Arthur J. Gallagher is one of the world's largest insurance brokers. Gallagher acts as an intermediary between clients and insurance carriers, earning commissions and fees for placing coverage — it takes on no underwriting risk. Clients span large corporations, nonprofits, public entities, and individuals across virtually every industry. Gallagher organizes its retail brokerage around deep industry niches — construction, healthcare, transportation, energy, and nonprofits, among others — which account for roughly 74% of retail brokerage revenues. The brokerage segment (~87% of revenue) includes retail P/C and employee benefits placement, wholesale and specialty brokerage through its RPS unit, and reinsurance brokerage through Gallagher Re. The remaining ~13% of revenue comes from Gallagher Bassett, one of the largest third-party claims administrators globally, handling workers' comp, liability, and property claims for self-insured entities and carriers on a fee-per-claim basis. Brokerage revenues are commission-driven and tied to insurance premium levels, while Risk Management revenues are fee-based and less sensitive to insurance pricing cycles. Gallagher's cost base is heavily labor-driven, with margins improving over time as revenue scales over fixed costs and back-office work shifts to lower-cost service centers. Growth is explicitly two-pronged: organic growth from new business wins and pricing, and M&A — Gallagher has completed roughly 780 acquisitions since 2002, typically buying smaller regional brokers at attractive multiples. In FY25, Gallagher completed its largest-ever deal, acquiring AssuredPartners, a middle-market U.S. broker with ~$2.9B in annual revenues.