Reinsurance broker Gallagher has reported 35% growth in net earnings across the company during Q2 2022, ending the period with $53 million of annualised revenue.
Patrick Gallagher, Jr., Chairman, President and CEO, said: “We had an excellent second quarter! Our core brokerage and risk management segments combined to post 22% growth in revenue, including nearly 11% organic revenue growth and approximately $240 million of acquired rollover revenues; net earnings growth was 35%; adjusted EBITDAC growth was 23%; and adjusted EPS growth was 19%.”
During the quarter, the company also completed nine new “tuck-in” mergers. Almost all lines of coverages saw renewal premium increases equal to or higher than first quarter, with professional liability the lone exception.
Second quarter global property and casualty renewal premium increases of 10.5% were above Q1 2022 and Q4 2021 levels.
The company does not give separate figures breaking down UK-specific results, but Simon Matson, UK Chief Executive, said the Q2 organic growth of 8% was “an excellent achievement with great new business growth and double digit organic in our specialty division”.
Commenting on the general economic situation, Gallagher said: “Combined with a strong labour market, which is favourably impacting our human resource and benefits consulting business and our claims management operations, we are not seeing meaningful signs of an economic slowdown.”
