Arthur J. Gallagher & Co. insurance brokerage reported 2005 fourth-quarter net income dropped $41.6 million, or 85 percent, driven down by the loss of contingent commissions, regulatory expenses and a soft market.

Net income for the period in 2005 fell from $49.1 billion, or 52 cents a share in 2004, to $7.5 million, or 8 cents a share. Revenues grew 1 percent, from $373.4 million in 2004 to $376.1 million.

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