Conn. AG Issues Subpoena to Arthur J. Gallagher & Co. Requesting Information

October 26, 2004

Arthur J. Gallagher & Co. on Tuesday received a subpoena from the Connecticut Attorney General requesting information concerning possible violations by the company of the Connecticut antitrust laws in connection with the solicitation of bids for insurance. Gallagher intends to cooperate fully.

J. Patrick Gallagher Jr., president and CEO, stated that Gallagher will not participate as a retail broker in volume-based or profit-based contingent commission agreements effective Jan. 1, 2005. In addition, when allegations of bid rigging and price fixing recently came to light at Marsh, management retained independent counsel to perform an internal review.

While the review is at an early stage, management reportedly has no knowledge that Gallagher has engaged in any improper practices.

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