Lockton Companies

Lockton Companies Inc. is the world's largest privately held insurance brokerage firm, providing insurance, risk management, employee benefits and retirement services. In addition to its Kansas City, Missouri headquarters, Lockton operates more than 100+ locations in 125 countries. Lockton currently employs more than 7,500 people worldwide.

Lockton Companies
Private
IndustryInsurance
FoundedKansas City, Missouri U.S. (1966 (1966))
FounderJack Lockton
Headquarters
Kansas City, MO
,
U.S.
Number of locations
100+ locations in 125 countries
Area served
Worldwide
Key people
Chairman Ron Lockton, CEO Peter Clune, President, Global Growth Officer Hiram Marrero, COO, Lockton U.S. Said Taiym, Lockton International President Neil Nimmo, Chief Financial Officer Henry Bond
ProductsInsurance, risk management, employee benefits, retirement services
Revenue2020 Global Revenue $1.88 billion
Number of employees
7,500 +
Websitewww.lockton.com/ 

The company was founded by Jack Lockton in 1966 and has since become the world’s 8th largest insurance brokerage firm.[1] 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 $1.72 billion in fiscal 2019.[2]

History

In 1966 Jack Lockton (1942–2004) founded Lockton Insurance. He had just graduated from the University of Missouri Kansas City in 1964 with a degree in Economics. Prior to founding Lockton Insurance, Jack Lockton worked as an underwriter for a surety bonding company where he specialized in serving contractors.

Lockton Company started when Jack partnered with his parents to share office expenses and have the money to hire office help. He was able to persuade big name people in the industry to leave their established jobs to come 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 Chairman, Ron served as CEO from 2017-2020 and held numerous other roles during his 29 years with the company. [3]

Lockton began expanding their business across the country after establishing an office in Denver in 1979 and gaining success. They focused on finding a great business leader in the area, recruiting them to start an office, and taking off from there. This is still their model today.[4]

In 2006, Lockton expanded globally with the acquisition of Alexander Forbes International Risk Services, making it the world's largest privately owned broker.[5]

References
  1. "World's 10 largest insurance brokers" (PDF).
  2. "Lockton breaks revenue record in 2019 fiscal year | Lockton Companies". www.lockton.com. Retrieved 2020-07-02.
  3. "Lockton announces Peter Clune as next CEO". Lockton. Retrieved 2020-07-02.
  4. "Lockton:'A lot of things we just made up as we went along'".
  5. "Lockton to Acquire Forbes International Creating Biggest Private Broker". Retrieved 9 December 2013.
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