Commenting on Gallagher’s UK and Ireland broking and underwriting results for Q3 2023 Simon Matson, EMEA CEO said: As we head towards year-end, we had another quarter of strong performance in Q3 with all our trading divisions delivering organic growth.
“Our Specialty division achieved organic growth of 18%, which is similar to both previous quarters in 2023 and our UK & Ireland Retail division achieved 7% organic, adding to the 11% in Q2. This growth was as a result of new business wins, strong retention of existing clients and inflation driving an increase in insured values which is being reflected in premiums.
“Our Specialty division goes from strength to strength and year-to-date organic growth has been impressive. All the teams have played their part with standout performances from property & casualty, energy and aerospace this year so far. Pricing competition varies, with certain classes seeing high levels of insurer appetite, notably in financial lines such as D&O, cyber and professional liability. Despite this in aggregate rates continue to rise across our client base, meaning the search for the best outcomes for our clients remains imperative in every negotiation.
“Our UK & Ireland Retail division has had a strong trading quarter with 7% organic growth. From an M&A perspective, we were very pleased to expand our personal lines proposition with the acquisition of Lifesure and its team of 50 people operating in the motor home, caravan and park home space.
“Pen Underwriting continues to make excellent progress towards its goal of becoming a £1bn GWP underwriting and distribution business with more than a quarter of its business now emanating from overseas, having extended its geographic footprint beyond the UK earlier this year and established a platform for wider international expansion. In the UK, Pen’s focus remains on delivering organic growth and adding complementary capabilities through the acquisition of niche businesses and key strategic hires.
“We continue to grow our team ensuring our clients have access to the very best people in the market and over the last three months a further 300 recruits have joined our UK and Ireland operations, meaning since the start of the year nearly 1000 new colleagues have joined our UK business. We are in fantastic shape for our busy last quarter of the year and the team remains focused on doing a great job for our clients.”
