Investment shortfall hits A.J. Gallagher. (Arthur J. Gallagher & Co.)

National Underwriter Property & Casualty-Risk & Benefits Management, July, 1994 by Calise, Angela K.

Arthur J. Gallagher & Co. expects that its investment portfolio will have been severely affected in June by several factors, the Itasca, Ill.-based broker recently disclosed. While it doens't want to "throw the baby out with the bath water," the broker will be looking to replace some of the external finance managers currently handling Gallagher's large portfolio, said Michael J.

Cloherty, vice president of finance for Gallagher. The most significant of these factors is the depressed market conditions' effect upon its externally managed investment portfolio. "We've certainly made some calls," Mr.Cloherty told the National Underwriter, when asked if some of these managers would be replaced. "That's our company style." The company estimates its...

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