Brokers Fueled By Hard Market Gains
Fueled by a hardening insurance market that sent premium volume–and commission income–soaring, three of the country's major insurance brokerages reported positive third-quarter profits, with Arthur J. Gallagher being the only exception due to investment writedowns.
The other big brokerage news of the quarter was Aon's announcement that it has decided to keep its insurance company affiliate and instead concentrate on getting rid of $1 billion in debt.
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