Gallagher outlines Q3 2023 financial results
Gallagher outlines Q3 2023 financial results | Insurance Business America
Insurance News
Gallagher outlines Q3 2023 financial results
Leadership changes also announced
Insurance News
By
Terry Gangcuangco
Arthur J. Gallagher & Co. has published its financial results for the three months ended September 30, 2023.
Metric
Brokerage Q3 2023
Brokerage Q3 2022
Risk management Q3 2023
Risk management Q3 2022
Total company Q3 2023
Total company Q3 2022
Revenues before reimbursements
US$2.12 billion
US$1.74 billion
US$331 million
US$275.5 million
US$2.45 billion
US$2.01 billion
Net earnings / (loss)
US$339 million
US$282.5 million
US$41.5 million
US$26.9 million
US$283.2 million
US$256.3 million
EBITDAC*
US$611.5 million
US$488.5 million
US$66.8 million
US$47.3 million
US$606.1 million
US$508.7 million
*Net earnings before interest, income taxes, depreciation, amortisation, and the change in estimated acquisition earnout payables
Gallagher chair, president, and chief executive J. Patrick Gallagher, Jr. had this to say: “We had an excellent third quarter. Our core brokerage and risk management segments combined posted 22% reported revenue growth, 10.5% organic revenue growth, a 15.5% reported net earnings margin, and we improved our adjusted EBITDAC margin by 78 basis points.
“Also during the quarter, we completed 12 new mergers with approximately US$57 million of estimated annualised revenue.”
Leadership changes
In addition to the brokerage’s financials, senior leadership appointments were also announced. Starting next year, Thomas J. Gallagher will serve as president; Patrick M. Gallagher, executive vice president and chief operating officer; and J. Patrick Gallagher, Jr., chair and CEO.
The soon-to-be ex-president commented: “These appointments will better position us for the next phase of growth as we continue to seize new opportunities.
“Our entire senior leadership team has always been focussed on how we capitalise on market opportunities, respond to changes in client expectations, identify merger opportunities, and work more closely with our carrier partners. This same team of leaders remains deeply committed to and enthusiastic about Gallagher’s promising future.”
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