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Arthur J. Gallagher & Co. on Thursday reported $2.01 billion in total revenue for the third quarter, a 15.1% increase over the year-earlier period.
U.S. retail business property/casualty operations’ organic growth remains strong, from new business and a solid, high retention rate that is consistent with last year’s record, said J. Patrick Gallagher Jr., the brokerage’s chairman, president and CEO.
The broker reported net income of $309.4 million, a 12.3% increase over last year’s third quarter.
Its core brokerage unit reported a 20.1% increase in revenue, to $1.74 billion.
The brokerage completed seven mergers in the quarter, totaling about $60 million in annualized premium.
The company reported a 7.8% increase in total organic commissions, fees, supplemental revenues and contingent revenues. Mr. Gallagher said during the call, for Gallagher’s property/casualty operations, its U.S. retail business posted 9% organic growth.
Discussing the January reinsurance renewals, Mr. Gallagher said, although results will vary depending on factors including geography and line of business, peak zone property cat rates are moving higher and terms and conditions becoming tighter.
“While we have not witnessed the impact of the hurricane’s spillover to nonproperty lines yet, it is possible that that could happen,” he said.
The amount of property reinsurance capacity available “remains an open question,” he also said.