Lockton Inc, the world’s largest independent and privately held insurance brokerage, has reported global revenue of $3.55 billion for its fiscal year ended April 30, which compares with $3.09 billion in its previous fiscal year.

The company, which operates in more than 140 countries, has two operations in Bermuda — brokers Lockton Companies International (Bermuda) Ltd and Lockton Re (Bermuda) Ltd.

Revenue growth was driven by continued strength across all business segments and geographies, underpinned by a solid and recurring 96 per cent client retention rate.

Consolidated global revenue increased by 15 per cent year-over-year, driven by 14 per cent organic revenue growth, the fourth consecutive year of double-digit organic global revenue growth.

US operations reported revenue of $2.43 billion and 11 per cent growth over the prior year, its sixth consecutive year of double-digit revenue growth.

Lockton’s International operations delivered revenue of $926 million and 24 per cent growth over the prior year.

Lockton Re’s global operations delivered 35 per cent revenue growth over the prior year.

Ron Lockton, chairman and CEO, said: "Our private ownership model allows us to prioritise what is truly important — our clients and our people — making Lockton the best place to work and serve clients.

“Our goal has never been to be the largest broker, just the best. However, when great people passionately and consistently serve clients and exceed expectations, organic growth and significant global scale is inevitable.”