Arthur J. Gallagher

Arthur J. Gallagher (AJG) has built its growth strategy around disciplined, high-volume acquisitions in the fragmented insurance brokerage market. The company completes dozens of acquisitions annually, integrating them into its brokerage and risk management platforms. By 2023, AJG had grown to approximately $9.9 billion in total revenue. However, the insurance brokerage market was consolidating rapidly, with competitors like Marsh McLennan and Aon operating at significantly larger scale. AJG needed a transformative deal to close the gap while continuing to grow organically.

In 2024, AJG executed its acquisition playbook at unprecedented scale. The company completed 48 mergers during the year, contributing an estimated $387 million in annualized revenue. Organic revenue grew 7.5% in brokerage and 8.1% in risk management, demonstrating that the acquisition strategy complemented rather than substituted organic growth. In December 2024, AJG announced the landmark $13.45 billion all-cash acquisition of AssuredPartners, a top-10 U.S. broker with approximately $2.9 billion in annual revenue and deep specialization in middle-market P&C, employee benefits, and personal lines. AJG also drove margin improvement through operating leverage and SG&A discipline.

Total revenues reached $11.4 billion in 2024, a 14.8% increase from 2023. Net earnings hit $1.47 billion, up 52.2% year-over-year. Diluted EPS was $6.50, up 47%. Adjusted EBITDAC reached $3.57 billion, a 19% increase. Brokerage segment adjusted EBITDAC margin expanded nearly 100 basis points to 35.2%. The AssuredPartners acquisition, which closed in August 2025, is projected to be 10-12% accretive to EPS with $160 million in annualized synergies expected by end of 2026 and $260-280 million by early 2028.

Proven, repeatable M&A integration playbook refined over hundreds of acquisitions. Strong balance sheet and access to capital markets enabling the $13.45 billion AssuredPartners deal. Dual-engine growth model combining organic growth (7-8%) with acquisition-driven growth. Disciplined focus on middle-market insurance brokerage where fragmentation creates acquisition opportunities.