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Public insurance brokers again reported flattish organic growth rates in the third quarter, with some experiencing slowing momentum. Commercial insurance rates continued to soften in Q3 2026, particularly in property, as increased capacity and competition put further pressure on pricing. Meanwhile, public insurance brokers generally reported organic growth rates in line with the prior quarter, although results varied across firms. Brokers highlighted new business, strong client retention, strategic acquisitions and investments in technology as important drivers of performance amid evolving market conditions. Quick look Organic growth rates Organic growth figures reported in Q3 2026 by public insurance brokers were generally inline compared to those seen in the prior quarter, with some firms seeing small decreases. AON reported 6 percent organic growth in Q3 2026, up from the company’s 5 percent organic growth in Q2 2026. Arthur J. Gallagher Co. reported 5 percent organic growth across its combined brokerage and risk management segments in Q3 2026, down slightly from the 6 percent reported in Q2 2026. Brown Brown, Inc. posted 1 point 2 percent organic growth in Q3 2026 compared to point 7 percent organic growth in Q2 2026. The Baldwin Group reported 6 percent organic growth in Q3 2026, compared to the 2 percent organic growth produced in Q2 2026. Marsh reported 5 percent organic growth in Q3 2026, matching 5 percent organic growth in Q2 2026. Ryan Specialty Holdings, Inc. reported 4 percent organic growth in Q3 2026, compared to 6 point 7 percent organic growth in Q2 2026. WTW posted 4 percent organic growth in Q3 2026, compared to 5 percent organic growth in Q2 2026. Aon plc, N Y S E AON Aon reported 6 percent organic growth in Q3 2026, up from the company’s 5 percent organic growth in Q2 2026. Q3 2026 adjusted earnings per share EPS was 3 point 36 percent on revenue of 4 point 1 billion dollars compared to consensus estimates of 3 dollars and 30 cents adjusted EPS on revenue of 4 point 08 billion dollars. Gregory Clarence Case, President and CEO, described the quarter as outstanding, with results that “reflect continued momentum across the firm and reinforce high confidence in our Aon United strategy.” He emphasized that there were “three important drivers of our performance this past quarter and as we look to the future. First, the forces shaping client demand. Second, our Aon United operating structure with integrated Risk Capital and Human Capital capabilities. And third, our recently announced pending acquisition of USI, which, together with NFP and Aon, establishes the premier U.S. middle market platform for clients.” Mr. Case emphasized that today’s macroeconomic environment continues to be defined by volatility and complexity, stating, “Geopolitical uncertainty remains elevated. Economic conditions are uneven, and cyber threats continue to evolve. All while rapid technology innovation is creating new opportunities, reshaping business models and workforce strategies. These forces don’t exist in isolation. They’re deeply interconnected, making it more complicated than ever for businesses to understand their risks, build resilience and grow.” Arthur J. Gallagher Co. NYSE AJG AJG reported 5 percent organic growth across its combined brokerage and risk management segments in Q3 2026, down slightly from the 6 percent reported in Q2 2026. Q3 2026 adjusted EPS was 3 dollars on revenue of 3 point 9 8 billion dollars compared to consensus estimates of 2 dollars and 99 cents on revenue of 3 point 9 9 billion dollars. J. Patrick Gallagher, Chairman and CEO, described the company’s quarter as outstanding, based on “strong revenue growth and excellent profitability.” He reported that net earnings grew 25 percent, as did adjusted EBITDAC, which marked 26 consecutive quarters of double digit adjusted EBITDAC. On a segment basis, Gallagher stated that, “Brokerage revenues were up 19 percent, of which organic was 5 percent. We saw excellent growth across our retail P and C, wholesale and reinsurance businesses.” He also added that the company is “now more than a year into the AssuredPartners combination. The business is living up to our high expectations. Client retention remains strong, and the teams are working very well together. Our Risk Management segment, Gallagher Bassett, posted revenue growth of 14 percent, which includes organic growth of 10 percent, driven by excellent new business and strong client retention.” Overall, Gallagher was very positive on the company’s prospects, observing that “The need for insurance is growing around the world and risks are becoming more complex, thus requiring broader capabilities and more sophisticated solutions. Think about construction, infrastructure, energy and data centers as well as the growing need for clients to understand, mitigate and insure emerging risks from AI, just to name a few examples.” The Baldwin Group NASDAQ BWIN BWIN reported 6 percent organic growth in Q3 2026, compared to the 2 percent organic growth produced in Q2 2026. Q3 2026 adjusted EPS was 42 cents on revenue of 480 point 3 million dollars, compared to consensus estimates of 43 cents on revenue of 492 point 7 million dollars. Medicare market disruption was noted as one performance headwind, as insurance plans and large providers leave the market. Although new enrollments increased 50 percent, high customer turnover offset those gains. The business is expected to stabilize through the rest of 2026 as increased government funding helps the market return to normal. On September 14th, 2026, BWIN signed an agreement