Global commercial insurance rates continued to decelerate modestly in Q1 2025, driven by increased competition and new capacity, particularly in property lines. Casualty lines remained firm, providing a partial offset. Brokers cited stable client activity, strategic investments, operational discipline, and active merger and acquisition (M&A) pipelines, as supporting continued sector growth, with competition for quality assets increasing as debt markets stabilized.
Quick look: Organic growth rates
Organic growth figures reported in Q1 2025 by the public insurance brokers were noticeably down compared to numbers reported in the previous quarter (Q4 2024). Only Arthur J. Gallagher and Ryan Specialty Holdings outperformed the previous quarter.
- Marsh & McLennan Companies, Inc.’s (MMC) Q1 2025 organic growth was 4%, down compared to 7% reported in Q4 2024.
- Brown & Brown, Inc. (BRO) reported organic growth of 6.5% in Q1 2025, down compared to 13.8% reported in Q4 2024.
- Arthur J. Gallagher & Co. (AJG) posted 9.5% organic growth in Q1 2025, up from the 7% growth reported in Q4 2024.
- Willis Towers Watson Public Limited Company (WTW) delivered 5% organic growth in Q1 2025, matching their 5% growth in Q4 2024.
- Aon plc. (AON) reported organic revenue growth of 5% in Q1 2025, down compared to 6% in Q4 2024.
- The Baldwin Group’s (BWIN) organic revenue growth was 10%, down from the 19% growth reported in Q4 2024.
- Ryan Specialty Holdings, Inc. (RYAN) reported Q1 2025 organic growth of 12.9%, up compared to 11% in Q4 2024.
Marsh & McLennan Companies, Inc. (NYSE: MMC)
MMC delivered 4% organic revenue growth, with balanced contributions across Marsh (insurance broking), Guy Carpenter (reinsurance), Mercer (HR consulting), and Oliver Wyman (management consulting). Adjusted earnings per share (EPS) rose 5% year-over-year to $3.06, with adjusted operating income up 8%. Revenue rose 9% to $7.1B, including the contribution from recent acquisitions. Underlying insurance pricing trends continued to moderate, with Marsh’s Global Insurance Market Index showing a 3% decline in Q1.
John Q. Doyle, President and CEO of MMC, summarized “We are pleased with our results and are off to a good start in 2025. We are well positioned and have a resilient business that provides critically important advice and solutions and we have proven our ability to deliver across cycles.”
M&A activity remained focused on targeted capabilities and regional expansion, and MMC reiterated guidance for mid-single-digit underlying revenue growth for full-year 2025.
Read more about first quarter earnings for MMC.
Brown & Brown, Inc. (NYSE: BRO)
BRO delivered 6.5% organic revenue growth in Q1 2025, driven by strong net new business activity across Retail, Programs, and Wholesale Brokerage segments. Q1 2025 adjusted EPS came in at $1.29, compared to consensus adjusted EPS of $1.30, and EBITDAC (income before interest, income taxes, depreciation, amortization and the change in estimated acquisition earn-out payables) margins expanded year-over-year despite elevated compensation costs. BRO completed 13 acquisitions during the quarter, contributing $36M in annualized revenue.
On M&A, BRO said that pricing and terms for quality businesses remained competitive, with no material changes. Organic growth was particularly strong in the Programs segment (13.6%), driven by strong new business, retention and exposure unit expansion.
Management expressed optimism that levels of investment in people and assets remained stable, and business owners were still optimistic. BRO also noted that insurance rate increases from most lines continued and were fairly consistent with prior quarters. CEO J. Powell Brown noted that the firm has good momentum heading into the second quarter.
Read more about first quarter earnings for BRO.
Arthur J. Gallagher & Co. (NYSE: AJG)
AJG reported 9.5% organic growth across its combined Brokerage and Risk Management segments for Q1 2025, with adjusted EPS of $3.67, exceeding consensus expectations. Adjusted EBITDAC margins expanded 338 basis points to 41.1%, marking the 20th consecutive quarter of double-digit adjusted EBITDAC growth. The company completed 11 tuck-in acquisitions totaling ~$100M of annualized revenue and finalized its acquisition of Woodruff Sawyer in early April, adding more than $250M of annualized revenue.
Chairman & CEO J. Patrick Gallagher commented, “Regardless of market and economic conditions, I believe we are well positioned to compete and to win. From our niche expertise, outstanding service or extensive data and analytics offerings, we have the resources and know-how to service any account of any size, of any complexity anywhere around the globe.”
