Arthur J. Gallagher & Co. reported that its second-quarter profit jumped 30 percent on the combination of new business and strong retention.

The Itasca, Ill.-based insurance broker this week said its revenue grew 20 percent to $779.5 million. Revenues for the quarter increased 20 percent. For the first six months of this year, net income is up 34 percent to $134 million. Revenues during the period increased 21 percent to $257 million.

President and CEO J. Patrick Gallagher Jr. attributed the company's strong earnings to strong organic growth in its brokerage and risk management business segments.

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