Arthur J. Gallagher & Co

AJG: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$899.00	Pdfjgd	Wxyhyjm

Weak Jobs, Rates Show Up in Gallagher's 2Q

Jul 28, 2010

Weak insurance premium rates and a sluggish employment recovery weighed on revenue in broker Arthur J. Gallagher's AJG second quarter, but we remain impressed by the firm's cost controls and overall resilience in the difficult environment. Overall revenue rose just 1% from the second quarter of 2009, as acquisition contributions offset somewhat improved but still weak internal revenue. Commissions and fees were off 3% excluding acquisition effects in Gallagher's brokerage segment, while fee revenue was down 2% on the same basis in Gallagher's risk-management division (one of the largest third-party claims administrators in the world).

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