Shares of Arthur J. Gallagher & Co. (AJG) are up .91 to 44.59 today. ?AJG is near the middle of the 52-week range.

Today paper traded 254 AJG Apr 45 puts at .95.? The ADV is 165 contracts.? The OI is 2774 contracts.

The volume went in one block.? Trade on the day mostly involved put selling into a very wide market of .50 or more.? 1264 puts traded and most of that looks like closing paper.? AJG is just down from a recent high and this could be related to the post earnings bounce.? The owners are taking their profits.

30-day implied volatility is 21%.?? 10-day implied volatility is 32%.? 30-day implied volatility is trading below the 10-day historical volatility.

Arthur J. Gallagher & Co. (Gallagher), along with its subsidiaries, provides insurance brokerage and third-party claims settlement, and administration services to entities in the United States and abroad.