Revealed – List of America’s Insurance Billionaires
The United States is still home to the largest number of billionaires with 724, including the two richest – Elon Musk and Jeff Bezos. And although entries may be scarce, the insurance industry is still well represented.
To find the wealthiest in the industry, Insurance Business combed through the Forbes Real-Time Billionaire Rankings, which tracks the daily movements of the world’s richest people. The Wealth Tracking Platform provides continuous updates on the net worth and rank of every billionaire. Here are the ones who made the list. The figures below are updated as of December 09, 2021.
1. Warren Buffett
- Ranking of 2021 Forbes billionaires: 10 *
- Net worth: $ 103.6 billion *
Buffett once again secures first place on the list of the richest insurance moguls in the country. The man known as the “Oracle of Omaha” currently sits in tenth place in Forbes’ overall ranking with a net worth of $ 103.6 billion.
Buffett’s conglomerate, Berkshire Hathaway, owns several insurance companies, including Berkshire Hathaway GUARD Insurance Companies, Berkshire Hathaway Specialty Insurance, Applied Underwriters, Gateway Underwriters Agency, GEICO, General RE, MedPro Group, National Indemnity Company, and United States Liability Insurance Group.
However, Buffett’s wealth does not come only from his insurance empire, as he also owns over 60 companies in various industries, the most important of which are restaurant chain Dairy Queen, paint maker Benjamin Moore Paints, battery maker Duracell and the Fruit of the Loom clothing brand.
2. Patrick Ryan
- Forbes 2021 billionaire ranking: 333 *
- Net worth: $ 8 billion *
Ranking far second, Patrick Ryan comes in with a net worth of $ 8 billion, overtaking Thomas Hagen as the nation’s richest tycoons who focus solely on insurance. Ryan is currently the CEO of wholesale brokerage and Chicago specialty insurer Ryan Specialty Group, which he also founded.
His first business, brokerage firm Ryan Insurance, merged with Combined Insurance in 1982 to form insurance heavyweight Aon.
Besides his business activities, Ryan is known for his philanthropic works. He and his wife have donated around $ 200 million to their alma mater Northwestern University. In 2016, the couple also made a large donation to the AbilityLab Physical Medicine and Rehabilitation Research Hospital, the largest in the institution’s history.
3. Thomas Hagen
- Ranking of 2021 Forbes billionaires: 900 *
- Net worth: $ 3.7 billion *
Erie Indemnity chairman Thomas Hagen cedes second place to Ryan as his fortune drops slightly to $ 3.7 billion after hitting $ 4.3 billion last year. His company is currently the 12th largest auto insurer and 13th largest home insurance provider in the United States.
Hagen has been with Erie Indemnity for over 50 years, most notably as Managing Director from 1990 to 1993. In 2017, he donated $ 1.5 million to the Department of History at Mercyhurst University, which subsequently took its name.
- Ranking of 2021 Forbes billionaires: 1,041 *
- Net worth: $ 3.2 billion *
William R. Berkley increased his net worth from $ 2.8 billion in 2020 to $ 3.2 billion in 2021. He started his insurance company WR Berkley in 1967 with just $ 2,500 while still earning his Harvard MBA. Berkley stepped down as chief operating officer of the company in 2015, but still serves as president. He owns about 20% of the insurance company.
WR Berkley specializes in property and casualty insurance and operates in 60 countries. It went public in 1974. Currently, the company is run by Berkley’s son, William Robert Berkley Jr.
5. Mark and Robyn Jones
- Ranking of 2021 Forbes billionaires: 1,139 *
- Net worth: $ 2.9 billion *
The couple Robyn and Mark Jones co-founded Goosehead Insurance, where Mark serves as President and CEO, while Robyn assumes the role of Vice President. The couple have a combined net worth of $ 2.9 billion. The Alberta natives were teenage sweethearts and got married straight out of high school.
In 2003, Robyn started a P&C insurance company, which Mark joined a year later after leaving Bain, where he served as a consultant. The couple went public with Goosehead in 2018. The Jones family owns over 50% of the business with nearly 1,500 franchises.
6. J. Hyatt Brown
- Ranking of 2021 Forbes billionaires: 1,182 *
- Net worth: $ 2.8 billion *
J. Hyatt Brown currently chairs Brown & Brown, a company co-founded by his father J. Adrian Brown in 1939. The New York Stock Exchange-listed company is now the sixth largest insurance brokerage in the country.
Under Hyatt’s leadership, Brown & Brown has grown from a local family business to a national insurer with more than 7,000 employees and 200 offices across the United States. His son, J. Powell Brown, took over as CEO in 2009.
Hyatt owns 15% of the company. His net worth in 2021 is $ 2.8 billion.
- Ranking of 2021 Forbes billionaires: 1,849 *
- Net worth: $ 1.7 billion *
George Joseph founded Mercury General after raising $ 2 million in capital in 1962, offering discounted deals to safer-than-average drivers. The insurance provider has since expanded its portfolio to include home and fire insurance and now generates annual revenue of $ 3.5 billion.
Joseph owns 34% of the listed insurance company. He claims a net worth of $ 1.7 billion.
8. Henri Engelhardt
- Ranking of 2021 Forbes billionaires: 1961 *
- Net worth: $ 1.6 billion *
Henry Engelhardt founded Admiral Group in 1993. The company has since established itself among the giants of the industry, offering a range of auto and home insurance. The firm is also behind the creation of the UK’s first insurance comparison site.
Based in Cardiff, Wales, Admiral is also present in the United States, France, Italy and Spain. The company’s US brands include Elephant Auto Insurance and Compare.com.
Engelhardt has a net worth of $ 1.6 billion. He stepped down as CEO of the company in May 2016, but is still actively involved with the company, mentoring senior executives and helping recruit MBAs.
* Figures are updated as of December 9, 2021