{"id":12435,"date":"2026-05-12T19:32:05","date_gmt":"2026-05-12T19:32:05","guid":{"rendered":"https:\/\/www.marshberry.com\/eu\/?p=12435"},"modified":"2026-05-12T19:32:07","modified_gmt":"2026-05-12T19:32:07","slug":"q1-2026-earnings-wrap-up-public-brokers-see-flattish-growth-in-first-quarter","status":"publish","type":"post","link":"https:\/\/www.marshberry.com\/eu\/blog\/q1-2026-earnings-wrap-up-public-brokers-see-flattish-growth-in-first-quarter\/","title":{"rendered":"Q1 2026 Earnings Wrap-Up: Public Brokers See Flattish Growth In First Quarter"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Global commercial insurance rates&nbsp;generally&nbsp;continued&nbsp;to soften in Q1&nbsp;2026,&nbsp;while&nbsp;public&nbsp;brokers&nbsp;reported&nbsp;organic growth rates&nbsp;that were&nbsp;largely&nbsp;flat&nbsp;compared to Q4 2025.&nbsp;The public brokers&nbsp;discussed&nbsp;continued&nbsp;challenging market conditions and&nbsp;macroeconomic uncertainty.&nbsp;Some brokers&nbsp;noted&nbsp;success around&nbsp;merger and acquisition (M&amp;A)&nbsp;strategies&nbsp;and&nbsp;efficiency improvements.&nbsp;&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-quick-look-organic-growth-rates-nbsp\"><strong>Quick Look: Organic Growth Rates<\/strong>&nbsp;<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Organic growth figures reported in Q1&nbsp;2026&nbsp;by public insurance brokers&nbsp;tended to be&nbsp;flat&nbsp;compared to&nbsp;those&nbsp;seen&nbsp;in&nbsp;Q4&nbsp;2025.&nbsp;Ryan Specialty Holdings&nbsp;and Brown &amp; Brown&nbsp;saw&nbsp;an&nbsp;increase, while&nbsp;the&nbsp;other&nbsp;companies&nbsp;saw&nbsp;flattish organic growth rates&nbsp;compared to Q4&nbsp;2025.&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Aon plc (AON) reported 5% organic growth in Q1 2026, compared to 5% organic growth in Q4 2025.&nbsp;&nbsp;<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Arthur J. Gallagher &amp; Co. (AJG) reported 5% organic growth across its combined brokerage and risk management segments in Q1 2026,&nbsp;unchanged from&nbsp;its&nbsp;5% organic growth in Q4 2025.&nbsp;&nbsp;<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Brown &amp; Brown, Inc. (BRO) posted&nbsp;0.0%&nbsp;organic growth in Q1 2026, compared to -2.8% organic growth in Q4 2025.&nbsp;&nbsp;<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The Baldwin Group (BWIN) reported 2% organic growth in Q1 2026, compared to 3% organic growth in Q4 2025.&nbsp;&nbsp;<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Marsh (MRSH) reported 4% organic growth in Q1 2026, flat compared to 4% organic growth in Q4 2025.&nbsp;&nbsp;<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Ryan Specialty Holdings, Inc. (RYAN) reported 11.8% organic growth in Q1 2026, compared to 6.6% organic growth in Q4 2025.&nbsp;&nbsp;<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>WTW&nbsp;(WTW)&nbsp;posted 3% organic growth in Q1 2026, compared to 6% organic growth in Q4 2025.&nbsp;&nbsp;<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-aon-plc-nyse-aon-nbsp\"><strong>Aon plc (NYSE: AON)\u202f\u202f\u202f<\/strong>&nbsp;<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Aon reported 5% organic growth in Q1 2026,&nbsp;compared to&nbsp;5%&nbsp;organic growth in Q4 2025. Q1 2026 adjusted\u202fearnings per share (EPS)\u202fwas $6.48 on revenue of\u202f$5.03\u202fbillion\u202f(compared to consensus estimates of $6.35\u202fadjusted EPS\u202fon\u202frevenue of\u202f$4.98\u202fbillion).\u202f\u202f\u202f&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Gregory Clarence Case,\u202fPresident\u202fand\u202fCEO, said, \u201cWe started in 2026, the final year of our 3&#215;3 Plan, with strong momentum. Our first quarter results reflect continued&nbsp;strong&nbsp;performance, consistent&nbsp;execution&nbsp;and progress against the strategic priorities we defined more than 2 years ago.