Itasca, Ill.-based insurance brokerage Arthur J. Gallagher said today it will eliminate 400 jobs through attrition and sell its reinsurance brokerage business in reaction to falling profits.
The company reported that in the 2007 fourth quarter its net income was off 5 percent, falling by $1.2 million to $23.4 million compared with $24.6 million for the same period in 2006.
Earnings per share remained flat at 25 cents a share. Revenues during the quarter rose 3 percent, or $11.3 million, to $410 million.
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