Michael said: “We continue our positive trading and in the second quarter of 2024 our Specialty division delivered organic growth of 10% and our UK & Ireland Retail Division delivered 7%. These results mirror our Q1 performance and demonstrate good momentum throughout the year to date.
“Within our Specialty division our organic growth remains strong with our marine and energy teams, in particular, continuing their strong performances into the second quarter. There is plenty of competition for business amongst insurers across almost all classes, which is positive news for both our customers and our teams, who have a good level of choice on which carriers to use. In addition, we have made good progress on our climate risk related offerings this year launching both a parametric centre of excellence and a carbon insurance solutions unit, positioning us well for customers who are looking to mitigate climate related exposures
“For our UK & Ireland Retail division we have continued to achieve good organic growth which is a solid result given the trading environment for many of our clients. New business has been particularly strong in 2024 and this has continued in Q2, with trailing new business volumes up 19%. We start the third quarter with Nick Harris in place as CEO of our Retail Division and we are delighted he has joined Gallagher to lead this core part of our business.
“Pen Underwriting continued its international expansion during Q2 with the acquisition of Wrightway Underwriting, one of Ireland’s largest MGAs specialising in providing motor and liability insurance solutions to the transportation and haulage sector, plus underwriting light commercial vehicles, plant and machinery, non-standard household risks and private motor classes. This marks Pen’s first on-the-ground presence in Ireland and this addition, coupled with the acquisitions last year, mean nearly a third of Pen’s revenue now originates from outside the UK.
“We have welcomed 230 new colleagues in the last three months, building on our fantastic team in the UK & Ireland and I am delighted to welcome them all to Gallagher.
“Our number one priority is looking after our clients, whatever challenges or opportunities they are facing, and providing risk management and insurance solutions to protect them against the risks they face.”