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Profit rises sharply for growing Gallagher

Strong organic growth and acquisitions helped Arthur J Gallagher increase profit by 28% to $US139.3 million ($190.65 million) in the June quarter.

Chairman, President and CEO Patrick Gallagher says renewal rates appear “flat to slightly down in most lines, yet we are seeing some modestly increasing exposures”.

Brokerage revenues were $US885.6 million ($1.21 billion), up 20% on the corresponding quarter last year, and risk management revenues increased 10% to $US189.4 million ($259.21 million).

The company’s six-month profit gained 2% to $US161.2 million ($220.62 million).

In the June quarter Arthur J Gallagher completed 13 acquisitions, with revenues of about $US90 million ($123.18 million).