I'm Zack Fuss. Today we're breaking down Arthur J. Gallagher, a global insurance brokerage. AJG was established in 1927 by Arthur James Gallagher and is now one of the largest insurance brokerages by revenue, exceeding $10 billion. AJG competes with the likes of Marsh McLennan, Aon, and Willis Towers Watson. 
To break down Gallagher, I am joined by Mike Hayward, a portfolio manager at WCM Asset Management. During this conversation, we discussed the company's successful acquisition strategy, the strength of the insurance brokerage industry, and how the shifting industry dynamics will impact the durability of its competitive advantage. Please enjoy this breakdown of A. J. Gallagher.

For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.
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Show Notes:
[00:00:00] First question - What AJG is and what they do 
[00:03:28] Value chain and key components of the insurance industry 
[00:06:03] Gallagher’s business segments and specialty 
[00:08:58] Their defensibility and competitive edge
[00:13:22] Stickiness and noteworthy retention rates
[00:17:06] Why the market undervalues their stickiness 
[00:19:19] Their acquisition strategy and its role in ongoing, consistent growth  
[00:25:20] What ‘The Gallagher Way’ really means and company history 
[00:29:52] Overview of the financial model and structure
[00:34:09] Potential risks to Gallagher’s continued success 
[00:39:21] Industry regulation and how they can affect the business 
[00:42:46] Lessons for investors and operators
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