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 6,500 people worldwide.
The company was founded by Jack Lockton in 1966 and has since become the world's 9th 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, with global revenues reaching more than $1.44 billion in fiscal 2017.
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History
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.
In 2006, Lockton expanded globally with the acquisition of Alexander Forbes International Risk Services, making it the world's largest privately owned broker.
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References
Source of article : Wikipedia
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