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Arthur J. Gallagher & Co. Acquires Alternative Market Specialists

ITASCA, Ill., May 23, 2005 /PRNewswire-FirstCall via COMTEX/ -- Arthur J. Gallagher & Co. (NYSE: AJG) today announced the acquisition of Alternative Market Specialists headquartered in Edina, Minnesota. Terms of the transaction were not disclosed.

Founded in 1997, Alternative Market Specialists is a managing general agent and wholesale insurance broker providing insurance products for independent insurance agents and brokers throughout the United States. They specialize in the production, underwriting and placement of public entity accounts that desire a protected self-insured program. Michael Vaughan-Fowler and his associates will continue to operate from their current locations in Atlanta, Nashville, Edina and London, England under the direction of Joel Cavaness, President of Risk Placement Services, Inc., a subsidiary of Arthur J. Gallagher & Co.

J. Patrick Gallagher, President and Chief Executive Officer said, "Alternative Market Specialists' years of experience in public entity, educational, and commercial accounts will be a wonderful complement to our company's niche strategy. They bring with them an efficiency, objectivity and dedication to client service which fit perfectly within our culture. We are extremely pleased to welcome Michael and his team to our growing Risk Placement Services' family of professionals."

Arthur J. Gallagher & Co., an international insurance brokerage and risk management services firm, is headquartered in Itasca, Illinois, has operations in seven countries and does business in more than 110 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.

SOURCE Arthur J. Gallagher & Co.

Marsha J. Akin, Investor Relations of Arthur J. Gallagher & Co., +1-630-773-3800