Arthur J. Gallagher (AJG)
Brokers commercial, benefits and reinsurance coverage while administering outsourced claims.
Something off on this page? Send us feedback.
Arthur J. Gallagher is a middleman for insurance: it helps clients find coverage and handles claims without usually taking the insurance risk itself. Helping clients buy coverage still supplies most of the business, while a giant agency acquisition is making the company larger and harder to integrate. Faster growth in claims work offers a modest counterweight.
Item facts: FY2025 · year ended Dec 31, 2025, from filings, earnings calls and company pages.
Judgment weights, not filed revenue
The band summarizes business focus and direction. ~ marks estimates.
6 in detail · 9 more below
Retail Insurance Brokerage
The core engine produced roughly two-thirds of FY2025 revenue by helping organizations and individuals buy insurance and employee benefits. Its durability rests on renewals; watch client and adviser retention after the acquisition surge.
Competes with Marsh Insurance Broking (Marsh McLennan) · Aon Risk Transfer (Aon)
In plain English
Most of Gallagher is this: a client brings the risks it wants covered, and Gallagher shops among insurers for a suitable policy. “Retail” simply means Gallagher owns the client relationship; it does not mean a storefront. The same teams also help employers choose benefits and manage people programs.
Insurers usually pay Gallagher a slice of what the client pays for the policy, while some clients pay an agreed fee for advice and service. Policies come up for renewal, so good relationships can bring the same work back each year. Gallagher generally passes the actual risk to insurers rather than paying claims from its own pocket.
AssuredPartners
This acquired agency network brings about $2.9 billion of yearly revenue from direct clients and hard-to-place insurance. The test is whether Gallagher can keep its advisers and clients while joining systems and removing duplicated costs.
Competes with HUB Commercial Insurance and Benefits (HUB International) · Brown & Brown Retail and Benefits (Brown & Brown)
In plain English
A large new wing was bolted onto Gallagher in August 2025. AssuredPartners is a network of local agencies serving mainly middle-sized organizations, plus individuals, in the United States, United Kingdom and Ireland. It sells business and personal insurance, employee benefits and specialty coverage.
The money arrives through the same insurer payments and client fees as Gallagher's existing insurance work, so this is not a separate revenue pile. Gallagher paid to acquire the client relationships and the advisers who maintain them. Keeping both while combining computer systems and back-office work is what turns the purchase into lasting earnings.
Gallagher Drive and SmartMarket
These internal data tools compare client risks and show which insurers want which business. Gallagher does not disclose separate pricing or revenue, so watch actual use and whether better matching helps retain clients.
Competes with Blue[i] (Marsh McLennan) · Broker Copilot (Aon)
In plain English
Picture a well-organized parts drawer built from Gallagher's own client and placement history. Gallagher Drive lets advisers compare a client's situation with similar cases. SmartMarket records what insurers are looking for and how well past placements worked.
Advisers use those clues to choose where to take a client's risk and to support their advice with evidence. Clients and insurers do not appear to buy the tools separately; their value is folded into the payments and fees earned by Gallagher's insurance services. Better information can make the matching faster and stickier, but Gallagher has not shown a separate money stream.
Gallagher Bassett
Gallagher Bassett runs claims for insurers, employers and public bodies. Sales from its existing business grew 12% in Q2 FY2026, faster than brokerage; watch claim volume, medical costs and service quality.
Competes with Claims Administration (Sedgwick) · Broadspire TPA (Crawford & Company)
In plain English
When a worker is injured or a company vehicle crashes, somebody must open the case, gather evidence, coordinate repairs or care and move the claim toward settlement. Gallagher Bassett does that administrative work for insurers and organizations that pay their own claims.
Customers pay per claim, per task, for costs plus a markup or for hitting agreed results. More cases and broader assignments can mean more fees, but each case also consumes staff time and outside services. Nearly all of this work comes from clients outside Gallagher's own insurance-sales arm, giving the business a separate customer base.
Wholesale Insurance Brokerage
This desk finds insurers for unusual or difficult risks brought by other brokers; outside brokers supplied more than 75% of FY2025 revenue. Watch whether specialist insurers keep offering enough coverage on workable terms.
Competes with Amwins Brokerage and Access (Amwins) · RT Specialty (Ryan Specialty)
In plain English
Some risks do not fit the standard insurance shelf: a novel cyber exposure, a catastrophe-prone property or another unusually complex case. A retail broker brings that puzzle to Gallagher's wholesale specialists, who know the insurers willing to consider it. RPS, Alesco and Pen Underwriting are the main routes through this business.
