AJG insider ownership: who sold, why, and what they still hold

Who	Shares	Price	% of total stake	Total stake after	Trade date	Filed
Richard Cary Controller, CAO	1,000	$252.86	2.0%	49K	Sep 15, 2026	Sep 17, 2026

What stands out

Walter Bay sold 35% of vested holdings: 28K shares for $7.3M, none under a disclosed plan.Largest sale, Dec 19, 2025

Three officers sold $9.6M with no disclosed plan: Scott Hudson ($4.0M, 18% of holdings), Christopher Mead ($3.2M) and Richard Cary ($2.4M, 17%). The filings don't state a reason.Scott Hudson: largest such sale, Sep 2, 2026 · Christopher Mead: largest such sale, Dec 23, 2025 · Richard Cary: largest such sale, Nov 18, 2025

Michael Pesch bought 4K shares for $988K, first on Nov 3, 2025.Purchase, Nov 3, 2025

Percentages cover 17 of 23 officers and directors. 6 are left out

Left out: Patrick Gallagher Jr., Patrick Gallagher, Vishal Jain, Christopher Mead, Susan Pietrucha and Mark Bloom (holdings couldn't be fully reconciled).

Disclosed company stock is not an insider's whole wealth.

Who sold, and how much of their stake

Officers and directors, past 12 months. Each bar is 100% of that person's own stake; not comparable between people. The stake is the vested shares held at the start of the period (Oct 9, 2025); the gold part is what they sold.

SoldRest of starting stakeAdded during the period

Walter Bay

General Counsel

35% · $7.3MNo plan disclosed

Patrick Gallagher Jr.

CEO, Director

Sold $6.3M (plan status beside the amount). Share of stake not shown: holdings couldn't be fully reconciled. Why

$6.3MTo cover taxes

Scott Hudson

Vice President

Sold 18%, but 23K shares were added (mostly vesting), so the stake grew

18% · $4.0MNo plan disclosed

Christopher Mead

Vice President

Sold $3.2M (plan status beside the amount). Share of stake not shown: holdings couldn't be fully reconciled. Why

$3.2MNo plan disclosed

Richard Cary

Controller, CAO

17% · $2.4MNo plan disclosed

All 6 sellers

Selling by month

Officers and directors, Oct 2025 to Oct 2026. Each sale is counted once: under a disclosed plan, else to cover taxes, else no plan disclosed.

To cover taxesNo plan disclosedOne dollar scale for every month; the tallest bar is labeled

Common questions

Is the Arthur J. Gallagher & Co. CEO selling stock?

Yes. Patrick Gallagher Jr. sold 27K shares ($6.3M) in the past 12 months, none of it under a trading plan disclosed in the filings.

Why are Arthur J. Gallagher & Co. insiders selling?

Filings rarely give a reason, and we don't guess at one. What they show is how the sales were made: 0% of sales by value ran under 10b5-1 trading plans disclosed in the filings, 31% were to cover taxes and 69% had no disclosed plan. A trading plan schedules sales in advance.

Are any Arthur J. Gallagher & Co. insiders buying?

Yes. 1 officer or director reported 4 purchases in the past 12 months (Form 4 code P, which includes private purchases).

How much of their stake did Arthur J. Gallagher & Co. insiders sell?

About 4.8% overall. As a group they ended with more shares than they started with. The biggest individual seller, Walter Bay, gave up 35% of starting holdings. These figures leave out Patrick Gallagher Jr., the largest holder (holdings couldn't be fully reconciled). That covers the 12 months to Oct 9, 2026 and counts vested shares reported on SEC Forms 3, 4 and 5, which is not an insider's whole wealth.

The evidence

Who sold6 officers and directors: amount, % of holdings, trading plan

Who sold	Amount	% of holdings	Trading plan
Walter Bay General Counsel	$7.3M 28K shares	35%	No plan disclosed
Patrick Gallagher Jr. CEO, Director	$6.3M 27K shares	i No percentage: holdings couldn't be fully reconciled.	To cover taxes
Scott Hudson Vice President	$4.0M 16K shares	18%	No plan disclosed
Christopher Mead Vice President	$3.2M 13K shares	i No percentage: holdings couldn't be fully reconciled.	No plan disclosed
Richard Cary Controller, CAO	$2.4M 10K shares	17%	No plan disclosed
Douglas Howell VP & Chief Financial Officer	$1.3M 5K shares	4.8%	To cover taxes

The full ownership picture17 of 23 insiders fully reconciled · 23 officers and directors

Vested shares across all share classes, held directly and through trusts, LLCs and family members, as reported on SEC Forms 3, 4 and 5. Unvested awards and options are never counted as owned shares.

Insider

Held Oct 9, 2025

Sold

Held Oct 9, 2026

Still held

Patrick Gallagher Jr.

Holdings couldn't be fully reconciled. Balance changed without a matching transaction, and the footnote does not state the amount: -205,977 shares on Sep 8, 2026 (Corporation). See the filing Sales and other transactions for Patrick Gallagher Jr. are complete.

CEO, Director

n/a

−27K

n/a

Vesting, gifts, unvested awards and holding lines for Patrick Gallagher Jr.

+94Kshares vested or exercised

−67Kgifted (net of own trusts)

−22Kwithheld by the company for taxes

560K → 1.29Munvested awards, start → end

Additional holdings last reported more than 3 years ago are shown separately and excluded from totals.

