August 3, 2015 INSURANCE JOURNAL-NATIONAL | 27www.insurancejournal.com

About This Report: Welcome to the 11th annual Insurance Journal Top 100 Independent Property/Casualty Agencies report. The Top 100 list is ranked by total prop-erty/casualty agency revenue for 2014 and comprises only those agencies whose busi-ness is primarily retail, not wholesale. This report also features the nation’s Top 20 Agency Partnerships, which can be found on page 30. This list includes agency groups such as aggregators, clusters and franchise organizations, all of which play an important role in the independent agen-cy system today. Also included is a list of the nation’s Top 20 Bank Holding Companies and Top 20 Banks in Insurance ranked by 2014 insur-

ance brokerage fee income courtesy of the Michael White’s Bank Insurance Fee Income Report - 2015 Edition. See page 31. Insurance Journal wishes to thank all of the agencies and brokerages that were willing to share their information for the Top 100 and Top Agency Partnerships reports and cooperated in the process. The result is a glimpse at some of the nation’s most successful independent insurance agencies and brokerages. All information in this report has been garnered from voluntary online submissions from agencies and brokerages and best esti-mates based on other public information sources. There may be agencies eligible for listing but for which no information was

received or located. We encourage all qualifying agencies to submit data for future reports. The more submissions and cooperation Insurance Journal receives the more accurate and com-prehensive this listing can be. Also, submit-ted data was not independently verified. A special thank you to the 2015 Top 100 P/C Agencies report sponsor AFS IBEX. For more information about this report, or other reports, contact Andrea Wells at: awells@insurancejournal.com.

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2015 Rank

Agency Name

2014 Total P/C Revenue

2014 Total Other than P/C Revenue

2014 Total P/C Premiums Written

2014 Other thanP/C Premium

Full-Time Employees Main Office Website

1 Lockton Cos. $883,100,000 $347,404,000 $7,590,119,600 $13,410,839,999 5,600 Kansas City, Mo. www.lockton.com

2 Hub International $834,706,000 $348,747,000 $6,183,987,709 $4,119,114,590 7,476 Chicago, Ill. www.hubinternational.com3 USI Insurance Services $485,324,937 $427,565,875 $4,675,762,564 $7,826,938,231 4,358 Valhalla, N.Y. www.usi.biz

4 Alliant Insurance Services Inc. $410,103,460 $191,022,703 $3,333,076,403 $3,827,939,669 2,113 Newport Beach, Calif. www.alliant.com

5 AssuredPartners Inc. $361,843,315 $104,039,220 $2,419,279,783 $2,311,982,667 2,561 Lake Mary, Fla. www.assuredptr.com6 Confie $353,550,000 $1,385,000,000 3,540 Huntington Beach, Calif. www.confie.com7 BroadStreet Partners Inc. $221,720,000 $25,470,000 $1,584,000,000 $300,000,000 1,550 Columbus, Ohio www.broadstreetcorp.com8 Integro Ltd. $187,780,000 $15,684,000 $1,475,461,640 $354,538,361 826 New York, N.Y. www.integrogroup.com9 Leavitt Group $151,896,714 $55,549,937 $1,385,000,000 $1,015,000,000 1,487 Cedar City, Utah www.leavitt.com

10 Acrisure LLC $151,629,066 $35,708,554 $1,336,078,953 $242,470,383 990 Caledonia, Mich. www.acrisure.com11 Crystal & Co. $114,991,536 $21,512,307 $989,816,842 $323,462,534 397 New York, N.Y. www.crystalco.com12 EPIC (Edgewood Partners

Insurance Center)$112,906,889 $39,567,898 $1,302,726,583 $482,971,063 679 San Francisco, Calif. www.edgewoodins.com

13 Insurance Office of America Inc. $111,898,273 $11,805,104 $1,138,303,403 $175,505,117 780 Longwood, Fla. www.ioausa.com14 The IMA Financial Group Inc. $103,055,947 $25,103,586 $1,163,722,158 $616,000,000 558 Denver, Colo. www.imafg.com15 Wortham Insurance & Risk

Management $95,547,724 $21,757,238 $974,122,965 $428,800,595 520 Houston, Texas www.worthaminsurance.com

