Commenting on Gallagher’s UK broking and underwriting results for Q4 and overall in 2022, Simon Matson, EMEA CEO said: “Our performance in the last quarter of 2022 was excellent with Gallagher’s UK business delivering very strong organic growth at 17%. This was driven by continued new business growth and excellent retention of existing clients and builds on the 15% organic figure we announced in October 2022.
“Our Retail division continues to look after the insurance and risk management needs of a broad range of both businesses and individuals from our branch network across the UK and Ireland and delivered strong organic revenue growth for the year. Ireland has been a particular focus for M&A in the latter part of 2022 and in early January we announced the acquisition of First Ireland, making us one of the biggest brokers in Ireland, and providing us with an effective springboard for further growth.
“Our Specialty division had an excellent quarter and capped off an exceptional performance over the course of the year. In terms of particular successes, Q4 is always a busy time for our aerospace practice with many renewals taking place and the team has done an outstanding job in winning new clients and retaining existing customers in a challenging market. Construction and property & casualty also delivered first-rate performances in terms of organic growth.
“Pen Underwriting continued to build on its strong performance in the first nine months of the year and a key initiative for the last quarter was rolling out our strategic partnership with Paladin Cyber to arm brokers and their clients with practical cyber risk management tools that will bolster their resilience to cyber-attacks. Cybercrime continues to be a major risk to UK businesses and these sorts of risk management tools are increasingly important for firms to prevent them from falling victim to an attack. Overall the Pen business is on is firmly on track to achieve its strategic ambition to be a £1bn GWP by 2026.
“We continue to attract the very best talent in the insurance sector to Gallagher and in 2022 we welcomed 1600 new colleagues to our UK team.
“I am exceptionally grateful for the hard work of all of employees based in the UK. Our business goes from strength to strength and we remain focused on providing our clients with a great service and maintaining our unique culture that I believe sets Gallagher apart from our competitors.”