Holdings couldn't be fully reconciled. Balance changed without a matching transaction, and the footnote does not state the amount: -205,977 shares on Sep 8, 2026 (Corporation). The balances below are as reported, not verified totals.

Held through	Share class	Oct 9, 2025	Oct 9, 2026
Direct	Common Stock	79,855	128,448
Spouse	Common Stock	271,525	302,764
Corporation	Common Stock	255,965	0
Trust	Common Stock	219,355	219,955
Irrevocable Trust	Common Stock	66,703	244,860
Spouse's Trust	Common Stock	5,328	5,328
Gallagher 401(k) plan account	Common Stock	419	491
Direct	Common Stock (restricted)	0	0

Additional holdings last reported Feb 5, 2014, not confirmed since: 238,217 shares. Not included in any total or percentage on this page.

Age 62 Plan, Common Stock: 238,217 shares, last reported Feb 5, 2014

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
68,550	$86.17	Mar 12, 2027	$11.4M
76,975	$127.90	Mar 16, 2028	$9.6M
35,825	$158.56	Mar 15, 2029	$3.4M
30,029	$177.09	Mar 15, 2030	$2.3M
27,210	$243.54	Mar 1, 2031	$254K
22,727	$337.74	Mar 1, 2032	$0
48,449	$228.20	Mar 1, 2033	$1.2M

Estimate: options held × ($252.86 − strike price), using the most recent insider trade price on Form 4 (Sep 15, 2026), not a market close.

Thomas Gallagher

Minor difference of 72 shares. Difference is under 0.5% of holdings. Additional holdings last reported more than 3 years ago are shown separately and excluded from totals.

President

619K

635K

no sales

Vesting, gifts, unvested awards and holding lines for Thomas Gallagher

+38Kshares vested or exercised

−704gifted (net of own trusts)

−22Kwithheld by the company for taxes

77K → 173Kunvested awards, start → end

Additional holdings last reported more than 3 years ago are shown separately and excluded from totals.

Held through	Share class	Oct 9, 2025	Oct 9, 2026
Direct	Common Stock	308,046	323,743
wife as trustee	Common Stock	119,175	119,703
Irrevocable Trust	Common Stock	96,709	96,709
grantor retained annuity trust	Common Stock	62,295	62,295
Spouse	Common Stock	32,428	31,988
Gallagher 401(k) plan account	Common Stock	419	491
Direct	Common Stock (restricted)	0	0

Additional holdings last reported Nov 20, 2015, not confirmed since: 96,109 shares. Not included in any total or percentage on this page.

Age 62 Plan, Common Stock: 85,875 shares, last reported Dec 3, 2013
children, Common Stock: 10,234 shares, last reported Nov 20, 2015

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
31,340	$86.17	Mar 12, 2027	$5.2M
32,895	$127.90	Mar 16, 2028	$4.1M
15,310	$158.56	Mar 15, 2029	$1.4M
12,744	$177.09	Mar 15, 2030	$966K
15,070	$243.54	Mar 1, 2031	$140K
14,876	$337.74	Mar 1, 2032	$0
22,219	$228.20	Mar 1, 2033	$548K

Estimate: options held × ($252.86 − strike price), using the most recent insider trade price on Form 4 (Sep 15, 2026), not a market close.

Reconciliation: minor difference of 72 shares. Difference is under 0.5% of holdings.

Patrick Gallagher

Holdings couldn't be fully reconciled. Balance changed without a matching transaction, and the footnote does not state the amount: -127,061.25 shares on Sep 8, 2026 (Trust). See the filing Sales and other transactions for Patrick Gallagher are complete.

Chief Operating Officer

n/a

Vesting, gifts, unvested awards and holding lines for Patrick Gallagher

+9.6Kshares vested or exercised

+42Kgifted (net of own trusts)

−2.5Kwithheld by the company for taxes

31K → 90Kunvested awards, start → end

Holdings couldn't be fully reconciled. Balance changed without a matching transaction, and the footnote does not state the amount: -127,061.25 shares on Sep 8, 2026 (Trust). The balances below are as reported, not verified totals.

Held through	Share class	Oct 9, 2025	Oct 9, 2026
Direct	Common Stock	31,430	14,170
Trust	Common Stock	83,407	21,032
Irrevocable Trust	Common Stock	54,959	55,109
Spouse's Trust	Common Stock	53,112	53,262
Spouse as Trustee	Common Stock	10,560	11,264
Gallagher 401(k) plan account	Common Stock	419	491
Direct	Common Stock (restricted)	2,340	0

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
6,270	$86.17	Mar 12, 2027	$1.0M
7,255	$127.90	Mar 16, 2028	$907K
5,510	$158.56	Mar 15, 2029	$520K
6,160	$177.09	Mar 15, 2030	$467K
11,386	$243.54	Mar 1, 2031	$106K
11,901	$337.74	Mar 1, 2032	$0
17,775	$228.20	Mar 1, 2033	$438K

Estimate: options held × ($252.86 − strike price), using the most recent insider trade price on Form 4 (Sep 15, 2026), not a market close.

Douglas Howell

Minor difference of 170 shares. Difference is under 0.5% of holdings. Additional holdings last reported more than 3 years ago are shown separately and excluded from totals.

