Question-and-Answer Session
Operator
(Operator instructions) We'll take our first question from Keith Walsh.
Keith Walsh - Citi
Hey, good morning, everybody.
Brian Duperreault
Good morning, Keith.
Keith Walsh - Citi
Hi. How are you? First question I guess for Dan, with the significant improvement we've seen especially year-to-date in the margins, has there been any change, and I think you partially answered this with the margin guidance for the year, but any change in the seasonality that we will see with the margin throughout the year in risk and insurance services?
Dan Glaser
Yes. Hi, Keith. No, there's no change in the seasonality. If you look back to last year over the four quarters and you look at the first, second, and fourth, and then compare the third, the average revenue for the three quarters, and I mentioned the first, second, and fourth at $1.16 billion, and it was $1.04 billion in the third, so there's a $112 million difference in revenue in the third quarter.
And if you just look at the dates of key renewal dates, there's only one key renewal date on the third quarter and that's July 1st. So while we look at most of our expenses as being straight lined across the year, so our expenses are very stable already adjusted in the third quarter.
Keith Walsh - Citi
Okay, very helpful. And then just for Brian, a follow-up, Brian or Dan. Just on contingent commissions, I'm sure you've seen the Illinois Attorney General allowing Arthur Gallagher to accept them back. Is this essentially -- I know the NYAG is your regulator here, but is this essentially a non-event or is it inevitable? Do you think that the NYAG moves in that direction? Thanks.
Brian Duperreault
Right, I think we executed a question. Well, I would say the first part of this and I think Dan might want to comment too, but I think, in general, the commissioner has been quite clear -- the superintendent in New York has been quite clear about his feelings on it. And we're encouraged by that. But I know Dan wanted to say something else.
Dan Glaser
Sure. I mean, Keith, you know we've been consistently and publicly advocating for a level playing field and transparency. We're all brokers or subject to the same set of rules. In two-tiered markets that have existed for the last five years, it did not sound public policy in our view.
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