Insurance company Arthur J Gallagher has reported $311.4m (£248.4m) loss in net earnings in its Q1 results, compared with $309.5m (£246.4m) in 2019, in the same period in 2019.
Gallagher reported EBITDA of $477.9m (£357.2m)in its Q1 figures this year, compared with $506.7m (£403.5m) in the same period last year.
Revenues before reimbursements increased by 1% to $1.4bn ($1.12bn) compared by $1.38bn (£1.1bn) in 2019.
Chair, president, and chief executive J. Patrick Gallagher, Jr said the company is “pleased” with its first quarter performance even with the “economic deterioration” caused by Covid-19.
He said: “Our teams have not missed a step; all the while placing health and safety first. We are servicing our clients, we are selling new business, we continue to look at merger and acquisition opportunities, and our bedrock culture keeps our teams working together in these challenging times.
“In the first quarter, we grew our brokerage and risk management revenues – both organically and through M&A, we continued our disciplined processes to optimize our workforce and utilize our centers of excellence, and we improved productivity and raised our quality.”
He added: “Our first quarter financial results reflect our best estimate of the accounting impact of the Covid-19 crisis, but still show our solid financial and operational condition and we have ample liquidity.”