May 2026
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Largest Insurance Brokers Public Companies
Benchmark revenue and EBITDA valuation multiples for public comps like
Marsh McLennan, Marsh, Aon, Arthur J. Gallagher and Willis Towers Watson.
 | Marsh McLennan is a professional services firm that provides advice and solutions in the areas of risk, strategy, and human capital. The company operates through two main segments: risk and insurance services and consulting. In risk and insurance services, the firm offers services via Marsh (an insurance broker) and Guy Carpenter (a risk and reinsurance specialist). The consulting division comprises Mercer (a provider of human resource services) and Oliver Wyman (a management and economic consultancy). About half of its revenue is generated outside the US. | $664 | -- | $80B | $101B | 3.7x | 13.6x | ||
| Marsh McLennan is a professional services firm that provides advice and solutions in the areas of risk, strategy, and human capital. The company operates through two main segments: risk and insurance services and consulting. In risk and insurance services, the firm offers services via Marsh (an insurance broker) and Guy Carpenter (a risk and reinsurance specialist). The consulting division comprises Mercer (a provider of human resource services) and Oliver Wyman (a management and economic consultancy). About half of its revenue is generated outside the US. | $164 | -30% | $79B | $100B | 3.7x | 13.1x | ||
| Aon is a leading global provider of insurance and reinsurance brokerage and human resources solutions. Its operations are tilted toward its brokerage operations. Headquartered in London, Aon has about 50,000 employees and operations in over 120 countries. | $325 | -13% | $69B | $83B | 4.9x | 12.8x | ||
| Founded in 1927 as a one-person agency, Gallagher's primary business is insurance brokerage, with a focus on serving middle-market companies. The company's risk management segment provides third-party claims adjustment to companies that choose to self-insure. Gallagher has about 56,000 employees and generates about a third of its revenue internationally, primarily in Australia, Canada, New Zealand, and the UK. | $205 | -41% | $53B | $65B | 4.6x | 14.3x | ||
| Willis Towers Watson PLC is an advisory, broking, and solutions company that provides data-driven, insight-led solutions in the areas of people, risk, and capital. The company's segments include Health, Wealth & Career (HWC) and Risk & Broking (R&B). The HWC segment provides an array of advice, broking, solutions and technology for employee benefit plans, institutional investors, compensation and career programs, and employee experience overall. It focuses on four key areas: Health, Wealth, Career and Benefits Delivery & Outsourcing. The R&B segment provides risk advice, insurance brokerage and consulting services to clients ranging from small businesses to multinational corporations. Its R&B segment includes two businesses: Corporate Risk & Broking and Insurance Consulting and Technology. | $257 | -19% | $24B | $29B | 3.0x | 11.1x | ||
| Brown & Brown Inc is a diversified insurance agency, wholesale brokerage, insurance programs, and service. The company's business is divided into two reportable segments: (i) the Retail segment, and (ii) the Specialty Distribution segment. The Retail segment provides a broad range of insurance products and services to commercial, public and quasi-public entities, and to professional and individual customers, as well as non-insurance warranty services and products through automobile and recreational vehicle dealer services businesses. The Specialty Distribution segment consists of wholesale brokerage and specialty businesses. Its geographic area is U.S, U.K and Others. | $58 | -49% | $20B | $27B | 4.5x | 12.6x | ||
 | BB Seguridade Participacoes SA is a diversified insurance company that operates two segments: insurance and brokerage. The revenue generation is mostly split between these two segments. Its insurance segment focuses on life, property, vehicle, and special-risk insurance. It also provides capitalization plans as well as reinsurance. The company's brokerage segment operates the facilitation of business insurance and reinsurance. BB Seguridade generates its maximum revenue from Insurance Segment. The company considers mergers and acquisitions as a component of its operational growth plan. | $7 | -4% | $13B | $13B | 6.8x | 3.9x | ||
| Caixa Seguridade Participacoes SA is engaged in the structuring and marketing of a broad range of insurance products, private pension plans, and premium bonds, management, marketing, and offering of private medical and dental care plans, rendering of brokerage services for these products, It has three operating segments; Run-off / Open sea (insurance businesses), Insurance (investment in insurance businesses established as a result of the competitive process of choosing strategic partners to operate the CAIXA branch) and Distribution (businesses related to the management of access to the distribution network and use of the CAIXA brand and the brokerage and intermediation of insurance products). | $4 | +22% | $11B | $11B | 9.5x | 11.2x | ||
