Hello everyone and welcome to At Barrens. I'm Andy Surwer and welcome to our guest, Pat Gallagher, CEO of Arthur J. Gallagher and company.

Pat, nice to see you. Thank you, Andy. It's great to be here.

So why don't you start off by telling us a little bit about the company. It's one of the nation's largest insurance brokers, but I read that the company provides brokerage and risk management services. But what does that

really mean exactly? Yeah. Well, first and foremost, we're an insurance brokerage enterprise.

We're not a risk-taking enterprise. We're not an insurance company. And we'd really provide three things.

Property casualty insurance advice,

anywhere from down to a homeowner's policy all the way to the largest companies in the world.

We also provide advice on employee benefits, life insurance, pensions, those types of things,

health insurance, again, from personal life insurance

all the way through large accounts. And thirdly, we have a business that pays claims, typically

claims for self-insured parties. So think about large companies or large entities, a university,

a large trucking firm that takes a big layer of self-insurance, someone has to come in and pay those claims,

we do that. At the same time, we also offer insurance companies those services. So if they want to

enter a market they're not in, go to a geography that they're not present in, we come in and pay

the claims on their behalf. So your grandfather founded the company, what, almost 100 years ago,

and I think it was 1927, something along those lines. Yeah. And you're the third generation Gallagher

family member CEO, and yet it's a public company. So how does that work? What's the ownership

and how are you all? Is your family involved? Well, it's interesting, my grandfather, as you said, started the business in 1927, loved this

business, felt that it was incredibly important and brought his three sons in, late 40s,

early 50s, and they in turn loved the business and grew it, got into in the 60s this whole concept of self-insurance.

And that took us on a path to pretty extensive growth.

And I give my dad and uncles a lot of credit in that they realized if we're going to continue this path of growth,

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