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Nearly two years after a scandal over commission kickbacks, the world’s three major brokers are still recovering from the loss of contingent commissions, industry analysts with Fitch Ratings said.

In a review of the U.S. insurance brokerage industry, James Auden, an analyst with Fitch in Chicago, said the reduction in one time charges, primarily related to the fee investigation, and reduction in expenses should help brokers improve their net earnings in 2007.

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