gallagher press release

2022.07.31
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gallagher press release

The production of IRC Section 45 clean energy tax credits ceased in December 2021, which reduced the royalty income received by Chem-Mod LLC and net earnings generated by our investments in clean coal production plants. Willis Towers Watson (NASDAQ: WLTW) is a leading global advisory, broking and solutions company that helps clients around the world turn risk into a path for growth. 2022, Nasdaq, Inc. All Rights Reserved. Additionally, the extremely tight labor market is favorably impacting our benefits and HR consulting business, resulting in more project work and higher covered lives as well as contributing to increased new arising claims for our risk management business.

Other unknown or unpredictable factors could also cause actual results and developments to differ materially from those expressed or implied by the forward-looking statements. Tel: 312-360-5386.

In addition, Gallagher had $173.4million outstanding under a revolving loan facility that provides funding for premium finance receivables, which are fully collateralized by the underlying premiums held by insurance carriers, and as such are excluded from our debt covenant computations.

See WTWs Annual Reports on Form 10-K for the year ended December 31, 2020 and its Quarterly Reports on Form 10-Q for the quarter ended March 31, 2021, and the quarter ended June 30, 2021, for a further discussion of these and other risks and uncertainties applicable to WTW and their respective businesses.

said J. Patrick Gallagher, Jr., Chairman, President and CEO.

Our unique perspective allows us to see the critical intersections between talent, assets and ideas the dynamic formula that drives business performance.

Accordingly, you should not place undue reliance on forward-looking statements, which speak only as of the date on which they are made. Transaction-related costs associated with its acquisition of the Willis Towers Watson treaty reinsurance brokerage operations.

This evening, Rep. Gallagher joined Guy Benson to discuss H.R. These measures are not in accordance with, or an alternative to, the GAAP information provided in this press release. Do Not Sell My Personal Information (CA Residents Only). WTW management gives no assurance that these expectations will prove to be correct. These documents contain both GAAP and non-GAAP measures. You can sign up for additional alert options at any time. NYSE - Nasdaq Real Time Price. Research that delivers an independent perspective, consistent methodology and actionable insight.

** The acquistion of the Willis Towers Watson's treaty reinsurance brokerage operations added approximately 2,200 employees in December 2021.

Our team has the expertise, the service capabilities, and the desire to help clients and prospects navigate the current environment!".

In addition, includes the tax expense related to partial taxation of foreign earnings, nondeductible executive compensation and entertainment expenses and the tax benefit from vesting of employee equity awards. When autocomplete results are available use up and down arrows to review and enter to select. See further below for definitions and additional reasons each of these measures is useful to investors. A detailed reconciliation of the 2022 and 2021 provision (benefit) for income taxes is shown on pages 13 and 14.

While we had a small number of clients that were based in or had operations within Russia, we have suspended those relationships and are no longer providing services to these clients.

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Workforce at end of period (includes acquisitions): * Gallagher completed a follow-on public offering of 10,350,000 shares of its common stock on May 17, 2021 and used the net proceeds to fund a portion of the.

In first quarter of 2022, Gallagher increased its state effective income tax rate, which resulted in the overall U.S. effective income tax rate increasing from 25% to 26% and caused Gallagher to incur additional income tax expense during the quarter and recognized a one-time benefit related to the revaluation of certain deferred income tax assets to the higher income tax rate. We design and deliver solutions that manage risk, optimize benefits, cultivate talent, and expand the power of capital to protect and strengthen institutions and individuals.

By their nature, forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from either historical or anticipated results depending on a variety of factors.

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Announces Regular Third Quarter Arthur J. Gallagher & Co. Acquires Four Corners Group Inc. Net gains on divestitures, which are primarily net proceeds received related to sales of books of business and other divestiture transactions, such as the disposal of a business through sale or closure.

Summary of Financial Results - First Quarter. End of main navigation menu.

A printer-friendly format will be available on the company's website shortly thereafter. In particular, the global spread of COVID-19 has created significant volatility and uncertainty and economic disruption that may impact our forward-looking statements.

