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  • Gallagher reports higher revenue, more market firming
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Gallagher reports higher revenue, more market firming

Adiantku 2 years ago 3 min read

Arthur J. Gallagher & Co. reported total revenue of $1.9 billion for the second quarter, a 22.2{0018ee5a413206d5867d4650a6cb0bf5e2f9c77ab1c1dc5336e75263ef8a33b4} increase over the same period last year, though organic revenue growth was lower than some of its rivals that have reported so far.

The brokerage also reported several acquisitions in the quarter, but its biggest proposed acquisition ever, which was agreed during the quarter, fell apart with Aon PLC’s decision to terminate its acquisition of Willis Towers Watson PLC. That deal had been amended to include a side agreement to sell various Willis businesses to Gallagher, in an attempt to allay antitrust concerns.

Gallagher’s core brokerage unit reported revenue of $1.39 billion, up 15.7{0018ee5a413206d5867d4650a6cb0bf5e2f9c77ab1c1dc5336e75263ef8a33b4}. Organic revenue increased 6.8{0018ee5a413206d5867d4650a6cb0bf5e2f9c77ab1c1dc5336e75263ef8a33b4}, which is lower than the double-digit organic growth reported by some rivals. Part of the reason for the lower organic growth was due to timing of the recognition of various factors affecting revenue this year, and over two years Gallagher’s second-quarter growth was likely comparable to other brokers, Douglas K. Howell, Gallagher’s chief financial officer, said on a call with analysts Thursday.

Property/casualty rates continued to rise in the second quarter, J. Patrick Gallagher Jr., chairman, president and CEO of the company, said on the call.

“Global P/C rates remain firm overall and at the same time we are seeing increased economic activity,” he said.

Second-quarter premium renewal increases were similar to the first quarter, he said. U.S. retail was up about 8{0018ee5a413206d5867d4650a6cb0bf5e2f9c77ab1c1dc5336e75263ef8a33b4}, Canada was up 9{0018ee5a413206d5867d4650a6cb0bf5e2f9c77ab1c1dc5336e75263ef8a33b4}, the United Kingdom was up 8{0018ee5a413206d5867d4650a6cb0bf5e2f9c77ab1c1dc5336e75263ef8a33b4} and Australian rates increased 6{0018ee5a413206d5867d4650a6cb0bf5e2f9c77ab1c1dc5336e75263ef8a33b4}, Mr. Gallagher said.

In its risk management business segment, which includes its claims management business, Gallagher reported revenue of $245 million, a 28.4{0018ee5a413206d5867d4650a6cb0bf5e2f9c77ab1c1dc5336e75263ef8a33b4} increase, and up close to 20{0018ee5a413206d5867d4650a6cb0bf5e2f9c77ab1c1dc5336e75263ef8a33b4} on an organic basis, Mr. Gallagher said.

The unit benefited from new business, increased workers compensation claims and “and an easier pandemic year comparison,” he said.

Gallagher reported net earnings of $201.8 million, a 24.7{0018ee5a413206d5867d4650a6cb0bf5e2f9c77ab1c1dc5336e75263ef8a33b4} increase over the same period last year.

During the quarter, Gallagher closed seven brokerage acquisitions, which are expected to generate $34.1 million in annualized revenue.

Mr. Gallagher said that while the company had been excited by the prospect of buying much of Willis’ reinsurance business and other Willis business, it has a full pipeline of smaller acquisition targets and will continue with its “tuck-in” acquisition strategy.

In response to an analyst’s question on restrictions on hiring contained in the terminated agreement to buy much of Willis’ business, Mr. Gallagher said there were some limitations contained in the agreement.

“We intend to honor those; they’re not extensive, but generally speaking we are not limited in our ability to hire general production talent,” he said.

 

 

 

 

 

 

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