Fourth biggest broker to repay $27 million to insureds, changepractices

Insurance broker Arthur J. Gallagher has reached a settlementwith Illinois regulators for $27 million to close the state's probeinto alleged contingency fee abuse, with government officialsciting evidence of steering.

J. Patrick Gallagher Jr., president and chief executive officerof the Itasca, Ill.-based insurance brokerage firm, said in ananalyst's conference call he hoped the agreement–which is nationalin scope–would satisfy all other outstanding investigations among20 state attorneys general and regulators.

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