Global commercial insurance rates generally continued to soften in Q2 2026, particularly in property, while public brokers reported organic growth rates that were largely in-line with the prior quarter. Brokers noted that growth was supported by success around merger and acquisition (M&A) strategies and strategic investments.
Quick look: Organic growth rates
Organic growth figures reported in Q2 2026 by public insurance brokers tended to be flattish compared to those seen in Q1 2026. However, WTW, Marsh and AJG saw slight increases, while RYAN posted a drop compared to the prior quarter.
- Aon (AON) reported 5% organic growth in Q2 2026, equal to the company’s 5% organic growth in Q1 2026.
- Arthur J. Gallagher & Co. (AJG) reported 6% organic growth across its combined brokerage and risk management segments in Q2 2026, up from the 5% reported in Q1 2026.
- Brown & Brown, Inc. (BRO) posted -0.7% organic growth in Q2 2026 (organic growth increased 0.7% with contingents) compared to flat organic growth in Q1 2026.
- The Baldwin Group (BWIN) reported 2% organic growth in Q2 2026, matching the 2% organic growth produced in Q1 2026.
- Marsh (MRSH) reported 5% organic growth in Q2 2026, compared to 4% organic growth in Q1 2026.
- Ryan Specialty Holdings, Inc. (RYAN) reported 6.7% organic growth in Q2 2026, compared to 11.8% organic growth in Q1 2026.
- WTW (WTW) posted 5% organic growth in Q2 2026, compared to 3% organic growth in Q1 2026.
Aon plc (NYSE: AON)
Aon reported 5% organic growth in Q2 2026, equal to the company’s 5% organic growth in Q1 2026. Q2 2026 adjusted earnings per share (EPS) was $3.81 on revenue of $4.25 billion (compared to consensus estimates of $3.80 adjusted EPS on revenue of $4.27 billion).
Gregory Clarence Case, President and CEO, said, “Consistent execution, the strength of our Aon United strategy accelerated through the 3×3 plan and the resilience of our business model produced second quarter and first half results in line with objectives. In addition, our investments in talent, technology and innovative capital solutions continue to strengthen the value we deliver, expand our addressable market and drive sustainable growth.” Case also highlighted Aon’s continued investment in AI-enabled innovation, noting the expansion of Claims Copilot, which “brings a substantial portion of our global claims management information onto a single technology platform” and “enables delivery of a globally consistent claims experience for clients while strengthening our ability to generate insights that inform placement, negotiation and broader risk strategies.”
Read more about second quarter earnings for AON.
Arthur J. Gallagher & Co. (NYSE: AJG)
AJG reported 6% organic growth across its combined brokerage and risk management segments in Q2 2026, up from the 5% reported in Q1 2026. Q2 2026 adjusted EPS was $2.84 on revenue of $4 billion (compared to consensus estimates of $2.81 on revenue of $4.04 billion).
J. Patrick Gallagher, Chairman and CEO, painted a positive picture, highlighting that the quarter marked 25 consecutive quarters of double-digit adjusted EBITDAC growth. Gallagher stated that “For our combined Brokerage and Risk Management segments, our two-pronged revenue growth strategy growing both organically and through acquisitions delivered total revenue growth of 24% in the second quarter. Organic growth was 6%, reflecting continued strength across each of our businesses. And we continue to generate excellent profits.” Gallagher also highlighted the company’s technology investments, noting that “AI, digitization and automation are simply the next tools in that effort, and we are putting them to work across the broader Gallagher team” and that “These investments continue to strengthen GB’s competitive position.”
Read more about second quarter earnings for AJG.
The Baldwin Group (NASDAQ: BWIN)
BWIN reported 2% organic growth in Q2 2026, matching the 2% organic growth produced in Q1 2026. Q2 2026 adjusted EPS was $0.48, on revenue of $493 million compared to consensus estimates of $0.47 on revenue of $492 million.
In Insurance Advisory Solutions, overall organic revenue growth was down 2%. For the underwriting, Capacity and Technology Solutions (UCTS) segment, organic growth was 6%, while Juniper – part of BWIN’s UCTS segment – experienced lower reinsurance brokerage revenue due to a softer renewal pricing environment. For the Main Street Insurance Solutions segment, organic revenue growth was 4% in the quarter, improving from a decline of roughly 5% in the first quarter. Multifamily business revenue was not reported for the quarter.
CEO Trevor Baldwin said, “We are pleased with our second quarter results and the growing momentum that is building in the business as we move past the idiosyncratic headwinds that have persisted over the past 12 months. We are confident that the underlying fundamentals of the business when combined with what are now tailwinds will accelerate our performance in the second half of 2026 and beyond.”
