Arthur J Gallagher & Co


SKU: AJG Category:


This is our first report on insurance and reinsurance brokerage player, Arthur J Gallagher & Co. The company surpassed Wall Street’s revenue and earnings expectations in its latest quarterly result. The company posted revenue and organic growth for its risk management and combined brokerage segments. New business production increased and the company improved its adjusted EBITDA margin. The company’s UK PC business posted organic growth. Core new businesses were excellent, with an increase in renewal premium. Gallagher Re posted organic growth in its wholesale, reinsurance, and specialty businesses. Property, general liability, workers comp, umbrella, and package all increased. Labor market imbalances remain. This quarter global insurance renewal premiums increased. Mid-year reinsurance renewals displayed hard market conditions. Arthur J Gallagher had quite an active quarter with respect to mergers and acquisitions. It finished 15 new tuck-in brokerage mergers, including the acquisition of Buck. We initiate coverage on the stock with a ‘Hold’ rating.

Our Report Structure:

⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
⦁ Disclosures

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