Lockton is an American company that provides insurance,
risk management, and
employee benefits. It is the world's largest privately held insurance brokerage firm. In addition to its
Kansas City, Missouri 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 8th largest insurance brokerage firm. 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 2022.
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 the social science that studies the production, distribution, and consumption of goods and services.
Economics focuses on the behaviour and interactions of economic agents and how economies work. Microeconomics analyzes ...
.
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 liabilit ...
for a
surety bonding 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 joined the company as Lockton’s ninth employee. David later served as President then
CEO. 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.
Lockton began expanding the business across the country after establishing a successful office in
Denver
Denver () is a consolidated city and county, the capital, and most populous city of the U.S. state of Colorado. Its population was 715,522 at the 2020 census, a 19.22% increase since 2010. It is the 19th-most populous city in the Unit ...
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
{{Reflist
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