AJ Gallagher

The target had revenue of about $6mn in 2018.

The transaction, subject to further negotiations, would take the broker’s stake in the business to 100 percent.

The business will become part of Artex Risk Solutions, a unit that focuses on captive management and alternative risk transfer.

After two quarters of pouring cold water on price firming, brokers have changed their framing of the market in Q3.

The AJG CEO once again dismisses suggestions the market is "hard".

Brokers appear to be no longer resisting rate increases, but are focused on prepping clients for rate increases and training staff to sell those rate rises.

Steve Wilkinson, Milorad Piper and Wan Xin Lee have joined the broker’s aviation operation.

Private brokers continue acquisition driven growth and deliver high margins, but deferred integration costs and elevated leverage remain issues to watch.

Intermediaries appear caught between the competing pressures of results that speak to an improving market (good for their stocks) and a concern to manage market expectations to the benefit of clients.

The CEO said US retail rates were up by about 4 percent and that most due diligence for future acquisitions would be focused on culture.

AJ Gallagher’s earnings increased by 4.8 percent to $0.65 per share in Q2, as it beat analyst expectations of $0.61 per share.

In its Plane Talking report, the broker noted that rate growth in the aviation sector accelerated in the second quarter.