Several global brokers have expressed confidence in their ability to continue growing after a challenging first quarter.

Aon increased net revenue by 38% to $US246 million ($224.9 million) in the quarter to March 31 on revenue growth from retail broking and consulting operations, as well as savings gained from human resources consultancy Aon Hewitt.

Total revenue grew 45% to $US2.8 billion ($2.5 billion), and Aon President and CEO Greg Case says the group is on track to deliver growth this year. He says while economic conditions remain challenging globally, “we are optimistic about the underlying strength of our business”.

Arthur J Gallagher reported earnings before interest, tax and depreciation of $US71.3 million ($65 million) from its broking and risk management operations for the quarter. Revenues were up 12% to $US446.9 million ($409.5 million) and Chairman J Patrick Gallagher says the results came despite “the soft pricing environment and an economy still trying to recover”.

JLT management made a statement prior to the company’s annual meeting in London last week saying its year has started positively, “with increased contributions from our businesses in the faster growing economies and, in particular, a number of notable new accounts won in Asia”.

The company says recent natural catastrophes are not expected to materially alter the levels of capital available in the market. 

“Consequently, the general rating environment remains competitive, although resistance to rate reductions is now being felt and we are seeing some hardening of rates for certain types of catastrophe risks.”