News Summary
The Orange County insurance brokerage industry has reported a 7% revenue increase, totaling $1.6 billion among 22 firms. Alliant Insurance Services retains its position as the largest broker, with a remarkable 21% revenue growth to $459 million. Other firms like Epic Insurance and Marsh McLennan also showcased significant growth. Despite challenges faced by Brown & Brown Insurance, the overall industry trends point towards robust performance and investment in technology, signaling a positive outlook for the future.
Orange County’s top insurance brokers have reported a significant growth in revenue, marking a 7% increase in 2024. This growth has resulted in a collective revenue of $1.6 billion for the 22 firms listed, demonstrating a continuing upward trend in the industry. The surge follows previous years of remarkable growth, with 9.7% in 2023 and 9.5% in 2022.
Alliant Insurance Services continues to be a dominant force in the local insurance market, holding its spot as the largest broker in Orange County for the past decade. In 2024, Alliant reported a substantial revenue growth of 21%, reaching $459 million. The company also expanded its workforce, increasing the number of local property and casualty (P&C) brokers by 16% to 43. Additionally, benefits producers grew by 38% to 18, and support staff increased by 12% to a total of 370.
Industry experts have noted that the moderation in the property and casualty marketplace has been beneficial for clients, mainly due to low claims activity. Meanwhile, some firms are embracing technological advancements to maintain competitive advantages. OneDigital, for example, has introduced various tools at its Irvine office, including a client health dashboard and a centralized platform, known as Impact Studio, to provide real-time insights into employee-related spending. This investment in technology has contributed to OneDigital’s revenue growth of 4.7%, achieving $49.3 million in 2024.
Epic Insurance Brokers & Consultants also joined the revenue growth trend, reporting double-digit growth, with its Newport Beach office realizing a 20% increase to reach $39.4 million. Another notable mention is Marsh McLennan Agency, which experienced a 15% boost in local revenue to $82 million, following its acquisition of McGriff Insurance Services LLC, which expanded the agency’s workforce by over 3,500 employees.
Contrastingly, Brown & Brown Insurance Services in Irvine faced challenges, displaying a revenue drop of 5% to $8.9 million, despite completing a significant acquisition. Meanwhile, Woodruff Sawyer & Co. has drawn attention for its acquisition by Arthur J. Gallagher & Co. for $1.2 billion in April.
Additionally, several leadership changes have been reported among prominent insurance firms, reflecting ambitions for growth and a heightened focus on financial oversight and customer service. Heather Thompson has been named the first CFO of LP Insurance, after joining the company as a financial analyst in 2018. In another key appointment, Bruce Griffin took charge as the head of casualty at HDI Global Insurance Company, bringing over 30 years of underwriting experience. Alliant also made significant appointments, including Rob Wolf as vice president within its Employee Benefits Group, and Sara Stein as Senior Vice President to drive growth in the association and affinity market.
Alliant Insurance Services has received recognition as one of Insurance Business America’s Fast Brokerages for three consecutive years, underscoring its revenue growth and service capabilities. The Business Journal conducted a ranking of the top 22 insurance brokers in Orange County based on a revenue threshold of $6 million, showcasing the robust performance of the industry in the region.
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Additional Resources
- Insurance Business: Insurance Moves at LP Insurance, HDI Global, and Alliant
- Wikipedia: Insurance
- Program Business: Sara Stein Joins Alliant Insurance Services
- Google Search: Alliant Insurance Services
- Business Wire: Alliant Insurance Services Named One of Fast Brokerages
- Encyclopedia Britannica: Business Insurance
- Coverager: Alliant Insurance Services Launches Transportation Vertical
- Google News: Alliant Insurance
