Global commercial insurance rates continued to soften in Q4 2025, and some public brokers also saw lower organic growth rates. The public brokers noted more challenging market conditions and macroeconomic uncertainty, including inflation concerns. Some brokers noted their success around merger and acquisition (M&A) strategies and other investments and initiatives in helping to drive growth.
Quick look: Organic growth rates
Organic growth figures reported in Q4 2025 by public insurance brokers tended to be slightly lower compared to those in Q3 2025. Willis Towers Watson saw an increase, while the other companies saw flattish or lower organic growth rates compared to Q3 2025.
- Aon plc (AON) reported 5% organic growth in Q4 2025, compared to 7% organic growth in Q3 2025.
- Arthur J. Gallagher & Co. (AJG) reported 5% organic growth across its combined brokerage and risk management segments in Q4 2025, compared to 4.8% organic growth in Q3 2025.
- Brown & Brown, Inc. (BRO) posted -2.8% organic growth in Q4 2025, compared to 3.5% organic growth in Q3 2025.
- The Baldwin Group (BWIN) reported 3% organic growth in Q4 2025, compared to 5% organic growth in Q3 2025.
- Marsh (MRSH) reported 4% organic growth in Q4 2025, compared to 4% organic growth in Q3 2025.
- Ryan Specialty Holdings, Inc. (RYAN) reported 6.6% organic growth in Q4 2025, compared to 15% organic growth in Q3 2025.
- Willis Towers Watson (WTW) posted 6% organic growth in Q4 2025 (compared with 5% organic growth in Q3 2025)
Aon plc (NYSE: AON)
Aon reported 5% organic growth in Q4 2025, compared to 7% organic growth in Q3 2025. Q4 2025 adjusted earnings per share (EPS) was $4.85 on revenue of $4.3 billion (compared to consensus estimates of $4.75 adjusted EPS on revenue of $4.37 billion).
Aon’s annual organic growth was 6% for the second straight year. Gregory Clarence Case, President and CEO, stated that “these results demonstrate the consistency and durability of our business model and the impact of our Aon United strategy. They also reflect investments in revenue-generating talent and the impact of our solutions.” He praised the company’s M&A strategy, saying, “we continued our very effective tuck-in M&A strategy, further accessing the large $31 billion North American addressable market.” He also highlighted the company’s launch of its Data Center Lifecycle Insurance Protection Program, which provides coverage for data centers from construction through operational readiness under a single integrated facility.
Read more about fourth quarter earnings for AON.
Arthur J. Gallagher & Co. (NYSE: AJG)
AJG reported 5% organic growth across its combined brokerage and risk management segments in Q4 2025, compared to 4.8% organic growth in Q3 2025. Q4 2025 adjusted EPS was $2.38 on revenue of $3.565 billion (compared to consensus estimates of $2.35 on revenue of $3.562 billion).
J. Patrick Gallagher, Chairman and CEO, stated, “We had an excellent fourth quarter and a terrific year. Our two-pronged revenue growth strategy, that’s organic and M&A, delivered revenue growth of more than 30% during the fourth quarter.” The company completed seven new mergers in Q4 2025, representing around $145 million of estimated annualized revenue and bringing its full year 2025 annualized acquired revenue to more than $3.5 billion. Mr. Gallagher concluded, “Our M&A strategy is about being better together so that 1 plus 1 can equal 3, 4 or even 5…Today, our pipeline is showing more than 40 term sheets signed or being prepared, representing around $350 million of annualized revenue.”
Read more about fourth quarter earnings for AJG.
The Baldwin Group (NASDAQ: BWIN)
BWIN reported 3% organic growth in Q4 2025, compared to 5% organic growth in Q3 2025. Organic growth for the full year was 7%. Q4 2025 adjusted EPS was $0.31 on revenue of $347.28M, compared to consensus estimates of $0.29 on revenue of $352.19M.
Disruption in the Medicare marketplace and market-related shifts are among the headwinds causing slower growth. Despite the revenue headwinds in the fourth quarter, profitability was solid. Strong performance was powered by continued growth in multifamily, better-than-expected results in commercial umbrella portfolio and builder products, and contributions from Juniper Re. Underwriting, Capacity, and Technology Solutions (UCTS) delivered outstanding results in the quarter with 16% organic growth.
CEO Trevor Baldwin said, “Our business is entering 2026 well positioned to accelerate performance with strong underlying momentum across all three of our segments…with investments we have been making in automation and AI that we expect to drive meaningful gains in productivity and accelerated client value and impact.”
