The 2025 Gracechurch London’s Leading Brokers report reveals a familiar pattern at the top of the market, but with a few notable shifts that underscore the competitive dynamics within the London insurance broking sector.
Marsh once again retains the number one spot in the overall bench strength rankings for broking houses, continuing its dominance from 2024. Aon holds steady in second place, while Howden remains firmly in third.
The most dramatic change this year comes from Lockton, which has surged three places to fourth, driven in part by a strong performance in the marine sector.
Gallagher slips from a shared fourth place to fifth, and WTW falls two positions to sixth.
Price Forbes, Miller, BMS, and Guy Carpenter complete the top 10, with BPL experiencing the steepest drop, sliding four places out of the top 10 to 14th.
At the parent group level, the story remains largely consistent, with Marsh leading the field, Aon following in second and Howden sitting in third for another year. Gallagher keeps its fourth place, but Lockton is again the climber to watch, moving up two spots to fifth.
WTW and Ardonagh each drop one place, while Miller gains ground, rising to eighth.
BMS rounds out the top nine, slipping one position from 2024.
This year’s report – which is an independent ranking of London Market brokers with nominations given by underwriting peers – highlights the role brokers play in delivering client service paired with strong technical expertise.
Personal qualities and relationship skills matter too, but underwriters see these as supporting attributes rather than the primary drivers of market leadership.
The report focuses on the value of the broker as seen through the eyes of the underwriter, where their ability to source risk, identify and bring innovative solutions to the Market, and showcasing London as the top destination for placing and managing risk, is strongly recognised.
To view the rankings in full, see which of the mid-tier brokers are gaining ground and individual line of business winners, click here.