Lockton Companies

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Lockton Companies
Private
Industry Insurance
Founded Valencia Place at Country Club Plaza
Kansas City, Missouri U.S. (1966 (1966))
Founder Jack Lockton
Headquarters Kansas City, MO, U.S.
Number of locations
88 locations in 24 countries
Key people
David M. Lockton, Chairman, John Lumelleau, President and CEO, Mike Hammond, International Chairman, Glenn Spencer, Chief Operating Officer, Henry Bond, Chief Financial Officer
Products Insurance, Risk Management and Employee Benefits
Revenue 2016 Global Revenue $1.34 billion
Number of employees
6,000
Website www.lockton.com

Lockton Companies Inc. is the world's largest privately held insurance brokerage firm, providing insurance, risk management and employee benefits solutions. In addition to its Kansas City, Missouri headquarters, Lockton operates more than 88 locations in 24 countries. Lockton currently employs more than 6,000 Associates worldwide.

The company was founded by Jack Lockton in 1966 and has since become the world’s 9th largest insurance brokerage firm.[1] Lockton serves a wide array of industries with services that include risk management, casualty, surety, professional indemnity and more. For 50 years, Lockton posted extraordinary organic growth, with global revenues reaching more than $1.3 billion in fiscal 2016.


Entities[edit]

  • 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 solutions, 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.[2]
  • Lockton Global: Lockton Global provides services to 1,000+ U.S. multinational clients with operations in 125+ countries. Our clients range from those taking their first steps in the international marketplace, to large, sophisticated multinational corporations.[3]

History[edit]

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 Economics. Prior to founding Lockton Insurance, Jack Lockton worked as an underwriter for a surety bonding company where he specialized in serving contractors.

Lockton Company started when Jack partnered with his parents to share office expenses and have the money to hire office help. He was able to persuade big name people in the industry to leave their established jobs to come 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. Since 2003, David has served as the company’s Chairman.

Lockton began expanding their business across the country after establishing an office in Denver in 1979 and gaining success. They focused on finding a great business leader in the area, recruiting them to start an office, and taking off from there. This is still their model today.[4]

In 2006, Lockton expanded globally with the acquisition of Alexander Forbes International Risk Services, making it the world's largest privately owned broker.[5]

Community Involvement[edit]

Lockton is known for being exceptionally involved in their community. They have taken part in numerous fundraisers and service project for more than 30 different organizations. Lockton has contributed to various charities, organizations, and projects, including:[6] To celebrate Lockton's 50th anniversary, the company launched their Fifty for 50 global campaign, aimed at raising 50,000 volunteer hours for children's organizations.

Awards[edit]

2016

  • J.D. Power 2016 customer satisfaction survey names Lockton highest-performing insurance broker[7]
  • Forbes Magazine names Lockton one of America's Best Employers[8]
  • Lockton named “Best Place to Work in Insurance” for the eighth straight year by Best Companies Group and Business Insurance Magazine[9]
  • Lockton’s Financial Risks team in London was honored with the “Insurance Team of the Year” award at the 2016 Reactions London Market Awards[10]
  • Lockton’s Asset Management team in London was named “Best Insurance Broker” for the second consecutive year at 2016 European Hedge Fund Services Awards[11]
  • Lockton’s Chicago operation was named as one of the Best Places to Work in Illinois for the ninth consecutive year[12]
  • Top ten “Best Places to Work” by the Charlotte Business Journal[13]
  • Lockton’s Kansas City operation was named a When Work Works Award recipient for implementing effective workplace strategies to increase business and Associate success[14]
  • Lockton Retirement Services named 2016 PLANADVISER Top 100 Retirement Plan Advisers[15]
  • Mexico’s Philanthropy Center and the Alliance for Corporate Social Responsibility names Lockton Great Place to Work (6th straight year) and Socially Responsible Organization (3rd straight year) 
  • Workplace Wellness Council of Mexico names Lockton to "Responsibly Healthy Organization" list for fourth straight year[16]
  • Lockton was named to the Kansas City Business Journal’s Best Places to Work in the large companies category[17]

2014

  • Earned sixth consecutive Best Places to Work in Insurance honor[18]
  • Lockton Mexico earned the Socially Responsible Company Award from Mexico’s Philanthropy Center and the Alliance for Corporate Social Responsibility.[19]
  • Lockton Mexico named a Great Place to Work for the fourth year in a row by the Great Place to Work Institute.[19]
  • Lockton Companies earned a spot in UBM Tech's InformationWeek Elite 100, its annual ranking of the most innovative U.S.-based users of business technology.[20]
  • Lockton Denver recognized as having the Best Campaign Event by Mile High United Way.[21]
  • Lockton Companies named one of top 100 Healthiest Workplaces.[22]

