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.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
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