16 The Capacity Group $94,231,122 $6,019,316 $567,847,141 $103,921,938 330 Mahwah, N.J. www.capcoverage.com17 J. Smith Lanier & Co. $91,928,213 $32,961,868 $1,262,000,000 $704,000,000 550 West Point, Ga. www.jsmithlaneir.com18 Hays Cos. $87,400,000 $79,500,000 $923,000,000 $900,000,000 695 Minneapolis, Minn. www.hayscompanies.com19 NFP $84,517,156 $1,084,944,926 $525,000,000 $10,429,200,000 3,261 New York, N.Y. www.nfp.com20 Auto Insurance Specialists

(AIS Insurance)* $83,545,000 $409,000 $477,765,000 495 Cerritos, Calif. www.aisinsurance.com

21 Heffernan Insurance Brokers $82,392,338 $17,094,070 $609,608,840 $292,008,135 420 Walnut Creek, Calif. www.heffins.com

22 Risk Strategies Co. $77,057,000 $20,700,000 $846,000,000 $439,000,000 445 Boston, Mass. www.risk-strategies.com

23 Answer Financial* $73,800,000 $578,000,000 600 Encino, Calif. www.answerfinancial.com

24 Higginbotham $73,710,000 $48,029,000 $514,494,000 $1,200,618,000 667 Fort Worth, Texas www.higginbotham.net

25 PayneWest Insurance $69,337,718 $18,469,633 $554,653,019 $314,425,111 625 Missoula, Mont. www.paynewest.com

26 INSURICA Insurance Management Network

$66,974,219 $14,896,634 $487,715,371 $224,004,738 459 Oklahoma City, Okla. www.insurica.com

27 Mesirow Insurance Services Inc. $64,648,211 $36,502,119 $519,619,849 $1,051,361,567 337 Chicago, Ill. www.mesirowfinancial.com

28 Hylant $64,325,813 $35,324,317 $1,075,007,932 $916,037,867 651 Toledo, Ohio www.hylant.com

29 Woodruff-Sawyer & Co. $64,200,000 $27,700,000 $581,100,000 $547,400,000 356 San Francisco, Calif. www.wsandco.com

30 Assurance $50,021,195 $20,872,240 $430,892,000 $293,806,000 374 Schaumburg, Ill. www.assuranceagency.com

31 Frenkel & Co. $46,553,000 $18,805,000 $464,000,000 $350,000,000 248 New York, N.Y. www.frenkel.com

32 TWFG Insurance Services $46,526,117 $1,008,856 $350,000,000 $7,500,000 80 The Woodlands, Texas www.twfg.com

33 Marshall & Sterling Enterprises Inc.

$46,053,598 $9,669,737 $309,369,297 $257,859,653 379 Poughkeepsie, N.Y. www.marshallsterling.com

34 Eastern Insurance Group LLC** $46,000,000 $16,000,000 $215,000,000 $325,000,000 317 Natick, Mass. www.easterninsurance.com

35 SterlingRisk $44,160,000 $5,872,000 $408,000,000 $888,000 220 Woodbury, N.Y. www.sterlingrisk.com

36 Bowen, Miclette & Britt, Insurance Agency LLC

$42,892,266 $9,636,098 $321,616,550 $156,793,074 225 Houston, Texas www.bmbinc.com

37 The Graham Co. $40,166,881 $3,847,835 $224,729,443 $51,108,095 161 Philadelphia, Pa. www.grahamco.com

38 Propel Insurance $40,000,000 $12,500,000 $350,000,000 $155,000,000 265 Tacoma, Wash. www.propelinsurance.com

39 Professional Insurance Associates Inc.

$40,000,000 $290,000,000 51 San Carlos, Calif. www.piainc.com

40 Houchens Insurance Group $39,369,380 $13,009,663 $314,098,060 $318,222,825 269 Bowling Green, Ky. www.houchensins.com

41 Starkweather & Shepley Insurance Brokerage Inc.

$38,800,000 $347,000 $248,000,000 $168,000,000 196 East Providence, R.I. www.starkweathershepley.com

42 Ascension Insurance Inc. $36,754,000 $46,943,000 $319,600,000 $408,206,000 417 Walnut Creek, Calif. www.ascensionins.com

43 The Mahoney Group $36,311,551 $8,779,983 $234,944,249 $151,039,192 185 Mesa, Ariz. www.mahoneygroup.com

44 InterWest Insurance Services LLC $36,265,639 $10,630,267 $305,675,393 $177,171,117 256 Sacramento, Calif. www.iwins.com

45 Fisher Brown Bottrell Insurance Inc.**

$33,477,055 $7,067,531 $270,963,972 $40,593,658 173 Jackson, Miss. www.fbbins.com