2013

  • Awarded with innovation Award from VMware, Inc.[23]
  • Received ImpacT Award from the Kansas City Business Journal for its Enterprise Analytics initiative.[24]
  • Lockton Thailand received the Prime Minister’s Insurance Award for Outstanding Non-Life Insurance Broker.[25]
  • Earned one of the Best Places to Work in Insurance spots for the fifth year in a row.[26]
  • Lockton St. Louis earned a spot on the Top 50 Workplaces list made by the St. Louis Post-Dispatch.[27]
  • Lockton Dallas received Best Places to Work in North Texas from the Dallas Business Journal.[28]
  • Lockton Mexico awarded the Value-Based Health Award by the Institute for Health and Productivity Management.[29]
  • Lockton Denver earned Partner in Philanthropy Award for community service from the Denver Business Journal.[30]
  • Lockton Kansas City earned spot as one of the Top 5 Insurance Agencies by the Kansas City Business Journal.

References[edit]

  1. ^ "Top insurance brokers: Lockton Cos. L.L.C.". 
  2. ^ "Lockton Affinity". 
  3. ^ "Lockton Global". 
  4. ^ "Lockton:'A lot of things we just made up as we went along'". 
  5. ^ "Lockton to Acquire Forbes International Creating Biggest Private Broker". Retrieved 9 December 2013. 
  6. ^ "Making A Difference". 
  7. ^ John.Tews (2016-12-02). "2016 Large Commercial Insurance Study". J.D. Power. Retrieved 2017-04-11. 
  8. ^ "Lockton Companies on the Forbes America's Best Employers List". Forbes. Retrieved 2017-04-11. 
  9. ^ "Winners announced: 2016 Best Places to Work in Insurance - Business Insurance". Business Insurance. Retrieved 2017-04-11. 
  10. ^ "Reactions Home". reactionsnet.com. Retrieved 2017-04-11. 
  11. ^ "Lockton's London-based Asset Management Team Named "Best Insurance Broker" | Lockton Companies". www.lockton.com. Retrieved 2017-04-11. 
  12. ^ "Best Places to Work Illinois". 
  13. ^ "http://www.bizjournals.com/charlotte/news/2016/09/28/2016-best-places-to-work-honorees-revealed.html". www.bizjournals.com. Retrieved 2017-04-11.  External link in |title= (help)
  14. ^ "Lockton Companies | When Work Works". www.whenworkworks.org. Retrieved 2017-04-11. 
  15. ^ "PLANADVISER'S Top 100 Retirement Plan Advisors | PLANADVISER". www.planadviser.com. Retrieved 2017-04-11. 
  16. ^ "Lockton Mexico Named a 'Responsibly Healthy Organization' | Lockton Companies". www.lockton.com. Retrieved 2017-04-11. 
  17. ^ "http://www.bizjournals.com/kansascity/news/2016/08/29/2016-best-places-to-work-honorees.html". www.bizjournals.com. Retrieved 2017-04-11.  External link in |title= (help)
  18. ^ "Lockton Earns Sixth Consecutive "Best Places" Honor". 
  19. ^ a b "Lockton Recognized as Socially Responsible Corporate Citizen and Great Place to Work". 
  20. ^ "Top 6 Digital Innovators in P&C". 
  21. ^ "Lockton Denver Recognized for Community Service". 
  22. ^ "Lockton Companies Named 2014 Healthiest Workplace". 
  23. ^ "Choice Hotels International, Lockton Companies and Metro Health Hospital Recognized by VMware". 
  24. ^ "ImpacT Awards: Lockton Cos. Inc.". 
  25. ^ "Lockton Thailand Receives Outstanding Broker Award". 
  26. ^ "Best Places to Work in Insurance 2013: Lockton Cos. L.L.C.". 
  27. ^ "Lockton St. Louis Named Top Workplace". 
  28. ^ "2013 Dallas Business Journal Best Places to Work: Lockton Cos. LLC". 
  29. ^ "Lockton Mexico Recognized for Its Culture of Health". 
  30. ^ "DBJ names Partners in Philanthropy 2013". 

External links[edit]