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News focus - Gallagher hit by continued contingent commission issues.
(From Reinsurance)
Brokerage company Arthur J Gallagher has seen its profits slump over 2005 in the wake of the backlash against contingent commissions.
The company reported that its profits for 2005 were just $30.8m, down 83.7% on the $188m profit over the previous year. The company admitted the industry as a whole was still facing regulatory issues over the use of contingent commissions, and that it had set aside $38.6m to deal with any remaining issues.
"We are pleased to have 2005 behind us," said J. Patrick Gallagher, president and chief executive. "During this past year, Gallagher resolved many open issues - we put most of the contingent commission matters to rest; settled significant open litigation; reorganised our international operations; solidified our worldwide reinsurance operations under a common brand, now called Gallagher Re; froze our ...
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