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Amid Slowing Revenue Growth, More M&A Moves Expected By BrokersFollowing up on a very strong 2002, the insurance brokerage industry generated strong revenue growth and profitability in 2003. In our view, the hard insurance market clearly made an early impact on the operating performance of the brokers, as rising rates resulted in double-digit revenue growth and significant profit margin expansion.

However, as we look out to 2004, we expect revenue growth to decline, as premium rate hikes slow and deteriorate in some areas, and we anticipate continued acquisition activity. We expect profit margin expansion to stabilize and possibly decrease as rates soften.

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