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.
Father and Son Charged With Running ‘Chop-Shop,’ Selling Stolen Cars, Insurance Fraud 
PHP Security Flaws Highlight Potential Systemic Risk Aggregation for Cyber Insurers 
Florida Reforms Cut Property Premiums but Data Show Multifamily Liability Rates Up 
Social Engineering: The Analog Threat to Digital Defenses 
