Arthur J. Gallagher reported disappointing earnings results for the third quarter as the soft market took a serious hit to its earnings, producing zero organic growth and assurances from its chief executive that the firm can do better.

The Itasca, Ill.-based insurance brokerage firm reported third-quarter net income grew a modest 3 percent, or $2 million, to $52 million in the quarter. That translated into a net earnings per share increase of 3 cents, to 54 cents a share. Revenues in the quarter declined less than 1 percent, or $3 million, to $424 million.

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