Arthur J Gallagher reports jump in revenue driven by brokerage and risk management performances
US insurance broker Arthur J Gallagher has posted 10 per cent growth in revenue for the final quarter of 2015, up to $1.03bn (£715bn) from $938.4m in the same period of 2014.
For the full year, revenue was up 17 per cent, from $3.5bn to $4.1bn.
The Illinois-based company, which has its UK headquarters in the City's Walbrook Building, made 15 acquisitions within its brokerage segment during the final quarter of last year, helping to push the division's revenue up by 11 per cent to $852m from $771m.
The firm has expanded its presence in the UK market over recent years, with a number of purchases.
During the third quarter of 2015, Gallagher settled litigation against "certain former UK executives and their advisors" – including David Ross, former chief executive officer of Arthur J Gallagher International – for a pretax gain of $31m ($22.3m net of costs and taxes).
The group said "incremental expenses that arose in connection with this matter will result in after-tax charges of approximately $4.5m per quarter" until 30 June 2017.
"We had a strong quarter to finish an excellent year," said J. Patrick Gallagher, Jr., chairman, president and chief exec. "Finally, our culture is thriving around the world."
Shares in the group were up by 0.08 per cent in after hours trading.