Lockton Posts $4.5 Billion in Revenue, Up 12%, Marking Sixth Straight Year of Double-Digit Organic Growth

Lockton, the Kansas City-based brokerage that is the world's largest privately held, independent insurance broker, reported strong results for fiscal year 2026 on June 11, demonstrating the resilience of its private and independent model even in a softening insurance market. Global revenue rose approximately 12% year-over-year to about $4.5 billion for the fiscal year ended April 30, 2026, including 11% organic growth — marking the firm's sixth consecutive year of double-digit organic growth.

The results were broad-based across geographies and business lines. Lockton's US business grew 11% to just under $3 billion, despite what the company described as 'uneven conditions across regions and product lines,' and maintained a strong 94% client retention rate — its eighth consecutive year of double-digit growth in the US. The firm's international operations and its reinsurance arm both performed exceptionally, with Lockton International and Lockton Re each growing approximately 15%. The company's people solutions business, which includes employee benefits, topped $1 billion in revenue for the first time.

Lockton Re, the firm's global reinsurance business, was a particular bright spot. It benefited from increased demand for sophisticated advisory support as insurers navigated evolving market dynamics, capital constraints, and portfolio optimization challenges. During the year, Lockton Re continued building out its capital markets and capital advisory capabilities, enhanced its global portfolio solutions, and invested in cyber- and credit-related offerings. Significantly, it obtained a reinsurance license in Saudi Arabia and launched a reinsurance operation in Dubai, deepening its presence in the fast-growing Middle East market.

Chairman and CEO Ron Lockton attributed the performance to the firm's structure: 'Our results reflect the trust our clients place in us, the quality of our people, and the advantages of our private and independent model. Our structure allows us to invest with a long-term horizon, adapt quickly to emerging client and market needs, and continually reinvest in the capabilities, insights, and innovations that help clients navigate an increasingly complex risk environment.'

The company also made significant investments in data, analytics, and artificial intelligence over the year, including the development of Lockton SAGE — an AI-enabled technology ecosystem designed to link data, analytics, and expertise across the business. A wider rollout of the platform is due to begin in fiscal year 2027. Lockton's continued double-digit growth, achieved as a private firm competing against publicly traded giants like Marsh McLennan, Aon, and Arthur J. Gallagher, underscores the durability of the independent brokerage model in an industry that has seen extensive consolidation.