to be acquired by a group of investors led by Sequence Holdings and DFO Management, LLC, in an all cash deal. Once the acquisition is complete, the company will no longer be publicly traded on Nasdaq and will become a privately owned business. The transaction is expected to close during the first quarter of 2027, subject to required approvals. Note, The financial results for the third quarter ending September 30 th, 2026 included in this release are preliminary, have not been reviewed or audited, are based on Baldwin’s estimates, and were prepared prior to the completion of the Company’s financial statement close process. Brown Brown, Inc. NYSE BRO BRO posted 1 point 2 percent organic growth in Q3 2026 compared to point 7 percent organic growth in Q2 2026. Total revenue was 1 point 73 billion dollars compared to consensus estimates of 1 point 76 billion dollars. Q3 2026 adjusted EPS was 1 dollar and 7 cents, compared to consensus estimates of 1 dollar and 8 cents. In BRO’s retail segment, organic revenue growth was driven by net new business and exposure unit expansion, partly offset by slightly moderating rates across many lines. The company said rate changes for admitted markets moderated downward slightly compared to the first half of 2026. Casualty and auto rate increases moderated slightly, with property and workers’ comp down. “Overall, when we step back and look at both the economy and the insurance market, customers are operating with discipline, while overall growth and investment levels remain steady. The insurance market continues to be competitive for many lines, while casualty pressures persist,” said CEO J. Powell Brown. Marsh McLennan NYSE MRSH MRSH reported 5 percent organic growth in Q3 2026, matching its 5 percent organic growth in Q2 2026. Q3 2026 adjusted EPS was 2 dollars and 3 cents on revenue of 6 point 86 billion dollars, compared to consensus adjusted EPS of 1 dollar and 97 cents on 6 point 64 billion dollar revenue. For the Risk Insurance Services segment, third quarter revenue was 4 point 2 billion dollars, up 7 percent from a year earlier, while the Consulting segment third quarter revenue was 2 point 7 billion dollars, up 9 percent. People and Investments, formerly Mercer, third quarter revenue was 1 point 7 billion dollars, up 6 percent. Health and Benefits formerly Health grew 5 percent and Investments and Retirement, formerly Wealth, was up 8 percent. MRSH also saw progress with Thrive, their cost‑transformation and efficiency initiative. This program enabled increased sales capacity and opportunities for growth. John Doyle, President and CEO of MRSH said, “Looking ahead, we continue to expect underlying revenue growth in 2026 similar to last year. We also anticipate another year of margin expansion and solid adjusted EPS growth. Our outlook is based on current market conditions, but the economic and geopolitical environment could change materially from our assumptions.” Ryan Specialty Holdings, Inc. NYSE RYAN RYAN reported 4 percent organic growth in Q3 2026, compared to 6 point 7 percent organic growth in Q2 2026. Q3 2026 adjusted EPS was 51 cents on revenue of 790 million dollars compared to consensus estimates of 49 cents adjusted EPS on 792 point 5 million dollars revenue. Although there were challenging market trends, RYAN’s results were supported by strong new business and retention of existing business. CEO Timothy William Turner noted that property continues to be difficult “As we signaled last quarter, the property market was every bit as challenging as we indicated. Pricing on many catexposed and large accounts continued to decline. Incremental capacity entered the market…Given the relatively benign property loss experience and the heightened level of capacity in the market, we expect continued deterioration of property pricing in the fourth quarter and into 2027.” RYAN also gave an update on its recent AI initiatives. “We invest in solutions and workflows that improve client outcomes, make our people more productive and make our processes faster and more reliable. For our clients, we launched Tera Underwriters in August, a new MGU built to serve the emerging AI economy. Tera offers up to 625 million dollars of capacity for computing hardware like GPUs, deployed in data centers and crypto mining facilities,” said Mr. Turner. WTW NASDAQ WTW WTW posted 4 percent organic growth in Q3 2026, compared to 5 percent organic growth in Q2 2026. The company reported Q3 2026 adjusted diluted EPS of 3 dollars and 63 cents on revenue of 2 point 46 billion dollars , compared with consensus estimates of 3 dollars and 59 cents adjusted diluted EPS on 2 point 45 billion dollar revenue. WTW noted that its Q3 results reflected healthy top line growth and benefits of technology investments, as well as strong cost discipline. In its Health, Wealth Career segment, WTW posted 4 percent organic growth, led by Health and Career, and driven by new business and strong renewals. For the Risk Broking segment, organic growth was 5 percent in Q3 2026, compared to 7 percent in Q2 2026, as North America “had double digit growth driven by construction, surety, transactional risk and strong new business across almost all of our specialty lines.” The company gave an update on market conditions “Commercial insurance rates continued to soften in the third quarter. Property remained the softest segment, particularly for large and complex programs as abundant capacity and low catastrophe losses intensified competition. U.S. casualty was a notable exception with rates continuing to rise, especially in excess layers as carriers respond to loss cost inflation,” said CEO Carl Hess.