Lockton breaks revenue record in 2019 fiscal year
Broker continues 53-year growth run
KANSAS CITY, Mo., May 22, 2019 — Building on its reputation for insatiable growth, Lockton again posted record-setting revenue of $1.72 billion in the 2019 fiscal year that ended on April 30, a 10.3% increase over 2018. Lockton has grown revenue every year of its 53-year history.
“As more companies in the industry turn to consolidation, our results show that our freedom as a private company is rocket fuel for growth," said Ron Lockton, president and CEO. “Our commitment to staying independent creates long-term value for our clients and Associates."
Earlier this year, Ron Lockton announced the expansion of its reinsurance business with Lockton Global Re, led by Timothy Gardner, CEO of Lockton Global Re. According to Lockton, “This investment is a critical pillar of Lockton’s long-term growth strategy."
In the United States, Lockton posted organic growth of more than $130 million, an 11% increase over the previous fiscal year. Property and casualty grew revenue 10% year-over-year, while the employee benefits business increased by 13.3%.
“This is the best financial year in the history of our company, and we are proud to accomplish that growth organically," said Peter Clune, EVP, US president and COO. “Lockton empowers our Associates and Producers with the freedom to always do the right thing for our clients. Our growth is the result of the amazing effort by our teams."
Lockton remains committed to an aggressive talent acquisition effort, attracting best-in-class talent and fostering their career growth and development. Business Insurance magazine named Lockton a Best Place to Work in Insurance for the 10th year in a row and Lockton was recognized as one of America’s Best Mid-sized Employers by Forbes for the fourth straight year.
Lockton International continues to grow organically, posting 8.3% growth for the fiscal year, following last year’s double-digit growth. “Our international business has solid natural momentum," said Neil Nimmo, CEO of Lockton International. “We made significant investments in talent during FY19, including the build out of Lockton Global Re, that set the stage for our continued growth."
“These are very exciting times," said David Lockton chairman of Lockton Inc. “Lockton is making strategic investments around the globe to serve our clients and position ourselves for long-term, sustainable growth with the best culture in the industry."
Lockton is a global professional services firm with 7,500 Associates who advise clients on protecting their people, property and reputations. Lockton has grown rapidly by helping clients achieve their objectives. For 10 consecutive years, Business Insurance magazine has recognized Lockton as a "Best Place to Work in Insurance."