Lockton is an American company that provides insurance, risk management, and employee benefits. It is the world's largest privately held insurance brokerage firm.[1] In addition to its Kansas City, Missouri headquarters, Lockton operates more than 130 offices and transacts business in more than 140 countries. Lockton currently employs more than 10,750 people worldwide.[2]
 | |
| Company type | Private |
|---|---|
| Industry | Insurance |
| Founded | Kansas City, Missouri U.S. (1966) |
| Founder | Jack Lockton |
| Headquarters | Kansas City, MO , |
Number of locations | 140 offices |
Area served | Worldwide |
Key people | Ron Lockton Chairman & Chief Executive Officer, Travis Leonard Chief Financial Officer, Tim Ryan U.S. President, Said Taiym U.S. Chief Operating Officer, Chris Brown CEO, International, Hiram Marrero President, Global Growth Officer |
| Products | Insurance, risk management, employee benefits |
| Revenue | 2024 Global Revenue $3.55 billion |
Number of employees | 12,000+ |
The company was founded by Jack Lockton in 1966 and has since become the world’s third largest privately owned insurance brokerage firm,[3] and the 10th largest overall.[4] Lockton serves a wide array of industries with services that include risk management, casualty, surety, professional indemnity and more. For more than 50 years, Lockton posted organic growth, with global revenues reaching more than $3.1 billion in fiscal 2023.[5]
History
editIn 1966 Jack Lockton (1942–2004) founded Lockton Insurance.[6] He was 24 years old and had just graduated from the University of Missouri Kansas City in 1964 with a degree in Economics.[6] Prior to attending the University of Missouri he transferred from Westminster College in Missouri. Prior to founding Lockton Insurance, Jack Lockton worked as an underwriter for a surety bonding company where he specialized in serving contractors.
Lockton started when Jack partnered with his parents to share office expenses and have money to hire office help. He was able to persuade established people in the industry to leave their positions to work with him, including Gary Hambright who had worked with Jack at his previous job. In 1976 Jack’s brother David M. Lockton joined the company as Lockton’s ninth employee. David later served as President then CEO. From 2003-2020, David served as the company’s Chairman until Jack's son Ron Lockton took over in May 2020. Before taking over as Chair, Ron served as CEO from 2017-2020 and held numerous other roles during his 30+ years with the company. [7] Ron resumed the role of CEO in February 2024.[8]
Lockton began expanding the business across the country after establishing a successful office in Denver in 1979. It focused on finding successful business leaders in new areas and recruiting them to establish a new office. This is still Lockton's business model today.[9]
In 2006, Lockton expanded globally with the acquisition of Alexander Forbes International Risk Services, making it the world's largest privately owned broker.[10][11][12]
References
edit- ^ "Lockton family gives $2M to expand KU insurance certificate program". The University of Kansas. 2021-11-09. Retrieved 2022-10-18.
- ^ Dornbrook, James. "Lockton names former NPC International exec as its new CFO". www.bizjournals.com. Retrieved 2020-09-01.
- ^ "Largest privately owned brokers". Business Insurance. Retrieved 2024-04-08.
- ^ "World's 10 largest insurance brokers".
- ^ None (2023-06-29). "Lockton records $3.1bn revenue in 2023 fiscal year with 16% organic growth". The Insurer. Retrieved 2024-04-08.
- ^ a b "Lockton Companies News | Insurance Business UK". www.insurancebusinessmag.com. Retrieved 2022-10-18.
- ^ "Lockton announces Peter Clune as next CEO". Lockton. Retrieved 2020-07-02.
- ^ Hall, Duncan (2024-02-28). "Ron Lockton returns as CEO". www.royalgazette.com. Retrieved 2024-04-08.
- ^ "Lockton:'A lot of things we just made up as we went along'".
- ^ "Post Assurance Brokers hosts a consortium of global insurers". The Guardian Nigeria News - Nigeria and World News. 2017-12-11. Retrieved 2021-07-27.
- ^ "Lockton to Acquire Forbes International Creating Biggest Private Broker". 20 August 2006. Retrieved 9 December 2013.
- ^ "Lockton to Acquire Forbes International Creating Biggest Private Broker". Insurance Journal. 21 August 2006. Retrieved 16 November 2020.