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Sentiment · FY2026 Q1
What companies say about each other on earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“Brown & Brown was talking about movement from admitted and non-admitted.”
An analyst cited Brown & Brown's commentary on admitted vs non-admitted movement; Gallagher said it is not seeing that shift in its book.
“we thought that they were running organic about a point, point and a half less than us. Terrific sales culture, terrific producers out there.”
Gallagher's acquired Assured Partners is running organic growth about a point to a point-and-a-half below Gallagher, which management frames as an upside opportunity as it deploys its tools.
“And while not in our organic growth numbers, AP's third quarter organic was 5%. That really shows you that a terrific sales-driven culture is joining our team.”
Gallagher's recently closed AssuredPartners acquisition posted 5% organic growth in the quarter, signaling the acquired book is performing well as it integrates.
“Shifting to comments about mergers and acquisitions, starting with Assured Partners. Since our early June IR day, we've had -- we've made terrific progress and now believe we will be in a position to complete this transaction here in the third quarter.”
Gallagher's pending acquisition of insurance brokerage Assured Partners is progressing through DOJ HSR review and is expected to close in Q3 2025.
“even after the $13.5 billion for Assured paying for Woodruff and paying for the Willis Re earn-out, and after the other 11 deals we’ve already done through Q1, we still have over $2 billion of M&A capacity here in 2025”
Gallagher made an earn-out payment tied to its prior acquisition of the Willis Re reinsurance brokerage business from Willis Towers Watson, one of several cash outlays alongside AssuredPartners and Woodruff Sawyer.
“We also announced the acquisition of Woodruff Sawyer during the quarter and completed that in early April.”
Gallagher announced and closed its acquisition of insurance brokerage Woodruff Sawyer during and just after the quarter.
“As for the pending AssuredPartners acquisition, not much to update relative to our March IR Day comments, we are working to respond to the second request.”
Gallagher's pending AssuredPartners acquisition remains on track for a second-half 2025 close, with management saying enthusiasm for the deal has grown and producer retention at AssuredPartners is running slightly better than Gallagher's own.
“the big news in December was signing an agreement to acquire AssuredPartners with $2.9 billion of annual pro forma revenue. It's a compelling opportunity to build upon our commercial middle market focus, deepen our niche practice groups, and further leverage our data and analytics, allowing us to provide even more value to clients.”
Gallagher signed a definitive agreement in December to acquire AssuredPartners, a commercial middle-market insurance broker with $2.9 billion of pro forma revenue, expected to close in Q1 2025 and expand Gallagher's middle-market reach and tuck-in M&A pipeline.
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Elyse Greenspan | Wells Fargo | 13 (0%) |
| Dave Motemaden | Evercore ISI | 13 (15%) |
| Mark Hughes | Truist Securities | 11 (9%) |
| Mike Zaremski | BMO Capital Markets | 10 (10%) |
| Greg Peters | Raymond James | 9 (22%) |
| Andy Kligerman | TD Cowen | 8 (13%) |
| Katie Sakys | Autonomous Research | 8 (25%) |
| Andy Andersen | Jefferies | 8 (0%) |
| Rob Cox | Goldman Sachs | 6 (0%) |
| Meyer Shields | KBW | 5 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| BMO Capital Markets | 2 | 14 (7%) |
| Wells Fargo | 1 | 13 (0%) |
| Evercore ISI | 1 | 13 (15%) |
| KBW | 4 |
Gallagher closed 2025 with full-year revenue growth of 21% and 6% organic, as AssuredPartners integration ran ahead of plan with the U.S. retail business already rebranded to Gallagher. Q4 organic growth was 5% with underlying margin expanding 50 basis points, bringing the full-year expansion to 70 basis points and cumulative margin improvement to 400 basis points since COVID. Property reinsurance rates declined into the teens though casualty reinsurance remained stable, and management guided 2026 Brokerage organic at approximately 5.5%.
Revenue Growth | Competitive Dynamics | Pricing | Guidance Reliability | M&A | Margin | Demand | Capital Allocation | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 13 | 4 | 4 | 6 | 4 | 2 | 4 | 1 |
| 2025Q1 | 10 | 7 | 7 | 5 | 3 | 1 | 1 | 1 |
| 2025Q2 | 7 | 5 | 6 | 4 | 4 | 3 | 1 | |
| 2025Q3 | 11 | 7 | 5 | 4 | 4 | 3 | 2 | 1 |
| 2025Q4 | 7 | 7 | 4 | 8 | 6 | 4 | 3 | 2 |
| 2026Q1 | 6 | 3 | 5 | 3 | 1 | 2 | 1 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Revenue Growth | 13 | 10 | 7 | 11 | 7 | 6 |
| Competitive Dynamics | 4 | 7 | 5 | 7 | 7 | 3 |
| Pricing | 4 | 7 | 6 | 5 | 4 | 5 |
| Guidance Reliability | 6 | 5 | 4 | 4 | 8 | |
| M&A | 4 | 3 | 4 | 4 | 6 | 3 |
| Margin | 2 | 1 | 3 | 3 | 4 | 1 |
| Demand | 4 | 1 | 1 | 2 | 3 | 2 |
| Capital Allocation | 1 | 1 | 1 | 2 | 1 |
| 11 (9%) |
| Truist Securities | 1 | 11 (9%) |
| Raymond James | 1 | 9 (22%) |
| Autonomous Research | 1 | 8 (25%) |
| Jefferies | 1 | 8 (0%) |
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
AJG Arthur J. Gallagher & Co. | 6 | +27.6% | |
| AON Aon | 7 | +6.5% | |
| BRO Brown & Brown | 6 | +37.3% | |
| MRSH Marsh & McLennan Companies, Inc. | 6 | +7.6% | |
| WTW Willis Towers Watson | 5 | +8.5% |