Global commercial insurance rates continued to soften in Q2 2025, particularly in property lines, while casualty and specialty lines remained stable. Brokers cited strong client retention, new business, and targeted acquisition activity as drivers of growth. Margin expansion was a consistent theme, supported by increased efficiencies and cost optimization.
Quick look: Organic growth rates
Organic growth figures reported in Q2 2025 by public insurance brokers were mixed compared to Q1 2025. Aon and Baldwin Group saw increases, while others saw declines compared to Q1 2025.
- Aon plc (AON) reported organic revenue growth of 6% in Q2 2025, up from 5% in Q1 2025.
- Arthur J. Gallagher & Co. (AJG) posted 5.4% organic growth in Q2 2025, down from 9.5% in Q1 2025.
- Brown & Brown, Inc. (BRO) reported organic growth of 3.6% in Q2 2025, down from 6.5% in Q1 2025.
- The Baldwin Group (BWIN) delivered organic growth of 11% in Q2 2025, up from 10% in Q1 2025.
- Ryan Specialty Holdings, Inc. (RYAN) reported organic growth of 7.1% in Q2 2025, down from 12.9% in Q1 2025.
- Marsh & McLennan Companies, Inc. (MMC) posted organic growth of 4%, consistent with Q1 2025.
- Willis Towers Watson (WTW) posted 5% organic growth in Q2 2025, in-line with the 5% organic growth in Q1 2025.
Aon plc (NYSE: AON)
Aon delivered 6% organic revenue growth in Q2 2025, with total revenue rising 11% to $4.2 billion. Adjusted earnings per share (EPS) grew 19% to $3.49, and free cash flow surged 59% to $732 million. Strong performance in Commercial Risk and Health Solutions offset softness in Wealth Solutions. CEO Greg Case emphasized the firm’s momentum and reaffirmed full-year guidance, citing the successful execution of the Aon United strategy and continued investment in long-term growth.
Aon’s Commercial Risk Solutions segment saw 6% organic growth across all major geographies, with notable strength in core property & casualty (P&C) and merger and acquisition (M&A) services. Reinsurance Solutions also posted 6% organic growth, driven by double-digit increases in insurance-linked securities and facultative placements. The firm’s adjusted operating margin rose to 28.2%, and its effective tax rate dropped to 16.5%, reflecting favorable geographic income distribution and discrete tax items.
Read more about second quarter earnings for AON.
Arthur J. Gallagher & Co. (NYSE: AJG)
AJG reported 5.4% organic growth across its core brokerage and risk management segments in Q2 2025. Adjusted EPS in Q2 2025 was $2.33, compared to consensus estimates of $2.36. The firm completed nine acquisitions totaling ~$290 million in annualized revenue and remains on track to close the AssuredPartners acquisition in Q3 2025. Property premiums declined 7%, while casualty lines increased 8%.
CEO J. Patrick Gallagher noted strong client activity and reiterated confidence in the firm’s positioning on the earnings call: “So we see solid client business activity in our data and no signs of a broad, meaningful global economic downturn nor any changes from the prospect of tariffs.”
The company marked its 21st consecutive quarter of double-digit adjusted EBITDAC (net income before interest expense, net, income tax expense, depreciation, amortization, and change in contingent consideration, adjusted to reflect items) growth. AJG also highlighted continued strength in its niche expertise and data-driven analytics offerings, which are helping clients navigate global trade concerns and complex risk environments.
Read more about second quarter earnings for AJG.
Brown & Brown, Inc. (NYSE: BRO)
BRO posted 3.6% organic growth in Q2 2025, below the 6.5% organic growth in Q1 2025. Total revenue increased 9.1% to $1.29 billion (compared to consensus estimates of $1.28 billion). Q2 2025 adjusted EPS was $1.03, compared to consensus estimates adjusted EPS of $0.99. While organic growth moderated, the company maintained strong profitability and continued its acquisition strategy. CEO J. Powell Brown expressed optimism heading into the second half of the year.
In terms of insurance pricing, BRO noted that rates for most lines moderated further in Q2 2025, with the outliers being auto, casualty and cat property. “We’re now seeing classic market softening signs for certain lines of business, where carriers can have a material difference in quoted rates for renewal business versus new business on similar insured assets,” said CEO and President J. Powell Brown.
