Arthur J. Gallagher & Co

AJG: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$993.00	Rrbkmr	Ytzjtkghs

Gallagher's Internal Growth Slowing

Oct 29, 2008

Softening insurance markets and a slowing economy continued to weigh on insurance brokerage firm Arthur J. Gallagher AJG in the third quarter. We had reduced our revenue and margin expectations for these factors earlier this year, and we will stand by our fair value estimate. But the negative (2%) internal growth number in the third quarter is a concern. Slowing economic growth hurts Gallagher in one of the strongest areas of its business, the benefits area, where revenue is driven by head counts and claims counts are down.

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