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Analyst
Dean Criscitiello
Period: Reporting periods mapped to calendar 2024 Q4 – 2026 Q2 (7 quarters; questions recorded in 4).
- Questions
- 10on tracked calls
- Challenge rate
- 10%1 of 10 questions
- Companies
- 3questioned at least once
- Reporting periods
- 4with questions
These figures cover the whole profile: every tracked question, all reporting periods.
How to read these numbers
Challenge rate is the share of questions that pushed back, pressed for specifics or questioned management’s assumptions. It describes how questions were asked on the calls tracked here; it does not measure whether any view turned out to be right.
Rounding. Rates are rounded to whole percentages, so a small share can show as 0% even when some questions were challenging. The count beside each rate is exact; “none of N questions” means no question was challenging.
No questions recorded. “—” means there is nothing to calculate: no questions were recorded for that period on the calls tracked here. It does not mean there was no activity.
Fewer than 3 questions. A company-level rate is withheld when fewer than 3 questions were recorded for that company; the questions are still counted everywhere else.
Small samples. Profiles with fewer than 10 questions are marked Limited sample.
Reporting periods. Questions are grouped by the calendar quarter each company’s fiscal reporting period maps to, not by the date of the call. Periods without a calendar mapping are listed separately under their fiscal label.
Questions asked
Grouped by company, most questions first. Open a company to read its questions, newest reporting period first.
Showing 10 of 10 questions from 3 companies
AJGArthur J. Gallagher & Co.4 questions · 2 reporting periods · 1 of 4 challenging
Calendar 2026 Q2
does that kind of change your hiring strategy, or do you not think about the two in tandem?
Show response
Doug said hiring strategy is unchanged, expecting more seasoned producers to become available as PE-owned firms disappoint their people.
Can you just kind of highlight what's driving that and then maybe talk about the sustainability of that in the future?
Show response
Doug cautioned against reading individual lines, noting contingents flipped into supplementals and pointing to about 9% combined growth.
Calendar 2026 Q1
the multiples that you list for tuck-in acquisitions, the lower end of that range came down a bit
Show response
Doug confirmed multiples are coming down and that term sheets reflect this. Pat added the simple explanation: Gallagher's own stock multiple is down, so they won't dilute shareholders.
Your full year estimate for the specialty and U.S. wholesale growth is 6%, which implies sort of a pickup of organic
Show response
Doug explained Q2 will see the largest property pricing headwind, so the back half comparisons become easier with less property stress.
BROBrown & Brown4 questions · 2 reporting periods · 0 of 4 challenging
Calendar 2025 Q3
I know you mentioned there's some headwinds in Q2. I'm just wondering if that will continue in 2026?
Show response
Andy said the incentive adjustment headwind appears isolated to Q4 2025 based on current visibility.
Last quarter, you mentioned seeing signs of business going from E&S back to the admitted market. Just curious what are you seeing this quarter?
Show response
Powell acknowledged more admitted carrier talk about taking back business as growth becomes harder, but said E&S market growth pace will exceed any movement back.
Calendar 2024 Q4
if the decelerating pricing in property implies less customer shopping or in other words, are you seeing less property accounts migrate
Show response
Powell emphatically rejected the premise, explaining that property owners are emotionally driven to seek savings after years of rate increases.
can you to just talk about the impact that's having on casualty line submission growth into the wholesale line?
Show response
Powell confirmed increasing submissions and written business in the non-admitted market, with the wholesale market continuing to expand.
CINFCincinnati Financial2 questions · 1 reporting period · 0 of 2 challenging
Calendar 2024 Q4
dive deeper into the reserve strengthening both in commercial auto and the excess and surplus lines segment
Show response
Sewell attributed personal auto strengthening to 2022-2023 liability case incurred, E&S (~90% casualty) reflected industry inflation patterns, with ~1/3 of $998M IBNR add going to commercial casualty.
the commercial property, like, current accident, your ex-cat loss ratio. It it seemed abnormally low this quarter
Show response
Spray credited drop in large losses and underwriting discipline ('running a bit of a temperature... all hands on deck with risk selection and pricing segmentation') but warned of quarter-to-quarter volatility.
Challenge rate by company
Every company this analyst questioned, most questions first. A company-level rate is shown from 3 questions; below that it is withheld.
| Company | Questions | Challenge rate |
|---|---|---|
| AJG Arthur J. Gallagher & Co. | 4 | 25%1 of 4 questions |
| BRO Brown & Brown | 4 | 0%none of 4 questions |
| CINF Cincinnati Financial | 2 | —Rate withheld: fewer than 3 questions |
Activity by reporting period
Questions recorded for each calendar quarter that companies’ reporting periods map to (not the call date), with the challenge rate for that period. Periods inside the range with no questions are shown as “No questions recorded”.
| Calendar period | Questions | Challenge rate | Companies |
|---|---|---|---|
| 2024 Q4 | 4 | 0%none of 4 questions | 2 |
| 2025 Q1 | No questions recorded | — | — |
| 2025 Q2 | No questions recorded | — | — |
| 2025 Q3 | 2 | 0%none of 2 questions | 1 |
| 2025 Q4 | No questions recorded | — | — |
| 2026 Q1 | 2 | 50%1 of 2 questions | 1 |
| 2026 Q2 | 2 | 0%none of 2 questions | 1 |
- 2024 Q44 questions · challenge rate 0% (none of 4 questions) · 2 companies
- 2025 Q1No questions recorded
- 2025 Q2No questions recorded
- 2025 Q32 questions · challenge rate 0% (none of 2 questions) · 1 company
- 2025 Q4No questions recorded
- 2026 Q12 questions · challenge rate 50% (1 of 2 questions) · 1 company
- 2026 Q22 questions · challenge rate 0% (none of 2 questions) · 1 company
Topics
Topics tagged on this analyst’s questions.
- Pricing4
- Revenue Growth3
- Margin3
- M&A2
- Demand2
- Labor Market1
- Competitive Dynamics1
- Cost Pressure1