Here are the largest 15 brokerages listed in descending order based on 2016 revenue.

Note that the table includes insurance brokerages only. The largest 10 insurance agencies are included in a separate list.

top 10 insurance brokers list starts with Marsh & Mclennan cos.

1. Marsh & McLennan Cos. Inc.

Marsh & McLennan Cos. Inc. grew through a combination of organic growth and acquisitions in 2016 amid a tough pricing environment that is not expected to end anytime soon.

New York-based Marsh & McLennan’s 2016 brokerage revenue increased 2.5% to $13.23 billion, keeping it atop the Business Insurance broker rankings.

Last year marked the company’s sixth consecutive year of underlying organic growth greater than 3%, which Peter Zaffino, CEO of Marsh L.L.C. and chairman of the risk and insurance services segment of Marsh & McLennan, attributed to the broker’s ability to acquire new clients, geographic distribution, middle-market expansion strategy and investments made in previous years paying off in 2016.

The company has reported strong organic revenue growth in its brokerage division, and its reinsurance unit has also fared well despite pricing headwinds, said Elyse Greenspan, equity research analyst and director with Wells Fargo Securities in New York.

“Externally, things could be better, but there’s not a whole lot to complain about internally,” said Meyer Shields, managing director at Keefe, Bruyette & Woods Inc. in Baltimore.

“The two issues that are most important are insurance pricing and general economic growth. In that context, we’re still seeing steady progress,” Mr. Shields said.

Rate decreases have become more orderly, meaning reductions have moderated in the low- to mid-single-digit range, Mr. Zaffino said.

“Do we expect to continue to see rate decreases? We do,” he said. “We think that’s the environment we’re going to be in for the next couple of years.”

2. Aon P.L.C.

3. Willis Towers Watson P.L.C.

4. Arthur J. Gallagher.

5. BB&T Insurance Holdings Inc.

6. Brown & Brown, Inc.

7. HUB International

8. Lockton Cos. LLC.

9. USI Insurance Services L.L.C.

10. Wells Fargo Insurance Services USA Inc.

11. Alliant Insurance Services, Inc.

12. NFP Corp.

13. AssuredPartners Inc.

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