list ranks brokerage firms with headquarters or significant operations in OC.
Seventeen firms reported OC revenue increased, while eight declined to report the change from 2015. No company reported a decline in sales.
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 455 licensed property and casualty producers here, up 6.8%, and 236 benefits producers, up one. They had 1,600 support staffers, up 8.4%.
• Once again, Alliant Insurance Services Inc. in Newport Beach claimed the No. 1 spot as its OC revenue climbed 11% to $123.4 million. The firm had 28 property and casualty producers, up by two. Its OC support staff climbed 39% to 262.
“We’re committed to growing here,” Chief Executive Tom Corbett said in an interview (see separate article, page 20). “Orange County will continue to be a big part of our future. It’s important to be a California company selling policies to local municipalities.”
• Marsh Risk & Insurance Services/Mercer in Irvine remained No. 2 with $59.2 million in OC sales, up 3.1%. The firm had 25 property and casualty producers, up 9%, and 26 benefits producers, the same as the year before. It held support staff steady at 126 for the second straight year.
• Arthur J. Gallagher & Co. climbed two spots to No. 3 by increasing revenue 29% to $47.5 million. The Itasca, Ill.-based company had 22 property and casualty producers in Irvine, up from 14 last year, and almost doubled support staff to 115.
Gallagher Area President Alice Youngbar attributed the growth to existing clients adding assets to their portfolios and taking out insurance against internet crimes.
“Cyber criminals increasingly target smaller and midsize companies, as well as large corporations,” she said. “Businesses are quickly becoming proactive and looking to insurance to help mitigate the growing risk of cyber threats.”
• USI Insurance Services LLC ranked No. 4 with an estimated $43.9 million. The Valhalla, N.Y.-based insurer had four property and casualty producers and 11 benefits producers in its Irvine office, the same as the year before. It had 45 local support staffers, also unchanged.
• BB&T Insurance Services of Orange County/Precept Group in Irvine was fifth with about $40 million, up 2.5%. The company’s OC employment held steady with 21 property and casualty producers and 33 benefits producers. It reduced support staff by 7.6% to 245.
Notables
• The fastest grower on the list was No. 13, Chicago-based HUB International Insurance Services Inc., whose Newport Beach office reported revenue climbed 34% to $21.3 million. It listed 12 property and casualty producers, up 50%, and 11 benefits producers, up from seven. Support staff increased from 57 to 68.
• With industry analyst A.M. Best ranking Alliant at No. 12 in the world, OC has two of the globe’s biggest insurance brokers. The other is No. 23, Confie Seguros in Huntington Beach.
Confie, which declined to break out its OC revenue, reported companywide revenue of $515.6 million, making it the 20th largest global broker last year, according to A.M. Best.
Confie named Cesar Soriano chief executive in August, replacing Valeria Rico, who was chief executive for two years before leaving in November to become chief executive of GGA Investments in Los Angeles. Confie, founded in 2008 by Mordy Rothberg, is focused primarily on personal lines and small commercial insurance. It has more than 800 retail locations and made more than 19 acquisitions last year.