VP & Chief Financial Officer

105K

−5K

110K

+5.4%

Vesting, gifts, unvested awards and holding lines for Douglas Howell

+23Kshares vested or exercised

−196gifted (net of own trusts)

−13Kwithheld by the company for taxes

603K → 1.40Munvested awards, start → end

Additional holdings last reported more than 3 years ago are shown separately and excluded from totals.

Held through	Share class	Oct 9, 2025	Oct 9, 2026
Direct	Common Stock	100,777	106,807
Spouse	Common Stock	3,165	3,165
Gallagher 401(k) plan account	Common Stock	419	491
Direct	Common Stock (restricted)	450	0

Additional holdings last reported Dec 5, 2013, not confirmed since: 95,000 shares. Not included in any total or percentage on this page.

Age 62 Plan, Common Stock: 95,000 shares, last reported Dec 5, 2013

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
17,130	$86.17	Mar 12, 2027	$2.9M
31,265	$127.90	Mar 16, 2028	$3.9M
14,545	$158.56	Mar 15, 2029	$1.4M
12,107	$177.09	Mar 15, 2030	$917K
12,726	$243.54	Mar 1, 2031	$119K
13,884	$337.74	Mar 1, 2032	$0
20,737	$228.20	Mar 1, 2033	$511K

Estimate: options held × ($252.86 − strike price), using the most recent insider trade price on Form 4 (Sep 15, 2026), not a market close.

Reconciliation: minor difference of 170 shares. Difference is under 0.5% of holdings.

Scott Hudson

Minor difference of 72 shares. Difference is under 0.5% of holdings. Additional holdings last reported more than 3 years ago are shown separately and excluded from totals.

Vice President

86K

−16K

91K

+5.1%

Vesting, gifts, unvested awards and holding lines for Scott Hudson

+23Kshares vested or exercised

0gifted (net of own trusts)

−2.9Kwithheld by the company for taxes

13K → 29Kunvested awards, start → end

Additional holdings last reported more than 3 years ago are shown separately and excluded from totals.

Held through	Share class	Oct 9, 2025	Oct 9, 2026
Direct	Common Stock	85,920	90,262
Gallagher 401(k) plan account	Common Stock	339	411
Direct	Common Stock (restricted)	0	0

Additional holdings last reported May 21, 2013, not confirmed since: 23,004 shares. Not included in any total or percentage on this page.

Age 62 Plan, Common Stock: 23,004 shares, last reported May 21, 2013

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
12,370	$86.17	Mar 12, 2027	$2.1M
23,025	$127.90	Mar 16, 2028	$2.9M
11,480	$158.56	Mar 15, 2029	$1.1M
9,558	$177.09	Mar 15, 2030	$724K
10,047	$243.54	Mar 1, 2031	$94K
10,579	$337.74	Mar 1, 2032	$0
15,800	$228.20	Mar 1, 2033	$390K

Estimate: options held × ($252.86 − strike price), using the most recent insider trade price on Form 4 (Sep 15, 2026), not a market close.

Reconciliation: minor difference of 72 shares. Difference is under 0.5% of holdings.

Walter Bay

Minor difference of 151 shares. Difference is under 0.5% of holdings. Additional holdings last reported more than 3 years ago are shown separately and excluded from totals.

General Counsel

80K

−28K

72K

90%

Vesting, gifts, unvested awards and holding lines for Walter Bay

+24Kshares vested or exercised

−1.7Kgifted (net of own trusts)

−3Kwithheld by the company for taxes

108K → 132Kunvested awards, start → end

Additional holdings last reported more than 3 years ago are shown separately and excluded from totals.

Held through	Share class	Oct 9, 2025	Oct 9, 2026
Direct	Common Stock	79,470	71,292
Gallagher 401(k) plan account	Common Stock	419	491
Direct	Common Stock (restricted)	0	0

Additional holdings last reported Dec 19, 2013, not confirmed since: 33,319 shares. Not included in any total or percentage on this page.

Age 62 Plan, Common Stock: 33,319 shares, last reported Dec 19, 2013

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
17,630	$86.17	Mar 12, 2027	$2.9M
24,500	$127.90	Mar 16, 2028	$3.1M
11,405	$158.56	Mar 15, 2029	$1.1M
9,452	$177.09	Mar 15, 2030	$716K
10,884	$243.54	Mar 1, 2031	$101K
11,350	$337.74	Mar 1, 2032	$0
16,952	$228.20	Mar 1, 2033	$418K

Estimate: options held × ($252.86 − strike price), using the most recent insider trade price on Form 4 (Sep 15, 2026), not a market close.

Reconciliation: minor difference of 151 shares. Difference is under 0.5% of holdings.

Richard Cary

Additional holdings last reported more than 3 years ago are shown separately and excluded from totals.

Controller, CAO

59K

−10K

49K

83%

Vesting, gifts, unvested awards and holding lines for Richard Cary

+472shares vested or exercised

0gifted (net of own trusts)

−320withheld by the company for taxes

77K → 79Kunvested awards, start → end

Additional holdings last reported more than 3 years ago are shown separately and excluded from totals.

Held through	Share class	Oct 9, 2025	Oct 9, 2026
Direct	Common Stock	56,668	46,819
Gallagher 401(k) plan account	Common Stock	419	419
Direct	Common Stock (restricted)	1,639	1,639

Additional holdings last reported May 21, 2013, not confirmed since: 42,400 shares. Not included in any total or percentage on this page.

