Business Services Industry
Gallagher results signal more pain for brokers.(Markets)(Arthur J. Gallagher and Co. )(Brief Article)
Crain's Chicago Business, February, 2005 by Daniels, Steve
Byline: STEVE DANIELS Disappointing fourth-quarter results at insurance broker Arthur J. Gallagher & Co. reveal a new worry for local rival Aon Corp. and the rest of the battered brokerage industry. Falling insurance premiums stalled growth at Gallagher, where net income for the quarter came in essentially flat at $49.1 million, or 52 cents a share, well short of the 56 cents Wall Street expected.
CEO J. Patrick Gallagher said in a conference call premium rates paid by its business customers fell 10% to 15% in the second half of 2004. Lower premiums mean lower commissions for brokerages like Itasca-based Gallagher, the No. 4 broker in the U.S. Gallagher's shares are down 3.4% to $29.95 since the Jan. 25 earnings report. "We are returning to the classic...
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