| Primerica Inc is a provider of financial services to middle-income households in the United States and Canada. The company offers life insurance, mutual funds, annuities, and other financial products, distributed on behalf of third parties. Primerica has three main subsidiaries: Primerica Financial Services, a marketing company; Primerica Life Insurance Company, a principal life insurance underwriting entity; and PFS Investments, which offers investment and savings products, brokerage services, and registered investment advisory. It has three segments Term Life Insurance; Investment and Savings Products; and Corporate and Other Distributed Products. Geogriphically, it derives a majority of its revenue from the United States. | $280 | +3% | $9B | $10B | 3.0x | — | ||
| Ryan Specialty Holdings Inc is an international specialty insurance intermediary providing specialty products, solutions, and services for insurance brokers, agents, and carriers. The company offers wholesale insurance brokerage and delegated underwriting authority products and services, including distribution, underwriting, product development, administration, and risk management. Its expertise spans property, casualty, professional lines, transportation, personal lines, workers compensation, and employee benefits insurance, across traditional insurance and alternative risk solutions. The company operates in the United States and foreign markets, with the majority of revenue generated from the United States. | $33 | -54% | $4B | $8B | 2.6x | 8.1x | ||
 | Steadfast Group is the largest general insurance broker network in Australia and New Zealand, with over 400 brokers and around 1,800 offices in Australia, New Zealand, Singapore, and London. Steadfast operates as both a broker and a consolidator via equity interests in insurance broker businesses, generating over AUD 12 billion of network broker gross written premium annually. Steadfast also co-owns and consolidates underwriting agencies and other complementary businesses. | $3 | -28% | $3B | $3B | 3.0x | 8.9x | ||
| CorVel Corp applies technology including artificial intelligence, machine learning, and natural language processing to enhance the managing of episodes of care and the related health care costs. It partners with employers, third-party administrators, insurance companies, and government agencies in managing worker's compensation and health, auto, and liability services. The company's solutions combine integrated technologies with a human touch providing services that include claims management, bill review, preferred provider networks, utilization management, case management, pharmacy services, directed care, and medicare services. | $63 | -44% | $3B | $3B | 3.1x | 17.2x | ||
 | Rasan Information Technology Co is engaged in online wholesale, electronic publishing, ready software publishing, systems analysis, design and customization of program software, software maintenance, web page design, setting up of web page hosting infrastructure, providing SMS design, and website design. Currently, it is engaged in providing insurance aggregator, online auto auction, and online leasing insurance services. The company's operating segments include Tameeni-Motors, Tameeni-Health, Leasing, Awal Mazad, and R Solutions. Maximum revenue is derived from the Tameeni Motors segment which offers a B2C digital platform providing vehicle owners access to motor insurers. | $40 | +83% | $3B | $3B | 16.8x | 37.9x | ||
| AUB Group is the second-largest general insurance broker network in Australia and New Zealand. It has an ownership in brokerage businesses that collectively write over AUD 5 billion in premiums. It also owns equity stakes in 35 underwriting agencies. AUB derives revenue from commissions (from insurers, ultimately paid for by AUB’s customers), based on gross written premium from agencies it owns, and a share of profits from associates and joint ventures. GWP is split among personal (3%), small to medium enterprises (70%), and corporates (27%). | $18 | -28% | $2B | $2B | 2.3x | 7.0x | ||
 | Grupo Profuturo SAB de CV is engaged in the financial sector in Mexico. The company offers counselling services for life plan, savings, and asset-building purposes. | $7 | +2% | $2B | $1B | 0.7x | 3.7x | ||
| The Baldwin Insurance Group Inc is a United States-based insurance distribution firm. Its products include Business Insurance, Benefits Consulting, Reinsurance, Specialty MGA, Embedded Insurance., Personal insurance, etc. | $20 | -49% | $2B | $4B | 2.9x | 12.7x | ||
 | Edelweiss Financial Services Ltd is mainly involved in providing investment banking services and holding company activities. The company's businesses are divided into Alternatives business, Capital business, Insurance business, Asset reconstruction business, Mutual fund business and Other business. Alternatives business includes advisory and other fee based business; Capital business, that derives maximum revenue, represents lending business and investment activities; Asset reconstruction business represents purchase and resolution of distress assets; Insurance business represents life insurance business and general insurance business. Mutual fund business represents income from asset management activities and Other business which includes custodian and CSR. | $1 | -3% | $1B | $3B | 5.3x | — | ||