Age 62 Plan, Common Stock: 42,400 shares, last reported May 21, 2013

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
1,219	$86.17	Mar 12, 2027	$203K
2,349	$127.90	Mar 16, 2028	$294K
2,265	$158.56	Mar 15, 2029	$214K
1,572	$177.09	Mar 15, 2030	$119K

Estimate: options held × ($252.86 − strike price), using the most recent insider trade price on Form 4 (Sep 15, 2026), not a market close.

Vishal Jain

Holdings couldn't be fully reconciled. Balance changed with no matching transaction and no footnote: +687 shares on Mar 15, 2026 (Direct). See the filing Sales and other transactions for Vishal Jain are complete.

Vice President

n/a

Vesting, gifts, unvested awards and holding lines for Vishal Jain

+18Kshares vested or exercised

0gifted (net of own trusts)

−7.8Kwithheld by the company for taxes

150K → 288Kunvested awards, start → end

Holdings couldn't be fully reconciled. Balance changed with no matching transaction and no footnote: +687 shares on Mar 15, 2026 (Direct). The balances below are as reported, not verified totals.

Held through	Share class	Oct 9, 2025	Oct 9, 2026
Direct	Common Stock	57,723	68,903
Gallagher 401(k) plan account	Common Stock	419	491
Direct	Common Stock (restricted)	443	6,214

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
10,450	$86.17	Mar 12, 2027	$1.7M
13,580	$127.90	Mar 16, 2028	$1.7M
9,950	$158.56	Mar 15, 2029	$938K
8,284	$177.09	Mar 15, 2030	$628K
8,707	$243.54	Mar 1, 2031	$81K
9,587	$337.74	Mar 1, 2032	$0
14,319	$228.20	Mar 1, 2033	$353K

Estimate: options held × ($252.86 − strike price), using the most recent insider trade price on Form 4 (Sep 15, 2026), not a market close.

Michael Pesch

Minor difference of 209 shares. Difference is under 0.5% of holdings.

Vice President

54K

62K

no sales

Vesting, gifts, unvested awards and holding lines for Michael Pesch

+7.1Kshares vested or exercised

0gifted (net of own trusts)

−4.3Kwithheld by the company for taxes

96K → 207Kunvested awards, start → end

Held through	Share class	Oct 9, 2025	Oct 9, 2026
Direct	Common Stock	37,849	44,833
Spouse's Trust	Common Stock	12,505	12,505
Gallagher 401(k) plan account	Common Stock	419	491
Child	Common Stock	59	59
Direct	Common Stock (restricted)	3,649	3,649

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
7,520	$86.17	Mar 12, 2027	$1.3M
7,255	$127.90	Mar 16, 2028	$907K
4,900	$158.56	Mar 15, 2029	$462K
3,823	$177.09	Mar 15, 2030	$290K
7,052	$337.74	Mar 1, 2032	$0
13,167	$228.20	Mar 1, 2033	$325K

Estimate: options held × ($252.86 − strike price), using the most recent insider trade price on Form 4 (Sep 15, 2026), not a market close.

Reconciliation: minor difference of 209 shares. Difference is under 0.5% of holdings.

David Johnson

Minor difference of 4 shares. Difference is under 0.5% of holdings.

Director

46K

48K

no sales

Vesting, gifts, unvested awards and holding lines for David Johnson

0shares vested or exercised

0gifted (net of own trusts)

none reportedunvested awards, start → end

Held through	Share class	Oct 9, 2025	Oct 9, 2026
Direct	Common Stock	45,625	47,387
Direct	Common Stock (restricted)	850	850

Reconciliation: minor difference of 4 shares. Difference is under 0.5% of holdings.

William Ziebell

Minor difference of 151 shares. Difference is under 0.5% of holdings.

Vice President

44K

49K

no sales

Vesting, gifts, unvested awards and holding lines for William Ziebell

+7Kshares vested or exercised

0gifted (net of own trusts)

−2.4Kwithheld by the company for taxes

270K → 413Kunvested awards, start → end

Held through	Share class	Oct 9, 2025	Oct 9, 2026
Direct	Common Stock	43,997	48,685
Gallagher 401(k) plan account	Common Stock	419	491
Direct	Common Stock (restricted)	0	0

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
23,510	$86.17	Mar 12, 2027	$3.9M
22,210	$127.90	Mar 16, 2028	$2.8M
11,100	$158.56	Mar 15, 2029	$1.0M
9,240	$177.09	Mar 15, 2030	$700K
9,712	$243.54	Mar 1, 2031	$90K
9,917	$337.74	Mar 1, 2032	$0

Estimate: options held × ($252.86 − strike price), using the most recent insider trade price on Form 4 (Sep 15, 2026), not a market close.

Reconciliation: minor difference of 151 shares. Difference is under 0.5% of holdings.

Norman Rosenthal

Minor difference of 340 shares. Unexplained small increases, consistent with stock unit vesting or reinvested dividends. Unexplained small increases, consistent with stock unit vesting or reinvested dividends.

