Guy Carpenter CEO bullish on growth

Guy Carpenter's revenue grew 7 percent year on year on an underlying basis to $637 million in the first quarter of 2018 and the pipeline remains strong, CEO Peter Hearn said during Marsh & McLennan’s first quarter results conference call.

“We're very pleased with Guy Carpenter's performance in the first quarter,” Hearn commented.

The 7 percent underlying growth in the first quarter compares to a 4 percent increase in the same period a year ago.

“The Q1 growth benefited from a combination of continued strong new business growth, as well as from the overall rate environment. And we continue to have strong pipelines with new business opportunities throughout the year,” Hearn said.

Overall parent company Marsh & McLennan saw consolidated revenue in the first quarter of 2018 growing 4 percent year on year on an underlying basis. Operating income was $908 million in the first quarter, an increase of 21 percent from the prior year.

Risk & Insurance Services revenue was $2.3 billion in the first quarter of 2018, an increase of 3 percent on an underlying basis. Operating income was $716 million, an increase of 26 percent.

Marsh & McLennan CEO Dan Glaser, said: "We are pleased with our performance in the first quarter.

"We are off to a good start to the year and are well positioned to deliver underlying revenue growth in the 3-5 percent range, margin expansion and strong growth in earnings per share in 2018," Glaser added.

Make sure you are GDPR compliant and  confirm your email address to keep getting our daily emails

More of today's news

Everest Re sees growing reinsurance demand from large cedants

ILS investors ready for Florida June renewals

RGA Q1 results ‘below expectations’ due to claims volatility

Allianz partners with ParaZero for drone safety solutions

AXA teams up with Cobalt Underwriting for Sharia-compliant policy

Don't miss our insurtech email newsletter - sign up today