Insurance broker Arthur J. Gallagher & Co. reported net income dropped 7 percent in the third quarter compared to last year despite a 7 percent increase in revenues.

The Itasca, Ill.-based broker reported net earnings for the period decreased less than $4 million, going from $54.4 million, or 57 cents a share in 2004, to $50.5 million, or 52 cents a share. Revenues increased $26.4 million, from $363.5 million to $389.9 million.

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