Director

43K

44K

no sales

Vesting, gifts, unvested awards and holding lines for Norman Rosenthal

0shares vested or exercised

0gifted (net of own trusts)

none reportedunvested awards, start → end

Unexplained small increases, consistent with stock unit vesting or reinvested dividends.

Held through	Share class	Oct 9, 2025	Oct 9, 2026
Direct	Common Stock	41,876	43,327
Direct	Common Stock (restricted)	850	850

Reconciliation: minor difference of 340 shares. Unexplained small increases, consistent with stock unit vesting or reinvested dividends.

Christopher Mead

Holdings couldn't be fully reconciled. Balance changed with no matching transaction and no footnote: +2,367 shares on Mar 5, 2026 (Direct). See the filing Sales and other transactions for Christopher Mead are complete.

Vice President

n/a

−13K

n/a

Vesting, gifts, unvested awards and holding lines for Christopher Mead

+17Kshares vested or exercised

−388gifted (net of own trusts)

−2.5Kwithheld by the company for taxes

39K → 106Kunvested awards, start → end

Holdings couldn't be fully reconciled. Balance changed with no matching transaction and no footnote: +2,367 shares on Mar 5, 2026 (Direct). The balances below are as reported, not verified totals.

Held through	Share class	Oct 9, 2025	Oct 9, 2026
Direct	Common Stock	18,500	22,223
Gallagher 401(k) plan account	Common Stock	368	491
Direct	Common Stock (restricted)	2,367	0

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
7,590	$86.17	Mar 12, 2027	$1.3M
11,725	$127.90	Mar 16, 2028	$1.5M
8,420	$158.56	Mar 15, 2029	$794K
7,009	$177.09	Mar 15, 2030	$531K
7,368	$243.54	Mar 1, 2031	$69K
8,264	$337.74	Mar 1, 2032	$0
12,344	$228.20	Mar 1, 2033	$304K

Estimate: options held × ($252.86 − strike price), using the most recent insider trade price on Form 4 (Sep 15, 2026), not a market close.

Sherry Barrat

Director

19K

no sales

Vesting, gifts, unvested awards and holding lines for Sherry Barrat

0shares vested or exercised

0gifted (net of own trusts)

none reportedunvested awards, start → end

Held through	Share class	Oct 9, 2025	Oct 9, 2026
Direct	Common Stock	18,073	18,073
Direct	Common Stock (restricted)	850	850

Ralph Nicoletti

Minor difference of 140 shares. Unexplained small increases, consistent with stock unit vesting or reinvested dividends. Unexplained small increases, consistent with stock unit vesting or reinvested dividends.

Director

18K

19K

no sales

Vesting, gifts, unvested awards and holding lines for Ralph Nicoletti

0shares vested or exercised

0gifted (net of own trusts)

none reportedunvested awards, start → end

Unexplained small increases, consistent with stock unit vesting or reinvested dividends.

Held through	Share class	Oct 9, 2025	Oct 9, 2026
Direct	Common Stock	17,164	18,414
Direct	Common Stock (restricted)	850	850

Reconciliation: minor difference of 140 shares. Unexplained small increases, consistent with stock unit vesting or reinvested dividends.

David Coldman

Director

16K

17K

no sales

Vesting, gifts, unvested awards and holding lines for David Coldman

0shares vested or exercised

0gifted (net of own trusts)

none reportedunvested awards, start → end

Held through	Share class	Oct 9, 2025	Oct 9, 2026
Direct	Common Stock	15,234	16,344
Direct	Common Stock (restricted)	850	850

Susan Pietrucha

Holdings couldn't be fully reconciled. Balance changed with no matching transaction and no footnote: +72.44 shares on Mar 15, 2026 (Gallagher 401(k) plan account). See the filing Sales and other transactions for Susan Pietrucha are complete.

Chief Human Resources Officer

n/a

Vesting, gifts, unvested awards and holding lines for Susan Pietrucha

+6.6Kshares vested or exercised

0gifted (net of own trusts)

−2.2Kwithheld by the company for taxes

194K → 310Kunvested awards, start → end

Additional holdings last reported more than 3 years ago are shown separately and excluded from totals.

Holdings couldn't be fully reconciled. Balance changed with no matching transaction and no footnote: +72.44 shares on Mar 15, 2026 (Gallagher 401(k) plan account). The balances below are as reported, not verified totals.

Held through	Share class	Oct 9, 2025	Oct 9, 2026
Direct	Common Stock	11,941	16,397
Gallagher 401(k) plan account	Common Stock	295	367
Direct	Common Stock (restricted)	0	0

Additional holdings last reported Jan 24, 2014, not confirmed since: 33,319 shares. Not included in any total or percentage on this page.

Age 62 Plan, Common Stock: 33,319 shares, last reported Jan 24, 2014

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
15,020	$86.17	Mar 12, 2027	$2.5M
21,210	$127.90	Mar 16, 2028	$2.7M
9,875	$158.56	Mar 15, 2029	$931K
8,815	$177.09	Mar 15, 2030	$668K
9,210	$243.54	Mar 1, 2031	$86K
10,028	$337.74	Mar 1, 2032	$0
14,977	$228.20	Mar 1, 2033	$369K

Estimate: options held × ($252.86 − strike price), using the most recent insider trade price on Form 4 (Sep 15, 2026), not a market close.

Christopher Miskel

Minor difference of 84 shares. Unexplained small increases, consistent with stock unit vesting or reinvested dividends. Unexplained small increases, consistent with stock unit vesting or reinvested dividends.

