New Gallagher broking and underwriting boss reveals growth across UK divisions

Gallagher UK managed to grow its specialty and retail divisions during the final quarter of 2023.

In a statement released today (26 January 2024), the broking giant said its organic growth was “extremely positive” between October and December, while acquisitions also contributed to growth during the period.

The firm said its specialty arm grew by 16% after seeing strong performances from its trading teams.

This includes those working in the energy, aerospace, construction, financial lines, property and casualty and marine spaces.

“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,” Michael Rea, UK chief executive of broking and underwriting, said.

“In fact, all six key trading teams grew their businesses over the last 12 months so a stellar year all-round for this part of the business.”

Meanwhile, the retail division grew by 8% during Q4 2023, due to both organic and inorganic growth.

It made several acquisitions during the year, including that of Lifesure in September.

Lifesure provides personal lines insurance broking services to the holiday and leisure sector, including park homes, motorhomes, caravans and leisure home insurance.

“Our 4,000 colleagues operating in our UK and Ireland retail division achieved strong organic growth despite the economic headwinds facing many of our clients,” Rea said.

“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.”

Recruitment

Gallagher appointed Rea as the new chief executive of its UK broking and underwriting business in December last year.

He said its growth came following a recruitment spree during the year, with the firm securing more than 1,200 new colleagues to the UK team.

“I am exceptionally grateful for the hard work of all of our colleagues,” Rea said.

“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.”