Arthur J. Gallagher & Company saw 2005 fourth-quarter net income drop 85 percent, driven down $41.6 million by the loss of contingent commissions, regulatory expenses and a soft market.

Fourth-quarter net income fell from $49.1 billion in 2004 to $7.5 million last year. Revenues only grew 1 percent to $376.1 million.

For the full year, Gallagher reported net income down 83 percent, from $188.5 million in 2004 to $30.8 million last year. Revenues were up 3 percent to $1.48 billion.

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