Arthur J. Gallagher reported that third-quarter net income dropped 27 percent thanks to soft market pressures, but the insurance broker's chief executive said the firm performed well in spite of the challenge.
"We continue to fight the headwinds of rate reduction," said J. Patrick Gallagher, chairman, president and chief executive officer for the Itasca, Ill.-based insurance broker. "We think these are very good results given our environment."
Net income dropped $14 million to $38 million in the third quarter from the same period last year. Earnings per share were down 14 cents, to 40 cents a share. Revenues rose 4 percent, or $17.5 million, to $482 million.
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