| Goosehead Insurance Inc operates as an insurance agency. Its insurance products consist of homeowner's insurance; auto insurance; other personal lines products including flood, wind and earthquake insurance; excess liability or umbrella insurance; specialty lines insurance (motorcycle, recreational vehicle and other insurance); commercial lines insurance (general liability, property, and auto insurance for small businesses); and life insurance. Geographically, it operates in Texas, California, Illinois, Florida, and other regions. | $42 | -62% | $987M | $1B | 3.7x | 11.8x | ||
 | Yuanbao Inc is a technology-driven online insurance distributor in China. | $13 | -16% | $586M | $4M | 0.0x | 0.0x | ||
 | MHA PLC is an accountancy firm in the UK. The company acts as a professional services provider of audit and assurance, tax, accountancy, and advisory services, based in the UK with an international presence. The company is referred to as a trusted advisor to its clients, offering skills and services across multiple disciplines and sectors. The company operates in one operating segment, which is the provision of professional services. | $2 | +45% | $582M | $573M | 1.9x | 4.6x | ||
| Waterdrop Inc is a technology platform dedicated to insurance and healthcare service. The Company is mainly engaged in operating an independent third-party insurance platform dedicated to providing insurance and healthcare service. The Company’s main businesses are the insurance marketplace, medical crowdfunding, and mutual aid. The insurance marketplace business is collaborated with insurance carriers to offer health and life insurance products to ensure a smooth and friendly user experience throughout the process from underwriting to claim services. The medical crowdfunding business enabled people with medical costs. | $1 | -1% | $517M | $379M | 0.6x | 6.4x | ||
| Wiz Co Participacoes e Corretagem de Seguros SA is Brazilian insurance brokerage company. It is engaged in developing and implementing business optimization solutions, combining financial and insurance services to meet customer's needs. The company acts as a broker between insurer and bank and it is involved in the sale of individual and corporate insurance products, pension plans, capitalization plans, and consortiums, in the distribution channels. Its insurance products includes life insurance policies, mortgage insurance, credit insurance, auto insurance, residential property insurance, Business Multi-Risk Insurance and other products. | $2 | +17% | $260M | $324M | 1.0x | 2.5x | ||
| AIFU Inc is an independent financial services provider in China. It offer end-to-end business solutions spanning compliance, technology, products, services, capital flow and professional training. It connects customers with insurance protection, retirement planning, health management, asset management, and family governance services. The company operated in two segments: the insurance agency segment, which derives maximum revenue, consists of providing agency services for distributing life insurance products and non-life insurance products on behalf of insurance companies, and the claims adjusting segment consisting of providing pre-underwriting survey services, claims adjusting services, disposal of residual value services, loading/unloading supervision services and consulting services. | $2 | -8% | $255M | $262M | 3.2x | (0.8x) | ||
| TWFG Inc is a independent distribution platform for personal and commercial insurance in the United States. It offers all lines of insurance, multiple distribution contract options, M&A services, proprietary virtual assistants, proprietary technology, proprietary premium financing, unlimited continuing education, recognition programs, co-op funding, marketing support and overall lower costs to operate. | $19 | -46% | $245M | $128M | 0.5x | 2.0x | ||
| SelectQuote Inc is a Direct-to-consumer (DTC) distribution platform which facilitates consumers to shop for health, life and auto & home insurance policies online. The company generates its revenues by selling insurance products on behalf of the insurance carrier partners in the form of a commission. It has four reportable segments namely Senior, Healthcare Services, Life, and Auto & Home. It functions through three lines namely, SelectQuote Senior, SelectQuote Life, and SelectQuote Auto & Home. | $1 | -54% | $176M | $828M | 0.5x | 3.9x | ||
 | AGMA provides insurance and reinsurance broking services. The services provided by the company include automobile, housing and property insurance, assistance, and education annuity. | -- | -- | $146M | $150M | 7.4x | 13.2x | ||
| AFMA SA provides insurance brokerage services in Morocco. It offers insurance products including Damage Insurance, Insurance Operating Losses, Civil Responsibilities, Car insurance, Transport Insurance, Construction-Related Insurance, Insurance of Persons and Credit insurance. It provides insurance services to both individuals and corporate clients. | -- | -- | $133M | $144M | 4.2x | 10.1x | ||
