Insurance broker Arthur J. Gallagher reported net income dropped 7 percent in the second quarter of this year as soft market pressures and the economic downturn continue to take a toll.
The Itasca, Ill.-based firm reported net income for the second quarter dropped $3 million to $41 million compared to the same period last year. The results translated into 45 cents a share from continuing operations, which missed consensus estimates of 47 cents a share, one investment analyst said.
Revenues increased slightly in the quarter, less than 1 percent, or $1 million, to $429 million.
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