Itasca, Ill.-based brokerage Arthur J. Gallagher & Co. reported fourth-quarter net income of $49.1 million, down from $49.2 million a year ago, though revenue was up 6 percent to $386.9 million.
The results fell short of analysts’ estimates of 56 cents a share in profit. Gallagher CEO J. Patrick Gallagher blamed the results on softening rates and “disruptions” caused by investigations stemming from New York Attorney General Eliot Spitzer’s suit against Marsh & McLennan Cos. for bid-rigging.
The company, fourth-largest broker in the United States, said its internal review discovered no evidence of bid-rigging or improper tying.
Was this article valuable?
Here are more articles you may enjoy.
USI Insurance Services Claims Ex-Broker Poached Clients for Own New Agency 
Trump Scraps Ocean Sensors Providing Crucial Data on Climate, Flooding 
AIG’s Turnaround Under Zaffino Sets Stage for New Leadership 
Hedge Funds Are Expanding Desks Designed to Profit From Natural-Catastrophe Risk 
