Arthur J. Gallagher & Co. rose the most in 18 months in New York trading after the insurance broker’s third-quarter profit beat analysts’ estimates.
The company advanced $1.43, or 5.3 percent, to $28.65 at 4:15 p.m. in New York Stock Exchange composite trading, the biggest rise since April 2009. Its price is now the highest since October 2007.
Profit from continuing operations was 44 cents a share, beating by two cents the average estimate of 12 analysts surveyed by Bloomberg, the Itasca, Illinois-based company said in a statement yesterday.
“We are encouraged by our results and accomplishments this quarter,” said Chief Executive Officer J. Patrick Gallagher Jr. in the statement announcing the company’s earnings. “Posting slightly positive organic growth in our brokerage segment in this rate and economic environment is a testament to our sales culture.”