Item 7.01. Regulation FD Disclosure

Arthur J. Gallagher & Co. is providing preliminary information regarding the expected impact to the company if the Inflation Reduction Act of 2022 ("IRA"), which was passed by the U.S. Senate on August 7, 2022, is signed into law in its current form.

Based on our current outlook, we believe we will likely meet the Adjusted Financial Statement Income threshold for large corporations under the IRA. Companies that meet this threshold may be subject to an alternative minimum tax of 15% for tax years beginning in 2023.

Based on our current tax filing elections and positions, we believe that these new minimum tax provisions would not result in material additional tax liabilities. In addition, in its current form the IRA is not expected to have a material adverse impact on our ability to utilize our tax credit carryforwards.

As noted, this preliminary analysis is based on the IRA in its current form and our views may change in response to regulations or interpretations adopted by the IRS to implement the IRA.

Information Concerning Forward-Looking Statements

This report contains certain statements related to future results, or states our intentions, beliefs and expectations or predictions for the future, including regarding the impact of the IRA on our tax position and results of operation, which are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements relate to expectations or forecasts of future events. Such statements use words such as "anticipate," "believe," "estimate," "expect," "contemplate," "forecast," "project," "intend," "plan," "potential," and other similar terms, and future or conditional tense verbs like "could," "may," "might," "see," "should," "will" and "would." You can also identify forward-looking statements by the fact that they do not relate strictly to historical or current facts.

Forward-looking statements are not guarantees of future performance. They involve risks, uncertainties and assumptions, and are currently, or in the future could be, amplified by the COVID-19 pandemic. Our future performance and actual results may differ materially from those expressed in forward-looking statements. Accordingly, you should not place undue reliance on forward-looking statements, which speak only as of, and are based on information available to us on, the date of the applicable document. Many of the factors that will determine these results are beyond our ability to control or predict, including whether or not there are material changes to the IRA before it is signed into law, the timing of implementation of the IRA, regulations and interpretations adopted to implement the IRA, or changes in our financial position and results of operations. All subsequent written and oral forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Forward-looking statements speak only as of the date that they are made, and we do not undertake any obligation to update any such statements or release publicly any revisions to these forward-looking statements to reflect events or circumstances after the date of this report or to reflect new information, future or unexpected events or otherwise, except as required by applicable law or regulation.

A detailed discussion of the factors that could cause actual results to differ materially from our published expectations is contained under the headings "Risk Factors" and "Information Concerning Forward-Looking Statements" in our filings with the Securities and Exchange Commission ("SEC"), including our Annual Report on Form 10-K for the fiscal year ended December 31, 2021, our most recently filed Form 10-Q, and any other reports we file with the SEC in the future.

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