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 8,300 people worldwide.[1]

Lockton Companies
TypePrivate
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,
ProductsInsurance, risk management, employee benefits, retirement services
Revenue2020 Global Revenue $1.88 billion
Number of employees
8,300 +

The company was founded by Jack Lockton in 1966 and has since become the world’s 8th largest insurance brokerage firm.[2] 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.[3]

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 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 Company 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 29 years with the company. [4]

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.[5]

In 2006, Lockton expanded globally with the acquisition of Alexander Forbes International Risk Services, making it the world's largest privately owned broker.[6][7]

References
  1. Dornbrook, James. "Lockton names former NPC International exec as its new CFO". www.bizjournals.com. Retrieved 2020-09-01.
  2. "World's 10 largest insurance brokers" (PDF).
  3. "Lockton breaks revenue record in 2019 fiscal year | Lockton Companies". www.lockton.com. Retrieved 2020-07-02.
  4. "Lockton announces Peter Clune as next CEO". Lockton. Retrieved 2020-07-02.
  5. "Lockton:'A lot of things we just made up as we went along'".
  6. "Lockton to Acquire Forbes International Creating Biggest Private Broker". Retrieved 9 December 2013.
  7. "Lockton to Acquire Forbes International Creating Biggest Private Broker". Insurance Journal. 21 August 2006. Retrieved 16 November 2020.
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