This episode is brought to you by:
10 East. 10 East is a platform where qualified investors can co-invest on a deal-by-deal basis across private equity, private credit, real estate ventures, and other one-off opportunities typically unavailable through traditional channels. It's no surprise that founders, executives, and portfolio managers from leading investment firms are using 10 East to diversify their personal portfolios. Their level of sourcing and diligence is institutional grade. To learn more, check out 10east.com.

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