Commercial insurance rates continued to soften in Q3 2026, particularly in property, as increased capacity and competition put further pressure on pricing. Meanwhile, public insurance brokers generally reported organic growth rates in line with the prior quarter, although results varied across firms. Brokers highlighted new business, strong client retention, strategic acquisitions and investments in technology as important drivers of performance amid evolving market conditions.
Quick look: Organic growth rates
Organic growth figures reported in Q3 2026 by public insurance brokers were generally in-line compared to those seen in the prior quarter, with some firms seeing small decreases.
- Aon (AON) reported 6% organic growth in Q3 2026, up from the company’s 5% organic growth in Q2 2026.
- Arthur J. Gallagher & Co. (AJG) reported 5% organic growth across its combined brokerage and risk management segments in Q3 2026, down slightly from the 6% reported in Q2 2026.
- Brown & Brown, Inc. (BRO) posted 1.2% organic growth in Q3 2026 compared to -0.7% organic growth in Q2 2026.
- The Baldwin Group (BWIN) reported 6% organic growth in Q3 2026, compared to the 2% organic growth produced in Q2 2026.
- Marsh (MRSH) reported 5% organic growth in Q3 2026, matching 5% organic growth in Q2 2026.
- Ryan Specialty Holdings, Inc. (RYAN) reported 4% organic growth in Q3 2026, compared to 6.7% organic growth in Q2 2026.
- WTW (WTW) posted 4% organic growth in Q3 2026, compared to 5% organic growth in Q2 2026.
Aon plc (NYSE: AON)
Aon reported 6% organic growth in Q3 2026, up from the company’s 5% organic growth in Q2 2026. Q3 2026 adjusted earnings per share (EPS) was $3.36 on revenue of $4.10 billion (compared to consensus estimates of $3.30 adjusted EPS on revenue of $4.08 billion).
Gregory Clarence Case, President and CEO, described the quarter as outstanding, with results that “reflect continued momentum across the firm and reinforce high confidence in our Aon United strategy.” He emphasized that there were “three important drivers of our performance this past quarter and as we look to the future. First, the forces shaping client demand. Second, our Aon United operating structure with integrated Risk Capital and Human Capital capabilities. And third, our recently announced pending acquisition of USI, which, together with NFP and Aon, establishes the premier U.S. middle market platform for clients.”
Mr. Case emphasized that today’s macroeconomic environment continues to be defined by volatility and complexity, stating, “Geopolitical uncertainty remains elevated. Economic conditions are uneven, and cyber threats continue to evolve. All while rapid technology innovation is creating new opportunities, reshaping business models and workforce strategies. These forces don’t exist in isolation. They’re deeply interconnected, making it more complicated than ever for businesses to understand their risks, build resilience and grow.”
Read more about third quarter earnings for AON.
Arthur J. Gallagher & Co. (NYSE: AJG)
AJG reported 5% organic growth across its combined brokerage and risk management segments in Q3 2026, down slightly from the 6% reported in Q2 2026. Q3 2026 adjusted EPS was $3.00 on revenue of $3.98 billion (compared to consensus estimates of $2.99 on revenue of $3.99 billion).
J. Patrick Gallagher, Chairman and CEO, described the company’s quarter as outstanding, based on “strong revenue growth and excellent profitability.” He reported that net earnings grew 25%, as did adjusted EBITDAC, which marked 26 consecutive quarters of double-digit adjusted EBITDAC.
On a segment basis, Gallagher stated that, “Brokerage revenues were up 19%, of which organic was 5%. We saw excellent growth across our retail P/C, wholesale and reinsurance businesses.” He also added that the company is “now more than a year into the AssuredPartners combination. The business is living up to our high expectations. Client retention remains strong, and the teams are working very well together. Our Risk Management segment, Gallagher Bassett, posted revenue growth of 14%, which includes organic growth of 10%, driven by excellent new business and strong client retention.”
Overall, Gallagher was very positive on the company’s prospects, observing that “The need for insurance is growing around the world and risks are becoming more complex, thus requiring broader capabilities and more sophisticated solutions. Think about construction, infrastructure, energy and data centers as well as the growing need for clients to understand, mitigate and insure emerging risks from AI, just to name a few examples.”
Read more about third quarter earnings for AJG.
The Baldwin Group (NASDAQ: BWIN)
BWIN reported 6% organic growth in Q3 2026, compared to the 2% organic growth produced in Q2 2026. Q3 2026 adjusted EPS was $0.42 on revenue of $480.3 million, compared to consensus estimates of $0.43 on revenue of $492.7 million.
Medicare market disruption was noted as one performance headwind, as insurance plans and large providers leave the market. Although new enrollments increased 50%, high customer turnover offset those gains. The business is expected to stabilize through the rest of 2026 as increased government funding helps the market return to normal.
