Global broker Arthur J Gallagher has posted a solid first-quarter result, lifting net profit 44% to $US40.5 million ($39.47 million) for the three months to March 31.

Chairman, President and CEO Patrick Gallagher says the company “had an excellent start to 2013”.

The profit hike followed an increase in total revenues of 23% compared to the first quarter of last year, to $US674.1 million ($657 million).

Revenues from broking were up 18% to $US454.4 million ($442.83 million), while the risk management division posted a 9% increase in revenues for the quarter to $US153.6 million ($149.69 million).

“In the first quarter, we saw carriers continuing to ask for rate increases and our clients being cautiously optimistic about their business prospects,” Mr Gallagher said. “Across the board, our operating units showed solid organic growth and improved margins.”

The company also announced its latest acquisition, of UK real estate specialist broker Property & Commercial Limited, whose business includes retail and wholesale broking. 

“This transaction is a continuation of our acquisition strategy to further enhance our presence and add depth to our UK distribution platform,” Mr Gallagher said.