\u201d Chase specifically highlighted the role of Aon Business Services (ABS),&nbsp;stating&nbsp;that the company \u201cdeliberately stepped up&nbsp;our investment beginning in 2024 to embed AI and advanced analytics across the firm. These&nbsp;investments are delivering results, materially improving productivity and execution for clients.\u201d&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/aon.mediaroom.com\/2026-05-01-Aon-Reports-First-Quarter-2026-Results\" target=\"_blank\" rel=\"noreferrer noopener\">Read more about\u202ffirst\u202fquarter earnings for AON.<\/a>&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-arthur-j-gallagher-amp-co-nyse-ajg-nbsp\"><strong>Arthur J. Gallagher &amp; Co. (NYSE: AJG)<\/strong>\u202f\u202f&nbsp;<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">AJG reported 5% organic growth\u202facross its combined brokerage and risk management segments\u202fin Q1 2026,&nbsp;unchanged from the 5%&nbsp;reported&nbsp;in&nbsp;Q4 2025.\u202fQ1 2026 adjusted EPS was $4.47 on revenue of\u202f$4.72\u202fbillion\u202f(compared to consensus estimates of $4.43 on revenue of\u202f$4.76 billion).\u202f\u202f&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">J. Patrick Gallagher,\u202fChairman\u202fand CEO,\u202fpainted a positive picture, highlighting that the quarter marked 24 consecutive quarters of double-digit adjusted EBITDA growth. Gallagher&nbsp;stated&nbsp;that \u201cM&amp;A contributed 23%, driven by strong results from Assured Partners. On a segment basis, brokerage revenues were up 30%, of which organic was 5%. We saw&nbsp;strong growth&nbsp;across retail PC, wholesale,&nbsp;reinsurance,&nbsp;and benefits. Our Risk Management segment, or Gallagher Basset, posted revenues up 14%, of which organic was 10%. We saw excellent new business and strong client retention, and we continue to generate excellent profits&#8230;our Brokerage and Risk Management segments combined reported net earnings growth of 12% and adjusted EBITDA growth of 18%.\u201d&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/investor.ajg.com\/news\/news-details\/2026\/Arthur-J--Gallagher--Co--Announces-First-Quarter-2026-Financial-Results\/default.aspx\" target=\"_blank\" rel=\"noreferrer noopener\">Read more about\u202ffirst\u202fquarter earnings for AJG.\u202f<\/a>&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-the-baldwin-group-nasdaq-bwin-nbsp\"><strong>The\u202fBaldwin Group (NASDAQ: BWIN)<\/strong>&nbsp;<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">BWIN&nbsp;reported 2% organic growth in Q1 2026, compared to&nbsp;3% organic growth in Q4 2025.&nbsp;Q1 2026 adjusted EPS was $0.63, on revenue of $532 million (compared to consensus estimates of $0.63 on revenue of $524 million).&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In Insurance Advisory Solutions, overall organic revenue growth was 4%. For the&nbsp;underwriting, Capacity and Technology Solutions (UCTS) segment, organic growth was 3%, while multifamily business revenue grew 10% in the quarter and Juniper Re grew over 90%. For the Main Street Insurance Solutions segment, organic revenue growth was down 5% in the quarter and softness in the Medicare business, due to marketplace disruption, continued to cause slower growth.\u202f&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">CEO Trevor Baldwin said, \u201cWe are pleased with our first quarter results and confident in our&nbsp;positioning&nbsp;to accelerate performance ratably&nbsp;through&nbsp;the year and beyond. The underlying momentum across our segments is strong&#8230;the Medicare market disruption and the IAS revenue recognition procedural change will all be&nbsp;substantially behind&nbsp;us by the end of the second quarter.\u201d&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/ir.baldwin.com\/news-releases\/news-release-details\/baldwin-group-announces-first-quarter-2026-results\" target=\"_blank\" rel=\"noreferrer noopener\">Read more about first quarter earnings for BWIN.