I know you guys are just dying to know the answer to this question, so let’s get right to it.
Audit Analytics recently came out with its breakdown of the top 20 audit firms that had the most insurance clients in 2018. Yes, the Big 4 firms took the top four spots, combining for 2,300 of the 3,946 insurance companies analyzed by Audit Analytics. That’s a whopping 58% of the market.
But there are some firms in the top 10 that may surprise you.
First, the most prestigious firm in all the land, PwC, audited the most insurance companies, with 692—nine more than in 2017. Among Papa Whiskey Charlie’s clients are Liberty Mutual, Progressive, and Chubb.
Second was EY, with 575. Among its clients are USAA and Lincoln Financial Group. BUT, the Black and Yellow bled 53 insurance company clients in 2018, the most of any firm in the top 20. Ouch! Don’t know what that’s all about.
Coming in third was KPMG, with 561—a gain of nine insurance clients over 2017. Among the clients calling the House of Klynveld their external auditor are Travelers and Alfac.
And fourth was Deloitte, with 472. However, the Green Dots made the biggest surge in picking up new insurance clients in 2018, nabbing an additional 47 companies. Among Deloitte’s clients are Allstate, Berkshire Hathaway, and The Hartford.
But if you think RSM, Grant Thornton, and BDO are the next three firms on the list, you’d be wrong. In fact, GT didn’t even crack the top 10. Coming in at No. 5 is Johnson Lambert, which specializes in providing audit, tax, and advisory services to insurance companies. In 2018, Johnson Lambert had 157 clients—10 more than in 2017. And JL has led the way among non-Big 4 firms in insurance clients for several years now.
The rest of the top 10 remains the same from last year, with BKD and Crowe edging out RSM and BDO.
Here’s the top 10, with the total number of clients and the number of clients gained or lost compared to 2017, according to Audit Analytics:
- PwC: 692 (+9)
- EY: 575 (-53)
- KPMG: 561: (+9)
- Deloitte: 472 (+47)
- Johnson Lambert: 157 (+10)
- Crowe: 85 (+3)
- BKD: 81 (-2)
- RSM: 81 (+4)
- BDO USA: 72 (+2)
- Plante Moran: 65 (+14)
Audit Analytics’ post includes firms 11-20, as well as how many property and casualty insurance companies the Big 4 audits. SPOILER ALERT: PwC audits the most P&C insurance companies, with 443, but there’s a different firm in the second spot. … Alright, it’s KPMG. Sorry, couldn’t contain myself.