Commenting on the results, Michael said:: “Our organic growth in the final quarter of 2023 was extremely positive with our Specialty Division achieving 16% and our Retail Division delivering 8%.

“Our Specialty Division had an excellent quarter, capping off an outstanding year. Q4 is always a busy time for our Aerospace Practice and the team has done a superb job in winning new clients and retaining existing customers. In fact, all six key trading teams; Energy, Aerospace, Construction, Financial Lines, Property & Casualty and Marine grew their businesses over the last 12 months so a stellar year all-round for this part of the business.

“Our 4,000 colleagues operating in our UK & Ireland Retail Division achieved strong organic growth despite the economic headwinds facing many of our clients. During 2023, we continued to our acquisition journey adding four more firms to Gallagher and building on our specialisms in Education, Leisure and our expanding business in Ireland.

“In the last quarter of the year, Pen Underwriting launched its first presence in Lloyds, initially focused on marine risks but will over time diversify into other lines of business that have Lloyd’s distribution. In addition, Pen launched a new intellectual property insurance proposition bringing additional underwriting expertise to a limited market where risks and exposure are increasing. Earlier in the year, Pen expanded into new international territories with the acquisition of Norwegian firm, Fender Marine, with continued international growth set to be a theme in 2024.

“We continue to attract the very best talent in the insurance sector to Gallagher and in 2023 we welcomed over 1200 new colleagues to our UK team. I am exceptionally grateful for the hard work of all of our colleagues. Our team in the UK and the fantastic culture we have at Gallagher is key to our success and I look forward to continuing to grow our business and doing the right thing for our clients in 2024.”