Arthur J. Gallagher & Co. (AJG)

Arthur J. Gallagher & Co. (Gallagher) provides insurance brokerage, reinsurance brokerage, consulting, and third-party property/casualty claims settlement and administration services to entities and individuals around the world. Founded in 1927 as a one-person insurance agency, it describes itself as the world's third largest insurance broker/risk manager by revenue and one of the world's largest third-party property/casualty claims administrators. It does not assume underwriting risk on a net basis, apart from de minimis amounts needed for minimum or regulatory capital to organize captives, pools, specialized underwriters or risk-retention groups. Capital for covering losses comes from insurance companies, reinsurers and other risk-taking entities that it does not own or control. Revenue comes mainly from commissions, fees, supplemental and contingent revenues, and interest and premium finance income in brokerage, and from fees, including performance-based fees, in risk management.

Gallagher reports three segments: brokerage, risk management and corporate. Brokerage generated about 87% of 2025 revenues. Within it, retail insurance brokerage is 75% of segment revenues and places nearly all lines of commercial property/casualty and health and welfare coverage, with niche/practice groups making up about 74% of retail revenues. Gallagher Re (reinsurance brokerage and capital markets services through Gallagher Securities) is 12%, and wholesale brokerage, including managing general agent and underwriter programs and Lloyd's access, is 13%. Brokerage also includes international retail operations in Australia, Canada, New Zealand and the U.K., Bermuda wholesale and captive management, and ownership interests in "rent-a-captive" underwriting enterprises. Risk management is about 13% of revenues and provides contract claim settlement, claim administration, loss control and risk management consulting. Its revenues are about 59% workers' compensation-related, 34% general and commercial auto liability-related, and 7% property-related. The corporate segment reports debt, acquisition-related expenses, other corporate costs, foreign currency remeasurement and clean energy investments, and has no significant revenues.

Clients include commercial, industrial, public sector, religious and nonprofit entities, plus insurers and other underwriting enterprises in reinsurance and risk management. Risk management clients include Fortune 1000 companies, larger middle-market companies, nonprofits, public sector entities, insurance carriers and captives. About 95% of risk management revenues come from clients unaffiliated with the brokerage business. About 67% of revenues are from the U.S. and 33% from abroad, mainly Australia, Canada, New Zealand and the U.K. The largest client was about 1% of combined brokerage and risk management revenues, and the ten largest were about 3%.

Brokerage operates from more than 650 U.S. offices and about 400 offices in roughly 60 other countries, and serves clients in approximately 130 countries through direct operations and correspondent brokers. Gallagher Re has more than 77 offices in 27 countries, wholesale has about 149 offices, and risk management has more than 40 offices. Gallagher has about 72,000 employees, with 47% in the U.S. It competes with many brokers, insurance and reinsurance carriers that sell directly, banks, consulting and accounting firms, technology companies, and third-party claims administrators. It uses data tools such as Gallagher Drive and the SmartMarket platform. It has completed about 780 acquisitions since 2002, including Woodruff Sawyer and AssuredPartners in 2025. It is regulated by insurance, securities and other authorities in nearly every jurisdiction in which it operates. Its stock trades on the NYSE as "AJG". It is a Delaware corporation reincorporated in 1972, with executive offices in Rolling Meadows, Illinois.