Arthur J Gallagher & Co was reincorporated as a Delaware corporation in 1972. The Company provides insurance brokerage and third-party claims settlement and administration services to entities in the U.S. and abroad. The Company has three reportable operating segments; brokerage, risk management and corporate. The brokerage segment is mainly comprised of retail and wholesale insurance brokerage operations. The brokerage segment generates revenues through commissions paid by insurance underwriters and through fees charged to its clients. The Company's brokers, agents and administrators act as intermediaries between insurers and their customers and it does not assume underwriting risks. The risk management segment provides contract claim settlement and administration services for enterprises that choose to self-insure some or all of their property/casualty coverages and for insurance companies that choose to outsource some or all of their property/casualty claims departments. These operations also provide claims management, loss control consulting and insurance property appraisal services. The corporate segment manages the Company's clean energy and other investments. This segment also holds all of the Company's corporate debt. Allocations of investment income and certain expenses are based on reasonable assumptions and estimates mainly using revenue, headcount and other information. The Company's competitors include: Marsh & McLennan Companies, Inc., Aon Corporation, Willis Group Holdings, Ltd., Wells Fargo Insurance Services, Inc., Crump Group, Inc., CRC Insurance Services, Inc., AmWINS Group, Inc., Swett & Crawford Group, Inc. The Company's wholesale brokerage operations compete with wholesalers such as CRC Insurance Services, Inc., RT Specialty, AmWINS Group, Inc., Swett & Crawford Group, Inc., as well as a vast number of local and regional wholesalers. The Company also competes with certain insurance companies that write insurance directly for their customers. The Company's activities are subject to regulatory supervision, including insurance industry regulation, Federal and state employment regulation and regulations promulgated by regulatory bodies such as the Securities and Exchange Commission (SEC) and Department of Justice (DOJ) and Internal Revenue Service (IRS) in the U.S., and the Financial Services Authority (FSA) in the U.K.