Global commercial insurance rates continued to soften in Q3 2025, and some brokers also saw lower organic growth rates. The public brokers noted more challenging market conditions and macroeconomic uncertainty impacting clients. However, some brokers believe that economic growth remained steady in the quarter compared to the last few quarters. Margins tended to be stable, supported by increased efficiencies and cost optimization.
Quick look: Organic growth rates
Organic growth figures reported in Q3 2025 by public insurance brokers tended to be slightly lower to flat compared to those in Q2 2025. Ryan Specialty and Aon saw increases, while others saw declines compared to Q2 2025.
- Aon plc (AON) delivered 7% organic revenue growth in Q3 2025 (compared to the 6% organic growth reported in Q2 2025).
- Arthur J. Gallagher & Co. (AJG) reported 4.8% organic growth across its combined brokerage and risk management segments in Q3 2025 (compared to the 5.4% reported in Q2 2025).
- Brown & Brown, Inc. (BRO) posted 3.5% organic growth in Q3 2025, compared to the 3.6% organic growth in Q2 2025.
- The Baldwin Group (BWIN) delivered Q3 2025 organic growth of 5% compared to 11% organic growth in Q2 2025.
- Marsh & McLennan Companies, Inc. (MMC) reported Q3 2025 organic growth of 4%, matching Q2’s 4% organic growth.
- Ryan Specialty Holdings, Inc. (RYAN) reported 15% organic growth in Q3 2025, compared to 7.1% organic growth in Q2 2025.
- Willis Towers Watson (WTW) posted 5% organic growth in Q3 2025 (in-line with the 5% organic growth in Q2 2025).
Aon plc (NYSE: AON)
Aon delivered 7% organic revenue growth in Q3 2025 (compared to the 6% organic growth reported in Q2 2025). The company reported Q3 2025 adjusted earnings per share (EPS) of $3.05 on revenue of $4.0 billion, compared with consensus estimates of $2.91 adjusted EPS on $3.96 billion revenue.
Aon commented that these numbers keep the company on track to achieve its full-year objectives, with President and CEO, Gregory Case stating, “Aon United strategy accelerated through the 3×3 Plan and the strength of our financial model are generating strong results today and building momentum for future success.”
Edmund J. Reese, Executive VP & Chief Financial Officer added, “Our Q3 performance demonstrates continued momentum across the key drivers of sustainable top line growth. Our investment in revenue-generating talent enhanced by ABS and our continued expansion in the middle market is translating into strong organic growth. Organic revenue growth of 7% in Q3 serves as another proof point in our ability to execute on each of these drivers, keeping us in line with or ahead of industry performance.”
Read more about third quarter earnings for AON.
Arthur J. Gallagher & Co. (NYSE: AJG)
AJG reported 4.8% organic growth across its combined brokerage and risk management segments in Q3 2025 (compared to the 5.4% reported in Q2 2025). The company’s reported adjusted EPS in Q3 2025 was $2.32 on $3.33 billion in revenue compared to consensus estimates of $2.54 on $3.46 billion. This marks the 19th straight quarter of double-digit revenue growth.
Third quarter adjusted EBITDAC (net earnings before interest, income taxes, depreciation, amortization and the change in estimated acquisition earnout payables, adjusted to reflect items) margin was flat year-over-year at 33.5%.
In the area of M&A, CEO J. Patrick Gallagher noted that “the early days of the AssuredPartners folks coming together with the Gallagher team is off to a terrific start. Already, we’re selling together. We’re showing that we are better by being together.” Beyond AssuredPartners, Gallagher stated that they have about 35 term sheets signed or being prepared, representing around $400 million of annualized revenue.
Read more about third quarter earnings for AJG.
The Baldwin Group (NASDAQ: BWIN)
BWIN reported Q3 2025 adjusted EPS of $0.31 on revenue of $365.4 million, compared to consensus EPS of $0.31 on $363.70 million revenue. Q3 2025 organic growth was 5% compared to 11% organic growth in Q2 2025. Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) was flat year-over-year, bringing the year-to-date adjusted EBITDA growth to 9%. Adjusted net income for the third quarter was $36.5 million compared to $49.5 million in the second quarter.
A market in transition plus renewal premium changes and softer employment conditions are among the headwinds causing slower growth. CEO Trevor Baldwin noted: “The impact of rate and exposure or renewal premium change was a meaningful headwind at minus 5.7%, reflective of the continued client caution tied to macro uncertainty and reduction in large cat-exposed coastal property pricing, partially offset by ongoing rate action in certain litigation-exposed casualty lines of business.”
“In summary, we’re pleased with our third quarter results in such a dynamic insurance market and macro-operating environment,” stated Trevor Baldwin. “While we expect we will continue to face an insurance marketplace in transition, we are increasingly confident in our ability to deliver in 2026 and beyond as evidenced by the strength of the underlying momentum in the business.”
