Arthur J Gallagher reported that its fourth-quarter net income was down from $49.2m to $49.1m.

Despite this, the brokerage said revenue had increased 6% to $386.9m. The results fell short of analysts' estimates of $381m in revenue.

Gallagher chief executive Patrick Gallagher blamed the results on softening rates and "disruptions" caused by investigations stemming from New York attorney general Eliot Spitzer's suit against Marsh & McLennan for bid-rigging.

The company, fourth-largest broker in the US, said its internal review discovered no evidence of bid-rigging or improper tying