Arthur J. Gallagher & Co. reported total sales of $ 1.74 billion for the third quarter on Thursday, an increase of 15.3% over the same period last year.
Gallagher's Nuclear Brokerage Unit reported revenue of $ 1.5 billion, an increase of 14.2%.
"We are experiencing a positive revenue movement" and see encouraging signs for the rest of the year and for 2022, J. Patrick Gallagher Jr. , said the President, President and CEO, during a conversation with analysts on Thursday.
The property / accident market will remain difficult, with interest rate hikes that will continue "for a while" and no significant changes are expected, he said.
"I just see no dramatic change in the foreseeable future," he said. Mr. Gallagher.
Mr. Gallagher said the company completed five brokerage mergers during the quarter, accounting for $ 1
During the conference call, Gallagher's agreement, announced in August, to acquire Willis Towers Watson's reinsurance brokerage business was also discussed in a purchase price agreement. which could rise to $ 4 billion.
Mr. Gallagher said the deal is nearing completion in the fourth quarter. "There is very little, if any, overlap. We do not compete head-to-head, really, if much, if at all," says Mr. Gallagher. There are no major renewals in the Treaty book that are in conflict. and the Willis Re-team "is getting started with a new, improved, much expanded Gallagher Re" that provides "enormous additional capabilities", he said.
Mr Gallagher also said that "there has been very little wear and tear" on Willis Re since the announcement of the deal.