The top 250 independent insurance brokers controlled 50% of the sector in 2003, claimed Cornell Consulting in its 250 Commercial Provincial Brokers list.
The list revealed that the top 250 companies controlled £5bn of premium income at the end of 2003, compared with £3.7bn at the beginning of the year, an increase of 35%.
Cornell Consulting said a broker would now need to have a general insurance commission/fee income of above £1.1m to make the list.
According to Cornell Consulting the number of mergers and acquisitions in the 250 fell slightly when compared with 2002. Of the 16 deals in the independent sector, Folgate were involved in seven.
The biggest single deal was the acquisition of Becketts by Country Mutual, with the two companies now handling in excess of £500m of premium. This is 5% of the sector and 50% of the top ten, said Cornell Consulting.
During the course of 2003, five new networks were formed, with broker networks now controlling approximately £700m of premiums, and 7% of the top 250 sector.
The list also highlighted the growth of the 250 sector, said the company. When the list was first published in 2000, only four brokers handled more than £40m in premium. The latest list shows 25 brokers handling more than £40m in premium.
