.
Gallagher enjoyed a strong start to the year as its turnover smashed through the billion dollar barrier for the first three months of the year.
Revenues were up 11% to $1bn compared to $907.2 in the first quarter of last year.
The Chicago-based broker also grew earnings 15% from $193.2m to $222.7m.
Ebullient chief executive Pat Gallagher praised the broker’s ‘thriving’ culture following the results (below).
| 2016 Q1 | 2015 Q1 | % change | |
|---|---|---|---|
| Revenues | $1bn | $907.2m | 11% |
| EBITDAC | $ 222.7m | $193.2m | 15% |
| Earnings per share | 0.34$ | 0.27$ | 26% |
| Organic growth | 4.8% |
Gallagher said: “The current domestic rate environment is rational and we are seeing some early signs of cycle-bottoming in select geographies outside the U.S.
“We believe the P&C insurance marketplace is favorable for our clients and is allowing our producers to demonstrate our expertise and value-added service.
“Integration of our larger deals remains on track and should be largely complete by year end and our bolt-on merger strategy continues to add value for shareholders.
“Lastly, our culture is thriving, demonstrated by being selected as a World’s Most Ethical Company for the fifth year in a row by the Ethisphere Institute.
“We are hitting on all cylinders around the world and successfully executing our strategies.”
The results did not include details on UK broking.
The UK results were flat last year. However, Gallagher said in a February conference call that flat organic growth was an ‘accomplishment’ considering all the integration taking place.
No comments yet