Daily client revenue indicators remained strong through the end of April, suggesting steady underlying business activity despite global trade concerns. Gallagher reiterated expectations for full-year 2025 organic growth in the 6%-8% range for both brokerage and risk management segments.
Read more about first quarter earnings for AJG.
Willis Towers Watson (NASDAQ: WTW)
WTW posted 5% organic growth, supported by solid performances in Risk & Broking and Investments, while Health, Wealth and Career experienced modest delays in discretionary project work. Adjusted diluted EPS of $3.13 on revenue of $2.22 billion, was flat year-over-year but aligned with consensus estimates of $3.19 adjusted diluted EPS on $2.29 billion revenue.
CEO Carl Hess stated, “Changing economic and regulatory conditions tend to drive demand for our services. The current heightened risk landscape and macroeconomic volatility create opportunities for us to help our clients manage their cost and risk profiles and lead their organizations through change.”
Within the Health, Wealth & Career (HWC) segment, Career had modest revenue growth as increased advisory work was tempered by some clients postponing advisory work amid economic uncertainty. WTW continues to project that HWC will have mid-single-digit revenue growth in 2025 and over the long term.
Management reiterated its commitment to a long-term margin expansion plan and highlighted ongoing investments in technology, innovation and talent to drive differentiated client service and growth.
Read more about first quarter earnings for WTW.
Aon plc (NYSE: AON)
AON posted 5% organic revenue growth in Q1 2025, with strength in Commercial Risk Solutions and Health Solutions offsetting softness in Wealth Solutions. Adjusted EPS of $5.67 came in slightly below consensus. Total revenue rose 16% to $4.7B, driven in part by the inclusion of NFP. Adjusted operating income grew 12% and margin declined slightly to 38.4%, reflecting integration costs and long-term investments. Rate trends continued to moderate, particularly in property and cyber lines, although retention remained high across key client segments.
CEO Greg Case commented, “We want to reiterate our conviction about the opportunity ahead, that Aon advice and solutions are even more valuable to clients as they navigate increased complexity in their business. We continue to see momentum across our business, from the high-quality talent we’re attracting to Aon to the progress we’re making to attack the $31 billion middle market opportunity to major wins with both new and existing clients, and we remain on track to deliver against our 2025 financial goals.”
Management reaffirmed its focus on expanding margins and selectively pursuing tuck-in acquisitions to bolster capabilities in health, cyber risk, and human capital advisory.
Read more about first quarter earnings for AON.
The Baldwin Group (NASDAQ: BWIN)
BWIN posted 10% organic growth in Q1 2025, driven by double-digit gains in its Underwriting, Capacity & Technology Solutions (UCTS) and Main Street Insurance Solutions (MIS) segments. Adjusted EPS grew 16% to $0.65, and adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) rose 12% with margin expansion of 80 basis points to 27.5%. BWIN also announced the capitalization of its inaugural reciprocal insurance exchange, Builder Reciprocal Insurance Exchange (BRIE), with $110M in initial surplus funding.
CEO Trevor Baldwin emphasized, “The resilience and durability of our business and operating model was demonstrated as we continued to achieve double-digit organic revenue growth.” For the Insurance Advisory Solutions (IAS) business, organic revenue growth for the quarter was 3% and is expected to increase through the year.
Management expects strong momentum across builder, mortgage, and multifamily verticals to sustain organic growth at elevated levels in 2025. Free cash flow expansion and leverage improvement are anticipated following the wind-down of earn-out obligations.
Read more about first quarter earnings for BWIN.
Ryan Specialty Holdings, Inc. (NYSE: RYAN)
RYAN reported 12.9% organic revenue growth and a 27.5% increase in adjusted EBITDAC for Q1 2025, as the company capitalized on favorable specialty insurance market dynamics. RYAN’s Q1 2025 adjusted EPS of $0.39 was in line with consensus estimates, with adjusted EBITDAC margins improving to 29.1%. Acquisitions such as Velocity Risk Underwriters helped strengthen Ryan’s specialty platform and expanded its MGA capabilities.
Founder and Executive Chairman Patrick G. Ryan stated, “We believe we are well positioned to navigate the challenging near-term environment and win over the long term, just as we’ve done for the past 15 years.” Property pricing declined modestly, but RYAN remains bullish on Property as a strong contributor to its long-term growth. Casualty lines remained strong.
Management highlighted that its durable business model, combined with the resiliency of the specialty and Excess & Surplus (E&S) markets, provides a long runway for continued margin expansion and growth.
