’We are in fantastic shape for our busy last quarter of the year,’ says chief executive
Gallagher has revealed that it managed to grow its Speciality and UK and Ireland Retail divisions during the third quarter of 2023.
In a statement published today (27 October 2023), the broking giant said the two units saw organic growth as a result of “new business wins, strong retention of existing clients and inflation driving an increase in insured values which is being reflected in premiums”.
The firm said its Specialty arm grew by 18% between July and September this year and had been going from “strength to strength”.
“All the teams have played their part with standout performances from property and casualty, energy and aerospace this year so far,” Simon Matson, Emea chief executive of Gallagher, said.
He also revealed that the UK and Ireland Retail division saw 7% organic growth, while it also increased its personal lines proposition due to its acquisition of Lifesure earlier this year (6 September 2023).
Lifesure provides personal lines insurance broking services to the holiday and leisure sector, including park homes, motorhomes, caravans and leisure home insurance.
“From an M&A perspective, we were very pleased to expand our personal lines proposition with the acquisition of Lifesure and its team of 50 people operating in the motor home, caravan and park home space,” Matson said.
“We continue to grow our team ensuring our clients have access to the very best people in the market and over the last three months a further 300 recruits have joined our UK and Ireland operations, meaning since the start of the year nearly 1000 new colleagues have joined our UK business.
“We are in fantastic shape for our busy last quarter of the year and the team remains focused on doing a great job for our clients.”
Matson provided the UK and Ireland update after the wider group published its results for the nine months to September 2023 yesterday (26 October 2023).
It showed that revenue from its broker business increased from $5.6bn (£4.62bn) to $6.59bn (£5.43bn) year-on-year.
Patrick Gallagher, Jr, chairman, president and chief executive, said the firm had an “excellent period”.
“Looking ahead, our growth opportunities are immense and with continued insurance and reinsurance price increases, economic growth, increasing geopolitical tensions and a growing appreciation for risk, I believe our team is in a great position to provide our clients with superior insurance and risk management solutions,” he said.
“I am very pleased with our third quarter performance and excited about our long-term growth prospects.”
His career began in 2019, when he joined a local north London newspaper after graduating from the University of Sheffield with a first-class honours degree in journalism.
Now working within the insurance sector, James has a particular focus on motor, M&A activity and financial reporting.View full Profile