<\/a>&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-brown-amp-brown-inc-nyse-bro-nbsp\"><strong>Brown &amp; Brown, Inc. (NYSE: BRO)<\/strong>&nbsp;<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">BRO posted&nbsp;0.0%&nbsp;organic growth in Q1 2026 compared to -2.8% organic growth in Q4 2025. Total revenue was&nbsp;$1.90 billion&nbsp;(compared to consensus estimates of&nbsp;$1.89 billion). Q1 2026 adjusted EPS was $1.39, compared to consensus estimates of $1.36.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">First quarter&nbsp;organic&nbsp;revenue&nbsp;growth&nbsp;(+35.4%)&nbsp;was&nbsp;driven&nbsp;largely&nbsp;by&nbsp;acquisition&nbsp;activity. Organic growth remained subdued due to CAT property&nbsp;rate&nbsp;headwinds, though management expects&nbsp;some improvement&nbsp;in the second half.&nbsp;BRO also noted that rate changes for admitted markets were&nbsp;similar to&nbsp;H2 2025 and have stabilized.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cFrom an economic standpoint, conditions during the quarter were stable. Customer hiring and investment activity levels were&nbsp;generally consistent&nbsp;with prior periods, which continue to drive demand for creative insurance and risk management solutions,\u201d said CEO J. Powell Brown.&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/investor.bbrown.com\/news-releases\/news-release-details\/brown-brown-inc-announces-first-quarter-2026-results-including\" target=\"_blank\" rel=\"noreferrer noopener\">Read more about first quarter earnings for BRO<\/a>.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-marsh-nyse-mrsh-nbsp\"><strong>Marsh (NYSE: MRSH)<\/strong>&nbsp;<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">MRSH\u202freported 4% organic growth&nbsp;in Q1 2026, the fourth quarter in a row where MRSH reported 4% organic growth.&nbsp;Q1 2026 adjusted EPS was $3.29 on revenue of&nbsp;$7.6 billion, compared to consensus adjusted EPS\u202fof $3.22 on&nbsp;$7.4 billion&nbsp;revenue.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For the Risk &amp; Insurance Services segment, first quarter revenue was&nbsp;$5.1 billion, up 6% from a year ago while the Consulting segment reported Q1 revenue of&nbsp;$2.6 billion, up 11%. In other segments, Mercer&#8217;s revenue was&nbsp;$1.7 billion&nbsp;in the quarter, up 11%,&nbsp;Health grew 6%, and Wealth was up 5%. MRSH also announced the acquisition of&nbsp;AltamarCAM, a private market asset manager with about&nbsp;$20 billion&nbsp;AUM.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">John Doyle, President and CEO of\u202fMRSH said, \u201cIn summary,&nbsp;we&#8217;re&nbsp;off to a solid start in 2026. Despite challenging market conditions, we&nbsp;remain&nbsp;focused on executing our strategy and continuing our&nbsp;track record&nbsp;of strong results.\u201d&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.corporate.marsh.com\/news-events\/2026\/april\/marsh-reports-first-quarter-2026-results.html\" target=\"_blank\" rel=\"noreferrer noopener\">Read more about first quarter earnings for MRSH.\u202f<\/a>&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-ryan-specialty-holdings-inc-nyse-ryan-nbsp\"><strong>Ryan Specialty Holdings, Inc. (NYSE: RYAN)<\/strong>&nbsp;<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">RYAN reported 11.8% organic growth in Q1 2026, compared to 6.6% organic growth in Q4 2025. Q1 2026 adjusted EPS was $0.47 on revenue of $795.2M (compared to consensus estimates of $0.43 adjusted EPS on $778.5M revenue). Strength in Q1 2026 was driven by new client wins and expanded relationships&nbsp;with existing clients.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">CEO Timothy William Turner described the challenging environment in the property segment: \u201cRates continue to decline, with&nbsp;large and&nbsp;cat exposed accounts down 25% to 35%. And capacity continued to increase across insurance, reinsurance, and alternative capital and competition intensified broadly, including in the admitted market.