| Qualicorp Consultoria e Corretora de Seguros SA provides insurance brokerage, consulting and management services, and holds equity interests in other companies. The company operates through its subsidiaries in segments that include private health plans, the sale and management of other health insurance and supplementary services, medical billing, insurance brokerage, authorization of client access to the health plan's network, and specialized care management services. | $0 | -9% | $105M | $256M | 0.9x | 1.9x | ||
| XChange Tec Inc, through its subsidiaries, operates in the insurance agency and insurance technology business. The company specialized in distributing automobile insurance policies at the earlier stage of business and subsequently expanded its insurance product portfolio to include other types of insurance, including life, health, group accident, and other property-related insurances. A maximum of the insurance purchased through platform and agency services is for automobile insurance. | $1 | -36% | $51M | $152M | 2834.9x | (1437.3x) | ||
| eHealth Inc is a company involved in private health insurance marketplace with a technology and service platform that provides consumer engagement, education and health insurance enrollment solutions. The company operates its business in two segments: Medicare which provides health insurance plans and lesser extent ancillary products such as dental and vision insurance and hospital indemnity plans, to medicare eligible consumers; and Employer and Individual provides individual and family health insurance, and small business health insurance plans and Individual Coverage Health Reimbursement Arrangements. It derives maximum revenue from Medicare Segment. All of the company's revenue is from the United States. It also has a presence in China. | $2 | -61% | $50M | $73M | 0.1x | 0.7x | ||
| Zhibao Technology Inc is an insurance technology company providing digital insurance brokerage services in China. The Company operates a 2B2C digital embedded insurance business model, which it pioneered in China, and provides managing general underwriter (MGU) services to insurance companies, including product design, underwriting, reinsurance, claims, and risk control within specific product or market segments. It offers customized digital insurance solutions for B-side channels, including Internet platforms, enterprises, and government agencies, by embedding insurance products into existing business platforms and providing digital insurance brokerage services to C-end customers. | $1 | -2% | $34M | $36M | 0.9x | (4.2x) | ||
| GoHealth Inc is a health insurance marketplace and Medicare-focused digital health company whose purpose is to compassionately ensure consumers’ peace of mind when making healthcare decisions so consumers can focus on living life. It offers Medicare plans, including, but not limited to, Medicare Advantage, Medicare Supplement and prescription drug plans. Its proprietary technology platform leverages modern machine-learning algorithms, powered by over two decades of insurance purchasing behavior, to reimagine the process of matching a health plan to a consumer’s specific needs. | $1 | -88% | $11M | $717M | 2.0x | (20.4x) | ||
| CPP Group PLC is a UK-based company engaged in the provision of assistance products and services to customers. The Group is managed on the basis of five broad business units: India (CPP India and Globiva); Turkey; Blink; Central Functions: central cost base required to provide expertise and operate a listed group. Central Functions is stated after the recharge of certain central costs that are appropriate to transfer to the relevant geographies for statutory purposes; and Legacy (UK MGA, UK Legacy, Spain, Portugal and Italy). The company's portfolio of assistance products is distributed across the financial services and telecommunications sectors in the UK and overseas. It has its business spread across India, the United Kingdom, Spain, and Other countries. | $1 | -- | $8M | $5M | 0.0x | 5.2x | ||
 | Fintech SA provides brokerage, analytical and consulting services in the field of insurance and financial risk, in the areas of property, communication, financial and employee insurance. The company's services include the development, preparation and creation of insurance programs based on the offers of insurance companies. | $0 | +267% | $5M | $6M | 5.6x | (30.7x) | ||
| Europejskie Centrum Odszkodowan SA helps accident victims and their families in receiving compensation and benefits from insurance companies. The company helps in claims related to personal injury, medical malpractice, property damage, agriculture accident, accident at work, trip or slip, and others. | $0 | -94% | $783K | $7M | 2.0x | 2.3x | ||
| Tian Ruixiang Holdings Ltd is an Insurance Brokerage firm. It distributes a wide range of insurance products, which are categorized into two groups; property and casualty insurance, such as commercial property insurance, liability insurance, accidental insurance, and automobile insurance; and other insurances, such as health insurance, life insurance, and miscellaneous insurances. It also generates a small amount of revenue from risk management services. The firm act on behalf of its customers seeking insurance coverage from insurance companies. It generates revenue from the provision of insurance brokerage services. | $0 | -100% | $9K | ($26M) | — | — | ||
| Median | $5 | -23% | $786M | $1B | 3.0x | 6.4x |
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