BGC Partners has announced a 11% increase in its insurance brokerage revenues for the second quarter of 2020.
The insurance segment contributed $45.7 million to its $519 million overall revenue.
BGC’s subsidiaries include London brokers Ed and Besso.
The company said insurance brokerage business growth was driven by previously hired brokers and salespeople ramping up production, as well as favourable pricing trends for renewals.
Commenting on the impact COVID-19 has had on business, Howard W. Lutnick, Chairman and Chief Executive Officer of BGC, said that results were adversely impacted by continued dislocation.
“Our overall second quarter 2020 revenues would have been over $7 million higher, but for the relative strengthening of the US dollar.
“Over time, we expect the significant increases in global debt issuance to overcome the effects of quantitative easing and to be a long-term tailwind for our rates and credit businesses.”
The company added that it expects its insurance brokerage business to be profitable next year.