Arthur J. Gallagher & Co

AJG: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$134.00	Mpnnprb	Qkrdtkq

Economy Takes Toll on Gallagher

Feb 4, 2009

Softening insurance rates and an accelerating economic downturn led insurance brokerage firm Arthur J. Gallagher AJG to post weak fourth-quarter results Tuesday. Gallagher's mix of service offerings includes a relatively large share of payroll-based businesses, which tends to make it more economically sensitive than other publicly traded brokers. Gallagher's internal revenue (excluding acquisitions) declined 4% in the fourth quarter, after a 2% decline in the third quarter.

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