Commenting on Gallagher’s UK & Ireland’s results for Q1 2024, Michael Rea, UK CEO said: “We continue our positive trading and in the first quarter of 2024 our Specialty Division delivered organic growth of 10% and our UK & Ireland Retail Division delivered 6%.

“The teams in our Specialty Division all have good momentum, with strong retention and an encouraging pipeline of new business especially in marine and energy. Over the last three months our specialist teams offering advisory services and cover for political risks and crisis management have seen a significant uptick in business as clients look to protect their exposures, reflecting continuing economic and political instability.

“Our team of over 4,000 colleagues operating from our network of offices in our UK & Ireland Retail Division have delivered solid organic growth across the board. Over the last few months, we have expanded our high net worth affinity partnerships and invested in our proposition which is bearing fruit. Our strategic banking relationships with firms such as Lloyds Banking Group and Natwest, through which we support their clients with insurance solutions, continue to go from strength-to-strength and create significant growth opportunities.

“Pen Underwriting continues its positive trajectory and we recently announced a long-term capacity deal with SirusPoint in the specialist housing association sector enabling the team to write more than £150million in premiums. This is a great example of what Pen does best - non-standard and difficult-to-place risks supported by in-house claims expertise.

“It has been a quieter three months for M&A however we have a number of well advanced conversations which we expect to progress over the reminder of the year. We continue to grow our team in the UK and over 250 new colleagues joined Gallagher in the first three months of the year. Our team continues tobe totally focused on supporting our clients and with this positive start, we are well positioned for another good year in 2024.”

For more info results statement is here.