Gallagher’s Earnings Up 32 Percent in Q2

July 23, 2003

Itasca, Ill.-based brokerage giant Arthur J. Gallagher & Co. reported its financial results for the three- and six-month periods ended June 30, 2003.

“We are extremely pleased with the pretax margin improvements seen in our Brokerage segment during the second quarter—up 2 percent over second quarter 2002 and up 4 percent over first quarter 2003,” said President and CEO J. Patrick Gallagher Jr.

“These margin improvements contributed to our Brokerage segment’s 32 percent growth in pretax earnings in the second quarter and 19 percent growth in the six months ended June 30, 2003. Our entire production force, including new hires and merger partners, are all performing well. Our clients are pleased that our niche strategy and alternative market expertise continue to provide them with great value during this challenging pricing environment.”

“Our Risk Management segment continues to improve its growth rate. Claim counts have returned to pre-9/11 levels largely due to strong new business production, and client retention levels continue to exceed 98 percent,” Gallagher added.

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