Gallagher Announces Dividend

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NU Online News Service, May 22, 3:47 p.m.EDT?Itasca, Ill.-based insurance broker Arthur J.Gallagher & Co. announced a regular quarterly dividend of 18cents a share payable July 15 to shareholders of record as of June30.

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The firm also said it is considering continuing its plan torepurchase shares of its common stock for re-issuance in connectionwith its employee equity program.

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AJG did not reveal how many shares it would re-purchase underthe program or when it would make a final decision. The firm saidit has more than 90 million shares outstanding.

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In April, AJG reported first-quarter revenues ending March 31,of $254.3 million and a net profit of $11.9 million. This comparesto revenues of $239 million for the same period in 2002 and netprofit of $33.7 million.

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The firm took a charge of $19.3 million to exit investments inventure capital, development stage enterprises and turn-arounds.AJG said it no longer planned to make investments in theseenterprises.

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