Gallagher posts huge organic growth, leading to finance boss calling the growth ‘remarkable’.
Gallagher posted huge organic growth in the UK - despite rivals finding the market tough.
As reported in Insurance Times, Marsh reported EMEA underlying revenues down 2% in ‘challenging’ UK conditions.
But Gallagher today revealed an astonishing 8% organic growth in the UK.
Analysts asked why Gallagher has posted such strong growth compared to rivals who are struggling in the UK, finance chief Doug Howell said: ”I think we’re probably different in markets to some of those.
”Our speciality operation in London has done just an outstanding job of growing through a soft market.
”It’s been quite remarkable, actually. Especially the operation including our brand Alesco - they have just really, really, delivered.
“So it’s that they’ve been very strong. Our retail operations across the UK are sort of flattish, but together they had a great quarter.”
Gallagher as a group reported revenue of $1.84 billion, an 11.6% increase over comparable figures for the same period last year.
Its main brokerage segment posted $1.2 billion revenue for the first quarter of 2018 - 10.2% up on the same period last year.
Chief executive Pat Gallagher said: ”We had an excellent start 2018. During the first quarter, we delivered strong total revenue growth, excellent organic revenue growth, steady growth from our tuck-in merger and acquisition strategy and continued margin expansion. That puts us in a great position for an outstanding year.”
It comes as Marsh revealed its own results and the reasons for the management job cuts.
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