Insurance broker Lockton said Monday it's hit a new milestone — exceeding $1 billion in revenue for the first time.
Lockton made $1,016,751,000 in fiscal 2013, an increase of 11 percent from fiscal 2012.
It's the 47th consecutive year the privately held insurance broker increased revenues, primarily through "sustained organic growth" — rather than through acquisitions — a feat Lockton claims no other broker has achieved.
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Lockton executives credited new business and client loyalty for their double-digit growth.
"Our focus has always been about earning client loyalty and earning new business by making a difference for our clients," Lockton chairman David Lockton said in a statement. "We always believed that if we did that well, revenue would follow."
The Kansas City, Mo.-based broker provides risk management and employee benefits consulting to more than 35,000 clients around the world. Lockton has nearly 5,000 associates in 64 offices in North America, Europe, South America, Asia and Australia.
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