On September 14, 2026, BWIN signed an agreement to be acquired by a group of investors led by Sequence Holdings and DFO Management, LLC, in an all-cash deal. Once the acquisition is complete, the company will no longer be publicly traded on Nasdaq and will become a privately owned business. The transaction is expected to close during the first quarter of 2027, subject to required approvals.
Read more about third quarter earnings for BWIN.
Note: The financial results for the third quarter ending September 30, 2026 included in this release are preliminary, have not been reviewed or audited, are based on Baldwin’s estimates, and were prepared prior to the completion of the Company’s financial statement close process.
Brown & Brown, Inc. (NYSE: BRO)
BRO posted 1.2% organic growth in Q3 2026 compared to -0.7% organic growth in Q2 2026. Total revenue was $1.73 billion (compared to consensus estimates of $1.76 billion). Q3 2026 adjusted EPS was $1.07, compared to consensus estimates of $1.08.
In BRO’s retail segment, organic revenue growth was driven by net new business and exposure unit expansion, partly offset by slightly moderating rates across many lines. The company said rate changes for admitted markets moderated downward slightly compared to the first half of 2026. Casualty and auto rate increases moderated slightly, with property and workers’ comp down.
“Overall, when we step back and look at both the economy and the insurance market, customers are operating with discipline, while overall growth and investment levels remain steady. The insurance market continues to be competitive for many lines, while casualty pressures persist,” said CEO J. Powell Brown.
Read more about third quarter earnings for BRO.
Marsh McLennan (NYSE: MRSH)
MRSH reported 5% organic growth in Q3 2026, matching its 5% organic growth in Q2 2026. Q3 2026 adjusted EPS was $2.03 on revenue of $6.86 billion, compared to consensus adjusted EPS of $1.97 on $6.64 billion revenue.
For the Risk & Insurance Services segment, third quarter revenue was $4.2 billion, up 7% from a year earlier, while the Consulting segment third quarter revenue was $2.7 billion, up 9%. People and Investments (formerly Mercer) third quarter revenue was $1.7 billion, up 6%. Health and Benefits (formerly Health) grew 5% and Investments and Retirement (formerly Wealth) was up 8%. MRSH also saw progress with Thrive, their cost‑transformation and efficiency initiative. This program enabled increased sales capacity and opportunities for growth.
John Doyle, President and CEO of MRSH said, “Looking ahead, we continue to expect underlying revenue growth in 2026 similar to last year. We also anticipate another year of margin expansion and solid adjusted EPS growth. Our outlook is based on current market conditions, but the economic and geopolitical environment could change materially from our assumptions.”
Read more about third quarter earnings for MRSH.
Ryan Specialty Holdings, Inc. (NYSE: RYAN)
RYAN reported 4% organic growth in Q3 2026, compared to 6.7% organic growth in Q2 2026. Q3 2026 adjusted EPS was $0.51 on revenue of $790.0M (compared to consensus estimates of $0.49 adjusted EPS on $792.5M revenue). Although there were challenging market trends, RYAN’s results were supported by strong new business and retention of existing business.
CEO Timothy William Turner noted that property continues to be difficult: “As we signaled last quarter, the property market was every bit as challenging as we indicated. Pricing on many cat-exposed and large accounts continued to decline. Incremental capacity entered the market…Given the relatively benign property loss experience and the heightened level of capacity in the market, we expect continued deterioration of property pricing in the fourth quarter and into 2027.”
RYAN also gave an update on its recent AI initiatives. “We invest in solutions and workflows that improve client outcomes, make our people more productive and make our processes faster and more reliable. For our clients, we launched Tera Underwriters in August, a new MGU built to serve the emerging AI economy. Tera offers up to $625 million of capacity for computing hardware like GPUs, deployed in data centers and crypto mining facilities,” said Mr. Turner.
Read more about third quarter earnings for RYAN.
WTW (NASDAQ: WTW)
WTW posted 4% organic growth in Q3 2026, compared to 5% organic growth in Q2 2026. The company reported Q3 2026 adjusted diluted EPS of $3.63 on revenue of $2.46 billion, compared with consensus estimates of $3.59 adjusted diluted EPS on $2.45 billion revenue.
WTW noted that its Q3 results reflected healthy top line growth and benefits of technology investments, as well as strong cost discipline. In its Health, Wealth & Career segment, WTW posted 4% organic growth, led by Health and Career, and driven by new business and strong renewals. For the Risk & Broking segment, organic growth was 5% in Q3 2026, compared to 7% in Q2 2026, as North America “had double-digit growth driven by construction, surety, transactional risk and strong new business across almost all of our specialty lines.”
The company gave an update on market conditions: “Commercial insurance rates continued to soften in the third quarter. Property remained the softest segment, particularly for large and complex programs as abundant capacity and low catastrophe losses intensified competition. U.S. casualty was a notable exception with rates continuing to rise, especially in excess layers as carriers respond to loss cost inflation,” said CEO Carl Hess.
Read more about third quarter earnings for WTW.
