Revealed – Record of billionaires in US insurance coverage
The US is still home to the most billionaires at 724, including the two richest – Elon Musk and Jeff Bezos. Even if the entries are few and far between, the insurance industry is still well represented.
To identify the richest companies in the industry, the insurance company combed Forbes’ real-time billionaires ranking, which tracks the daily moves of the world’s richest people. The wealth tracking platform provides ongoing updates on the net worth and ranking of every billionaire. Here are the ones who made the list. The following figures are updated as of December 9th, 2021.
1. Warren Buffett
- Forbes Billionaire Ranking 2021: 10 *
- Net worth: $ 103.6 billion *
Buffett again secures the top spot on the list of the richest insurance tycoons in the country. The man known as the “Oracle of Omaha” currently ranks tenth on the Forbes overall rankings 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.
But Buffett’s fortune doesn’t just come from his insurance empire, he also owns more than 60 companies in a variety of industries, the largest of which are restaurant chain Dairy Queen, paint maker Benjamin Moore Paints, battery maker Duracell, and clothing brand Fruit of the Loom.
2. Patrick Ryan
- Forbes Billionaire Ranking 2021: 333 *
- Net worth: $ 8 billion *
In second place is Patrick Ryan with a net worth of $ 8 billion, overtaking Thomas Hagen as the nation’s richest tycoon who focuses exclusively on insurance. Ryan is currently the chief executive officer of Chicago-based wholesale broker and specialty insurer Ryan Specialty Group, which he also founded.
His first company, the brokerage firm Ryan Insurance, merged with Combined Insurance in 1982 to form the insurance heavyweight Aon.
Aside from his business endeavors, Ryan is known for his philanthropic work. He and his wife donated approximately $ 200 million to their alma mater Northwestern University. In 2016, the couple also made a significant donation to AbilityLab physical medicine and rehabilitation research hospital, the largest in the institution’s history.
3. Thomas Hagen
- Forbes Billionaire Ranking 2021: 900 *
- Net worth: $ 3.7 billion *
Erie Indemnity chairman Thomas Hagen drops Ryan second place as his net worth plunges slightly to $ 3.7 billion after hitting $ 4.3 billion last year. His company is currently the 12th largest auto insurer and the 13th largest home insurance provider in the United States.
Hagen has been part of Erie Indemnity for more than 50 years, including as Chief Executive Officer from 1990 to 1993. In 2017 he donated $ 1.5 million to the history department of Mercyhurst University, which later took his name.
- Forbes Billionaire Ranking 2021: 1,041 *
- Net worth: $ 3.2 billion *
William R. Berkley grew 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 doing his MBA from Harvard made. Berkley stepped down as the company’s chief operating officer in 2015 but continues to serve as chairman. 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. The company is currently run by Berkley’s son, William Robert Berkley Jr.
5. Mark and Robyn Jones
- Forbes Billionaire Ranking 2021: 1,139 *
- Net worth: $ 2.9 billion *
Married couple Robyn and Mark Jones formed Goosehead Insurance, with Mark serving as chairman and CEO while Robyn serving as vice chairman. Together, the couple is worth $ 2.9 billion. The Alberta Native Americans were teenage lovers and married right out of high school.
In 2003, Robyn started a property and casualty insurance company that Mark joined a year later after leaving Bain where he was a consultant. The couple floated Goosehead on the stock exchange in 2018. The Jones family owns more than 50% of the company with nearly 1,500 franchises.
6. J. Hyatt Brown
- Forbes Billionaire Ranking 2021: 1,182 *
- Net worth: $ 2.8 billion *
J. Hyatt Brown currently serves as the chairman of Brown & Brown, a company co-founded in 1939 by his father, J. Adrian Brown. Listed on the New York Stock Exchange, the company is now the sixth largest insurance broker in the country.
Under the leadership of Hyatt, Brown & Brown grew from a local family business to a national insurer with more than 7,000 employees and 200 offices in the United States. His son, J. Powell Brown, took over the management in 2009.
Hyatt owns 15% of the company. His net worth for 2021 is $ 2.8 billion.
7. George Joseph
- Forbes Billionaire Ranking 2021: 1,849 *
- Net worth: $ 1.7 billion *
George Joseph founded Mercury General after raising $ 2 million in capital in 1962, offering discounted deals to above-average drivers. Since then, the insurance provider has expanded its portfolio to include home and fire insurance and now has annual sales of $ 3.5 billion.
Joseph owns 34% of the publicly traded insurance company. He has net worth of $ 1.7 billion.
8. Henry Engelhardt
- Forbes Billionaire Ranking 2021: 1,961 *
- Net worth: $ 1.6 billion *
Henry Engelhardt founded the Admiral Group in 1993. The company has since grown into one of the giants in the industry, offering a range of auto and home insurance policies. The company is also involved in creating the UK’s first insurance comparison website.
Admiral is based in Cardiff, Wales, and has offices in the United States, France, Italy and Spain. The company’s American brands include Elephant Auto Insurance and Compare.com.
Engelhardt is valued at $ 1.6 billion. In May 2016, he stepped down as CEO of the company, but continues to be active in the company, supervising senior managers and taking part in the recruitment of MBAs.
* Figures will be updated as of December 9, 2021