Arthur J. Gallagher & Co.

The model is cash‑generative with low capital needs. For the six months ended June 30, 2025, operating cash flow was 445.7 million with capex 67.6 million; 2025 capex guide is about 150 million.

AJG funded AssuredPartners with an 8.5 billion equity offering in December 2024 and additional debt but explicitly targeted retaining solid investment‑grade status.

It also paid a 750 million earn‑out related to the 2021 Willis Re acquisition in April 2025. While the large equity raise increased share count to 256.4 million outstanding by June 30, 2025, leverage remains manageable for a broker of AJG’s scale.