Exhibit 99



FOR IMMEDIATE RELEASE                 Contact:  Michael J. Cloherty
                                                Executive Vice President
                                                (630) 773-3800

               ARTHUR J. GALLAGHER & CO. ANNOUNCES TWO AGREEMENTS
                         TO SELL PARTNERSHIP INTERESTS

Itasca, IL, April 22, 1999 -- Arthur J. Gallagher & Co. today announced that its
financial services subsidiary, AJG Financial Services, Inc., has entered into an
agreement to sell a substantial portion of its investments in landfill gas
collection partnerships.

Anticipated proceeds from the sale of $50,000,000 and Gallagher's expected gain
of approximately $36,000,000 will be recognized over a period of nine years
beginning in 1999. The actual amount of proceeds and gain realized from the sale
is contingent upon continuing levels of production of landfill gas from the
projects over the same period of time. The agreement allows the buyer to sell
back the interests to Gallagher if certain regulatory conditions are not met.
These conditions are expected to be satisfied in the third or fourth quarter of
this year.

Also announced today was a second agreement in which AJG Financial Services,
Inc. agreed to sell a substantial portion of its investment in real estate
partnership interests. Proceeds from the sale of $6,500,000 and Gallagher's gain
of approximately $3,000,000 are expected to be received in the fourth quarter of
1999.

Mr. Michael J. Cloherty, Executive Vice President and CFO, stated that these
transactions were the result of investing in real estate and landfill gas
collection projects over a number of years and that the Company was extremely
pleased with the signing of these agreements. He indicated that the Company
plans to utilize the anticipated gains within its core business of insurance
brokerage and risk management through investment in new systems and technology
to aid product distribution and services. This technological initiative will
enable clients and insurance markets to avail themselves of Gallagher's products
over the growing medium of E-Commerce via the Internet.

Arthur J. Gallagher & Co., an international insurance brokerage and risk
management services firm, is headquartered in Itasca, Illinois, has offices in
seven countries and does business in approximately 100 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.

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                                  www.ajg.com