Arthur J. Gallagher & Co. (NYSE:AJG) Q3 2021 Earnings Conference Call October 28, 2021 5:15 PM ET Company Participants J. Patrick Gallagher – President and Chief Executive Officer Doug Howell – Chief Financial Officer Conference Call Participants Mike Zaremski – Wolfe Research Elyse Greenspan – Wells Fargo Josh Shanker – Bank of America Mark Hughes – Truist David Montemaden – Evercore ISI Meyer Shields – KBW Operator Good afternoon and welcome to Arthur J. Gallagher & Co.’s Third Quarter 2021 Earnings Confe ...

Arthur J. Gallagher & Co. (NYSE:AJG) Q2 2021 Earnings Conference Call July 29, 2021 5:15 PM ET Company Participants J. Patrick Gallagher - Chairman, President and Chief Executive Officer Douglas Howell - Corporate Vice President and Chief Financial Officer Conference Call Participants Elyse Greenspan - Wells Fargo David Motemaden - Evercore ISI Mark Hughes - Truist Meyer Shields - KBW Ryan Tunis - Autonomous Research Phil Stefano - Deutsche Bank Operator Good afternoon, and welcome to Arthur J. Gallagher & ...

Arthur J. Gallagher & Co. (NYSE:AJG) Q1 2021 Earnings Conference Call April 29, 2021 5:15 PM ET Company Participants J. Patrick Gallagher – Chairman, President and Chief Executive Officer Doug Howell – Chief Financial Officer Conference Call Participants Elyse Greenspan – Wells Fargo Greg Peters – Raymond James David Motemaden – Evercore ISI Mark Hughes – Truist Yaron Kinar – Goldman Sachs Meyer Shields – KBW Phil Stefano – Deutsche Bank Operator Good afternoon, and welcome to Arthur J. Gallagher & Co.’s Fi ...

COVID-19 Impact - The ongoing COVID-19 pandemic has created significant volatility and uncertainty, adversely affecting the company's business and financial condition[45]. - Economic activity decline due to COVID-19 has led to a material decrease in newly arising workers' compensation and general liability claims, impacting fee revenues[46]. - The company experienced a reduction in claims processed during the COVID-19 pandemic, negatively impacting its third-party claims administration operations[75]. - The company recognizes that the economic contraction due to COVID-19 has led to reduced exposure units and elevated unemployment, impacting the insurance market[162]. - The company emphasizes the importance of strong new business generation and solid retentions to offset softer global economic conditions[162]. Regulatory and Compliance Risks - Regulatory risks include potential governmental requirements for underwriting enterprises to pay COVID-19 related claims, which could negatively affect commission revenues[47]. - The company is currently under IRS investigation regarding its micro-captive advisory services business, which has been ongoing since 2013[107]. - Compliance with evolving data privacy laws, such as GDPR and CCPA, poses significant costs and risks, including potential fines of up to 4% of worldwide revenue for violations[95]. - The company faces increased operational costs due to the complexity of complying with global regulations, which may hinder profitability and growth[99]. - Changes in regulatory environments, such as the potential reversal of the TCJA tax legislation, could adversely affect the company's tax rate and financial condition[101]. Financial Performance - Total revenues for 2020 were $7,003.6 million, a decrease of 2.7% from $7,195.0 million in 2019[1]. - Net earnings for 2020 increased to $858.1 million, up 19.8% from $715.8 million in 2019[1]. - Diluted net earnings per share rose to $4.20 in 2020, compared to $3.52 in 2019, reflecting a 19% increase[1]. - Total company adjusted net earnings for 2020 were $961.1 million, compared to $740.8 million in 2019, a significant increase of 29.7%[150]. - The effective income tax rate remained stable at 24% for both 2020 and 2019[188]. Competitive Landscape - The company faces significant competitive pressures, with larger firms in the market and increased competition from private equity-backed consolidators and Insurtech startups[58]. - The company faces competitive risks related to the adoption of new technologies by established market participants and new entrants, including Insurtech startups[67]. Acquisitions and Growth - The company has historically relied on acquisitions for growth, and failure to identify or complete acquisitions could result in slower growth[55]. - The number of acquisitions closed in 2020 was 27, down from 46 in 2019, with estimated annualized revenues acquired of $251.4 million compared to $452.3 million in 2019[194]. - The company generated approximately 32% of its combined brokerage and risk management revenues outside the U.S. in 2020[72]. Operational Risks - The company may face challenges in integrating acquisitions, which could adversely affect results of operations and growth[56]. - The company relies on key third-party vendors for technology support, and any failure by these vendors could adversely affect its strategic initiatives[68]. - The company is exposed to various international operational and economic risks, including geopolitical tensions and regulatory compliance challenges[72]. Environmental and Climate Risks - Climate change is identified as a systemic risk by the U.S. Federal Reserve, potentially leading to significant swings in investor sentiment and affecting the company's stock price and growth through mergers and acquisitions[83]. - The transition to a low-carbon economy may adversely impact clients in the oil and gas sector, potentially reducing the company's commission and consulting revenues[84]. - The company does not assume net underwriting risk, but failures in underwriting enterprises due to climate-related payouts could negatively affect overall risk-taking capital capacity and revenue[86]. Stockholder and Debt Information - The company has total consolidated debt outstanding of approximately $4.5 billion as of December 31, 2020, which could adversely affect financial flexibility and operational capabilities[115]. - The company is organized as a holding entity and relies on dividends from its operating subsidiaries to meet debt obligations and pay dividends to stockholders[120]. - Future equity dilution from acquisitions could adversely affect the market price of the company's common stock, as there are no preemptive rights for existing shareholders[123]. Technology and Innovation - The company must develop and implement technology solutions to keep pace with rapid changes in technology and client preferences, which requires significant investment[67]. - The company relies on its proprietary risk management information system, RISX-FACS®, for efficient claims administration, which is critical for client relationships[82]. Employee and Operational Metrics - The workforce at the end of 2020 was 24,717, a slight decrease from 25,211 in 2019[188]. - The company achieved estimated quarterly cost savings of approximately $65 million to $70 million pretax in the second, third, and fourth quarters of 2020 compared to the same quarters in 2019[155].

Arthur J. Gallagher & Co. (NYSE:AJG) Q4 2020 Earnings Conference Call January 28, 2021 5:15 PM ET Company Participants J. Gallagher – Chairman, President and Chief Executive Officer Doug Howell – Chief Financial Officer Conference Call Participants Elyse Greenspan – Wells Fargo Phil Stefano – Deutsche Bank Mike Zaremski – Credit Suisse Greg Peters – Raymond James Yaron Kinar – Goldman Sachs David Montemaden – Evercore ISI Mark Hughes – Truist Paul Newsome – Piper Sandler Meyer Shields – KBW Operator Good af ...

Arthur J. Gallagher & Co. (NYSE:AJG) Q3 2020 Earnings Conference Call October 29, 2020 5:15 PM ET Company Participants J. Patrick Gallagher – Chairman, President and Chief Executive Officer Doug Howell – Chief Financial Officer Conference Call Participants Phil Stefano – Deutsche Bank Elyse Greenspan – Wells Fargo Greg Peters – Raymond James Mike Zaremski – Credit Suisse Josh Shanker – Deutsche Bank Yaron Kinar – Goldman Sachs Ryan Tunis – Autonomous Meyer Shields – KBW Operator Good afternoon, and welcome ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ Quarterly report pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended September 30, 2020 or ☐ Transition report pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to Commission File Number: 1-09761 ARTHUR J. GALLAGHER & CO. (Exact name of registrant as specified in its charter) Delaware 36-2151613 (State or other ju ...