Rep. Mike Gallagher (R-WI) and Rep. Mike Turner (R-OH) joined fellow Republican members of the House Permanent Select Committee on Intelligence in demanding transparency from Secretaries of Defense and Stateregarding the rapid fall of Afghanistan to the Taliban.

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The factors identified above are not exhaustive. acquisition of Willis Towers Watson treaty reinsurance brokerage operations that was completed in December 2021. While we highly value Willis Re and our colleagues who contribute to its success, we concluded that divestment was the appropriate path for this business and for WTW. This ratio was adversely impacted by increased integration costs related to the reinsurance operations acquired in December 2021, acquisition earnout related adjustments, workforce related charges, the resumption of merit wage increases and higher incentive compensation expense related to stronger organic growth. WASHINGTON, D.C.-- Rep. Mike Gallagher (R-WI) today released the following statement in advance of Speaker Pelosi's scheduled trip to Taiwan. The impact of foreign currency translation, as applicable. See page13 and 14 for a reconciliation of the adjustments made to income taxes.

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We have also implemented robust procedures designed to ensure that we are in compliance with all applicable sanctions laws. Clean energy -Consists of the operating results related to our investments in clean coal production plants and royalty income from clean coal licenses related to Chem-Mod LLC. The extent to which the pandemic impacts our business, operations and financial results will depend on numerous evolving factors, many of which are not within our control and that we may not be able to accurately predict, including: its duration and scope; governmental, business and individuals' actions that have been and continue to be taken in response to the pandemic; the impact of the pandemic on economic activity and actions taken in response; the effect on our clients and client demand for our services; the ability of our clients to pay their insurance premiums which could impact our commission and fee revenues for our services; the number of new arising workers compensation and general liability claims; and the long-term impact of employees working from home, including increased technology costs, and employees' holistic wellbeing.

See "Information Regarding Non-GAAP Measures" beginning on page 9 of 14.

Louisville, KY 40233-5000 WASHINGTON, D.C.-- Rep. Mike Gallagher (R-WI) today released the following statement after the U.S. economy shrank by 0.9% in the second quarter and formally entered a recession.

As disclosed in its most recent Proxy Statement, Gallagher makes determinations regarding certain elements of executive officer incentive compensation, performance share awards and annual cash incentive awards, partly on the basis of measures related to adjusted EBITDAC.

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Acquisition related adjustments, which include change in estimated acquisition earnout payables adjustments, impairment charges and acquisition related compensation charges. In addition, the production of IRC Section45 clean energy tax credits ceased in December 2021.

WASHINGTON, D.C.-- Rep. Mike Gallagher (R-WI) today released the following statement after voting against the CHIPS and Science Act, an expansive bill that lacks provisions to safeguard taxpayer dollars and keep investments narrowly targeted to U.S.-China competition.

Reported first quarter 2022 operating expense ratio was 0.6 pts higher than first quarter 2021.

Arthur J. Gallagher & Co., an international insurance brokerage and risk management services firm, is headquartered in Rolling Meadows, Illinois, has operations in 68 countries and offers client-service capabilities in more than 150 countries around the world through a network of correspondent brokers and consultants. Arthur J. Gallagher & Co. (NYSE: AJG) will release its second quarter 2022 earnings after the market closes on Thursday, July 28, 2022. "During the quarter, we completed 5 new tuck-in mergers with approximately $32million of annualized revenue, and we were recognized by the Ethisphere Institute as one of the World's Most Ethical Companies for the 11th year in a row!

Gallagher also believes that using this non-GAAP measure allows readers of our financial statements to measure, analyze and compare the growth from its Brokerage and Risk Management segments in a meaningful and consistent manner.

ROLLING MEADOWS, Ill., April 28, 2022 /PRNewswire/ -- Arthur J. Gallagher & Co. (NYSE: AJG) today reported its financial results for the quarter ended March 31, 2022.

Your ability to manage risk is key to your thriving in an uncertain world.

Amortization of intangible assets reflects the amortization of customer/expiration lists, non-compete agreements, trade names and other intangible assets have been acquired through the company's merger and acquisition strategy.

