Arthur J Gallagher’s brokerage arm increased revenue by 22% in the fourth quarter, with Chairman and CEO J Patrick Gallagher citing growing optimism about economic recovery in the US and UK.

“We are hearing our clients speak more of growth and opportunity than we have in years,” he said.

The group increased profit by 37% to $US268.6 million ($306.81 million) last calendar year, on revenue growth of 26% to $US3.18 billion ($3.63 billion).

Brokerage revenue was US590.8 million ($674.34 million) for the fourth quarter. It grew 18% for the year to $US2.14 billion ($2.44 billion).

Risk management revenue for the year was up 8% to $609.5 million ($695.68 million).

Mr Gallagher says the brokerage arm completed 13 acquisitions in the fourth quarter.