安睿嘉尔 2025年季度报告

(Mark One) ☒Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period endedJune 30, 2025 or ☐Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934For the transition period from________________toCommission File Number:1-09761_________________________________________________________ ARTHUR J. GALLAGHER & CO. (Exact name of registrant as specified in its charter)_________________________________________________________ 2850 Golf Road,Rolling Meadows,Illinois60008(Address of principal executive offices) (Zip Code)(630)773-3800(Registrant’s telephone number, including area code)Not Applicable(Former name, former address and former fiscal year, if changed since last report)_________________________________________________________ Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to suchfiling requirements for the past 90 days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submitsuch files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, oran emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growthcompany” in Rule 12b‑2 of the Exchange Act. Large accelerated filer☒Non-accelerated filer☐ Accelerated filer☐Smaller reporting company☐Emerging growth company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with anynew or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ The number of outstanding shares of the registrant’s common stock, $1.00 par value, as of June30, 2025 was approximately256.4million. Information Concerning Forward-Looking StatementsThis report contains certain statements related to future results, or states our intentions, beliefs and expectations or predictions for the future of Arthur J. Gallagher & Co. and its subsidiaries, collectively referred to herein as we, our, us, Gallagher or the Company,which are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Forward‑lookingstatements relate to expectations or forecasts of future events. Such statements use words such as “anticipate,” “believe,” “estimate,”“expect,” “contemplate,” “forecast,” “project,” “intend,” “plan,” “potential,” and other similar terms, and future or conditional tenseverbs like “could,” “may,” “might,” “see,” “should,” “will” and “would.” You can also identify forward-looking statements by the factthat they do not relate strictly to historical or current facts. For example, we may use forward-looking statements when addressingtopics such as: the impact of general economic conditions, including inflation, interest rates and market uncertainty; the effects ofgeopolitical volatility, including repercussions from the armed conflicts in Ukraine and the Middle East; market and industryconditions, including competitive and pricing trends and the impact of large natural events; acquisition strategy including the expectedsize of our acquisition program; the expected impact of acquisitions and dispositions and integrating recent acquisitions, includingcomments regarding the expected benefits of our acquisition of BCHR Holdings, L.P., and its subsidiaries, dba Buck (which we referto as Buck), Cadence Insurance, Inc. (which we refer to as Cadence Insurance), Eastern Insurance Group, LLC (which we refer to asEastern Insurance), My Plan Manager Group Pty Ltd (which we refer to as My Plan Manager), Woodruff‑Sawyer & Co. (which werefer to as Woodruff Sawyer) and our agreement to acquire all the issued and outstanding stock of Dolphin TopCo, Inc., the holdingcompany of AssuredPartners, Inc. (which we refer to as AssuredPartners) and other acquisitions larger than our typical tuck-inacquisitions and the expected duration and costs of integrating such large acquisitions; the development and performance of ourservices and products; changes in the composition or level of our revenues or earnings; our cost structure and the size and outcome ofcost-saving or restructuring initiatives; future capital expenditures; future debt levels and anticipated actions to be taken in connectionwith maturing debt; future debt to e