London’s Leading Brokers: will independent brokers repeat 2023 triumph?

As we gear up for the release of Gracechurch’s London’s Leading Brokers Report 2024, we reflected on last year’s results and the insights that emerged from the 2023 edition.

Last year’s report, conducted by Gracechurch and presented by Insurindex, offered a fascinating snapshot of a market in transition, marked by the rise of challengers and smaller specialist firms reshaping the landscape of London’s (re)insurance broking sector.

The 2023 report was notable for its recognition of individual talent, with BPL Global’s Charlie Radcliffe topping the overall ranking of leading London brokers.

His ascent not only highlighted his recognition amongst his peers but also underscored the growing influence of specialist firms like BPL Global, which are increasingly challenging the dominance of traditional powerhouses.

The top of the rankings were dominated by brokers outside of the traditional global powerhouses.

The second-place spot was shared by three brokers: Charlie Skipworth-Button of BMS, Chris Wetherell of Lockton, and Oliver Pidgeon of Bowood, a specialist division within Howden.

The 2023 report also drew attention to the broader shifts within the broking landscape. While established giants like Aon, Marsh, and WTW remained prominent, there was a clear indication that smaller and mid-sized firms were on the rise.

This rise of challengers and specialists has been fuelled in part by a wave of M&A activity, which has reshaped the competitive landscape.

As we look forward to the 2024 report, the question on everyone’s mind is whether these trends will continue.

Will the rise of specialist firms and challengers persist, further disrupting the dominance of the traditional powerhouses? Or will the established giants consolidate their positions through continued innovation and strategic acquisitions?

The 2023 report has set the stage for what promises to be another intriguing year in the world of London insurance broking.

The upcoming 2024 report will no doubt provide new insights into these evolving dynamics.

It will be fascinating to see how the landscape has shifted over the past year and which brokers and firms will emerge as the leaders in this ever-changing market.

In the meantime, last year’s full report can be downloaded here.