Despite being trapped in a stubborn soft market and an economy with fewer insurable exposures, the country's biggest commercial insurance brokers reported some positive results for the second quarter while bracing for “fierce” and “intense” competition ahead.
“We continue to operate in one of the toughest economic environments since my grandfather navigated his agency through the Great Depression,” said J. Patrick Gallagher Jr., chair, president and chief executive officer of Arthur J. Gallagher.
AJG saw slight improvement in the second quarter, with net income up by $200,000 to $44 million and revenues rising 1 percent, up $6 million to $460 million. Earnings per share dropped 2 cents in the quarter to 42 cents due to a charge for discontinued operations.
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