Lockton: insurance broker profile

Overview

Lockton is the largest independent, privately held insurance brokerage in the world, in its own description. It is not a public company, so it files no annual report with the SEC, and the revenue figures below come from the firm's release and from Business Insurance's annual ranking. In Business Insurance's list of the world's largest brokers, published June 26, 2026, Lockton ranked No. 8, up one place, with 2025 brokerage revenue of $4.37 billion, an 11% increase. Lockton's own release of June 16, 2025 put global revenue for the fiscal year ended April 30, 2025 at $4.0 billion, up 13%, with nearly all of the growth organic. The two figures measure different periods and should not be compared directly.

Lockton says it has more than 13,100 associates and does business in more than 155 countries. Ron Lockton is chairman and chief executive. The headquarters are at 444 W 47th Street in Kansas City, Missouri.

History

Jack Lockton founded the firm in Kansas City, Missouri, in 1966, according to Lockton's own history page, which describes the company as family-owned. The page says the founder believed that private ownership keeps the firm's people focused on client results. Several secondary sources say he started the business as a young former surety underwriter, but we cite only the company's statements here.

Lockton has not been a serial acquirer. Business Insurance's 2026 profile says the firm's growth has come mainly from organic sources, and that its chief executive said Lockton would look at acquisitions selectively. In the past year, it said, Lockton took a majority stake in its Malaysian partner, now Lockton Sime Insurance Brokers. Business Insurance also reported groundbreaking on May 28, 2026 for a new headquarters in Leawood, Kansas, scheduled to open in early 2030.

Services

Lockton places property, casualty, professional and financial lines, cyber, construction, energy and other specialty risks for commercial clients. Its people solutions business, which includes employee benefits consulting, passed $1 billion in revenue in the U.S., per Business Insurance. Lockton Re, the reinsurance arm, has more than 480 clients and 22 locations, according to the firm and the trade press. Business Insurance reported expansion in the Middle East, including a Saudi Arabia reinsurance license and a Dubai reinsurance operation. For how reinsurance affects pricing, see how reinsurance pricing flows into business insurance premiums.

Who it serves

Lockton's clients are mid-sized and large companies, from regional employers to multinationals. Business Insurance reported U.S. client retention of 94% in 2025. Small businesses with a single location are less likely to be a fit, though that is our reading of the firm's size and reported client mix and not a stated policy. If you are considering whether a large national broker suits a company of your size, how to choose a commercial insurance broker and Writing a broker RFP for a commercial insurance program are the working tools, and independent agent, broker, captive agent or direct? compares the models.

How it is paid

We did not find a statement from Lockton on how it is compensated, and as a private firm it publishes no audited financial statements that we could review. The firm's history page does not describe a fee or commission model. Large brokers generally work on commissions paid by insurers, negotiated fees paid by the client, or a mix of the two, and some also receive supplemental or contingent payments from insurers. Before you hire any broker, ask for its compensation on your account in writing, including any insurer-paid amounts. how commercial insurance brokers get paid explains each model.

Recent deals

If you are evaluating a broker's stability, it helps to know that Lockton's growth story is about hiring and expansion, not about buying competitors. Lockton does not make a strategy of large acquisitions. The one transaction we could verify from the June 2026 Business Insurance profile was a majority stake in its Malaysian partner, now Lockton Sime Insurance Brokers, taken in the year before the article; we could not confirm the date. The firm has also said it expects its U.S. headquarters to move across the state line to Leawood, Kansas. Its Leawood headquarters project (groundbreaking May 28, 2026) and reinsurance expansion are organic investments. The contrast with acquisitive peers is discussed in private equity and the consolidation of insurance brokers.

Strengths and weaknesses

Lockton's ownership structure is its main selling point, and a buyer should weigh it against the disclosure trade-off: the firm is not accountable to public shareholders or to a private equity sponsor with an exit date. Business Insurance reported about 10% organic growth in 2025 and 13% in the first quarter of 2026. The firm also named softening commercial property rates as its major headwind, since lower rates reduce commission revenue even when the book of clients grows.

• Strengths: independent, family-owned structure; mostly organic growth; large U.S. benefits and reinsurance units.
• Weaknesses: limited public financial disclosure; no published compensation description that we found; softening property rates reduce commission income.

How to contact Lockton