46 Lawley Insurance $33,175,882 $16,505,828 $259,081,541 $437,654,558 322 Buffalo, N.Y. www.lawleyinsurance.com

47 Andreini & Co. $32,530,429 $10,626,000 $349,000,000 $265,000,000 185 San Mateo, Calif. www.andreini.com

48 Gowrie Group $31,900,000 $1,600,000 $220,450,000 $55,000,000 140 Westbrook, Conn. www.gowrie.com

49 Parker, Smith & Feek Inc. $30,956,000 $8,444,000 $252,219,000 $205,455,000 190 Bellevue, Wash. www.psfinc.com

Ranked by Total 2014 P/C Revenue

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50 TrueNorth Cos. $30,177,384 $14,266,207 $232,879,986 $271,843,049 237 Cedar Rapids, Iowa www.truenorthcompanies.com

51 The Horton Group Inc. $30,166,771 $21,649,771 $276,620,589 $354,894,115 277 Orland Park, Ill. www.thehortongroup.com

52 Charles L. Crane Agency Co. $29,739,990 $4,214,174 $208,515,388 $34,196,577 245 Saint Louis, Mo. www.craneagency.com

53 LMC Insurance & Risk Management Inc.

$29,415,000 $11,311,000 $289,424,788 $180,820,544 260 West Des Moines, Iowa www.lmcinsurance.com

54 Moreton & Co. $29,123,000 $12,992,000 $519,335,000 $261,000,000 220 Salt Lake City, Utah www.moreton.com

55 Robertson Ryan & Associates Inc.

$28,976,764 $3,565,432 $229,000,000 $56,000,000 230 Milwaukee, Wis. www.robertsonryan.com

56 Cook Maran & Associates $28,760,000 $4,292,000 $215,000,000 $100,000,000 162 East Hampton, N.Y. www.cookmaran.com

57 Riggs, Counselman, Michaels & Downes Inc.

$27,407,235 $14,394,444 $304,461,324 $86,998,927 238 Towson, Md. www.rcmd.com

58 Towne Insurance** $27,394,861 $8,595,872 $228,000,000 $372,000,000 255 Virginia Beach, Va. www.townebank.com

59 James G. Parker Insurance Associates

$26,500,000 $5,000,000 $235,500,000 $65,000,000 185 Fresno, Calif. www.jgparker.com

60 Haylor, Freyer & Coon Inc. $26,063,173 $3,867,712 $198,845,000 $91,000,000 180 Syracuse, N.Y. www.haylor.com

61 Rich & Cartmill Inc. $25,972,084 $920,734 $202,750,000 $10,000,000 160 Tulsa, Okla. www.rcins.com

62 Bouchard Insurance $25,878,491 $8,838,387 $220,467,885 $147,306,450 216 Clearwater, Fla. www.bouchardinsurance.com

63 Scirocco Financial Group Inc. $24,724,797 $2,798,170 $165,188,131 $41,187,670 121 Hasbrouck Heights, N.J. www.sciroccogroup.com

64 Tolman & Wiker Insurance Services LLC

$23,347,278 $5,329,680 $191,293,471 $87,749,617 153 Ventura, Calif. www.tolmanandwiker.com

65 Cobbs Allen $22,849,162 $6,921,252 $228,223,920 $57,677,097 140 Birmingham, Ala. www.cobbsallen.com

66 Bolton & Co. $22,648,975 $13,072,359 $202,667,322 $198,324,862 155 Pasadena, Calif. www.boltonco.com

67 Advanced Insurance Underwriters LLC

$22,575,000 $681,000 $203,000,000 $6,180,000 158 Hollywood, Fla. www.advancedins.com

68 SullivanCurtisMonroe Insurance Services LLC

$22,259,000 $7,569,000 $249,633,000 $307,000,000 180 Irvine, Calif. www.sullivancurtismonroe.com

69 Sihle Insurance Group $21,892,766 $1,761,343 $195,316,740 $21,934,974 175 Altamonte Springs, Fla. www.sihle.com

70 HNI Risk Services $20,924,000 $2,340,000 $208,000,000 $30,000,000 135 New Berlin, Wis. www.hni.com

71 Ansay & Associates $20,000,000 $5,000,000 $250,000,000 $50,000,000 202 Port Washington, Wis. www.ansay.com

72 TIS Insurance Services Inc. $19,814,380 $5,496,367 $146,654,029 $80,415,284 131 Knoxville, Tenn. www.tisins.com

73 Lovitt-Touche Inc. $19,621,460 $11,192,403 $380,080,009 $186,308,784 174 Tempe, Ariz. www.lovitt-touche.com

74 Arroyo Insurance Services $19,322,912 $2,318,749 $158,656,746 $44,423,889 141 Arcadia, Calif. www.arroyoins.com

75 R&R Insurance Services Inc. $18,725,000 $2,819,000 $169,959,000 $51,500,000 152 Waukesha, Wis. www.myknowledgebroker.com