Gallagher earns a cut of the sale or a fee when it finds and arranges the coverage. More than three-quarters of the revenue comes from brokers that are not part of Gallagher, so those outside relationships matter. Even when Gallagher is allowed to package and price a type of coverage, it passes essentially all of the insurance risk to insurers.
Gallagher Re
About one-tenth of FY2025 revenue comes from helping insurers insure themselves against very large or volatile losses. Watch catastrophe losses, insurers' financial strength and how much money insurers and investors make available.
Competes with Reinsurance Broking (Guy Carpenter) · Reinsurance Solutions (Aon)
In plain English
Insurance companies buy insurance too. An insurer that covers thousands of homes may not want one hurricane to overwhelm it, so Gallagher Re helps it transfer part of that risk to other well-funded insurers or investors. The team estimates possible losses and arranges the protection.
The buyer pays for that analysis, deal design and access to money that can absorb losses. Gallagher earns placement and advice fees without taking the disaster risk itself. A related team, Gallagher Securities, also connects insurance risks with investors and advises on raising money or corporate deals.
Retail Insurance BrokerageThe core engine produced roughly two-thirds of FY2025 revenue by helping organizations and individuals buy insurance and employee benefits. Its durability rests on renewals; watch client and adviser retention after the acquisition surge.The core engine produced roughly two-thirds of FY2025 revenue by helping organizations and individuals buy insurance and employee benefits. Its durability rests on renewals; watch client and adviser retention after the acquisition surge.
In plain English
Most of Gallagher is this: a client brings the risks it wants covered, and Gallagher shops among insurers for a suitable policy. “Retail” simply means Gallagher owns the client relationship; it does not mean a storefront. The same teams also help employers choose benefits and manage people programs.
Insurers usually pay Gallagher a slice of what the client pays for the policy, while some clients pay an agreed fee for advice and service. Policies come up for renewal, so good relationships can bring the same work back each year. Gallagher generally passes the actual risk to insurers rather than paying claims from its own pocket.
Competes with Marsh Insurance Broking (Marsh McLennan) · Aon Risk Transfer (Aon)
AssuredPartnersThis acquired agency network brings about $2.9 billion of yearly revenue from direct clients and hard-to-place insurance. The test is whether Gallagher can keep its advisers and clients while joining systems and removing duplicated costs.This acquired agency network brings about $2.9 billion of yearly revenue from direct clients and hard-to-place insurance. The test is whether Gallagher can keep its advisers and clients while joining systems and removing duplicated costs.
In plain English
A large new wing was bolted onto Gallagher in August 2025. AssuredPartners is a network of local agencies serving mainly middle-sized organizations, plus individuals, in the United States, United Kingdom and Ireland. It sells business and personal insurance, employee benefits and specialty coverage.
The money arrives through the same insurer payments and client fees as Gallagher's existing insurance work, so this is not a separate revenue pile. Gallagher paid to acquire the client relationships and the advisers who maintain them. Keeping both while combining computer systems and back-office work is what turns the purchase into lasting earnings.
Competes with HUB Commercial Insurance and Benefits (HUB International) · Brown & Brown Retail and Benefits (Brown & Brown)
Gallagher Drive and SmartMarketThese internal data tools compare client risks and show which insurers want which business. Gallagher does not disclose separate pricing or revenue, so watch actual use and whether better matching helps retain clients.These internal data tools compare client risks and show which insurers want which business. Gallagher does not disclose separate pricing or revenue, so watch actual use and whether better matching helps retain clients.
In plain English
Picture a well-organized parts drawer built from Gallagher's own client and placement history. Gallagher Drive lets advisers compare a client's situation with similar cases. SmartMarket records what insurers are looking for and how well past placements worked.
Advisers use those clues to choose where to take a client's risk and to support their advice with evidence. Clients and insurers do not appear to buy the tools separately; their value is folded into the payments and fees earned by Gallagher's insurance services. Better information can make the matching faster and stickier, but Gallagher has not shown a separate money stream.
Competes with Blue[i] (Marsh McLennan) · Broker Copilot (Aon)
Gallagher BassettGallagher Bassett runs claims for insurers, employers and public bodies. Sales from its existing business grew 12% in Q2 FY2026, faster than brokerage; watch claim volume, medical costs and service quality.Gallagher Bassett runs claims for insurers, employers and public bodies. Sales from its existing business grew 12% in Q2 FY2026, faster than brokerage; watch claim volume, medical costs and service quality.
In plain English
When a worker is injured or a company vehicle crashes, somebody must open the case, gather evidence, coordinate repairs or care and move the claim toward settlement. Gallagher Bassett does that administrative work for insurers and organizations that pay their own claims.
