Arthur J. Gallagher & Co. (NYSE:AJG) is looking for M&A. Douglas Howell Chief Financial Officer said during the quarterly investor meeting with management, "Our current cash position, combined with strong expected free cash flow in the second half position us very well for our pipeline of M&A opportunities. In total, we continue to estimate $3.5 billion to fund potential M&A opportunities during '24 and another $4 billion in '25.

So far this year, we spent about $500 million on mergers. And like Tom said, we do have a strong pipeline, and second half M&A activity can historically be very large. So there's still a chance we will spend most of the $3.5 billion.

But if we don't, it will add to our $4 billion M&A war chest going into '25, and it also opens the door for share repurchase. Either way, it's a really nice position for us. So those are my prepared comments.

It's about halfway through the year, we are in great shape financially, operatingly and strategically".