76 Wood Gutmann & Bogart Insurance Brokers Inc.

$18,705,552 $2,008,177 $167,778,116 $28,487,759 127 Tustin, Calif. www.wgbib.com

77 ABD Insurance and Financial Services Inc.

$18,100,000 $20,800,000 $130,000,000 $400,000,000 163 San Mateo, Calif. www.theabdteam.com

78 Celedinas Insurance Group $18,065,334 $1,381,968 $127,925,767 $29,218,345 130 Palm Beach Gardens, Fla. www.celedinas.com

79 Insureon $18,000,000 $100,000,000 200 Chicago, Ill. www.insureon.com

80 CHS Insurance Services LLC $17,799,724 $1,808,183 $130,217,599 $23,670,862 98 Inver Grove Heights, Minn. www.chs-insurance.com

81 The Hilb Group $17,642,000 $4,288,000 $108,940,000 160 Richmond, Va. www.hilbgroup.com

82 Tompkins Insurance Agencies Inc.**

$17,581,000 $8,124,000 $277,854,999 $122,370,000 170 Batavia, N.Y. www.tompkinsins.com

83 The Daniel and Henry Co. $17,545,000 $5,561,000 $140,790,000 $81,528,000 165 St. Louis, Mo. www.danielandhenry.com

84 John M. Glover $17,500,000 $510,000 $130,000,000 $12,500,000 175 Norwalk, Conn. www.johnmglover.com

85 Rogers & Gray Insurance $17,300,000 $2,000,000 $94,600,000 $54,900,000 118 South Dennis, Mass. www.rogersgray.com

86 Associated Financial Group LLC**

$17,008,088 $52,328,963 $143,980,845 $1,091,937,016 342 Minnetonka, Minn. www.associatedfinancial-group.com

87 Insgroup Inc. $16,800,000 $913,000 $130,000,000 $10,600,000 90 Houston, Texas www.insgroup.net

88 Eagan Insurance Agency LLC $16,170,706 $1,957,186 $110,150,291 $11,997,000 89 Metairie, La. www.eaganins.com

89 AHT Insurance $16,060,766 $11,211,908 $126,835,495 $174,111,274 163 Leesburg, Va. www.ahtins.com

90 The Loomis Co. $15,800,000 $18,900,000 $157,500,000 $17,850,000 315 Wyomissing, Pa. www.loomisco.com

91 Otterstedt Agency $15,585,147 $1,172,372 $100,121,118 $18,321,456 94 Englewood Cliffs, N.J. www.otterstedt.com

92 Associated Insurance Management Inc.

$15,570,343 $111,058,091 66 Silver Spring, Md. www.aimcommercial.com

93 Shepherd Insurance $15,455,318 $4,294,682 $108,376,000 $167,000,000 160 Carmel, Ind. www.shepherdins.com

94 Turner Surety & Insurance Brokerage Inc.

$15,382,000 $132,000,000 $135,000 40 Paramus, N.J. www.tsibinc.com

95 Lipscomb & Pitts Insurance $15,235,514 $5,830,709 $143,427,000 $186,671,000 117 Memphis, Tenn. www.lpinsurance.com

96 The Buckner Co. Inc. $15,234,122 $2,421,027 $129,293,687 $35,325,948 129 Salt Lake City, Utah www.buckner.com

97 Foa & Son Corp. $14,755,225 $1,143,346 $119,118,582 $20,873,060 99 New York, N.Y. www.foason.com

98 MJ Insurance Inc. $14,699,696 $10,340,440 $130,613,735 $478,767,472 124 Indianapolis, Ind. www.mjinsurance.com

99 Eustis Insurance and Benefits $14,401,952 $2,046,379 $113,323,266 $38,221,263 108 Metairie, La. www.eustis.com

100 The Nitsche Group $13,727,164 $2,997,112 $89,562,209 $31,234,260 115 Giddings, Texas www.thenitschegroup.com

Editor’s Note: * = Carrier Owned Agency; ** = Bank Owned Agency

30 | INSURANCE JOURNAL-NATIONAL August 3, 2015 www.insurancejournal.com

2015 Rank

Agency Name

2014 Total P/C Revenue

2014 Total Other than P/C Revenue

2014 Total P/C Premiums Written

2014 Other thanP/C Premium

Full-Time Employees Main Office Website

1 SIAA Inc. $750,469,177 $5,705,024,626 33 Hampton, N.H. www.siaa.net

2 Keystone Insurers Group $315,129,449 $63,670,864 $2,626,078,744 $870,667,200 2,920 Northumberland, Pa. www.keystoneinsgrp.com

