Arthur J. Gallagher & Co. (NYSE: AJG)

Arthur J. Gallagher & Co. provides insurance brokerage reinsurance brokerage consulting and third party property casualty claims settlement and administration services to entities and individuals worldwide. The company is ranked as the world s third largest insurance broker risk manager based on revenue according to Business Insurance magazine s June July 2025 edition and is one of the world s largest property casualty third party claims administrators according to Business Insurance magazine s April May 2025 edition.

Revenue is generated primarily through commissions, fees, supplemental and contingent revenues, interest income, premium finance, and other income from the brokerage operation and through fees, including performance based fees, from the risk management operation. The corporate segment does not generate significant revenues. In 2025, approximately 67% of total revenue came from the United States and 33% came from international operations mainly in Australia, Canada, New Zealand, and the United Kingdom.

The company operates through the following segments: brokerage, risk management and corporate.

• Brokerage: This segment provides brokerage and consulting services to commercial, nonprofit, public sector entities, insurance companies, insurance capital providers, and individuals placing lines such as aviation, disability, general liability, products liability, casualty, earthquake, health and welfare, professional liability, claims advocacy, errors and omissions, healthcare analytics, property, commercial auto, exchange solutions, human resources, retirement, compensation, executive benefits, institutional investment, surety bond, cyber liability, fiduciary services, loss control, voluntary benefits, dental, fine arts, marine, wind, directors and officers liability, fire, medical, workers compensation and operates through more than 650 sales and service offices in the United States and approximately 400 offices in about 60 countries with a global reach of about 130 countries through direct operations and correspondent brokers consultants.

• Risk Management: This segment provides contract claim settlement, claim administration, loss control services, and risk management consulting for commercial, nonprofit, captive, and public sector entities and other organizations that self insure property casualty coverages or use third party claims management with revenue split of approximately 59% from workers compensation related claims, 34% from general and commercial auto liability related claims, and 7% from property related claims in 2025 and about 95% of its revenue comes from clients not affiliated with the brokerage operation.

• Corporate: This segment reports financial information related to debt, external acquisition related expenses, other corporate costs, the impact of foreign currency remeasurement, and clean energy investments and does not generate significant revenues.

Arthur J. Gallagher & Co. holds a strong position as one of the leading insurance brokerage and risk management firms globally competing with other large brokers, banks, consulting firms, accounting firms, and technology companies that offer alternative risk management solutions. Its competitive advantages stem from the quality of service, personalized attention, employee expertise, data analytics and technology capabilities, cost efficiencies for clients, and the ability to address client needs across the insurance value chain by leveraging capabilities in insurance, reinsurance, alternative risk transfer, management, administrative services, benefits consulting, and claims management.

The company serves a highly diversified client base that includes commercial, industrial, public sector, religious, and nonprofit entities as well as underwriting enterprises in its reinsurance and risk management operations. In 2025, the largest single client accounted for approximately 1% of combined brokerage and risk management revenue while the ten largest clients together accounted for approximately 3% of that revenue.