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CFO Douglas Howell told analysts that the giant broker currently has $4bn to spend on M&A opportunities over the next four years. -
The CEO said he so far had seen no slowdown of business moving into the non-admitted channel.
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The consolidated organic growth number was Gallagher’s best of the year, and a sharp increase from its 2.6% growth level a year ago.
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The carrier’s 88.2% combined ratio was its lowest since at least 2007; it also boosted GWP by 25%.
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Rates across Axis’s insurance book rose by 14% in 2021, roughly matching the 14% rate increases Axis said it achieved across its insurance portfolio in 2020.
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The executive also said that in many cases, the increases in ceding commissions that buyers were looking for were “too much”.
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The broker went on a hiring spree in 2021, a year that also saw the business post its best-ever results.
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CEO and president Dan Glaser hailed 2021 as the finest year in the company’s history.
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Gross written premiums were up 12% to $337mn, a slowdown from the roughly 18% growth reported in Q3.
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The company lowered its full-year core loss ratio 2.6 points to 55.1% and posted a $266mn full-year underwriting gain.
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The firm reported positive earnings results, but the GDP outlook could pose tough comps.
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Casualty premiums grew 48% and the company raised $663mn in new capital for its alternative capital vehicles.