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We currently estimate these actions will adversely impact full year 2022 brokerage segment annual revenues by up to $10million and full year 2022 net after tax earnings by up to $0.03per share, with a $0.01 adverse impact in first quarter of 2022. More than ever, making the most of your capital means solving a complex risk-and-return equation.

The amounts excluded with respect to foreign currency translation are calculated by applying current year foreign exchange rates to the same period in the prior year. Gallagher does not have any offices or direct operations within Ukraine or Russia. For first quarter 2022, this adjustment also includes the impact of an acquisition valuation analysis and corresponding adjustments.

"Overall, first quarter rate and exposure increases were broad-based, driven by firm global P/C rates across nearly all geographies and lines of business, and our clients' continued growth. The call will be available for replay at such website for at least 90 days.

Interest and banking costs anddebt - At March31, 2022, Gallagher had $1,600.0million of borrowings from public debt, $4,448.0million of borrowings from private placements and no short-term borrowings under its line of credit facility.

All subsequent written and oral forward-looking statements attributable to WTW and/or any person acting on its behalf are expressly qualified in their entirety by the foregoing paragraphs, and the information contained on any websites referenced in this press release is not incorporated by reference into this press release. Arthur J. Gallagher & Co. (NYSE: AJG) today reported its financial results for the quarter ended June 30, 2022.

The business will be divested for a total upfront cash consideration of $3.25 billion plus an earnout payable in 2025 of up to $750 million in cash, subject to certain adjustments. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option.

Arthur J. Gallagher & Co.

Adjusted first quarter 2022 operating expense ratio was 0.1 pts higher than first quarter 2021. These costs are typically associated with redundant workforce, extra lease space, duplicate services and external costs incurred to assimilate the acquisition with our IT related systems. Fair Value is the appropriate price for the shares of a company, based on its earnings and growth rate also interpreted as when P/E Ratio = Growth Rate.

Reported first quarter 2022 compensation ratio was 0.4 pts higher than first quarter 2021. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com.

For first quarter 2022, the pretax impact of the Corporate segment adjustments totals $15.8 million, with a corresponding adjustment to the benefit for income taxes of $6.2 million relating to these items and the other tax items noted on pages 8 and 9. The COVID-19 pandemic currently amplifies, and in the future could continue to amplify, the risks, uncertainties and assumptions, reflected in such risk factors. Adjusted first quarter 2022 compensation ratio was 0.6 pts lower than first quarter 2021.

In addition to reporting financial results in accordance with GAAP, this press release provides information regarding EBITDAC, EBITDAC margin, adjusted EBITDAC, adjusted EBITDAC margin, diluted net earnings per share, as adjusted (adjusted EPS), adjusted revenue, adjusted compensation and operating expenses, adjusted compensation expense ratio, adjusted operating expense ratioand organic revenue.

Clients depend on us for specialized industry expertise. or [emailprotected], Computershare Trust Company Pretax loss for the first quarter is presented net of amounts attributable to noncontrolling interests of $(0.3)million in 2022 and $9.8million in 2021. Acquisition costs -Consists mostly of external professional fees and other due diligence costs related to acquisitions.

Forward-looking statements can often, but not always, be identified by the use of words such as plans, expects, is subject to, budget, scheduled, estimates, forecasts, looking forward, potential, probably, continue, intends, anticipates, believes, or variations of such words, and statements that certain actions, events or results may, could, should, would, might or will be taken, occur or be achieved.

Net Earnings to Adjusted EBITDAC (Non-GAAP), Change in estimated acquisition earnout payables, Net earnings margin, as reported using reported, EBITDAC margin, as adjusted using adjusted, revenues (before reimbursements) on page 1.

This ratio was adversely impacted by increased integration costs related to the reinsurance operations acquired in December 2021, the return of advertising, travel, entertainment and other client-related expenses, as well as additional investments in technology, offset in part by savings from office consolidations and a lower operating expense ratio related to the seasonality of the acquired reinsurance operations acquired in December 2021. And, we are going to continue to innovate and adapt to address evolving client needs.