3 ISU Insurance Agency Network $285,314,275 $30,764,000 $2,145,030,000 $402,000,000 1,680 San Francisco, Calif. www.joinisu.com

4 SecureRisk $222,822,261 $23,883,701 $1,790,646,104 $313,931,994 1,799 Tucker, Ga. www.securerisk.com

5 The Iroquois Group $103,929,334 $759,051,178 62 Allegany, N.Y. www.iroquoisgroup.com

6 Combined Agents of America LLC

$92,290,776 $715,831,469 $5,379,350 764 Austin, Texas www.combinedagents.com

7 Renaissance Alliance Insurance Services LLC

$82,922,855 $42,746 $482,031,384 $284,973 78 Wellesley, Mass. www.renaissanceins.com

8 United Valley Insurance Services Inc.

$66,641,250 $7,012,200 $533,130,000 $116,870,000 926 Fresno, Calif. www.unitedvalleyins.com

9 Insurors Group LLC $66,000,000 $15,000,000 $440,000,000 $186,000,000 356 College Station, Texas

www.insurorsgroup.com

10 Pacific Interstate Insurance Brokers

$62,155,395 $2,096,759 $459,857,906 8 El Dorado Hills, Calif. www.piib.com

11 Worldwide Insurance Network Inc. dba Smart Choice

$48,463,140 $1,235,000 $400,000,000 $2,500,000 40 High Point, N.C. www.smartchoiceagents.com

12 GreatFlorida Insurance Holding Corp.

$44,200,000 $84,000 $420,000,000 $420,000 366 Stuart, Fla. www.greatflorida.com

13 Brightway Insurance $43,353,000 $1,972,000 $333,423,880 $6,227,606 197 Jacksonville, Fla. www.brightwayinsurance.com

14 United Agencies Inc. $39,851,652 $9,076,228 $284,654,652 $168,078,289 311 Pasadena, Calif. www.unitedagencies.com

15 Bainswest Inc. $33,728,420 $7,944,931 $196,238,630 $126,354,991 228 Owasso, Okla. www.bainswest.com

16 Networked Insurance Agents $27,339,866 $186,021,284 106 Grass Valley, Calif. www.networkedins.com

17 The Insurance Alliance of Central Pennsylvania Inc.

$25,251,067 $214,147,491 235 Camp Hill, Pa. www.tiacp.com

18 PacWest Alliance Insurance Services Inc.

$23,856,000 $2,030,000 $190,000,000 $35,000,000 240 Fresno, Calif. www.pacwestalliance.com

19 Estrella Insurance $21,923,611 $182,762,077 350 Miami, Fla. www.estrellainsurance.com

20 Northlake Insurance Group Ltd.

$19,264,000 $1,200,000 $172,550,000 $18,000,450 179 Ponchatoula, La. www.northlakeins.net

Editor’s Note: List includes aggregators, clusters, and franchise groups.

Insurance Journal’s Top 20 Agency Partnerships (Ranked by 2014 Total P/C Revenue)

Employee count for these groups does not necessarily include all affiliates responsible for total revenue.

Special Mention: The following SIAA Master Agencies reported Total P/C Revenue for 2014 that would fit within the Top 20 Agency Partnerships list but were included as part of the overall SIAA national ranking: Chicagoland SIA, Satellite Agency Network Group Inc., OAA, Midwest Insurance Agency Alliance Inc., SAN of Florida / Comegys Insurance Agency, and AHA Insurance Network.

