The Cooper Gay Swett & Crawford Group (CGSC) has released its first combined results since the two brokers completed their merger agreement last July.
The Group reported Fees and commissions of $340 million, underlying *EBITDA of $68 million, and net cash earnings of $31 million.
The report listed other financial highlights as follows:
• Successful integration of the two businesses
• CGSC places circa US $3.5 billion in premiums in the London, US and international insurance and reinsurance markets
• Continued strong growth in emerging markets
• Moved to 100 percent shareholding in the Group’s Mexican reinsurance broker, Cooper Gay Martinez del Rio
• Continued investment in people and infrastructure – the Group employs more than 1,400 people globally
Group CEO Toby Esser commented: “After the landmark combination of Cooper Gay and Swett & Crawford in 2010, CGSC’s inaugural results clearly demonstrate our excellent trading position.
“Having successfully integrated the two businesses we continue to recruit additional professionals and teams to add depth to our service offering. We have continued to grow strongly in our emerging market businesses, most notably Latin America and Asia, which has offset the tough trading and economic conditions in mature markets.
“With its significant scale, global business operations and international client base, the Group has exciting prospects for the future. We are now ideally positioned to drive growth both organically and through further acquisitions and to capitalise on any future market uplift and improvement in economic conditions. We expect to see the real benefits of the combination moving forward as CGSC continues to drive through synergy developments whilst maintaining its emerging market focus.”
*EBITDA is operating profit before depreciation, amortisation and impairment, excluding exceptional items.
Source: Cooper Gay Swett & Crawford
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