Lockton posts strongest year-over-year revenue growth in company history

Global insurance broker Lockton posted record revenue of $2.69 billion in fiscal 2022 ending April 30, representing 27% growth over the previous year , most of which was considered organic.

Lockton, headquartered in the United States, is a private brokerage firm with approximately 9,000 associates doing business in more than 125 countries. Over the past 12 months, the company has turned the talent tide, adding more than 1,200 people across all lines of business. It also achieved successful geographic market expansion, with new offices in the United States, Europe, Scandinavia, New Zealand and Latin America.

Lockton Chairman Ron Lockton said the insurance broker’s record earnings were due to its “amazing people with a passion for serving customers”.

“All the credit belongs directly to them. I am proud that our private ownership allows us to pursue a long-term strategy where our decision-making focuses on our customers, our employees and our communities,” Lockton continued.

Meanwhile, Lockton CEO Peter Clune said the broker’s organic growth strategy required a “different skill set where you attract people and customers one handshake at a time”.

“We are showing strong organic growth numbers in a brokerage industry where growth is typically driven by mega-mergers, large acquisitions and private equity roll-ups,” he said.

Lockton continues to develop innovative capabilities to meet client needs, including investing in transaction, liability, cyber, surety and marine.

“We’ve had seismic momentum over the past 36 months, and after 56 years, we’re just getting started,” Clune said.