Latest news with #AssuredPartners
Yahoo
31-07-2025
- Business
- Yahoo
Arthur J. Gallagher's quarterly profit rises on higher commissions and fees
(Reuters) -Arthur J. Gallagher reported a rise in second-quarter profit on Thursday, supported by strong insurance spending that led to higher commissions and fees for the company. Insurance brokerages, which act as intermediaries by assisting customers in selecting suitable plans for their needs, do not directly sell policies. Insurance spending stayed strong in the quarter as individuals and businesses sought protection against economic uncertainty and natural disasters, boosting fees and commissions for brokerages such as Arthur J. Gallagher. "We are making excellent progress on the pending AssuredPartners acquisition and believe we are on track to close here in the third quarter of 2025," CEO J. Patrick Gallagher Jr. said in a statement. Arthur J. Gallagher's commissions rose to $1.81 billion, up from $1.66 billion in the prior year. Total fees rose over 16% to $962.4 million in the quarter. The company reported a net profit of $366.2 million, or $1.40 per share, for the three months ended June 30, compared with $285.4 million, or $1.27 per share, in the same period a year earlier. Peer Aon earlier this week also reported higher quarterly profit, due to a rise in commissions and fees. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Forbes
10-07-2025
- Business
- Forbes
A Tragic Accident And Life Insurance Led This Guam Native To The Top Of A $6 Billion Firm
Lorrie Baldevia Courtesy of AssuredPartners Name: Lorrie Baldevia Firm: AssuredPartners Location: Seattle, WA Total Value of Policies: $6.3 billion Background: Lorrie Baldevia describes her connection to insurance as deeply personal. The eldest of five children, she lost her father in a tragic construction accident at age 12 in Guam. Her mother raised the family on her own and was able to do so thanks to a life insurance policy—an experience that would ultimately shape her career. 'It gave us a kind of financial security we wouldn't have had otherwise,' she says. Baldevia moved to the United States at 17 on a full scholarship to Seattle University and worked multiple jobs while studying marketing, finance, and international business. After a series of early roles in financial services, she joined MCM, working her way up from administrative support to partner and after the firm was acquired, president. Building Relationships: Baldevia leads a 15-person team that serves some 7,000 clients, including roughly 200 families she works with directly. Most of her clients are private business owners seeking help with succession planning, executive benefits, or protecting their assets. 'We're not just planning for the individual—we're helping transition family businesses or protect against long-term risk,' she says. 'Often, they're looking for someone who understands both the personal and professional side of those risks.' Competitive Edge: Baldevia says her practice stands out because of the ability to handle both business and personal insurance needs in one place—everything from buy-sell planning and executive benefits to insuring homes, cars and collectibles. 'Most firms either focus on wealth or insurance,' she says. 'We do both—in a way that looks at the full picture.' Her team also collaborates frequently with financial advisors and RIAs across the country in order to help them add insurance solutions to their clients' broader planning strategies. Investment Philosophy/Strategy: Baldevia takes a pragmatic approach when it comes to insurance planning. 'I'm not here to sell you something—I'm here to help you buy what makes sense,' she says. She starts with conversations about risk and what needs protecting. That can lead to term insurance for temporary coverage, or permanent solutions for long-term planning. 'Buying insurance is a process,' she explains. 'You might start with coverage through your employer, then build on it over time as your life and responsibilities grow.' For business owners, insurance can also become a financial asset that they can use to help address future tax liabilities or transition risk. Biggest Challenge: 'I used to dwell on things that weren't as important,' Baldevia says. 'Now I think more strategically, and I try to mentor others to do the same.' She has focused on encouraging women and people from underrepresented backgrounds to enter the field. 'It's a great business that offers real stability—but the people doing the work should reflect the people we're serving,' she says. Best Advice: Don't overthink it: 'Start with what's available through your job,' says Baldevia. 'A lot of people think of insurance as something you'll get around to someday, but just having something in place is a big step.' Forbes
Yahoo
22-05-2025
- Business
- Yahoo
GTCR investors set to reap over $5 billion as exits pile, source says
By Ateev Bhandari and Pritam Biswas (Reuters) -Private equity firm GTCR is set to return more than $5 billion to its investors in the calendar year, a source familiar with the matter told Reuters on Thursday, after a string of strong exits sealed a positive momentum for the firm. The development is bucking the trend, as private market investors continue to face a liquidity crunch, driven by persistently high interest rates, macroeconomic volatility and rising odds of a U.S. recession. GTCR's sale of Worldpay last month netted the firm a return two times its investment, the source added, with the $24.25 billion three-way deal helping to lift an otherwise moribund start to the year. In an environment where private equity firms have been compelled to hold onto their investments for longer periods, GTCR has been actively divesting its stakes. Earlier this week, Reuters reported, citing a source, that GTCR sold insurtech itel for over $1.3 billion. This followed its late 2024 sale of insurance brokerage Assured Partners to Arthur J. Gallagher for $13.45 billion. GTCR declined to a Reuters' request for comment. Expectations of a dealmaking resurgence in 2025 have morphed into policy paralysis in recent months, as bankers advise clients to hold off on mergers and acquisitions and initial public offerings until there is more clarity and consistency on U.S. policy. M&As in April have almost fallen to their lowest level in more than 20 years, leaving investors in private markets, who lock up capital at a higher risk expecting higher returns, pressuring their money managers for distributions. Many prolific investors, including Harvard and Yale University, have been reducing their private equity positions as capital calls from commitments to other funds have outpaced returns from such investments. Bloomberg was the first to report on GTCR's returns. Sign in to access your portfolio