For the Risk Management segment, organic change in fee revenues excludes the first twelve months of fee revenues generated from acquisitions in each year presented.

LONDON, 13 August, 2021 Willis Towers Watson (NASDAQ:WLTW), a leading global advisory, broking and solutions company, today announced an agreement with Arthur J. Gallagher & Co (Gallagher) to purchase Willis Re.

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All rights reserved. lazy susan storage rotary shelf systems bins use revolving summary release press steel thomasnet Acquisition integration costs, which include costs related to certain large acquisitions, outside the scope of the usual tuck-in strategy, not expected to occur on an ongoing basis in the future once Gallagher fully assimilates the applicable acquisition.

Gallagher: Visits to Taiwan are Important, But Action is Better, Gallagher Statement on CHIPS and Science Act, Gallagher: Democrats Must Recognize Recession Reality, Abandon BBB, Gallagher: Biden Admin Needs to Escape "Fear Trap," Support Pelosi's Trip to Taiwan, Gallagher, House Intel Republicans Demand Transparency from Administration on fall of Afghanistan, Gallagher Slams Anti-Scientific MPS Proposal to Re-Mask Kids, Gallagher Joins Guy Benson to discuss H.R. Reported Statement of Earnings and EBITDAC - 1st Qtr Ended March 31, (Unaudited - in millions except per share, percentage and workforce data), Investment income and net gains on divestitures, Net earnings attributable to noncontrolling interests, Net earnings attributable to controlling interests. This press release and related oral communications contain certain statements that are forward-looking in nature, as that term is defined in the Private Securities Litigation Reform Act of 1995.

Gallagher allocates the provision for income taxes to its Brokerage and Risk Management segments using the local country statutory rates.

With roots dating to 1828, Willis Towers Watson has 45,000 employees serving more than 140 countries and markets. These factors may be revised or supplemented in subsequent reports filed with the SEC.

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Except as required by applicable law, Gallagher does not undertake to update the information included herein or the corresponding earnings release posted on Gallagher's website.

In first quarter 2022, Gallagher increased its state effective income tax rate, which resulted in the overall U.S. effective income tax rate increasing from 25% to 26% and caused Gallagher to have additional income tax benefit during the quarter and recognized a one-time benefit related to the revaluation of certain deferred income tax assets.

These ratios were primarily impacted by higher temporary help, increased base compensation relating to the resumption of merit wage increases and higher incentive compensation expense related to stronger organic growth. The indirect impact of the ongoing conflict is difficult to estimate, but we currently believe it will not be significant to our full year 2022 financial results.

As part of this, we conducted a review of strategic alternatives for Willis Re, our global reinsurance business.

Additional information regarding these results is available in the "CFO Commentary" at ajg.com/IR.

"Looking ahead, we see robust demand for our services continuing as clients look to manage their risk and human capital challenges.

Management will host a webcast conference call to discuss these results on Thursday, April 28, 2022 at 5:15 p.m. ET/4:15 p.m. CT. To listen to the call, and for printer-friendly formats of this release and the "CFO Commentary" and "Supplemental Quarterly Data," which may also be referenced during the call, please visit ajg.com/IR. The after-tax amounts related to the adjustments were computed using the normalized effective tax rate for each respective period.

At Arthur J. Gallagher & Co., we promise to treat your data with respect and will not share your information with any third party. Income tax related, which represents the impact in first quarter 2022 of a one-time income tax benefit related to the revaluation of certain deferred income tax assets as a result of a change in our state effective income tax rate.

In addition, change in organic growth excludes the period-over-period impact of foreign currency translation to improve the comparability of our results between periods by eliminating the impact of the items that have a high degree of variability. In addition, results for the year ended December 31, 2020, the quarter ended March 31, 2021, and the quarter ended June 30, 2021, are not necessarily indicative of results that may be expected for any future period, particularly in light of the continuing effects of the COVID-19 pandemic.

Gallagher has historically viewed organic revenue growth as an important indicator when assessing and evaluating the performance of its Brokerage and Risk Management segments.

