Global commercial insurance rates generally continued to soften in Q1 2026, while public brokers reported organic growth rates that were largely flat compared to Q4 2025. The public brokers discussed continued challenging market conditions and macroeconomic uncertainty. Some brokers noted success around merger and acquisition (M&A) strategies and efficiency improvements.
Quick Look: Organic Growth Rates
Organic growth figures reported in Q1 2026 by public insurance brokers tended to be flat compared to those seen in Q4 2025. Ryan Specialty Holdings and Brown & Brown saw an increase, while the other companies saw flattish organic growth rates compared to Q4 2025.
- Aon plc (AON) reported 5% organic growth in Q1 2026, compared to 5% organic growth in Q4 2025.
- Arthur J. Gallagher & Co. (AJG) reported 5% organic growth across its combined brokerage and risk management segments in Q1 2026, unchanged from its 5% organic growth in Q4 2025.
- Brown & Brown, Inc. (BRO) posted 0.0% organic growth in Q1 2026, compared to -2.8% organic growth in Q4 2025.
- The Baldwin Group (BWIN) reported 2% organic growth in Q1 2026, compared to 3% organic growth in Q4 2025.
- Marsh (MRSH) reported 4% organic growth in Q1 2026, flat compared to 4% organic growth in Q4 2025.
- Ryan Specialty Holdings, Inc. (RYAN) reported 11.8% organic growth in Q1 2026, compared to 6.6% organic growth in Q4 2025.
- WTW (WTW) posted 3% organic growth in Q1 2026, compared to 6% organic growth in Q4 2025.
Aon plc (NYSE: AON)
Aon reported 5% organic growth in Q1 2026, compared to 5% organic growth in Q4 2025. Q1 2026 adjusted earnings per share (EPS) was $6.48 on revenue of $5.03 billion (compared to consensus estimates of $6.35 adjusted EPS on revenue of $4.98 billion).
Gregory Clarence Case, President and CEO, said, “We started in 2026, the final year of our 3×3 Plan, with strong momentum. Our first quarter results reflect continued strong performance, consistent execution and progress against the strategic priorities we defined more than 2 years ago.” Chase specifically highlighted the role of Aon Business Services (ABS), stating that the company “deliberately stepped up our investment beginning in 2024 to embed AI and advanced analytics across the firm. These investments are delivering results, materially improving productivity and execution for clients.”
Read more about first quarter earnings for AON.
Arthur J. Gallagher & Co. (NYSE: AJG)
AJG reported 5% organic growth across its combined brokerage and risk management segments in Q1 2026, unchanged from the 5% reported in Q4 2025. Q1 2026 adjusted EPS was $4.47 on revenue of $4.72 billion (compared to consensus estimates of $4.43 on revenue of $4.76 billion).
J. Patrick Gallagher, Chairman and CEO, painted a positive picture, highlighting that the quarter marked 24 consecutive quarters of double-digit adjusted EBITDA growth. Gallagher stated that “M&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 strong growth across retail PC, wholesale, reinsurance, 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…our Brokerage and Risk Management segments combined reported net earnings growth of 12% and adjusted EBITDA growth of 18%.”
Read more about first quarter earnings for AJG.
The Baldwin Group (NASDAQ: BWIN)
BWIN reported 2% organic growth in Q1 2026, compared to 3% organic growth in Q4 2025. Q1 2026 adjusted EPS was $0.63, on revenue of $532 million (compared to consensus estimates of $0.63 on revenue of $524 million).
In Insurance Advisory Solutions, overall organic revenue growth was 4%. For the 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.
CEO Trevor Baldwin said, “We are pleased with our first quarter results and confident in our positioning to accelerate performance ratably through the year and beyond. The underlying momentum across our segments is strong…the Medicare market disruption and the IAS revenue recognition procedural change will all be substantially behind us by the end of the second quarter.”
Read more about first quarter earnings for BWIN.
Brown & Brown, Inc. (NYSE: BRO)
BRO posted 0.0% organic growth in Q1 2026 compared to -2.8% organic growth in Q4 2025. Total revenue was $1.90 billion (compared to consensus estimates of $1.89 billion). Q1 2026 adjusted EPS was $1.39, compared to consensus estimates of $1.36.
First quarter organic revenue growth (+35.4%) was driven largely by acquisition activity. Organic growth remained subdued due to CAT property rate headwinds, though management expects some improvement in the second half. BRO also noted that rate changes for admitted markets were similar to H2 2025 and have stabilized.
“From an economic standpoint, conditions during the quarter were stable. Customer hiring and investment activity levels were generally consistent with prior periods, which continue to drive demand for creative insurance and risk management solutions,” said CEO J. Powell Brown.
Read more about first quarter earnings for BRO.
Marsh (NYSE: MRSH)
MRSH reported 4% organic growth in Q1 2026, the fourth quarter in a row where MRSH reported 4% organic growth. Q1 2026 adjusted EPS was $3.29 on revenue of $7.6 billion, compared to consensus adjusted EPS of $3.22 on $7.4 billion revenue.
For the Risk & Insurance Services segment, first quarter revenue was $5.1 billion, up 6% from a year ago while the Consulting segment reported Q1 revenue of $2.6 billion, up 11%. In other segments, Mercer’s revenue was $1.7 billion in the quarter, up 11%, Health grew 6%, and Wealth was up 5%. MRSH also announced the acquisition of AltamarCAM, a private market asset manager with about $20 billion AUM.
John Doyle, President and CEO of MRSH said, “In summary, we’re off to a solid start in 2026. Despite challenging market conditions, we remain focused on executing our strategy and continuing our track record of strong results.”
Read more about first quarter earnings for MRSH.
Ryan Specialty Holdings, Inc. (NYSE: RYAN)
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 with existing clients.
CEO Timothy William Turner described the challenging environment in the property segment: “Rates continue to decline, with large and 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.” However, RYAN noted that its property book only decreased moderately in Q1, despite the tough conditions.
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’s property book for the full year.
Read more about first quarter earnings for RYAN.
WTW (NASDAQ: WTW)
WTW posted 3% organic growth in Q1 2026, compared to 6% organic growth in Q4 2025. The company reported Q1 2026 adjusted diluted EPS of $3.72 on revenue of $2.41 billion, compared with consensus estimates of $3.65 adjusted diluted EPS on $2.42 billion revenue.
While revenue growth was lower than expected in Q1 2026, due to a more challenging global market environment and WTW’s 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.
“We remain confident in our long-term outlook and our ability to accelerate performance and drive growth through our investments in our solutions, talent, technology, and data. Notably, our AI-enabled solutions are gaining scale and generating growth as they deliver better outcomes for clients,” said CEO Carl Aaron Hess.
WTW remained confident in the ability to deliver on the company’s near-term goals of mid-single-digit growth, continued margin expansion, and free cash flow margin improvement.