Arthur J Gallagher grew revenue 22% in the second quarter of 2022, the business said in its latest results update.
J Patrick Gallagher, Jr, chairman, president and CEO of Gallagher, said the results were indicative of an “excellent 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%,” the broking boss said.
“Also during the quarter, we completed nine new tuck-in mergers with approximately $53 million of annualized revenue.”
There were global P&C renewal premium increases of 10.5%, Gallagher said, which were “above first quarter 2022 and fourth quarter 2021 levels.”
“Nearly all lines of coverages saw renewal premium increases equal to or higher than first quarter, with professional liability the lone exception,” according to Gallagher.
“Additionally, second quarter mid-term policy endorsements, audits and cancellations continue to trend more favourable than a year ago,” he 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.”