Lockton Insurance
Encyclopedia
Lockton Companies Inc. is the world's largest privately held insurance brokerage firm, providing insurance, risk management
and employee benefit
s solutions. In addition to its Kansas City, Missouri
headquarters, Lockton operates 46 locations in 13 countries. Lockton is currently home to more than 3,800 Associates worldwide. The company was founded by Jack Lockton in 1966 and has since become the world’s 10th largest insurance brokerage firm . Lockton serves a wide array of industries with services that include risk management, casualty, surety, professional indemnity and more. For 42 consecutive years, Lockton posted double-digit organic growth
, with global revenues reaching $787 million in fiscal 2009.
. Prior to founding Lockton Insurance, Jack Lockton worked as an underwriter for a surety bond
ing company where he specialized in serving contractors.
In 1976 Jack’s brother David Lockton joined the company as Lockton’s ninth employee. David later served as President then CEO. Since 2003, David has served as the company’s Chairman.
In 2006, Lockton expanded globally with the acquisition of Alexander Forbes International Risk Services which is now Lockton’s international operation.
Risk management
Risk management is the identification, assessment, and prioritization of risks followed by coordinated and economical application of resources to minimize, monitor, and control the probability and/or impact of unfortunate events or to maximize the realization of opportunities...
and employee benefit
Employee benefit
Employee benefits and benefits in kind are various non-wage compensations provided to employees in addition to their normal wages or salaries...
s solutions. In addition to its Kansas City, Missouri
Kansas City, Missouri
Kansas City, Missouri is the largest city in the U.S. state of Missouri and is the anchor city of the Kansas City Metropolitan Area, the second largest metropolitan area in Missouri. It encompasses in parts of Jackson, Clay, Cass, and Platte counties...
headquarters, Lockton operates 46 locations in 13 countries. Lockton is currently home to more than 3,800 Associates worldwide. The company was founded by Jack Lockton in 1966 and has since become the world’s 10th largest insurance brokerage firm . Lockton serves a wide array of industries with services that include risk management, casualty, surety, professional indemnity and more. For 42 consecutive years, Lockton posted double-digit organic growth
Organic growth
In finance, organic growth is the process of businesses expansion due to increasing overall customer base, increased output per customer or representative, new sales, or any combination of the above, as opposed to mergers and acquisitions that are examples of inorganic growth. Typically, the...
, with global revenues reaching $787 million in fiscal 2009.
- Lockton Benefits Group: Lockton’s Employee Benefit’s team works closely with insurance carriers and administrators to create comprehensive and integrated benefits strategies for clients. The Lockton Benefits Group provides services including compliance, executive benefits, health and welfare, health risk management, retirement and more.
- Lockton Affinity: Lockton Affinity, an affiliate of Lockton Companies, meets the insurance needs of affinity groups, franchises, professional organizations, and associations of all sizes. Lockton Affinity offers a variety of insurance product options and programs. Products include: General Liability, Professional Liability, Property, Workers Compensation, Directors & Officers Liability, Commercial Auto, Specialty Coverage, Excess, Health Plans and more.
- Lockton International: Lockton International operates 17 offices in the UK, Ireland and Channel Islands, as well as offices throughout Asia and Latin America. In Europe, Lockton International is a partner in EOS RISQ, Europe’s leading insurance broking and risk management consultancy. EOS RISQ is an equity-based European partnership of major independent insurance brokers with over 3,500 employees based in more than 30 countries in Europe. Lockton International provides specialized solutions for personal lines, SME’s and major multi-national clients.
History
In 1966 Jack Lockton (1942–2004) founded Lockton Insurance. He had just graduated from the University of Missouri Kansas City in 1964 with a degree in EconomicsEconomics
Economics is the social science that analyzes the production, distribution, and consumption of goods and services. The term economics comes from the Ancient Greek from + , hence "rules of the house"...
. Prior to founding Lockton Insurance, Jack Lockton worked as an underwriter for a surety bond
Surety bond
A surety bond is a promise to pay one party a certain amount if a second party fails to meet some obligation, such as fulfilling the terms of a contract...
ing company where he specialized in serving contractors.
In 1976 Jack’s brother David Lockton joined the company as Lockton’s ninth employee. David later served as President then CEO. Since 2003, David has served as the company’s Chairman.
In 2006, Lockton expanded globally with the acquisition of Alexander Forbes International Risk Services which is now Lockton’s international operation.