Arthur J. Gallagher & Co. on Thursday reported a 9.5% increase in brokerage revenues to $1.44 billion for the first quarter.

Total revenues increased 9% to $1.65 billion. Net earnings increased 13.3%, to $338.3 million. The company completed eight acquisitions in the first quarter, with an estimated annualized revenue of $124.2 million.

The “virus crisis is hitting our clients” at the same time rates were already going up from mid-single to near-double digits in almost all lines, with the exception of workers comp “and we see it becoming even more difficult,” said J. Patrick Gallagher, chairman, president and CEO, during the broker’s earnings call Thursday.

The property/casualty pricing environment globally is still up around 5% for casualty and 10% in property, with the lone exception to higher rates workers comp in the United States, but even that sector showed a flat to a small increase in the first quarter, Mr. Gallagher said.

Over the long term, “we do see rate continuing to increase,” although Mr. Gallagher said he does not expect to see the 50% rate hikes seen during the post-9/11 period.

“We haven’t been in a soft market, rather we’ve been in a stable rate environment for nearly a decade,” and most recently, a slightly more firm market, said Mr. Gallagher, adding he does not expect to see the soft rates of the 2004 to 2011 period.

Discussing business interruption coverage, Mr. Gallagher said there are different forms of business interruption throughout the marketplace and those forms dictate whether there is coverage. There are some coverages in the market that clearly cover pandemics, while others say there must be physical damage for there to be a covered loss.

“There’s been strong leadership from the insurance company side,” saying claims will be quickly paid when it is appropriate, but contracts are not being amended.

“We’re going to have to help our clients to go through that environment,” and if they have a rightful claim, “we’re going to do everything we can to make sure it’s paid,” Mr. Gallagher said.