Read more about second quarter earnings for BWIN.
Brown & Brown, Inc. (NYSE: BRO)
BRO posted -0.7% organic growth in Q2 2026 (organic growth increased 0.7% with contingents) compared to flat organic growth in Q1 2026. Total revenue was $1.68 billion (compared to consensus estimates of $1.72 billion). Q2 2026 adjusted EPS was $1.07, in-line with consensus estimates of $1.07.
In BRO’s retail segment, acquisition activity was the main driver of growth in Q2 2026, while organic revenue growth was driven by net new business and exposure unit expansion, partly offset by ongoing decreasing CAT property rates and weaker revenues from a specialty pharmacy business. The company said rate changes for admitted markets were similar to Q1 2026, with some moderation across most lines, with casualty and auto continuing to rise, and property and workers’ comp flat to down.
“We’re seeing some positive audit premium activity, which suggests many businesses continue to grow. Based on conversations with our customers during the quarter, the primary areas they continue to monitor are inflation, oil prices and broader geopolitical matters. Those issues are influencing sentiment, but at this point, we’ve not seen a material change in overall activity levels,” said CEO J. Powell Brown.
Read more about second quarter earnings for BRO.
Marsh (NYSE: MRSH)
MRSH reported 5% organic growth in Q2 2026, compared to 4% organic growth in Q1 2026. Q2 2026 adjusted EPS was $2.96 on revenue of $7.4 billion, compared to consensus adjusted EPS of $2.89 on $7.3 billion revenue.
For the Risk & Insurance Services segment, second quarter revenue was $4.8 billion, up 4% from a year earlier, while the Consulting segment second quarter revenue was $2.6 billion, up 10%. In other segments, Mercer’s revenue was $1.6 billion in the quarter, up 7%. Health grew 3%, and Wealth was up 8% and had the best quarter of growth since 2016.
Mark McGivney, CFO and COO of MRSH said, “We remain well positioned for another solid year. We continue to expect underlying revenue growth will be similar to the levels we generated in 2025, along with another year of margin expansion and solid adjusted EPS growth.”
Read more about second quarter earnings for MRSH.
Ryan Specialty Holdings, Inc. (NYSE: RYAN)
RYAN reported 6.7% organic growth in Q2 2026, compared to 11.8% organic growth in Q1 2026. Q2 2026 adjusted EPS was $0.74 on revenue of $916.7M (compared to consensus estimates of $0.60 adjusted EPS on $869.9M revenue). Growth in Q2 2026 was supported by better-than-expected results in property, casualty construction, and transactional liability.
CEO Timothy William Turner detailed the results by specialty: “Our wholesale brokerage specialty continues to deliver in the face of significant cyclical industry challenges. In property, the market was every bit as challenging as we indicated last quarter. Pricing in many CAT-exposed and large accounts declined materially as capacity continued to build and competition remained tough, including from the admitted market.”
CFO Janice Hamilton on guidance for the full year: “We continue to guide to organic revenue growth in the mid-single digits for 2026 and now expect to be towards the higher end of the range…we are conscious of the complex and rapidly evolving insurance, macro, and geopolitical environment as we close out 2026 and look to next year. Our guidance embeds continued property pricing declines and heightened competition, resulting in a moderate decline in our property book for the full year.”
Read more about second quarter earnings for RYAN.
WTW (NASDAQ: WTW)
WTW posted 5% organic growth in Q2 2026, compared to 3% organic growth in Q1 2026. The company reported Q2 2026 adjusted diluted EPS of $3.35 on revenue of $2.47 billion, compared with consensus estimates of $3.11 adjusted diluted EPS on $2.41 billion revenue.
WTW noted that its Q2 results reflected business momentum and strong progress in embedding AI and automation across its business. In its Health, Wealth & Career segment, WTW posted 4% organic growth, driven largely by strength in Health and continued steady performance in Wealth. For the Risk & Broking segment, organic growth was 7% in Q2 2026, compared to 6% in Q2 2026, driven by double-digit growth in most of the specialty businesses and new business activity.
The company also announced details around Propel, its AI Acceleration Plan. “As we scale AI and automation across the enterprise, we expect to streamline high-volume work, improve productivity, better align our workforce with strategic priorities and enable our colleagues to focus on delivering greater value for clients…we view Propel as a highly attractive capital allocation opportunity. Based on the benefits we expect to generate, the returns on these investments compare favorably with other uses of capital available to us,” said CFO Andrew Jay Krasner.
