Arthur J. Gallagher & Co.

Historically excellent tuck‑in M&A with attractive returns has been AJG’s hallmark, and 2024 saw 48 mergers totaling about 387 million of annualized revenue.

The firm executed two outsized moves: Willis Re in 2021 (with an earn‑out settled in 2025) and AssuredPartners closing in August 2025. We view the AP deal as strategically sound for middle‑market breadth and cross‑sell, but we deduct points for the size of the equity raise and the integration/execution burden.

AJG’s legacy clean‑energy tax investments and corporate items can add noise to reported results but are being managed within a clear capital framework focused on brokerage scale, technology/analytics, and measured buybacks/dividends.