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In more earnings news, Arthur J. Gallagher & Co. reported fourth-quarter net income of $23.4 million, down from $24.6 million last year. The insurance brokerage said the fourth-quarter profit decline was prompted by a loss on discontinued operations.
Published on January 30, 2008
Fourth-quarter revenue totaled $410 million, up from $398.7 million in the year-ago quarter.
Arthur J. Gallagher announced plans to sell its global reinsurance operations and small wholesale brokerage operation in Ireland. The firm also plans a workforce reduction, cutting approximately 400 jobs over the next six to nine months.
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