Brokerage revenue was $303.5m compared to $283.4 in 2009 first quarter.Risk management revenue fell slightly in the first quarter 2010 to $110.5 million, down from the $112.2 million in revenue during the same period in 2009. Organic commissions, fees and supplemental commissions revenue was down 2.9 percent to $262.4 million in the first quarter of 2010, from $269.9 million in revenue from first quarter 2009.
Total contingent commission revenue less contingent commission revenue from acquisitions were $14.2 million in the first quarter 2010, which is up from $13.8 million in 2009.
"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.”