Gallagher & Co. Increases Stake in RMP to 100%

February 27, 2004

Arthur J. Gallagher & Co. (NYSE: AJG) today announced that its subsidiary, Arthur J. Gallagher (UK) Limited acquired the remaining 50% of its United Kingdom joint venture, Risk Management Partners Ltd, from Am Re Holdings Ltd (UK), an affiliate of American Re-Insurance Company (American Re). Terms of the agreement were not disclosed.

Formed in 1994 as a joint venture with American Re, Risk Management Partners offers innovative insurance and risk management products to public entities throughout the United Kingdom. These products may be combined with claims and loss management services through Gallagher’s subsidiary, Gallagher Bassett International Ltd (UK). Risk Management Partners will continue under the leadership of Kaz Janowicz, Managing Director, reporting through David E. McGurn, Jr., President of Gallagher’s Specialty Marketing and International Division.

J. Patrick Gallagher, Jr., President and Chief Executive Officer, stated, “Risk Management Partners is extremely effective in providing comprehensive risk management services to the United Kingdom’s public authority sector. Over the years, they have developed a unique position in the U.K. public entity market. Acquiring the full 100% ownership in this company reflects our continued commitment to both the U.K. market and our global expansion efforts.”

Arthur J. Gallagher & Co., an international insurance brokerage and risk management services firm, is headquartered in Itasca, Illinois, has operations in nine countries and does business in more than 100 countries around the world through a network of correspondent brokers and consultants. Gallagher is traded on the New York Stock Exchange under the symbol AJG.

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