Washington, D.C. 20549

                                    FORM 8-K

                                 CURRENT REPORT
                       PURSUANT TO SECTION 13 OR 15(D) OF
                       THE SECURITIES EXCHANGE ACT OF 1934

                                  July 22, 2003
                Date of Report: (Date of earliest event reported)

                            ARTHUR J. GALLAGHER & CO.
             (Exact name of registrant as specified in its charter)

            Delaware                       1-9761               36-2151613
     ----------------------         --------------------    -------------------
  (State or other jurisdiction   (Commission File Number)    (I.R.S. Employer
of incorporation or organization)                         Identification Number)

          Two Pierce Place, Itasca, Illinois 60143-3141, (630) 773-3800
   (Address, including zip code and telephone number, including area code, of
                   registrant's principal executive offices)

Item 9.  Regulation FD Disclosure  (including  information  being provided under
Item 12)

The  following  information  is  furnished  pursuant  to Item 9  "Regulation  FD
Disclosure"  and Item 12  "Disclosure  of Results of  Operations  and  Financial
Condition". The information furnished pursuant to Item 12 is included under this
Item 9 in accordance with SEC Release Nos. 33-8216 and 34- 47583.

On July 22,  2003,  Arthur J.  Gallagher & Co.  ("AJG")  issued a press  release
setting forth AJG's second quarter 2003 earnings.  A copy of AJG's press release
is attached hereto as Exhibit (99) and hereby incorporated by reference.

Exhibit Index

    (99) Press release, dated July 22, 2003, issued by Arthur J. Gallagher & Co.


Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned hereunto duly authorized.

                                  Arthur J. Gallagher & Co.

                                  By: /s/ Douglas K. Howell
                                      Douglas K. Howell
                                      Vice President and Chief Financial Officer

Dated: July 22, 2003