Big insurance brokerages around the world have been quietly changing their leadership teams in recent years. Firms like Marsh, Aon, WTW, Howden, and Gallagher have shuffled key people in important roles such as regional CEOs, country heads, and leaders of major business segments. While it might seem like normal management moves from the outside, these changes are stirring a bit of uncertainty within the companies. That’s creating opportunities for competitors to make their moves.
The year 2023 saw a lot of these leadership changes. For example, Aon promoted Kristin Kraeger to lead its Professional Services Practice in North America, focusing on sectors like law firms and consultants. Marsh McLennan added a new leadership level across the Pacific region by appointing David Bryant as CEO of Marsh McLennan Pacific. He also keeps his role at Mercer Pacific, covering Australia, New Zealand, Fiji, and Papua New Guinea. Howden reorganized its German operations under Karl-Heinz Holz, appointed as CEO of Howden Deutschland AG, aiming to bring the German brands closer together.
New Zealand shows this trend in action. Over the past two years, firms like WTW, Aon, Marsh, and Howden have all brought in new CEOs or leaders. The latest change came in August when Howden named Chris Hughes as CEO of its broking business there, replacing Nigel Wallace, who became chair. That means most of the big brokers in New Zealand have new leaders since 2021.
Howden is positioning itself as a fresh, energetic outsider in New Zealand’s insurance market. While big names like Marsh and WTW have been around for decades—Marsh since the 1960s and WTW since 1965—Howden only entered the market in 2021. Hughes says the insurance market there is “disrupting itself” with changes and unrest among established companies. He believes there is space for a new type of broker that moves quickly and offers fresh ideas. According to him, clients are already showing interest, and Howden wants to challenge the current leaders with energy and new ways of working.
In Europe, Marsh has been reshaping its leadership too. In 2023, Christos Adamantiadis took over as CEO of Continental Europe, following the retirement of Siegmund Fahrig. Adamantiadis’s job is to oversee Marsh’s risk advisory and insurance broking in a region facing tough economic and political challenges. This leadership reset is part strategy and part succession, signaling Marsh’s plan to adapt to changing conditions.
Behind the scenes, these leadership changes are just the visible part of a bigger rearrangement. Years of acquisitions have left big broker groups with overlapping brands, roles, and structures. Now they are streamlining and reassigning roles, often creating new regional and Pacific-wide positions. This includes combined leadership roles for Australia and New Zealand at WTW or Pacific-wide leadership at Marsh McLennan. These moves make it easier for companies to cross-sell services, share data, and coordinate better with insurers.
All this is happening amid a fierce battle for talent. Promoting rising stars within the company is one way brokers keep their best people from leaving. At the same time, the insurance world demands more technical skill at the top.
For brokers working on the ground, new bosses bring new teams and fresh ideas. This makes relationships with clients and insurers more flexible and more up for grabs. Some insurers may be squeezed off the big broker rosters, creating openings for smaller or independent brokers to offer more flexible service. While many new leaders talk about being disruptors, those who back it up with investment and support for their staff are the ones changing where business flows—and where ambitious brokers want to work.
In short, the big global insurance brokers are in the middle of a significant leadership reshuffle that’s reshaping the market. It’s a chance for new faces to lead and for challenger firms like Howden to shake things up.