Gallagher UK and Ireland posts 6% organic growth for Q1 2024

International broker Gallagher’s UK and Ireland division posted organic growth of 6% for the first quarter (Q1) of 2024.

The broker’s specialty division, which is headquartered in London, also posted organic growth of 10% for Q1.

That was according to a statement from Michael Rea, chief executive of Gallagher’s UK broking and underwriting business, who spoke as the broker released its full results for Q1 2024. 

Rea said: ”The teams in specialty 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.”

He added: ”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.”

Internationally, the Gallagher group posted a Q1 2024 revenue figure of £2.24bn ($2.83bn), which rose from £1.9bn ($2.38bn) year-on-year.

M&A update 

Commenting on Gallagher’s UK M&A strategy, Rea also explained that while “it has been a quieter three months for M&A” the broker was currently working on a number of “well advanced conversations” that it expected to progress over the remainder of the year. 

He added that Gallagher UK had employed 250 new staff in Q1 this year.

And providing an update on Pen Underwriting, Gallagher’s managing general agent, Rea said: ”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.”