CFO Commentary September 18, 2025 Arthur J. Gallagher & Co. Forward-Looking Statements and Non-GAAP Measures Information Concerning Forward-Looking Statements This CFO Commentary contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this CFO Commentary, the words "anticipates," "believes," "contemplates," "see," "should," "could," "will," "estimates," "expects," "intends," "plans" and variations thereof and similar expressions, are int ...

Company Overview - Willis Towers Watson Public Limited Company (WTW) has a market cap of $32.6 billion and operates as a leading global advisory, broking, and solutions company, serving clients worldwide [1] - The company is categorized as a "large-cap" stock, headquartered in London, UK, and combines expertise, data-driven insights, and innovative solutions to support businesses of all sizes [2] Stock Performance - WTW shares have dipped over 3% from their 52-week high of $344.14, but have increased 12.6% over the past three months, outperforming the SPDR S&P Insurance ETF's (KIE) marginal rise [3] - Year-to-date, WTW stock has risen 6.5%, surpassing KIE's 3.4% gain, and has soared 14.8% over the past 52 weeks compared to KIE's 4.5% return [4] Financial Results - On July 31, WTW reported strong Q2 2025 results, with adjusted EPS of $2.86, beating consensus estimates and rising 20% year-over-year; revenue was $2.26 billion, driven by solid organic growth in the Risk & Broking segment and improved margins from cost reductions [5] Competitive Landscape - Rival Brown & Brown, Inc. (BRO) has underperformed WTW, with shares decreasing 10.4% year-to-date and 12.2% over the past 52 weeks [6] - WTW stock has a consensus rating of "Moderate Buy" from 22 analysts, with a mean price target of $365.31, indicating a premium of 9.5% to current levels [6]

Core Insights - Acrisure London Wholesale (ALW) has partnered with Madanes, an established insurance broker in Israel, to enhance its presence in the Lloyd's and broader London insurance markets [1][2] - The collaboration has successfully combined Madanes' local expertise with Acrisure's international reach, leading to multiple successful placements [2][3] - The partnership aims to provide customized solutions across non-marine lines of business for both local and international clients [4] Company Overview - Madanes employs over 300 individuals and offers a wide range of reinsurance services across various sectors, including industry, commerce, and private clients [1] - The partnership allows Madanes to leverage ALW's broking expertise, global resources, and analytical capabilities to improve its service offerings [3][4] Strategic Goals - The alliance is focused on supporting Madanes in delivering tailored solutions, enhancing the value provided to clients through ALW's capabilities and global relationships [4][5] - The collaboration has demonstrated strong results in navigating complex placements, showcasing the ability to respond effectively to challenging market conditions [5]

Group 1 - Aon plc shares crossed above their 200-day moving average of $322.28, reaching a high of $322.69 per share on Wednesday [1] - The current trading price of Aon plc shares is approximately $322.48, reflecting an increase of about 0.7% on the day [1] - Aon's 52-week low is $273.025 per share, while the 52-week high is $347.37 per share [1]

Core Viewpoint - Arthur J. Gallagher & Co. has acquired Bremer Insurance Agencies, expanding its presence in the property/casualty insurance market in the Midwest [1] Group 1: Acquisition Details - The acquisition involves Bremer Insurance Agencies, which is based in St. Paul, Minnesota [1] - The terms of the transaction were not disclosed [1] - Bremer Insurance Agencies is a subsidiary of Old National Bancorp following Old National's acquisition of Bremer Bank [1] Group 2: Operational Structure - Travis Hoaglund and his team will operate under Sean Gallagher, who leads Gallagher's Great Lakes region retail property/casualty brokerage operations [2]

As filed with the Securities and Exchange Commission on September 9, 2025. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Zhibao Technology Inc. (Exact name of Registrant as specified in its charter) Not Applicable (Translation of Registrant's name into English) Cayman Islands 6411 Not Applicable Registration No. 333-[ ] (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial (I.R.S. ...

Core Insights - Wholesale Brokerage is a cornerstone of Brown & Brown, Inc.'s (BRO) platform, providing earnings diversity and reinforcing the company's resilience across insurance cycles [1][9] - The insurance industry is currently experiencing a hard market cycle that began in 2018, leading to higher pricing and sustained profitability [2] Financial Performance - In Q2 2025, BRO's revenues increased by 14.5% year over year to $182 million, with organic growth of 3.9% [3] - EBITDAC rose by 17% to $62 million, expanding margins to 34.1% [3] - Management forecasts an 8.4% organic growth in 2025, highlighting Wholesale Brokerage's role as a key driver of profitability [3] Strategic Importance - Wholesale Brokerage delivers recurring revenue through core and contingent commissions, with guaranteed supplemental commissions and investment income providing additional support [2] - Recent acquisitions have complemented organic growth from new business, increased exposure, and solid retention [2] - The combination of rate improvements across various insurance lines is expected to sustain momentum [2] Valuation and Estimates - BRO shares trade at a price to forward 12-month earnings of 20.78, slightly above the industry average of 20.57 [10] - The Zacks Consensus Estimate for BRO's 2025 earnings implies a 7.6% growth year over year, followed by a 16.5% increase in the subsequent year [11]

