The largest insurance brokerages in Orange County continued their way up last year, local revenue rising 6.3% to $745.4 million—the sixth straight year of steady growth. However, it’s the first time since 2012 that revenue growth dipped below 7%, as post-recession growth plateaued.
The 26 brokerage firms on this week’s list include companies with headquarters or significant operations here. It includes newcomer Heffernan Insurance Brokers in Irvine, which debuts at 26th, reporting $4 million in local revenue.
Fifteen companies reported revenue increases, three experienced sales declines, and six are Business Journal estimates. Two companies reported revenue figures for the list but declined to report 2016 figures for comparison purposes.
The ranking also includes the number of licensed brokers, support staff and companywide offices, though those figures didn’t impact rankings.
The total number of licensed property and casualty producers in OC rose by 2% to 494 as benefits producers jumped 27% to 308. Local support staffing was flat at 1,608.
Big Three
• Top-ranked Alliant Insurance Services Inc. in Newport Beach maintained its role as the largest insurance broker based in Orange County, reporting that local sales climbed 16% to $143.2 million.
“We’re having a great year,” Chairman and Chief Executive Tom Corbett said. “We’re capturing market share. We’re up double digits. We’re looking for some more clients in Orange County.”
The company has been expanding outside the county through organic and acquisitive growth. It expanded into Asia in March, when it acquired Los Angeles-based Dumortier Risk Management Inc., which has ties to Taiwan and China, for an undisclosed sum.
Alliant projects it will finish the year with annual sales approaching $1.4 billion, making it one of the 12 largest insurance brokers in the world, Corbett said.
• The Irvine office of Marsh Risk & Insurance Services/Mercer stayed in second place with an estimated $59.2 million in local revenue.
• Third-placed USI Insurance Services LLC in Irvine reported sales of $57.7 million, flat from a 2016 estimate, which was up from $43.9 million in 2015. The company has 16 licensed property and casualty producers, 14 benefits producers, and a local support staff of 55.
Special Mentions
• Chicago-based HUB International Insurance Services Inc. was again the fastest grower on the list, jumping three spots to 10th. Its Newport Beach office had sales of $31.7 million, up 49%. It also swelled its ranks—more than doubling local licensed property and casualty producers to 25 and nearly tripling benefits producers to 30. It boosted support staff more than 75% to 120.
• Wood Gutmann & Bogart Insurance Brokers of Tustin dropped two spots to 12th. It reported flat revenue at $28.8 million because it divested an office, Chief Executive Kevin Bogart said.
“We actually grew quite a bit in other areas,” he said.
• Retaining existing clients, attracting new ones, and hiring more employees all factored into the 15% growth in OC sales to $25.4 million at Irvine-based Burnham Benefits Insurance Services, No. 13, according to Chief Executive Kristen Allison.
“We’ve been actively pursuing the best talent,” she said.
• Santa Ana-based SES Insurance Brokerage Services Inc. leapfrogged from No. 21 to No. 16, jumping the highest compared to other firms with its double-digit growth. Revenue was $12.8 million, up 32%. Licensed property and casualty producers grew from 20 to 25 as support staff dropped 9% to 20.
• Willis Towers Watson reported Orange County revenue of $42.1 million, moving up four spots to fifth place. It said its “strong financial momentum, maintaining focus on sustainable [and] profitable growth, achieving our goal of becoming a destination employer, and alignment of values and vision all demonstrate the fundamentals of our company.” Formerly Towers Watson & Co., it merged with London-based insurance and reinsurance broker Willis Group Holdings in 2016.
