Arthur J. Gallagher & Co. reported that total brokerage and risk management revenue for the 2010 first quarter was $414.9 million compared to $401.7, for the 2009 first quarter.
Brokerage revenue came in at $303.5 million for the first quarter 2010, up from the $ 283.4 million in brokerage revenue for the same period in 2009. Risk management revenue fell slightly in the first quarter 2010 to $110.5 million, down from the $112.2 million in revenue during the same period in 2009.
Gallagher’s organic commissions, fees and supplemental commissions revenue was down 2.9 percent to $262.4 million in Q1 2010, from $269.9 million in revenue from Q1 2009.
Total contingent commission revenue less contingent commission revenue from acquisitions came in at $14.2 million in the first quarter 2010, up from $13.8 million in 2009.
Revenues for the total company came in at $482.4 million for the first quarter 2010, up from $401.1 million in the first quarter 2009.
“Despite a continued soft insurance pricing market and the impact of the economic downturn, I am pleased that our operations held our adjusted EBITDAC margins in these trying times,” said J. Patrick Gallagher Jr., chairman, president and and CEO. “Our team did an excellent job of pursuing supplemental commissions and continued to hold the expense line — both of which helped offset declining organic revenues. I’m also encouraged by the increased M&A deal flow that we’re seeing, which we expect will contribute positively to our results later in the year and into 2011.”
Source: Arthur J. Gallagher, www.ajg.com
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