Director

9.8K

12K

no sales

Vesting, gifts, unvested awards and holding lines for Christopher Miskel

0shares vested or exercised

0gifted (net of own trusts)

2K → 2Kunvested awards, start → end

Unexplained small increases, consistent with stock unit vesting or reinvested dividends.

Held through	Share class	Oct 9, 2025	Oct 9, 2026
Direct	Common Stock	8,948	10,826
Direct	Common Stock (restricted)	851	851

Reconciliation: minor difference of 84 shares. Unexplained small increases, consistent with stock unit vesting or reinvested dividends.

Teresa Clarke

Minor difference of 14 shares. Difference is under 0.5% of holdings.

Director

5.3K

6.4K

no sales

Vesting, gifts, unvested awards and holding lines for Teresa Clarke

0shares vested or exercised

0gifted (net of own trusts)

none reportedunvested awards, start → end

Held through	Share class	Oct 9, 2025	Oct 9, 2026
Direct	Common Stock	4,442	5,567
Direct	Common Stock (restricted)	850	850

Reconciliation: minor difference of 14 shares. Difference is under 0.5% of holdings.

Deborah Caplan

Director

2.4K

3.5K

no sales

Vesting, gifts, unvested awards and holding lines for Deborah Caplan

0shares vested or exercised

0gifted (net of own trusts)

none reportedunvested awards, start → end

Held through	Share class	Oct 9, 2025	Oct 9, 2026
Direct	Common Stock	1,540	2,650
Direct	Common Stock (restricted)	850	850

Richard Harries

Director

3.1K

no sales

Vesting, gifts, unvested awards and holding lines for Richard Harries

0shares vested or exercised

0gifted (net of own trusts)

none reportedunvested awards, start → end

Held through	Share class	Oct 9, 2025	Oct 9, 2026
Direct	Common Stock	1,303	2,413
Direct	Common Stock (restricted)	669	669

Kyle Koreyva

Minor difference of 854 shares. Difference is stated in footnotes (unreported vesting, exempt acquisition or transfer). Started reporting during the period; starting holdings are from the Form 3.

Chief Accounting Officer

1.8K

2.7K

no sales

Vesting, gifts, unvested awards and holding lines for Kyle Koreyva

0shares vested or exercised

0gifted (net of own trusts)

none reportedunvested awards, start → end

Started reporting during the period; starting holdings are from the Form 3.

Held through	Share class	Oct 9, 2025	Oct 9, 2026
Direct	Common Stock	1,826	2,680

Reconciliation: minor difference of 854 shares. Difference is stated in footnotes (unreported vesting, exempt acquisition or transfer).

Mark Bloom

Holdings couldn't be fully reconciled. Balance changed with no matching transaction and no footnote: +1,030 shares on Mar 15, 2026 (Direct). See the filing Sales and other transactions for Mark Bloom are complete.

Vice President

n/a

Vesting, gifts, unvested awards and holding lines for Mark Bloom

+4.8Kshares vested or exercised

0gifted (net of own trusts)

−1.4Kwithheld by the company for taxes

10K → 25Kunvested awards, start → end

Holdings couldn't be fully reconciled. Balance changed with no matching transaction and no footnote: +1,030 shares on Mar 15, 2026 (Direct). The balances below are as reported, not verified totals.

Held through	Share class	Oct 9, 2025	Oct 9, 2026
Direct	Common Stock	0	4,417
Gallagher 401(k) plan account	Common Stock	0	193
Direct	Common Stock (restricted)	1,030	0

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
4,900	$158.56	Mar 15, 2029	$462K
4,673	$177.09	Mar 15, 2030	$354K
5,777	$243.54	Mar 1, 2031	$54K
6,887	$337.74	Mar 1, 2032	$0
13,331	$228.20	Mar 1, 2033	$329K

Estimate: options held × ($252.86 − strike price), using the most recent insider trade price on Form 4 (Sep 15, 2026), not a market close.

17 of 23 insiders fully reconciled: starting holdings plus reported transactions match ending holdings (5 exactly, 12 with a minor or footnoted difference). For 6 we show sales but not holdings; the ! icon on their rows explains why. Percentages cover 17 of 23 officers and directors. Left out: Patrick Gallagher Jr., Patrick Gallagher, Vishal Jain, Christopher Mead, Susan Pietrucha and Mark Bloom (holdings couldn't be fully reconciled). "Still held" compares ending with starting vested shares; a plus sign means the holding grew.

What explains the selling$24.5M of sales by plan status, purpose, seller and month

Officer and director open-market sales: $24.5M across 98,850 shares. Plan status and stated purpose are separate questions, and a sale can have both.

By plan status

No plan disclosed · $24.5M

No plan disclosed · $16.9M

Sales with no 10b5-1 plan and no tax reference in the filing. $7.3M of it is Walter Bay. No plan disclosed is a statement about the filing, not about why the sale happened. Largest such sale: Walter Bay, Dec 19, 2025

Taxes

$7.6M of sales (31.0%) cite tax obligations in their footnotes. Separately, 85,001 shares ($18.1M) were withheld by the company for taxes, which isn't a market sale. Example: Patrick Gallagher Jr., Mar 2, 2026

Purchases · 1 buyer (4 trades)

1 officer or director bought shares in this period, in 4 trades(Form 4 code P). Across all their filings on record there are 16 purchase trades.

