Insurer Arthur J Gallagher had core brokerage and risk management segments combined to post 12 per cent reported revenue growth in the first quarter, according to newly released financial statements.

The firm also had 9.7 per cent organic revenue growth, 12 per cent growth in reported net earnings, and 15 per cent growth in adjusted earnings before earnings before interest, tax, depreciation, and amortisation. They also improved their adjusted EBITDA margin by 29 basis points.

J Patrick Gallagher, chairman, president and chief executive officer of Arthur J Gallagher said: “We had an excellent start to 2023.”

He said first quarter primary insurance market conditions were overall consistent with 2022 with renewal premiums up more than 9 per cent.

“The property reinsurance market is very hard and we are seeing tighter terms and conditions across a broader range of territories, even into casualty reinsurance lines,” he said. “And, we continue to see growth in our customers’ exposure units and payrolls.”

He expected insurance and reinsurance pricing increases to continue throughout 2023 and beyond.

“Our talented team will leverage our expertise, data and insights to help clients with these challenging insurance market conditions,” he said.

He said they were well positioned for the rest of the year.