Posted on 23 Apr 2010
Arthur J, Gallagher has reported net first quarter earnings of $29.2m, compared with $26.4m in the same period last year.
"Despite a continued soft insurance pricing market and the impact of the economic downturn, I am pleased that our operations held our adjusted EBITDAC margins in these trying times," said J. Patrick Gallagher Jr., Chairman, President and CEO. “Our team did an excellent job of pursuing supplemental commissions and continued to hold the expense line - both of which helped offset declining organic revenues. I’m also encouraged by the increased M&A deal flow that we’re seeing, which we expect will contribute positively to our results later in the year and into 2011. In these difficult times, the
Gallagher team is doing tremendous work to provide highly professional advice to our clients around the world."