\u201d However, RYAN noted that its property book only decreased moderately in Q1, despite the tough conditions.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">RYAN noted that market conditions in both property and casualty are evolving quickly. For its 2026 outlook, RYAN updated its organic growth rate to be in the mid-single digits compared to its prior guidance for high single digits. This guidance includes property rate declines of 25%-35% for the most cat-exposed lines and the recent increase in competition, resulting in a decline in the firm\u2019s property book for the full year.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/ir.ryanspecialty.com\/ir-news-events\/press-releases\/detail\/119\/ryan-specialty-reports-first-quarter-2026-results\" target=\"_blank\" rel=\"noreferrer noopener\">Read more about&nbsp;first&nbsp;quarter earnings for RYAN.<\/a>&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-wtw-nbsp-nasdaq-wtw-nbsp-nbsp\"><strong>WTW&nbsp;(NASDAQ: WTW)&nbsp;<\/strong>&nbsp;<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">WTW posted 3% organic growth in Q1 2026, compared to 6% organic growth in Q4 2025.&nbsp;The company reported Q1 2026 adjusted diluted EPS of $3.72 on revenue of&nbsp;$2.41 billion, compared with consensus estimates of $3.65 adjusted diluted EPS on&nbsp;$2.42 billion&nbsp;revenue.&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">While revenue growth was lower than expected in Q1 2026, due to a more challenging global market environment and WTW\u2019s meaningful presence in the Middle East Region, efficiency improvements drove margin expansion year-over-year. WTW also noted success related to its AI-enabled solutions.&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cWe&nbsp;remain&nbsp;confident in our long-term outlook and our ability to accelerate performance and drive growth through our investments in our solutions, talent,&nbsp;technology,&nbsp;and data. Notably, our AI-enabled solutions are gaining scale and generating growth as they deliver better outcomes for clients,\u201d said CEO Carl Aaron Hess.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">WTW remained confident in the ability to deliver on the company\u2019s near-term goals of mid-single-digit growth, continued margin&nbsp;expansion,&nbsp;and free cash flow margin improvement.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/investors.wtwco.com\/news-releases\/news-release-details\/wtw-reports-first-quarter-2026-earnings\" target=\"_blank\" rel=\"noreferrer noopener\">Read more about first quarter earnings for WTW.<\/a>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Global commercial insurance rates&nbsp;generally&nbsp;continued&nbsp;to soften in Q1&nbsp;2026,&nbsp;while&nbsp;public&nbsp;brokers&nbsp;reported&nbsp;organic growth rates&nbsp;that were&nbsp;largely&nbsp;flat&nbsp;compared to Q4 2025.&nbsp;The public brokers&nbsp;discussed&nbsp;continued&nbsp;challenging market conditions and&nbsp;macroeconomic uncertainty.&nbsp;Some brokers&nbsp;noted&nbsp;success around&nbsp;merger and acquisition (M&amp;A)&nbsp;strategies&nbsp;and&nbsp;efficiency improvements.&nbsp;&nbsp; Quick Look: Organic Growth Rates&nbsp; Organic growth figures reported in Q1&nbsp;2026&nbsp;by public insurance brokers&nbsp;tended to be&nbsp;flat&nbsp;compared to&nbsp;those&nbsp;seen&nbsp;in&nbsp;Q4&nbsp;2025.&nbsp;Ryan Specialty Holdings&nbsp;and Brown &amp; Brown&nbsp;saw&nbsp;an&nbsp;increase, while&nbsp;the&nbsp;other&nbsp;companies&nbsp;saw&nbsp;flattish organic growth rates&nbsp;compared to Q4&nbsp;2025.&nbsp; Aon plc [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":12437,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[126,127],"tags":[],"mu_industry":[49],"class_list":["post-12435","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-insurance","category-public-broker-earnings","mu_industry-insurance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.9 (Yoast SEO v27.9) - 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