Gallagher Q2 results boosted by brokerage
US-based broker Arthur J Gallagher has increased revenues and reported a jump in earnings in its brokerage business and in the group earnings.
Adjusted organic revenues in the brokerage segment grew 5.9 percent year on year to $938.6 million in the second quarter of 2018.
Reported net earnings in the segment were up 55 percent year on year at $127.5 million.
Overall, the group’s net earnings grew to $123.7 million in the second quarter of 2018 from $78.3 million in the same period a year ago. At the same time, revenues before reimbursements expanded to $1.63 billion from $1.45 billion over the period.
“We delivered another outstanding quarter of operating performance and are optimistic about the remainder of the year,” said CEO J. Patrick Gallagher, Jr.
“During the second quarter, we generated double-digit revenue growth, organic revenue growth of 6.6 percent within our core brokerage and risk management segments, completed 12 mergers for nearly $150 million in annualized revenues, expanded margins and grew total company earnings per share,” said J. Patrick Gallagher, Jr., Chairman, President and CEO.
“Our second quarter renewal data and our mid-year internal insurance rate survey suggest P&C pricing is up in nearly all lines and most geographies.
More than 75 percent of our survey respondents expect to see modest rate increases continue through the rest of 2018. Modest rate increases, combined with global exposure unit growth, continues to be a favourable back drop for our talented production team to outperform,” Gallagher, Jr. added.
Get all the latest re/insurance industry news with our daily newsletter - sign up here.
More of today's news
Marsh restructures business to free capital for investments
Tokio Marine specialty unit reveals new CEO replacing Williams
Aon reinsurance expands 8% organically in Q2
The Hartford P&C underwriting boosts Q2 earnings
Munich Re hires Hennessy for US specialty expansion
RGA’s US group business ‘disappoints’ in Q2
IUA unveils new contract continuity clause for 'no-deal' Brexit
Already registered?
Login to your account
If you don't have a login or your access has expired, you will need to purchase a subscription to gain access to this article, including all our online content.
For more information on individual annual subscriptions for full paid access and corporate subscription options please contact us.
To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.
For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk
Editor's picks
Editor's picks
More articles
Copyright © intelligentinsurer.com 2024 | Headless Content Management with Blaze