Brown & Brown also noted that things have been steady at a macroeconomic level. Customer outlook and confidence seem to be fairly similar to the first quarter. CEO and President J. Powell Brown commented on the earnings call: “Generally, customers are cautiously optimistic that the uncertainties of tariffs and other matters will resolve in a favorable manner. We continue to see many customers investing in their businesses, while some customers are delaying investment decisions until they have a better view on growth trajectory.”
Read more about second quarter earnings for BRO.
The Baldwin Group (NASDAQ: BWIN)
BWIN delivered 11% organic growth in Q2 2025, with total revenue reaching $378.8 million. Adjusted EPS grew 24% to $0.42, and adjusted EBITDA margin expanded 60 basis points to 22.6%. CEO Trevor Baldwin highlighted the completion of earnout obligations, which enhances flexibility around capital allocation for future investments. The company continues to see strong momentum across builder, mortgage, and real estate verticals.
The firm’s adjusted net income rose to $49.5 million, and adjusted EBITDA increased 14% year-over-year. While Baldwin expects that it “will continue to face a challenging insurance marketplace throughout the balance of the year,” the company remains focused on managing the business to ensure delivery “on margin expansion goals for the year” and for profitable double-digit organic growth over time.
Read more about second quarter earnings for BWIN.
Ryan Specialty Holdings, Inc. (NYSE: RYAN)
RYAN reported 7.1% organic growth in Q2 2025, compared to 12.9% organic growth in Q1 2025. Q2 2025 adjusted EPS was $0.66 on revenue of $855.2M (compared to consensus estimates of $0.65 on revenue of $830.2M). The company saw growth across the majority of its casualty lines and projected that full-year organic growth would be in the 9–11% range. RYAN noted that the second quarter is its largest property quarter, and Q2 2024 was the last very strong quarter for property before rates began to decline, setting up for a challenging year-over-year comparison.
Ryan Specialty highlighted its strong performance in Excess & Surplus (E&S) markets and its ability to navigate pricing volatility. The firm’s adjusted EBITDAC grew 24.5% year-over-year, and management reiterated its long-term growth strategy focused on the specialty insurance market. The company also noted that it completed three acquisitions over the past few months and saw strong contributions to the top line from recent acquisitions.
Read more about second quarter earnings for RYAN.
Marsh & McLennan Companies, Inc. (NYSE: MMC)
MMC posted 4% underlying revenue growth in Q2 2025, with total revenue rising 12% to $7.0 billion. Adjusted EPS increased 11% to $2.72. Risk & Insurance Services revenue grew 15%, while Consulting rose 7% in Q2 2025. The company announced a 10% dividend increase and repurchased 1.4 million shares of stock in the second quarter. The firm repurchased 2.7 million shares for $600 million in the first half of 2025. CEO John Doyle praised MMC’s consistent execution and the enduring value of MMC’s client offerings.
In Q2 2025, Marsh’s international operations delivered 7% underlying revenue growth, with EMEA leading at 8%. Guy Carpenter posted 5% underlying revenue growth, while Mercer’s Health segment grew 7% organically and Career declined 5% on an underlying basis. MMC’s Q2 2025 adjusted operating income rose 14% to $2.1 billion.
Read more about second quarter earnings for MMC.
Willis Towers Watson (NASDAQ: WTW)
WTW posted 5% organic growth in Q2 2025 (in-line with the 5% organic growth in Q1 2025), supported by continued solid performances in Risk & Broking and Investments. The company reported Q2 2025 adjusted diluted EPS of $2.86 on revenue of $2.26 billion, compared with consensus estimates of $2.63 adjusted diluted EPS on $2.24 billion revenue.
CEO Carl Hess stated, “There were positive signs of improvement as the quarter went on, as capital markets rebounded and our businesses adapted to changes in demand and buyer sentiment. Clients are increasingly turning to us to help address the many people, risk and capital issues they’re facing amidst rising global trade, inflation and geopolitical uncertainty. We feel positive about both our outlook and our ability to deliver for the second half of the year.”
Management remained confident in its ability to deliver on its 2025 guidance, including mid-single-digit organic growth, adjusted EPS growth and ongoing improvement in free cash flow margin.
