AJG · 10-Q · 2026Q3 · Full report

Acquisition / Partnership / Divestiture

Arthur J. Gallagher & Co. · 2026-11-05 · Importance 64 · Surprise 42 · From source text

Acquisitions completed in the twelve months ended September 30, 2026 contributed $2.413 billion to the year-over-year increase in Brokerage base commissions and fees for the nine-month period. Those acquisitions also accounted for $1.096 billion of Brokerage compensation expense growth and $276 million of Brokerage operating expense growth in the nine-month period. The filing identifies AssuredPartners as a prior acquisition whose financing proceeds generated $363 million of interest income in the comparable 2025 nine-month period, affecting the margin comparison. The filing directs readers to Note 3 for details of the company’s most recent 2026 acquisitions but does not name those deals in this MD&A section.

Key facts

• Arthur J. Gallagher & Co. completed a public offering of 30.4 million common shares on December 11, 2024 for net proceeds of $8.3 billion and issued another 4.6 million shares on January 7, 2025 for net proceeds of $1.3 billion; proceeds helped fund the AssuredPartners acquisition and other corporate purposes. source
• Cash paid for acquisitions, net of cash and restricted cash acquired, was $1,112 million in the nine months ended September 30, 2026, compared with $15,312 million in 2025. source
• Annualized revenues of businesses acquired by Arthur J. Gallagher & Co. in the nine months ended September 30, 2026 totaled approximately $224 million, compared with $3,428 million in 2025. source
• Arthur J. Gallagher & Co. paid a $750 million earnout in April 2025 to sellers in connection with its December 2021 acquisition of Willis Towers Watson treaty reinsurance brokerage operations. source
• During the nine months ended September 30, 2026 and 2025, Arthur J. Gallagher & Co. sold several books of business and recognized net gains of $27 million and $5 million, respectively, receiving net cash proceeds of $7 million and $5 million. source
• Gallagher's AssuredPartners acquisition closed on August 18, 2025; organic revenue for the three- and nine-month periods ended September 30, 2026 excludes all AssuredPartners revenue, as do the comparable 2025 periods. source
• Arthur J. Gallagher & Co. may offer and sell up to 3.0 million common shares under its March 14, 2024 Equity Distribution Agreement to fund future acquisitions or general corporate purposes; it sold no shares under the program in the quarter ended September 30, 2026. source
• In the third quarters of 2026 and 2025, Gallagher recognized $7 million and $17 million of expense from net estimated-fair-value adjustments for earnout obligations relating to 30 and 41 acquisitions, respectively. source

Impact estimates