What factors contributed to AJG's revenue growth in 2023?

Arthur J. Gallagher & Co (AJG) experienced a revenue growth rate of 0.18% in 2023, which can be attributed to several key factors: 1. **Organic Growth**: The company's core Brokerage and Risk Management segments reported significant organic revenue growth. The Brokerage segment saw a 9.7% organic growth rate, which was 240 basis points above the management's guidance midpoint. The Risk Management segment also enjoyed a 10.8% organic revenue growth rate. 2. **Mergers and Acquisitions**: AJG's strategic acquisitions played a pivotal role in driving revenue growth. In the second quarter of 2023 alone, the company acquired 15 entities, contributing approximately $349 million to estimated annualized revenues. Additionally, the company had a strong merger and acquisition pipeline, with about $700 million of revenues associated with about 55 term sheets either agreed upon or being prepared. 3. **Global Expansion**: The company's international activities, including the acquisition of Clements Worldwide, enhanced its global footprint and opened up new markets. This expansion into new geographic areas and specialist markets contributed to the overall revenue growth. 4. **Insurance Renewal Premiums**: The global insurance renewal premiums increased by 10%, which had a positive impact on AJG's revenue. 5. **Economic Factors**: The insurance and reinsurance price increases, economic growth, and increasing geopolitical tensions created favorable market conditions for AJG's business. In summary, AJG's revenue growth in 2023 was driven by a combination of organic business growth, strategic acquisitions, global expansion, and favorable economic conditions in the insurance industry.