Re/insurance broker Lockton has posted $1.72 billion in revenue for the 2019 fiscal year, a 10.3% increase from 2018.
The successful expansion earlier this year of its global reinsurance business, Lockton Global Re, was described by its Chief Executive Officer Timothy Gardner as a critical pillar of Lockton’s long-term growth strategy.
Notably, these latest results mark the 53rd consecutive year in which Lockton has grown its revenue.
“As more companies in the industry turn to consolidation, our results show that our freedom as a private company is rocket fuel for growth,” said Ron Lockton, President and CEO.
“Our commitment to staying independent creates long-term value for our clients and Associates.”
In the US, Lockton posted organic growth of more than $130 million, an 11% increase over the previous fiscal year.
Property and casualty grew revenue 10% year-over-year, while the employee benefits business increased by 13.3%.
“This is the best financial year in the history of our company, and we are proud to accomplish that growth organically,” said Peter Clune, EVP, US President and Chief Operating Officer.
“Lockton empowers our Associates and Producers with the freedom to always do the right thing for our clients. Our growth is the result of the amazing effort by our teams.”
Lockton International posted 8.3% growth for the fiscal year, following last year’s double-digit growth.
“Our international business has solid natural momentum,” said Neil Nimmo, CEO of Lockton International.
“We made significant investments in talent during FY19, including the build out of Lockton Global Re, that set the stage for our continued growth.”
David Lockton Chairman of Lockton Inc., added, “These are very exciting times. Lockton is making strategic investments around the globe to serve our clients and position ourselves for long-term, sustainable growth with the best culture in the industry.”