Arthur J. Gallagher reported second-quarter net income rose 20 percent over last year, which the insurance brokerage's chief executive credited to the writing of new business and a high retention rate.
J. Patrick Gallagher, the Itasca, Ill.-based firm's CEO, chairman and president, also said 25 carriers have agreed to pay supplemental commissions to his company.
Describing the market environment, he said the vicious price-cutting underway now is akin to the worst conditions of the last decade.
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