Commenting on Gallagher’s UK and Ireland broking and underwriting results for Q2 2023 Simon Matson, EMEA CEO said: “We have had another fantastic quarter in Q2 with all our trading divisions growing organically.
“Our Specialty division achieved organic growth of 19%, building on the 17% achieved in Q1, which is an outstanding performance so far in 2023. Our UK & Ireland Retail division achieved 11%, adding to the 7% in Q1, which is also a fantastic achievement. This growth was as a result of both new business wins and retention of existing clients.
“The growth in Specialty was shared across multiple teams with standout performances in our aerospace, property & casualty, construction and energy teams. Our aerospace practice further benefitted late in the quarter from the recruitment of a number of talented producers from a competitor in the manufacturing and infrastructure segment.
“Retail, operating from our large branch network across the UK and Ireland, achieved its best ever trading quarter continuing to expand its client base with particularly notable growth amongst mid to large corporate clients. We have refreshed our high net worth proposition joining our various specialisms together to provide a full service offering to our clients in this space.
“Pen Underwriting has continued investing in its marine specialism this quarter, building quickly on its April entry into the sector with a second acquisition, Norwegian MGA Fender Marine. Pen has also bolstered expertise in this area with a succession of senior hires our marine specialist subsidiaries Freeboard Maritime and Vessel Protect.
“Outside of this acquisition it has been a quieter three months for M&A for our business; however we have several well advanced conversations with some high quality potential merger partners.
“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 colleagues have joined our UK and Ireland operations. Our business continues to go from strength to strength and I would like to thank my colleagues for their continued commitment to our clients."
