Lockton is an American company that provides insurance,

risk management Risk management is the identification, evaluation, and prioritization of risks, followed by the minimization, monitoring, and control of the impact or probability of those risks occurring. Risks can come from various sources (i.e, Threat (sec ...

, and

employee benefits Employee benefits and benefits in kind (especially in British English), also called fringe benefits, perquisites, or perks, include various types of non-wage compensation provided to an employee by an employer in addition to their normal wage o ...

. It is the world's largest privately held insurance brokerage firm. In addition to its

Kansas City, Missouri Kansas City, Missouri, abbreviated KC or KCMO, is the largest city in the U.S. state of Missouri by List of cities in Missouri, population and area. The city lies within Jackson County, Missouri, Jackson, Clay County, Missouri, Clay, and Pl ...

headquarters, Lockton operates more than 130 offices and transacts business in more than 140 countries. Lockton currently employs more than 10,750 people worldwide. The company was founded by Jack Lockton in 1966 and has since become the world’s third largest privately owned insurance brokerage firm, and the 10th largest overall. Lockton serves a wide array of industries with services that include risk management, casualty, surety, professional indemnity and more. For more than 50 years, Lockton posted

organic growth Organic business growth is related to the growth of natural systems and organisms, societies and economies, as a dynamic organizational process, that for business expansion is marked by increased output, customer base expansion, or new product devel ...

, with global revenues reaching more than $3.1 billion in fiscal 2023.

History

In 1966 Jack Lockton (1942–2004) founded Lockton Insurance. He was 24 years old and had just graduated from the University of Missouri Kansas City in 1964 with a degree in

Economics Economics () is a behavioral science that studies the Production (economics), production, distribution (economics), distribution, and Consumption (economics), consumption of goods and services. Economics focuses on the behaviour and interac ...

. Prior to attending the University of Missouri he transferred from Westminster College in Missouri. Prior to founding Lockton Insurance, Jack Lockton worked as an

underwriter Underwriting (UW) services are provided by some large financial institutions, such as banks, insurance companies and investment houses, whereby they guarantee payment in case of damage or financial loss and accept the financial risk for liability ...

for a

surety bond In finance, a surety , surety bond, or guaranty involves a promise by one party to assume responsibility for the debt obligation of a borrower if that borrower defaults. Usually, a surety bond or surety is a promise by a person or company (a ''sure ...

ing company where he specialized in serving contractors. Lockton started when Jack partnered with his parents to share office expenses and have money to hire office help. He was able to persuade established people in the industry to leave their positions to work with him, including Gary Hambright who had worked with Jack at his previous job. In 1976 Jack’s brother

David M. Lockton David M. Lockton is chairman of the board at Lockton Companies, the largest privately owned brokerage in the world. He is the brother of the founder of Lockton Companies and has been chairman since 2003. He has aided in bringing tremendous growth ...

joined the company as Lockton’s ninth employee. David later served as President then

CEO A chief executive officer (CEO), also known as a chief executive or managing director, is the top-ranking corporate officer charged with the management of an organization, usually a company or a nonprofit organization. CEOs find roles in variou ...

. From 2003-2020, David served as the company’s Chairman until Jack's son Ron Lockton took over in May 2020. Before taking over as Chair, Ron served as CEO from 2017-2020 and held numerous other roles during his 30+ years with the company. Ron resumed the role of CEO in February 2024. Lockton began expanding the business across the country after establishing a successful office in

Denver Denver ( ) is a List of municipalities in Colorado#Consolidated city and county, consolidated city and county, the List of capitals in the United States, capital and List of municipalities in Colorado, most populous city of the U.S. state of ...

in 1979. It focused on finding successful business leaders in new areas and recruiting them to establish a new office. This is still Lockton's business model today. In 2006, Lockton expanded globally with the acquisition of Alexander Forbes International Risk Services, making it the world's largest privately owned broker.

References

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External links

Official Website
Companies based in Kansas City, Missouri Insurance companies of the United States Financial services companies established in 1966 Privately held companies based in Missouri Financial services companies of the United States 1966 establishments in Missouri Kansas City Royals owners