Arthur J. Gallagher & Co.

Retention is high, the revenue base is diversified by industry and geography, and the model is subscription‑like through policy renewals and ongoing claims administration. Category cycles exist, but AJG’s breadth and mix (brokerage, Gallagher Re, Gallagher Bassett) dampen volatility and smooth cash conversion over time.

Management commentary highlighted orderly 1/1/2025 reinsurance renewals and continued primary premium increases, reinforcing near‑term visibility. The business avoids commodity production, has minimal regulatory capriciousness versus insurers, and is not dependent on a single country for growth.