Arthur J. Gallagher (AJG) official guidance

We remain on track for $160 million of annualized run rate synergies by year-end 2026, and that goes up to $325 million by early 2028.

We remain on track for $160 million of annualized run rate synergies by year-end 2026, and that goes up to $325 million by early 2028.

Looking ahead, we see fourth quarter and full year 2026 adjusted EBITDA margin again north of 22%.

Looking ahead, we see fourth quarter and full year 2026 adjusted EBITDA margin again north of 22%.

I see margin expansion starting around that 4% range. If we're at 5%, you might see 50 to 75 basis points of expansion, and then you would get more synergies coming out of AP.

We continue to see fourth quarter and full year 2026 brokerage organic growth of around 5%.

Our early planning indicates legacy brokerage organic growth could look a lot like 2026, and it is also indicating that our early successes of being better together, the roll-in of AP is looking like maybe only impacting that by about 40 to 50 basis points for the full year 2027.

We continue to see fourth quarter and full year 2026 brokerage organic growth of around 5%.

A 9% organic year would be another impressive result for Gallagher Bassett and reflects the momentum from our continued investments in the business.

As for 2027, our early look at the pipeline suggests the momentum should continue. So 2027 also could look a lot like this year for Gallagher Bassett.

When I look forward, I remain confident in our 2026 full year organic growth outlook of approximately 6% for our combined brokerage and risk management segments.

Our early planning indicates legacy brokerage organic growth could look a lot like 2026, and it is also indicating that our early successes of being better together, the roll-in of AP is looking like maybe only impacting that by about 40 to 50 basis points for the full year 2027.

Looking forward, we see third quarter and full year 2026 adjusted EBITAC margins north of 22%.

Looking forward, you'll see to the far right, we're still forecasting full year 2026 underlying margin expansion of 40 to 60 basis points.

The question you're asking about, if I look here in the second quarter, we believe there's 5% in our America's Retail brokerage segment. Is that what you're looking at?

Your full year estimate for the specialty in U.S. wholesale growth is 6%, which implies, you know, sort of a takeoff of organic in the back half of the year.

So what do we assume for next year as we're thinking about it? We're assuming that casualty rates will be up in that 7%-8% range.

But just remember, there could be another $100 million-$120 million of cost savings that we get out throughout 2027 so that by the time we get to early 2028, we're kind of at that $260 million-$280 million additional profits or additional EBITDA accounted.

Looking ahead, we see fourth quarter and full-year margins around 21%, and that would be another great year for Gallagher Bassett.

Looking ahead, we see fourth quarter and full-year margins around 21%, and that would be another great year for Gallagher Bassett.