Earnings

The group will look to deliver more integrated solutions to clients through increased tech spend, and will look to scale back headcount.

The unit almost doubled its organic growth rate from 11% in Q2, while in Q1 the division posted 12% organic growth.

Excluding both pending acquisitions, Gallagher has around 45 term sheets signed or being prepared, representing more than $450mn of annualized revenue.

AJ Gallagher posts 10.5% Q3 organic growth, lower sequentially but up year-on-year

As of 14:00 ET, the broker’s stock stood at $232.24 per share, 11.9% higher than the previous close of $207.74.

The broker’s Q3 organic growth was driven by specialty lines, including fac financial solutions, natural resources, surety, construction and aviation.

This year, casualty pro-rata rates overall moved about 1 point, Everest’s Jim Williamson added, noting other deals in H2 where the numbers moved more than that.

WTW said that new staff were ramping up revenue production, following a period of investment in talent.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

The company’s Q3 cat losses fell 77% to $170mn, compared to $730mn in the prior year quarter.

The executive said that NA financial lines rates and pricing in aggregate were down 4.8% and 3.8%, respectively, in Q3 as Chubb is trending financial lines loss costs at 4.7%.

Strong pricing and stable loss costs yield solid results for the early reporters, but social inflation could turn the tables during the course of this earnings season.