August 3, 2015 INSURANCE JOURNAL-NATIONAL | 31www.insurancejournal.com

Rank2014 Insurance

Brokerage Fee Income Bank Name City, State Website

1 $1,504,173,000 Branch Banking and Trust Company Winston Salem, N.C. www.bbt.com

2 $707,000,000 Citibank, N.A. Sioux Falls, S.D. www.citibank.com

3 $113,785,000 BancorpSouth Bank Tupelo, Miss. www.bancorpsouthonline.com

4 $72,527,000 Discover Bank Greenwood, Del. www.discovercard.com

5 $71,125,000 First Niagara Bank, N.A. Buffalo, N.Y. www.firstniagara.com

6 $65,743,000 Eastern Bank Boston, Mass. www.easternbank.com

7 $45,211,000 Frost Bank San Antonio, Texas www.frostbank.com

8 $44,311,000 Associated Bank N.A. Green Bay, Wis. www.associatedbank.com

9 $43,175,000 Towne Bank Portsmouth, Va. www.townebank.com

10 $40,948,000 Manufacturers and Traders Trust Co. Buffalo, N.Y. www.mtb.com

11 $33,468,000 Trustmark National Bank Jackson, Miss. www.trustmark.com

12 $29,871,000 People's United Bank Bridgeport, Conn. www.peoples.com

13 $28,683,000 Bank of the West San Francisco, Calif. www.bankofthewest.com

14 $21,539,000 The Oneida Savings Bank Oneida, N.Y. www.oneidabank.com

15 $20,334,000 Fifth Third Bank Cincinnati, Ohio www.53.com

16 $18,728,000 PNC Bank N.A. Wilmington, Del. www.pnc.com

17 $16,853,000 Valley National Bank Passaic, N.J. www.valleynationalbank.com

18 $13,604,000 Peoples Bank N.A. Marietta, Ohio www.peoplesbancorp.com

19 $13,267,000 Univest Bank and Trust Co. Souderton, Pa. www.univest.net

20 $12,982,000 National Penn Bank Boyertown, Pa. www.nationalpenn.com

Note about this report: These rankings include commercial banks, savings banks and savings associations (a.k.a. thrifts) which are required to report line item income like insurance brokerage. Source: Michael White’s Bank Insurance Fee Income Report - 2015 Edition

Top 20 Banks in Insurance Brokerage Fee Income (2014/Nationally)

Top 20 Bank Holding Companies in Insurance Brokerage Fee Income (2014/Nationally)

Rank2014 Insurance

Brokerage Fee Income Bank Holding Company Name City, State Website

1 $1,504,913,000 BB&T Corp. Winston-Salem, N.C. www.bbt.com

2 $1,317,000,000 Wells Fargo & Co. San Francisco, Calif. www.wellsfargo.com

3 $721,000,000 Citigroup Inc. New York, N.Y. www.citigroup.com

4 $184,000,000 American Express Co. New York, N.Y. www.americanexpress.com

5 $124,036,000 Regions Financial Corp. Birmingham, Ala. www.regions.com

6 $115,237,000 BancorpSouth Inc. Tupelo, Miss. www.bancorpsouthonline.com

7 $76,000,000 Morgan Stanley New York, N.Y. www.morganstanley.com

8 $75,599,000 First Command Financial Services Fort Worth,Texas www.firstcommandbank.com

9 $72,527,000 Discover Financial Services Riverwoods, Ill. www.discovercard.com

10 $71,125,000 First Niagara Financial Group Inc. Buffalo, N.Y. www.firstniagara.com

11 $65,743,000 Eastern Bank Corp. Boston, Mass. www.easternbank.com

12 $64,600,000 Stifel Financial Corp. St. Louis, Mo. www.stifelbank.com

13 $64,392,000 Huntington Bancshares Inc. Columbus, Ohio www.huntington.com

14 $45,211,000 Cullen/Frost Bankers Inc. San Antonio, Texas www.frostbank.com

15 $44,421,000 Associated Banc-Corp Green Bay, Wis. www.associatedbank.com

16 $41,177,000 Old National Bancorp Evansville, Ind. www.oldnational.com

17 $40,910,000 M&T Bank Corp. Buffalo, N.Y. www.mtb.com

18 $40,282,000 Raymond James Financial Inc. St. Petersburg, Fla. www.raymondjamesbank.com

19 $34,000,000 Popular Inc. San Juan, Puerto Rico www.popular.com

20 $33,468,000 Trustmark Corp. Jackson, Miss. www.trustmark.com

Note about this report: With few exceptions, the Federal Reserve Board requires only what it defines as “large” bank holding companies (i.e., BHCs with consolidated assets in excess of $500 million) to file line item fee income like insurance brokerage. Ranking excludes several traditional life insurers that do not engage in significant banking activities. Source: Michael White’s Bank Insurance Fee Income Report - 2015 Edition