The 2025 Gracechurch London’s Leading Brokers report shows that while the “Big Five” continue to dominate the market, a group of ambitious mid-tier firms is steadily closing the gap.
Collectively, the Big Five – Marsh, Aon, Howden, Gallagher, and WTW – and their subsidiaries account for 55% of brokers in the leading group and close to 60% of all nominations.
But mid-tier players are proving that focus, agility, and sector expertise can challenge even the largest global operations.
Lockton has made the most eye-catching move of this year’s overall bench strength ranking, leaping three places to fourth overall, overtaking Gallagher, WTW, and Price Forbes. Its rise is fuelled in part by strong performances in Marine, where it now co-leads the sector alongside Marsh, and by the presence of multiple individuals in the overall leading broker group.
Other mid-tier firms are also making their presence felt. Price Forbes holds seventh place overall and has made notable gains in Property, while Miller rises to eighth, supported by strong rankings in Marine and Casualty. BMS maintains a top-10 presence despite slipping one place to ninth.
Further down the list, Amwins, BPL, Tysers, Paragon, and Acrisure all remain competitive, often dominating specialist niches where technical skill and market relationships can outweigh scale.
A shifting competitive landscape
While the Big Five’s grip on the market remains strong, the report makes it clear that mid-tier firms are not only holding their ground but making strategic gains. Their ability to excel in high-value niches, attract top talent, and respond quickly to client needs is enabling them to compete effectively with the largest global players.
As risk complexity continues to rise, these firms’ specialist capabilities may prove an even greater differentiator in the years ahead – and the 2025 rankings suggest the chase is already well underway.
Download the full 2025 Gracechurch London’s Leading Brokers report to explore the complete rankings, sector insights, and the brokers shaping the future of the London Market.