Business Services Industry
Gallagher settles with Illinois for $27 million.(News)(Arthur J. Gallagher and Co.)
Business Insurance, May, 2005 by Martin, Sara
Byline: SALLY ROBERTS ITASCA, Ill.-Following in the footsteps of the world's three largest brokerages, Arthur J. Gallagher & Co. reached a settlement with state officials last week to end probes into its compensation practices. J. Patrick Gallagher Jr., president and chief executive officer of the world's fourth-largest brokerage, said he hopes the $27 million agreement reached with Illinois Attorney General Lisa Madigan and Illinois Insurance Director Michael McRaith will serve as a nationwide settlement with other state investigators.
Under the agreement, Gallagher will pay restitution to policyholders nationwide and reform its business practices (see box, page 30). The settlement was made to address concerns by Illinois officials that the brokerage...
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