Read more about third quarter earnings for BWIN
Brown & Brown, Inc. (NYSE: BRO)
BRO posted 3.5% organic growth in Q3 2025, compared to the 3.6% organic growth in Q2 2025. Total revenue increased 35.4% to $1.61 billion (compared to consensus estimates of $1.54 billion). Q3 2025 adjusted EPS was $1.05, compared to consensus estimates adjusted EPS of $0.93.
Q3 2025 organic growth of 2.7% for the retail segment was mainly driven by net new business and exposure units, but was negatively impacted by ~1% due to incentive adjustments. BRO also noted it has a strong M&A pipeline, with continued acquisitions into 2026.
In terms of commercial insurance pricing, BRO noted that rates for most lines were similar to those in Q2 2025, with CAT property and casualty being outliers. Casualty and auto were the lines with the highest increase. “Rates in the admitted P&C markets were substantially similar to last quarter and were flat to up 5% versus the prior year,” said CEO and President J. Powell Brown. “Workers’ compensation rates remained similar to prior quarters in most states and were flat to down 3%.”
BRO saw economic growth going into Q4 being similar to that of the last few quarters. J. Powell Brown commented on the earnings call: “As we enter the fourth quarter, we believe economic growth will be relatively similar to the last couple of quarters. The uncertainty regarding tariffs appears to be lessening as time passes. Interest rates are starting to decrease, and our customer base is continuing to grow and invest.”
Read more about third quarter earnings for BRO.
Marsh & McLennan Companies, Inc. (NYSE: MMC)
MMC reported Q3 2025 adjusted earnings per share (EPS) of $1.85 on revenue of $6.4 billion, compared to consensus adjusted EPS of $1.78 on $6.3 billion revenue. MMC’s Q3 2025 organic growth was 4%, matching Q2’s 4% organic growth.
For the Risk & Insurance Services segment, Q3 revenue was $3.9 billion, up 13% from a year ago, while the Consulting segment reported Q3 revenue of $2.5 billion, up 9%. MMC also introduced Business and Client Services (BCS). This unit brings together operations and technology teams from across the company in an effort to gain efficiencies, optimize scale and specialization, deliver greater value to clients, and accelerate growth.
MMC’s Q3 2025 growth reflects the impact of lower fiduciary interest income, declining P&C pricing, and economic uncertainty affecting its clients. John Doyle, President and CEO of MMC, shared “We’re pleased with our year-to-date performance in a complex environment. Our disciplined approach to investing for the future while delivering results in the near term remains a guiding principle for our planning and capital allocation.”
Read more about third quarter earnings for MMC.
Ryan Specialty Holdings, Inc. (NYSE: RYAN)
RYAN reported 15% organic growth in Q3 2025, compared to 7.1% organic growth in Q2 2025. Adjusted EPS in Q3 2025 was $0.47 on revenue of $754.6M (compared to consensus estimates of $0.47 on revenue of $742.4M). The company noted that growth was driven by strong new business, renewal retention, and robust contributions from recent M&A transactions. RYAN remained confident in its ability to deliver another year of double-digit organic growth in 2025 and a similar level of growth into 2026.
Ryan Specialty remained optimistic about its future growth in Excess & Surplus (E&S) markets. CEO & Director Timothy William Turner said, “Our longer-term outlook remains optimistic given the frequency and severity of cat events, notwithstanding recent experience and the increasing population in cat-affected areas, creating an increased demand for E&S property solutions.”
On pricing, RYAN noted that it’s not yet seeing the standard market having a large impact on the firm’s overall rate or flow. “We have repeatedly noted that in any cycle, as certain lines are perceived to reach pricing adequacy, admitted markets have historically reentered select placements,” stated Timothy William Turner. “In this cycle, however, that dynamic has not materialized in any meaningful way and the standard market has had little impact on overall rate or flow.”
Read more about third quarter earnings for RYAN.
Willis Towers Watson (NASDAQ: WTW)
WTW posted 5% organic growth in Q3 2025 (in-line with the 5% organic growth in Q2 2025), with continued strong performance in its Risk & Broking business. The company reported Q3 2025 adjusted diluted EPS of $3.07 on revenue of $2.29 billion, compared with consensus estimates of $3.05 adjusted diluted EPS on $2.28 billion revenue.
WTW commented on industry-wide pricing pressure that was “making high single-digit growth harder.” CFO & Co-head of Corporate Development Andrew Jay Krasner stated, “From a macro perspective, and relative to last quarter, we are seeing a more challenging growth environment as market rates continue to soften across various lines. Nonetheless, our specialization strategy is resonating in the market and we are pleased by the results we are seeing from our Global Specialty businesses.”
Management remained confident in its ability to deliver on its 2025 guidance, including mid-single-digit organic growth, adjusted EPS growth and continued improvement in free cash flow margin.
