Lockton’s reinsurance business, Lockton Re, has seen a double-digit organic growth, contributing to the growth in global revenue to $3.1 billion for FY23.
The independent insurance broker has reported revenue growth of 17% on a constant currency basis, with reported organic revenue growth at 16% for its fiscal year ending April 30, 2023.
The global revenue reported by Lockton grew $400 million from the $2.7 billion the firm reported in fiscal 2022. Revenue growth metrics are presented on a constant currency basis, the broker noted.
“The company’s strong FY23 revenue growth was posted while lapping record organic revenue growth of 27% in the prior fiscal year. Lockton’s US operations, international operations and global reinsurance business all posted double-digit organic growth, exemplifying the strength of an increasingly diversified platform,” the firm stated.
According to Ron Lockton, Executive Chairman, private ownership and its long-term strategy were the main drivers of double-digit growth for Lockton.
“Our continued commitment to a lower margin and reinvesting in client resources, talent and culture, drives great momentum and opportunity for our people. This growth is a direct outcome of the passion our teams exhibit for bringing the best solutions to clients,” said Lockton.
In FY23, Lockton expanded its geographic footprint with new offices in Colombia, Oman, and Sweden, and bolstered its presence in Brazil with the recent acquisition of THB Brazil.
This was in addition to significant investments and recruiting of top talent in cyber, Private Risk Solutions, marine and financial services solutions.
Additionally, Lockton’s benefits practice also transitioned to People Solutions reflecting Lockton’s holistic approach to helping clients be more successful by making their employees’ lives better, the firm noted.
Peter Clune, CEO, commented: “Jack Lockton founded Lockton Companies in 1966 and believed that intense client focus, creating a caring culture, empowering people and remaining private would combine to create a special place for clients and exceptional talent.
“Our exponential growth is a result of us staying true to his business philosophies combined with the will of our people.”