Customers pay per claim, per task, for costs plus a markup or for hitting agreed results. More cases and broader assignments can mean more fees, but each case also consumes staff time and outside services. Nearly all of this work comes from clients outside Gallagher's own insurance-sales arm, giving the business a separate customer base.
Competes with Claims Administration (Sedgwick) · Broadspire TPA (Crawford & Company)
Wholesale Insurance BrokerageThis desk finds insurers for unusual or difficult risks brought by other brokers; outside brokers supplied more than 75% of FY2025 revenue. Watch whether specialist insurers keep offering enough coverage on workable terms.This desk finds insurers for unusual or difficult risks brought by other brokers; outside brokers supplied more than 75% of FY2025 revenue. Watch whether specialist insurers keep offering enough coverage on workable terms.
In plain English
Some risks do not fit the standard insurance shelf: a novel cyber exposure, a catastrophe-prone property or another unusually complex case. A retail broker brings that puzzle to Gallagher's wholesale specialists, who know the insurers willing to consider it. RPS, Alesco and Pen Underwriting are the main routes through this business.
Gallagher earns a cut of the sale or a fee when it finds and arranges the coverage. More than three-quarters of the revenue comes from brokers that are not part of Gallagher, so those outside relationships matter. Even when Gallagher is allowed to package and price a type of coverage, it passes essentially all of the insurance risk to insurers.
Competes with Amwins Brokerage and Access (Amwins) · RT Specialty (Ryan Specialty)
Gallagher ReAbout one-tenth of FY2025 revenue comes from helping insurers insure themselves against very large or volatile losses. Watch catastrophe losses, insurers' financial strength and how much money insurers and investors make available.About one-tenth of FY2025 revenue comes from helping insurers insure themselves against very large or volatile losses. Watch catastrophe losses, insurers' financial strength and how much money insurers and investors make available.
In plain English
Insurance companies buy insurance too. An insurer that covers thousands of homes may not want one hurricane to overwhelm it, so Gallagher Re helps it transfer part of that risk to other well-funded insurers or investors. The team estimates possible losses and arranges the protection.
The buyer pays for that analysis, deal design and access to money that can absorb losses. Gallagher earns placement and advice fees without taking the disaster risk itself. A related team, Gallagher Securities, also connects insurance risks with investors and advises on raising money or corporate deals.
Competes with Reinsurance Broking (Guy Carpenter) · Reinsurance Solutions (Aon)
Named in filings, launches and programs
- Gallagher Benefit ServicesServiceHelps employers choose employee benefits and manage people programs, with its fees included in insurance advice for clients.
- RPSBrandThe U.S. operation that places hard-to-fit risks and runs insurance programs for other brokers.
- Pen UnderwritingBrandBuilds and distributes specialist insurance programs while passing essentially all of the claim-paying risk to insurers.
- AlescoBrandA broker in the London insurance market that finds coverage for complex risks.
- ArtexBrandAdvises organizations that create their own insurance arrangements and manages those programs within Gallagher's insurance work.
- Gallagher SecuritiesServiceConnects insurance risks with investors and advises insurers on raising money and corporate deals.
- Gallagher Global NetworkEcosystemA network of partner brokers serving clients in countries where Gallagher has no directly owned office.
- Woodruff SawyerBrandA U.S. insurance adviser acquired in 2025 and folded into the main client-facing business.
- Buck-derived actuarial servicesServiceBenefits work that estimates future costs and obligations, now embedded in insurance advice for clients.
Gallagher Benefit ServicesService
Helps employers choose employee benefits and manage people programs, with its fees included in insurance advice for clients.
RPSBrand
The U.S. operation that places hard-to-fit risks and runs insurance programs for other brokers.
Pen UnderwritingBrand
Builds and distributes specialist insurance programs while passing essentially all of the claim-paying risk to insurers.
AlescoBrand
A broker in the London insurance market that finds coverage for complex risks.
ArtexBrand
Advises organizations that create their own insurance arrangements and manages those programs within Gallagher's insurance work.
Gallagher SecuritiesService
Connects insurance risks with investors and advises insurers on raising money and corporate deals.
Gallagher Global NetworkEcosystem
A network of partner brokers serving clients in countries where Gallagher has no directly owned office.
Woodruff SawyerBrand
A U.S. insurance adviser acquired in 2025 and folded into the main client-facing business.
Buck-derived actuarial servicesService
Benefits work that estimates future costs and obligations, now embedded in insurance advice for clients.