Read more about fourth quarter earnings for BWIN.
Brown & Brown, Inc. (NYSE: BRO)
BRO posted -2.8% organic growth in Q4 2025, compared to 3.5% organic growth in Q3 2025. Total revenue was $1.61 billion (compared to consensus estimates of $1.65 billion). Q4 2025 adjusted EPS was $0.93, compared to consensus estimates of $0.90. The decrease in organic revenue was driven by a decrease in specialty distribution organic growth, impacted by non-recurring claims revenue in the prior year and softening CAT property rates.
In terms of commercial insurance pricing, BRO noted that rates for most lines were similar to those in Q3 2025, but there was some moderation across some lines. “Rates in the admitted P&C market moderated slightly as compared to last quarter and continue to be in the range of flat to up 5%. Workers’ compensation rates remain flat to down 3%, but we’re seeing a few states increasing rates,” said CEO and President J. Powell Brown. Rates in the excess and surplus (E&S) property market were generally down 15-30% in Q4 2025.
BRO saw economic growth in the quarter as being consistent to recent quarters, with many companies continuing to hire and invest at a modest level. Inflation is still a main area of focus.
Read more about fourth quarter earnings for BRO.
Marsh (NYSE: MRSH)
MRSH reported 4% organic growth in Q4 2025, compared to 4% organic growth in Q3 2025. This is the third quarter in a row that MRSH’s organic growth was 4%. Q4 2025 adjusted EPS was $2.12 on revenue of $6.6 billion, compared to consensus adjusted EPS of $1.97 on $6.5 billion revenue.
For the Risk & Insurance Services segment, Q4 revenue was $4 billion, up 9% from a year ago, while the Consulting segment reported Q4 revenue of $2.6 billion, up 8%. Total revenue for 2025 grew 10% to $27 billion. MRSH invested approximately $850 million in acquisitions, returning significant capital to shareholders, including a 10% increase in the quarterly dividend and $2 billion in share repurchases, the largest annual amount in the company’s history.
John Doyle, President and CEO, reflected, “In summary, we’re pleased with our 2025 performance. We executed on our strategic objectives and continued our track record of strong results. The Thrive program will drive growth through investments in talent and AI, strengthen our brand and generate greater efficiency.”
Read more about fourth quarter earnings for MRSH.
Ryan Specialty Holdings, Inc. (NYSE: RYAN)
RYAN reported 6.6% organic growth in Q4 2025, compared to 15% organic growth in Q3 2025. Q4 2025 adjusted EPS was $0.45 on revenue of $751.2M (compared to consensus estimates of $0.49 on revenue of $774.2M). The company noted that its casualty practice had a strong year, while its property segment had a challenging fourth quarter, with a further decline in property pricing through the quarter.
Ryan Specialty announced a new initiative starting in Q1 2026: Project Empower, a 3-year restructuring program that will streamline the brokerage, binding, and underwriting operations, optimize scale, accelerate data and technology strategies, and enhance efficiencies across all of Ryan’s specialties. The program is estimated to result in about $160 million of cumulative one-time charges through 2028, and annual savings of approximately $80 million in 2029.
On pricing, Founder & Executive Chairman Patrick G. Ryan commented on the current insurance pricing cycle: “What distinguishes this cycle is simple. It was harder for longer on the way up and much faster on the way down, particularly as it relates to the property. Throughout my career, I’ve never witnessed market sentiment shift this rapidly. We are currently operating one of the most volatile and reactive insurance markets, I’ve seen across my more than 60 years in the industry.”
For its 2026 outlook, Ryan projected its organic growth rate to be in the high single digits and adjusted EBITDAC (net earnings before interest, income taxes, depreciation, amortization and the change in estimated acquisition earnout payables, adjusted to reflect items) margin of flat to moderately down in 2026, compared to the prior year.
Read more about fourth quarter earnings for RYAN.
Willis Towers Watson (NASDAQ: WTW)
WTW posted 6% organic growth in Q4 2025 (compared with 5% organic growth in Q3 2025), with continued strong performance in its Risk & Broking business. The company reported Q3 2025 adjusted diluted EPS of $8.12 on revenue of $2.94 billion, compared with consensus estimates of $7.93 adjusted diluted EPS on $2.86 billion revenue.
The company noted strength in its Corporate Risk & Broking (CRB) North America business, which grew by high single digits, driven by increased new business and strong client retention.
WTW noted that its 2026 outlook aligns with the company’s long-term guidance of mid single-digit organic growth, adjusted operating margin expansion and free cash flow margin expansion.