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Mike Zarembski

Managing Director and Senior Equity Research Analyst at BMO Capital Markets

Mike Zarembski is a Managing Director and Senior Equity Research Analyst at BMO Capital Markets, specializing in insurance industry coverage, including property & casualty, life insurance, brokerage, and financial services companies. He currently covers prominent firms such as Progressive Corp, Skyward, Fidelis, Hamilton, RenaissanceRe, Intact, Trisura, Resolution Life, Aspen, Canopius, and Enstar, and has issued over 490 ratings with an impressive price target met ratio of 81.76% and success rate of approximately 58%, delivering an average investor return of 5.49%. Zarembski began his finance career apprenticing at Credit Suisse (2007–2010), spent three years as a Senior Analyst on the buyside at Balyasny Asset Management, returned to Credit Suisse in 2018, joined Wolfe Research in 2021, and has held his current position at BMO Capital Markets since 2023. He holds professional FINRA registrations and securities licenses, and is frequently recognized as a market-leading analyst with notable contributions to the insurance sector.

Mike Zarembski's questions to Arthur J. Gallagher & (AJG) leadership

Question · Q3 2025

Mike Zarembski asked about the estimated impact of lumpy life sales on next year's organic growth outlook. He also questioned what other levers, beyond renewal premium changes, will drive strong organic growth next year, and if there are other 'Assureds' or similar roll-up opportunities available for M&A.

Answer

CFO Douglas K. Howell expects 2026 to be more favorable for lumpy life sales due to potential rate drops or stabilization, which could fuel demand. He explained that the 'opt-in' era for coverages and underinsured values will drive growth, along with Gallagher's value proposition. Chairman and CEO J. Patrick Gallagher, Jr. confirmed that many other 'Assureds' and independent firms exist, and Gallagher would consider other large opportunities while continuing its tuck-in strategy.

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