Arthur J. Gallagher ( AJG) said its second-quarter earnings fell 29.3%. The Itasca, Ill.-based insurance brokerage and risk management services firm earned $36.6 million, or 37 cents a share, in the quarter, compared with $51.8 million, or 54 cents a share, a year ago. Earnings from continuing operations before litigation and contingent commission related matters, investment gains or losses, depreciation, amortization and stock compensation expense was 52 cents a share. Analysts polled by Thomson First Call were expecting earnings of 32 cents a share. Second-quarter revenue fell marginally to $370.6 million. Total brokerage revenue rose 9.4% to $270.1 million. Revenue from risk management rose 9.8% to $98.4 million. Revenue from financial services for the quarter was $2.1 million compared with $34.7 million a year ago. "I am pleased with our strong second quarter results," the company said. "Our brokerage segment posted 9% organic revenue growth and our risk management segment posted 10% organic revenue growth." Shares rose $2.11 Wednesday to $27.28.