Subject: Inflation Winner AJ Gallagher
Automakers, airlines and hotels, for instance, have all mastered the inflation game, finding little resistance from customers for rapid-fire price hikes that bolstered their profit margins.

But few have done quite as well as the insurance broker industry.
Gallagher, for instance, has quietly grown into a $44 billion company. 'We're one of the world's best kept secrets,' Gallagher Jr. said in a Bloomberg Radio interview over the winter. And the stocks of the firm's larger rivals, Marsh & McLennan Companies Inc. and Aon Plc., are up 50% and 48%, respectively, since the start of 2021. Unlike the insurers themselves, the brokers carry none of the underwriting risks associated with higher costs.

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