Seller	Shares sold	Proceeds	Under a disclosed plan	Share of total	Sales dates
Walter Bay General Counsel	28K	$7.3M	0%	30%	Dec 19, 2025 to Aug 24, 2026
Patrick Gallagher Jr. CEO, Director	27K	$6.3M	0%	26%	Mar 2, 2026 to Mar 2, 2026
Scott Hudson Vice President	16K	$4.0M	0%	16%	Mar 6, 2026 to Sep 2, 2026
Christopher Mead Vice President	13K	$3.2M	0%	13%	Nov 21, 2025 to Aug 19, 2026
Richard Cary Controller, CAO	10K	$2.4M	0%	10%	Nov 18, 2025 to Sep 15, 2026
Douglas Howell VP & Chief Financial Officer	5K	$1.3M	0%	5%	Dec 22, 2025 to Dec 22, 2025

Sales by month

Month	Sale proceeds	Disclosed plan	To cover taxes	No plan disclosed
Oct 2025	$0	$0	$0	$0
Nov 2025	$1.9M	$0	$0	$1.9M
Dec 2025	$6.4M	$0	$1.3M	$5.1M
Jan 2026	$0	$0	$0	$0
Feb 2026	$0	$0	$0	$0
Mar 2026	$8.1M	$0	$6.3M	$1.8M
Apr 2026	$0	$0	$0	$0
May 2026	$0	$0	$0	$0
Jun 2026	$618K	$0	$0	$618K
Jul 2026	$0	$0	$0	$0
Aug 2026	$4.1M	$0	$0	$4.1M
Sep 2026	$3.4M	$0	$0	$3.4M
Oct 2026	$0	$0	$0	$0

Is this normal? Selling year by year5 earlier years to compare with

Less than usual: about half of the 5-year average. 6 insiders sold; the average is 10 a year.

12 months ending	Shares sold	Insiders who sold	Proceeds
Oct 9, 2026 Latest 12 months	99K	6	$24.5M
Oct 9, 2025 1 year earlier	147K	10	$46.8M
Oct 9, 2024 2 years earlier	227K	11	$57.9M
Oct 10, 2023 3 years earlier	290K	12	$61.7M
Oct 10, 2022 4 years earlier	224K	10	$36.1M
Oct 10, 2021 5 years earlier	202K	9	$23.5M

Open-market sales (Form 4 code S) by people who were officers or directors, in split-adjusted shares. Earlier years include people who have since left. A sale that an outside holder also reports (a family trust, a fund) is counted with outside holders in every year. Shares, not dollars, are compared, so a change in the stock price doesn't look like a change in selling. Years the filings don't fully cover are shown but left out of the average.

Known gaps and uncertainty6 insiders whose holdings couldn't be fully reconciled

Patrick Gallagher Jr.: holdings couldn't be fully reconciled (difference of 24,026 shares). Balance changed without a matching transaction, and the footnote does not state the amount: -205,977 shares on Sep 8, 2026 (Corporation). Filing, Sep 8, 2026

Footnote: "This transaction represents a gift for estate planning purposes."

Patrick Gallagher: holdings couldn't be fully reconciled (difference of -129,818 shares). Balance changed without a matching transaction, and the footnote does not state the amount: -127,061.25 shares on Sep 8, 2026 (Trust). Filing, Sep 8, 2026

Footnote: "Shares held in trust for the benefit of the reporting person's children, of which he is a trustee."

Vishal Jain: holdings couldn't be fully reconciled (difference of 759 shares). Balance changed with no matching transaction and no footnote: +687 shares on Mar 15, 2026 (Direct). Filing, Mar 15, 2026

Christopher Mead: holdings couldn't be fully reconciled (difference of 311 shares). Balance changed with no matching transaction and no footnote: +2,367 shares on Mar 5, 2026 (Direct). Filing, Mar 5, 2026

Susan Pietrucha: holdings couldn't be fully reconciled (difference of 102 shares). Balance changed with no matching transaction and no footnote: +72.44 shares on Mar 15, 2026 (Gallagher 401(k) plan account). Filing, Mar 15, 2026

Mark Bloom: holdings couldn't be fully reconciled (difference of 193 shares). Balance changed with no matching transaction and no footnote: +1,030 shares on Mar 15, 2026 (Direct). Filing, Mar 15, 2026

Thomas Gallagher: minor difference of 72 shares. Difference is under 0.5% of holdings.

Douglas Howell: minor difference of 170 shares. Difference is under 0.5% of holdings.

Scott Hudson: minor difference of 72 shares. Difference is under 0.5% of holdings.

Walter Bay: minor difference of 151 shares. Difference is under 0.5% of holdings.

Michael Pesch: minor difference of 209 shares. Difference is under 0.5% of holdings.

David Johnson: minor difference of 4 shares. Difference is under 0.5% of holdings.

William Ziebell: minor difference of 151 shares. Difference is under 0.5% of holdings.

Norman Rosenthal: minor difference of 340 shares. Unexplained small increases, consistent with stock unit vesting or reinvested dividends.

Ralph Nicoletti: minor difference of 140 shares. Unexplained small increases, consistent with stock unit vesting or reinvested dividends.

