Gallagher says property pricing reset offset by new businessArthur J. Gallagher & Co. reported second-quarter revenue growth of nearly 25% as strong new business, client retention and the integration of AssuredPartners offset a softening property insurance market. “This is a property reset,” Chairman and CEO J. Patrick Gallagher Jr. said. Gallagher reported $3.96 billion in second-quarter revenue, a 24.4% increase from a year earlier, driven by its acquisition of AssuredPartners and 6% organic growth. Mr. Gallagher said property renewal premiums fell 10% in the quarter, while casualty lines rose 3% overall. “Pricing is coming down,” Mr. Gallagher said, adding that sellers are recognizing that “the days of 15, 16, and if you got a platform, maybe 17 times EBITDAC are over.”