View this article online: https://www.insurancejournal.com/news/international/2015/04/21/365146.htm
Cooper Gay Swett & Crawford (CGSC) as posted the results of its business activity in 2014, which show overall revenue growth from fees and commission of 13.4 percent to $387 million, compared to $336 million in 2013
CGSC’s EBITDA (operating profit before depreciation, amortization and share based compensation charges, excluding exceptional items) rose 35 percent in 2014 to $65 million, compared to $42 million in 2013.
The report also noted that the broker had completed its “head office cost reduction program” by the end of 2014, and has acquired London broker NMB and Epsilon, an Australian MGA during the year.
CGSC Group CEO Toby Esser said: “In 2014 CGSC successfully focused on utilizing the additional capital provided by our 2013 equity infusion and debt refinancing to deliver strategic acquisitions, appoint new management and introduce new technology. The resulting acquisitions of NMB and Epsilon contributed significantly to our turnover last year. The positive impact of our head office operational efficiency program is also beginning to increase group profitability.
“2015 has started well with the acquisition of Burke-Daniels in the US and the signing of a number of interesting partnerships in Latin America. CGSC’s position as one of the largest independent wholesale brokers has also enabled us to remain the broker of choice for retailers who do not want to trade with a firm owned by a competitor.
“Many of the markets in which CGSC trades remain tough. We therefore intend to maintain our efficiency discipline, seek organic growth and deliver compatible acquisitions in order to continually strengthen the business and maintain a high level of customer satisfaction globally.”
Source: Cooper Gay Swett & Crawford (CGSC)