Christopher Miskel: minor difference of 84 shares. Unexplained small increases, consistent with stock unit vesting or reinvested dividends.

Teresa Clarke: minor difference of 14 shares. Difference is under 0.5% of holdings.

Kyle Koreyva: minor difference of 854 shares. Difference is stated in footnotes (unreported vesting, exempt acquisition or transfer).

Inferred rename: "Trust" is treated as the same holder as "Age 62 Plan", because the old name was never reported again and the new one opened with the same balance (22,678 shares). Old name, new name

Inferred rename: "Trust" is treated as the same holder as "Age 62 Plan", because the old name was never reported again and the new one opened with the same balance (67,419 shares). Old name, new name

Inferred rename: "Trust" is treated as the same holder as "Age 62 Plan", because the old name was never reported again and the new one opened with the same balance (59,482 shares). Old name, new name

Inferred rename: "Wife/custodian" is treated as the same holder as "Daughter", because the old name was never reported again and the new one opened with the same balance (5,848 shares). Old name, new name

Inferred rename: "Trust (Age 62 Plan)" is treated as the same holder as "Age 62 Plan", because the old name was never reported again and the new one opened with the same balance (64,174 shares). Old name, new name

Inferred rename: "Trust 2" is treated as the same holder as "Age 62 Plan", because the old name was never reported again and the new one opened with the same balance (108,086 shares). Old name, new name

Inferred rename: "Trust" is treated as the same holder as "Age 62 Plan", because the old name was never reported again and the new one opened with the same balance (26,988 shares). Old name, new name

External context: we only cite outside events when a documented connection exists. None is shown for this period.

Sources and methodology1,491 filings from SEC EDGAR, and how we read them

All 1,491 Forms 3, 4 and 5 filed for Arthur J. Gallagher & Co. (SEC CIK 354190) from Jun 11, 2003 to Oct 8, 2026, retrieved from SEC EDGAR on Oct 9, 2026. Prices are the ones reported in each filing, often weighted averages.

Holdings. Each holding line (a share class plus an owner, such as a trust or LLC) carries its last reported balance forward. Entities first reported during the period start at zero, so transfers between an insider's own trusts don't count as selling. Lines not reported for three years or more are listed separately and left out of totals.

Sales. A sale counts as under a 10b5-1 plan if its footnote cites one or the filing's Rule 10b5-1 box is checked, and as tax-related if its footnote cites tax obligations or sell-to-cover. Shares withheld by the company for taxes are listed separately. Sales with neither attribute are labeled "no plan disclosed".

Full methodology

Former or inactive filers (19)No filing in 18 months; last reported balances, not in any total

Name	Last filed	Last reported balance
William Bax	May 9, 2024	47,904 shares, last reported balance as of May 7, 2024
Joel Cavaness	May 1, 2024	162,671 shares, last reported balance as of Apr 29, 2024
Kay McCurdy	May 11, 2023	30,621 shares, last reported balance as of May 9, 2023
Frank English Jr.	Nov 4, 2020	7,360 shares, last reported balance as of Nov 4, 2020
Elbert Hand	May 17, 2018	35,300 shares, last reported balance as of May 16, 2018
James Durkin Jr.	Jan 30, 2018	445,935 shares, last reported balance as of Jan 29, 2018
James Gault	Dec 4, 2017	339,109 shares, last reported balance as of Nov 30, 2017
David McGurn Jr.	Feb 9, 2016	316,479 shares, last reported balance as of Sep 10, 2015
James Wimmer	May 22, 2014	45,243 shares, last reported balance as of May 21, 2014
Ilene Gordon	May 9, 2013	24,245 shares, last reported balance as of May 7, 2013
Kimball Brooker	Jan 29, 2010	208,762 shares, last reported balance as of Jan 27, 2010
Richard McKenna	Aug 12, 2009	80,917 shares, last reported balance as of Aug 11, 2009
John Rosengren	May 17, 2007	38,508 shares, last reported balance as of May 15, 2007
Gary Coughlan	May 17, 2007	14,500 shares, last reported balance as of May 15, 2007
Elizabeth Brinkerhoff	Jun 15, 2006	24,223 shares, last reported balance as of Jun 14, 2006
Robert Gallagher	Mar 16, 2006	2,617,468 shares, last reported balance as of Mar 14, 2006
Nicholas Elsberg	Jul 25, 2005	28,723 shares, last reported balance as of Mar 10, 2005
Bernard Hengesbaugh	Dec 13, 2004	1,000 shares, last reported balance as of Dec 9, 2004
James Braniff III	Nov 26, 2003	214,692 shares, last reported balance as of Nov 26, 2003

Spotted something wrong on this page? Report an error. We check every report against the SEC filing and list what we fix in the corrections log.

Arthur J. Gallagher & Co. insiders sold $24.5M in the past 12 months. How much of their stake is that?

What stands out

Who sold, and how much of their stake

Selling by month

Common questions

Is the Arthur J. Gallagher & Co. CEO selling stock?

Why are Arthur J. Gallagher & Co. insiders selling?

Are any Arthur J. Gallagher & Co. insiders buying?

How much of their stake did Arthur J. Gallagher & Co. insiders sell?

The evidence

No plan disclosed · $16.9M

Taxes

Purchases · 1 buyer (4 trades)

Sales by month