Arthur J Gallagher has posted first-quarter revenues of $US482.4 million ($520 million), up 20% on the corresponding quarter last year.

Earnings before interest, tax, depreciation, amortisation and acquisition earn outs rose marginally to $US75 million ($80.8 million), up 5%, while diluted earnings per share were flat at $US0.28 ($0.3).

CEO Patrick Gallagher says the result was solid despite soft market conditions.

“I am pleased that our operations held our margins in these trying times,” he said.

Rising commissions – up 3% on the corresponding quarter – helped offset falling organic revenues.