More women were featured in Gracechurch’s “London’s Leading Brokers 2024” than in the previous year’s broker rankings, while the ‘Big Five’ broking houses dominated the report.
Gracechurch, the re/insurance market rankings, data and advisory firm, has released its ranking of London market brokers for 2024, with Marsh coming out on top as the broking firm most represented.
The so-called ‘Big Five’ broking houses dominated the rankings, led by Marsh, followed by Aon, Howden, Gallagher and WTW.
The report polled more than 200 London market underwriters, from 60 insurance companies, featuring 53 broking firms, with 459 individual brokers nominated.
“In 2024, Marsh holds a commanding lead at the parent group level. Having been tied with Aon last year, Marsh has pulled ahead, perhaps benefiting from Guy Carpenter’s ability to capitalise on more stable reinsurance conditions,” the report said.
“Howden has overtaken Gallagher and is rapidly closing in on Aon, thanks to its numerous acquisitions and fast-paced growth. Gallagher remains strong in fourth place,” the ranking added.
Ardonagh is also making gains, according to the report. closing in on WTW, supported by its strategic expansion and the growing success and amalgamation of brands into Price Forbes. Lockton and BMS round out the top rankings, maintaining their positions on the leaderboard.
Despite the prominence of the largest firms in the rankings, war and political risk focused broker BPL stands out with two brokers in the top five: Charlotte Hampshire and Julian Boucher.
“This reflects BPL’s continued success, building on its strong performance from last year, and highlights the ability of smaller firms to compete at the highest levels in their areas of individual specialisms,” the report said.
A “special congratulations” to Alex Newport of Howden, who has made an impressive London Leading Broker debut, securing the top spot.
Female gains
There were gains for female brokers in the London market listing.
Charlotte Hampshire of BPL finished in joint second place, alongside Hamish Buchanan of WTW.
Buchanan was another new entrant, while Hampshire, the highest-ranked woman ever, has risen from fifth place in 2023.
“2024 marks some modest progress for women in the industry. Charlotte Hampshire of BPL becomes the first woman to place in the top three, a strong indicator for further change, we hope,” said Ben Bolton, managing director, Gracechurch.
Some 11 women featured in the top rankings this year, up from seven in 2023, while the proportion of women nominated is at 19% as opposed to last year’s 18%.
“While change is not happening quickly enough, last year seven women were featured in our business line rankings, compared to 12 this year – a new high,” said the report.
Olivia Pullen, director of terrorism and political violence, Howden Re, who featured in the report, added:
“It is important for women to feel supported and acknowledged in what is still a male-dominated industry.
“Throughout my first 11 years, there has been positive change to see more women in leadership roles across the industry and I only hope this progresses even further over the next 11.”
Writing in the report, James Livett executive director, London & International Insurance Brokers’ Association (LIIBA), described the London broking market as “vibrant and relevant”.
“The wealth of talent on offer in both Lloyd’s and London market brokers remains the differentiator with other global hubs,” he said.
“Diversification of the industry in all senses is key, with greater representation from all demographics being essential in the continued growth and success of Lloyd’s and London brokers,” added Livett.
Market transformation
This year’s report highlights the heft of the biggest broking houses and the degree of consolidation in the market, Bolton emphasised, writing in the report’s introduction.
“The data shows that the London Insurance Broking Market in 2024 is undergoing significant transformation, most of which is driven by intense competition,” said Bolton.
“Competition, climate related perils, social inflation, evolving risks and capacity are all impacting broking too, with changing regulation adding both complexity and opportunity,” he said.
Bolton noted that smaller brokers had done better in 2023, whereas this year the ‘big five’ firms had “reasserted their dominance”.
Of the top 25 individual brokers nominated for being leaders in their field, 18 come from these London market powerhouses, he observed, with the other individual leaders coming from only five other firms.
“Thus, just ten broking houses are represented in the overall individual nominations this year, down from 16 in 2023. Whilst this isn’t necessarily a reflection of a lack of talent elsewhere, it does indicate consolidation resulting in a concentration of talent in just a few large firms,” Bolton said.
“Within the Big five, fortunes are clearly changing, with WTW now ranked joint fourth, overtaken by Howden for third place and tied with Gallagher in fourth. Among the smaller firms, BPL remains the most competitive, securing two brokers in the top five, although it is no longer leading in any one business line,” he added.
Bolton and Livett both picked out the spotty performance of digital transformation at Lloyd’s and within the market.
“The predicted tech boom hasn’t really got going, albeit the digital trading space has become more interesting as several players, including Marsh, opted to drop PPL and adopt Whitespace’s trading platform in 2024,” Bolton said.
Livett added: “In the past year we have seen healthy competition within the e-trading space, with newer platforms challenging older established ones; that said, we have also seen technology delays and challenges. These impact all firms operating in the Lloyd’s market and put pressures on the aforementioned striving for service excellence.”
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