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This ratio was adversely impacted by the return of advertising, travel, entertainment and other client-related expenses, as well as additional investments in technology, mostly offset by savings from office consolidations and a lower operating expense ratio related to the seasonality of the reinsurance operations acquired in December 2021.

Components of Corporate Segment, as reported, Components of Corporate Segment, as adjusted.

Reported operating expense ratios using reported, Adjusted operating expense ratios using adjusted.

Adjusted first quarter 2022 compensation ratio was 0.5pts higher than first quarter 2021.

Examples of forward-looking statements include, but are not limited to, statements regarding changes in our expenses in the next several quarters; the impact of the Ukraine/Russia conflict; the impact of the COVID-19 pandemic recovery; anticipated future results or performance of any segment or the Company as a whole; the premium rate environment and the state of insurance markets; and the economic environment. These include costs related to regulatory filings, legal, accounting services, insurance and incentive compensation.

Arthur J. Gallagher & Co. today announced the acquisition of Toronto-based Four Corners Group Inc.

First quarter 2022 global P/C renewal premium increases of 8% were consistent with fourth quarter levels adjusting for line of coverage seasonality.

Gallagher's industry peers may provide similar supplemental non-GAAP information with respect to one or more of these measures, although they may not use the same or comparable terminology and may not make identical adjustments. These savings were partially offset by the resumption of merit wage increases and higher incentive compensation related to stronger organic growth.

For first quarter 2022, the pretax impact of the Brokerage segment adjustments totals $192.3 million, with a corresponding adjustment to the provision for income taxes of $43.3 million relating to these items.

All statements other than statements of historical facts that address activities, events or developments that WTW expects or anticipates may occur in the future, including such things as its or their outlook, future capital expenditures, growth in commissions and fees, changes to the composition or level of its or their revenues, cash flow and liquidity, expected tax rates, business strategies, competitive strengths, goals, the benefits of new initiatives, growth of its or their business and operations, plans, references to future successes, and expectations with respect to the timing, closing and benefits of the Transaction are forward-looking statements. From determining how work gets done and how its valued to improving the health and financial wellbeing of your workforce, we add perspective. VP Investor Relations, E-mail: [emailprotected] Estimated return represents the projected annual return you might expect after purchasing shares in the company and holding them over the default time horizon of 5 years, based on the EPS growth rate that we have projected.

On occasion, Gallagher enters into forward currency hedges for the purchase price of committed, but not yet funded, acquisitions with funding requirements in currencies other than the U.S. dollar.

Gallagher's consolidated effective tax rate for the quarters ended March31, 2022 and 2021 was 18.3% and 3.6%, respectively.

Corporate pretax loss includes a net unrealized foreign exchange remeasurement gain of $3.1million in first quarter 2022 and a net unrealized foreign exchange remeasurement loss of $4.1million in first quarter 2021. If you experience any issues with this process, please contact us for further assistance. Environmental, Social and Governance (ESG), HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American. Adjusted Non-GAAP presentation- Gallagher believes that the adjusted non-GAAP presentations of the current and prior period information presented in this earnings release provide stockholders and other interested persons with useful information regarding certain financial metrics of Gallagher that may assist such persons in analyzing Gallagher'soperating results as they develop a future earnings outlook for Gallagher.

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John Haley, CEO, Willis Towers Watson (WTW), said, Following the termination of the proposed combination with Aon, we have been taking time to reflect on what we have learned about WTW over the last 16 months and determine how we will move forward as an independent company. Rep. Mike Gallagher (R-WI) today released the following statement after voting against the CHIPS and Science Act, an expansive bill that lacks provisions to safeguard taxpayer dollars and keep investments narrowly targeted to U.S.-China competition.

Adjusted first quarter 2022 operating ratio was 0.6pts higher than first quarter 2021.

"Our core brokerage and risk management segments combined to post 30% growth in revenue, including more than 10% organic revenue growth and $380million of acquired rollover revenues.

These forward-looking statements include information about possible or assumed future results of WTWs operations, the uncertainty surrounding the COVID-19 pandemic, and expectations related to the Transaction or to any potential payment related to the earn out, if at all. Nasdaq provides press releases highlighting valuable information sent out by companies.