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LONDON: 4 April 2012 - Cooper Gay Swett & Crawford (CGSC), the global wholesale and reinsurance broking group, has released strong results for the year ending 31 December 2011, reporting revenues of US $344 million and EBITDA of US $69 million.
Financial Summary
Year ended 31 December 2011
US $m
Fees and commissions 344
Underlying EBITDA 69
Net (cash) earnings 31
Highlights
- 5% organic revenue growth on like-for-like basis
- Continued strong cash flow
- 20% 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% revenue growth in emerging markets and strong 10% revenue growth in mature London and European territories
Toby Esser, CGSC CEO, said: "2011 was the first full trading year for CGSC and the results were encouraging with an overall turnover of $344m and EBITDA of $69m. During the period we also saw our Latin America business grow significantly by more than 20%, with Europe and London increasing by more than 10%.
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."
For further information, please contact: Cooper Gay's media team.
Cooper Gay Swett & Crawford
Cooper Gay Swett & Crawford is an independent global wholesale and reinsurance broking Group. The Group has a network of 64 offices across the Americas, Europe, Asia and Australasia, employing over 1,400 skilled professionals.
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