Broker Gallagher posted higher earnings in the fourth quarter, lifted by premium rises at renewals. 

Total brokerage and risk management net earnings, as adjusted, grew to $US490.7 million ($753 million) from $US391.9 million ($601 million), and revenues before reimbursements, also on an adjusted basis, grew to $US2.39 billion ($3.7 billion) from $US2 billion ($3.07 billion). 

“We had a strong fourth quarter to wrap up another fantastic year,” Chairman and CEO J. Patrick Gallagher Jr said. 

He says Gallagher’s core brokerage and risk management segments combined to deliver 20% revenue growth in the quarter, of which 8.1% was organic growth. 

The brokerage division posted adjusted net earnings of $US445.1 million ($683.4 million) in the quarter, up from $US357.3 million ($548.6 million) a year earlier. 

Property and casualty renewal prices increased 8.5%, similar to the 8-10% rises throughout 2022 and last year, Mr Gallagher says. 

“Insurance and reinsurance carriers continue to behave rationally, in our view, pushing for rate increases where it is needed to generate an underwriting profit. 

“Fourth-quarter 2023 positive mid-year policy endorsements and audits were ahead of last year's levels, suggesting strong customer business activity.”