Fourth-quarter organic growth in the brokerage segment came in at 5 percent, compared to flat in 2010. Revenues increased 22 percent, or $75 million, to $412 million. Full-year organic growth in this segment stood at 3 percent, compared to -2 percent the year before. Revenues rose 18 percent, or $231 million, to $1.55 billion.

In the risk-management services segment, the Gallagher Basset subsidiary, organic growth stood at 13 percent, compared to zero in 2010. Revenues rose 13 percent, or $17 million, to $146 million. For full-year 2011, organic growth stood at 9 percent, compared to -3 percent in 2010. Revenues increased 19 percent, or $87 million, to $549 million.

Gallagher cautioned that while insurance rates are beginning to strengthen, neither clients nor the economy “can take a big spike” in premium increases.

Concerning continued acquisition activity, Gallagher believes there are only five active insurance-broker acquirers and that there is a huge supply of interested parties. The passing of an aging baby-boomer generation without knowledgable successors will lead to agencies putting themselves up for sale, he added.

Meanwhile, Chicago-based insurance broker Aon Corp. reported its 2011 fourth-quarter net income increased 20 percent as pricing in the insurance marketplace showed signs of stabilization.

The firm reported increases in both the insurance-brokerage and human-resource segments, with strong retention rates among clients on the insurance side. President/CEO Greg Case added that results were also helped by strong capital management.

Aon said its 2011 fourth-quarter net income was $277 million, up $46 million from 2010. Revenues rose 3 percent, or $85 million, to $2.99 billion.

For the year, net income was up 39 percent from 2010, or $273 million, to $979 million. Revenues rose 33 percent, or $2.76 billion, to $11.3 billion.

The firm reported organic-growth increases in both brokerage and human resources in the quarter, with overall corporate increases of 3 percent for the quarter and 2 percent for the year.

During a conference call with financial analysts, Case said the brokerage segment had a more than 90 percent retention rate in 2011 and won $280 million in new business across retail brokerage.

The economic struggles in Europe were reflected in the organic-growth numbers, where the international segment came in at 1 percent aided by strong growth in Asia—but that was not enough to offset issues with the European economy. In contrast, the Americas stood at 3 percent organic growth.