Business Services Industry
4. Arthur J. Gallagher & Co.(earnings)
Business Insurance, July, 2005 by Lenckus, Dave
Byline: Dave Lenckus Dotting Arthur J. Gallagher & Co.'s latest annual report are boldfaced figures that illustrate the insurance brokerage's 2004 successes. But this year, the contingent commission controversy produced other notable figures: a $35 million reserve for resolving all related litigation, which includes the $27 million of promised restitution to clients under a settlement with the attorney general and director of insurance in Illinois.
The settlement not only contributed to a 2005 first-quarter loss but also could hurt some of Gallagher's future results as well as its ability to make acquisitions, because the brokerage agreed to stop collecting contingent commissions, brokerage analysts say. Those commissions totaled $39.5 million last year,...
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