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Arthur J. Gallagher & Co. on Thursday reported $2.67 billion in total revenue for the first quarter of 2023, a 14.4% increase over the same period a year earlier.
The broker reported $716.8 million in net income, a 14.4% increase over 2022’s first quarter.
The company’s core brokerage unit reported $2.38 billion in revenues for the quarter, a 14.1% increase over the comparable period.
The broker closed 10 acquisitions during the quarter, with estimated annualized revenues of $69 million, which compared with five during last year’s first quarter.
“We had an excellent first quarter to start the year,” said J. Patrick Gallagher Jr., chairman, president and CEO of Gallagher, on a conference call with analysts late Thursday.
“Most lines are trending similar to previous quarters” with the exceptions of public company directors and officers liability, where renewal premiums “are down a bit,” and property renewals, where premium increases are accelerating, he said.
“Our clients continue to feel cost pressures here due to rising replacement values, increasing frequency and severity of weather-related events and hard reinsurance conditions,” Mr. Gallagher said.
He said he does not see signs that these loss costs and profitability pressures “are likely to abate in the near term.”
“There’s good reason to expect a cautious underwriting stance from carriers for the foreseeable future,” as they contemplate their view of loss costs, he said.
Mr. Gallagher said he expects pricing to increase throughout this year, and likely into 2024.