Core Insights - The Brokerage segment is essential to Arthur J. Gallagher & Co.'s (AJG) business, contributing significantly to revenues and profits, providing stability across insurance cycles and supporting long-term performance [1][8] Growth Drivers - Future growth in the Brokerage segment is fueled by consistent new business production, disciplined acquisitions, enhanced brand visibility, and investments in technology and data analytics, which improve efficiency and client retention [2][8] - Successful integration of acquired firms has created synergies and a stronger platform for compounded growth over time, reinforcing the segment's importance to AJG's long-term trajectory [2] Financial Performance - In the first half of 2025, Brokerage revenues increased by 17% year over year to $6.1 billion, with organic growth of 7.6%. Adjusted EBITDAC rose by 28% to $2.45 billion, and margins expanded by 350 basis points to 40.2% [3] - These financial results highlight the Brokerage segment's role in AJG's profitability and shareholder value creation [3] Peer Comparison - The Wholesale Brokerage segment is crucial for Brown & Brown, Inc. (BRO), providing resilient revenue streams through specialized markets and acquisition-driven expansion [4] - Willis Towers Watson Public Limited Company's (WTW) Risk & Broking segment enhances client outcomes through data-driven analytics, supporting durable revenue growth and competitive positioning [5] Valuation and Estimates - AJG's shares have gained 7% year to date, compared to the industry's growth of 9.2% [6] - AJG trades at a forward price-to-earnings ratio of 23.9, above the industry average of 20.58 [9] - The Zacks Consensus Estimate for AJG's 2025 earnings implies an 8.8% growth year over year, followed by a 23.2% increase next year [10]

Core Insights - Willis Towers Watson's (WTW) Risk & Broking segment is pivotal for the firm's growth strategy, serving as a direct link between clients and insurers, thereby shaping recurring and diversified revenue streams [1][2] Group 1: Performance and Growth - The Risk & Broking segment drives growth momentum by leveraging expertise and analytics to create measurable business impact, with strong client retention and new business wins contributing to consistent revenue growth [2] - In Q2 2025, the Risk & Broking segment achieved 6% organic growth, with revenues reaching $1.1 billion and operating income increasing by 10% to $2.2 billion, resulting in a margin improvement to 21.2% year over year [3][4] - Operational scale, innovation, and transformation initiatives are translating into sustainable profitability, reinforcing the segment's role as a long-term growth engine for WTW [4] Group 2: Competitive Landscape - Brown & Brown, Inc.'s Wholesale Brokerage segment has seen growth through higher commissions, fees, and organic expansion, indicating a competitive environment [5] - Arthur J. Gallagher & Co. generates a significant portion of its revenue from its Brokerage segment, benefiting from strong client retention and growing customer activity, which supports organic growth [6] Group 3: Valuation and Estimates - WTW shares have gained 4.4% year-to-date, contrasting with a 14.1% decline in the industry, indicating relative strength [7] - The shares trade at a price to forward 12-month earnings of 17.83, below the industry average of 20.62, suggesting potential undervaluation [9] - The Zacks Consensus Estimate for WTW's 2025 earnings indicates a 0.7% decline year over year, followed by a projected 13.5% increase in the subsequent year [11]

Core Viewpoint - Robbins LLP has initiated a class action lawsuit on behalf of investors who acquired SelectQuote, Inc. securities between September 9, 2020, and May 1, 2025, due to allegations of misconduct related to Medicare Advantage plans [1][2]. Group 1: Allegations Against SelectQuote - The complaint alleges that SelectQuote directed Medicare beneficiaries to plans that compensated the company the most, regardless of the quality of those plans [2]. - It is claimed that SelectQuote did not provide unbiased comparisons for Medicare Advantage insurance plans and received illegal kickbacks from insurers [2][3]. - The U.S. Department of Justice filed a complaint against SelectQuote, stating that the company received "tens of millions of dollars" in illegal kickbacks from 2016 to at least 2021 [3]. Group 2: Impact on Stock and Legal Proceedings - Following the DOJ's allegations, SelectQuote's stock price dropped by $0.61, or 19.2%, closing at $2.56 per share on May 1, 2025 [3]. - Shareholders interested in participating as lead plaintiffs in the class action must file their papers by October 10, 2025 [4].