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Arthur J. Gallagher & Co. reported higher revenue in the third quarter of 2018 amid continued acquisition activity and reported signs of modest increases in property/casualty rates.
In its core brokerage unit, Gallagher reported $1.0 billion in revenue for the third quarter of 2018, an 11.8% increase over the same period last year, according to the earnings statement released on Friday.
Gallagher’s risk management segment, which includes third-party administrator business Gallagher Bassett Services Inc., reported revenue of $199.1 million for the third quarter, up 4.5% over the 2017 period, according to the statement.
The brokerage completed 10 tuck-in mergers with about $75 million of annualized revenues, bringing its year-to-date acquisition total to 29 mergers with about $250 million of annualized revenues, J. Patrick Gallagher Jr., chairman, president and CEO, said in the earnings statement.
“My recent meetings with insurance carriers and our business leaders around the globe confirmed that we continue to operate in an increasing (property/casualty) rate environment,” he said. “Our internal data indicates modest (property/casualty) rate increases and continued growth in exposures units and payrolls across almost all geographies.”
Revenue for the core brokerage unit rose 11.1% to $3.2 billion for the first nine months of 2018, while revenue for the risk management segment increased 8.6% to $596.1 million, according to the earnings statement.
2017 brokerage revenue: $4.54 billion