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Special Report Agency Networks
The Globalized Broker Network Assurex Global Struck Gold with Partners Around the World By Charles E. Boyle
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ssurex Global wasn’t fully “global” until the late 1990s, when it changed its structure to meet the challenge of an increasingly integrated insurance market. Assurex, which is actually a partnership of the top independent insurance and risk management brokers worldwide, (www.assurex.com ), was founded in 1954. Over the next 30 years or so it developed a strong presence in the United States and Canada. It also established some links with international, i.e., non-U.S, affiliates. “However, they had no shares and no voting rights,” explained John Rodwell, vice president, International Business Development, in a telephone interview. “That began to change in the late ‘90s,
as we realized we had to get bigger, or decline.” As a result, he explained, Assurex altered its basic structure. The group is set up as a corporation, with each member/partner owning shares in the enterprise, electing directors and setting group policy, as well as serving on the committees that oversee Assurex operations. Partners are selected from the most competent and dedicated independent agents and brokers, according to the group. They are committed without reservation both to their independence and to providing top quality service to their clients. Assurex members occupy a large niche, or second tier, market — between Marsh, Aon and Willis, or companies such as A.J. Gallagher and Lockton —
N16 | INSURANCE JOURNAL-NATIONAL REGION June 15, 2009
Assurex Global Year Founded: 1954 Locations: 500 offices on six continents Employees: 20,000 Annual Premium Volume: $28 billion Annual Revenue: $3.4 billion and smaller agencies. It’s a model that fits like a glove with U.S. firms in the same market — see Insurance Journal’s Top 100 Independent Agency Profiles — and it has propelled Assurex Global to the top spot as the “world’s largest privately held brokerage group,” according to its Web site. In total, Assurex has 110 partners, who collectively write more than $27 billion in premium volume from more than 500 offices in 80 countries. continued on page N18 www.insurancejournal.com