Cooper Gay Swett & Crawford (CGSC), the global wholesale and reinsurance brokerage group, has released strong results for the year ending 31 December 2011, reporting revenues of $344 million and EBITDA of $69 million with and net cash earnings of $31 million.
The earnings bulletin also noted the following highlights:
• 5 percent organic revenue growth on like-for-like basis
• Continued strong cash flow
• 20 percent EBITDA margin maintained through tough trading conditions and a period of significant investment in the business
• Initial integration period now largely complete
• Business synergies expected as part of CGSC transaction are delivering with more to come
• Excellent 21 percent revenue growth in emerging markets and strong 10 percent revenue growth in mature London and European territories
CGSC CEO Toby Esser commented: “2011 was the first full trading year for CGSC and the results were encouraging with an overall turnover of $344 million and EBITDA of $69 million. During the period we also saw our Latin America business grow significantly by more than 20 percent, with Europe and London increasing by more than 10 percent.
“Despite the considerable market losses in 2011, trading conditions across the year were still tough with pricing subdued. This was most notable in the US although we did see some pricing improvement in the latter part of the year.
“Our business has therefore shown great resilience in the face of these challenges and following a period focused on integration we are now looking outwards for the next substantial step forward for CGSC.”
Source: Cooper Gay Swett & Crawford