Insurance Brokers Q4 2025 Update

2026-02-05 03:25:00 ET

After years of steep increases, property insurance rates, especially in E&S (Excess & Surplus) and Reinsurance, are falling due to a quiet hurricane season and an influx of capital. The insurance brokers, however, noted a split pricing environment. While property rates are softening (a headwind for organic growth), Casualty rates remain "hard" and still increasing. Overall, the brokers more or less grew their organic revenue around Mid Single Digit ((MSD)) rate with the exception of Brown & Brown ( BRO ) who had a difficult comparison from flood claims processing revenue in 4Q’25. I would also highlight that AJG earlier disclosed in their Investor Day that they would change the way they calculate their organic growth. As per their earlier definition, 4Q’25 organic growth would be ~2%. Although I didn’t go through MRSH or AON’s transcripts in detail, they do seem to have done better than the mid-sized players such as AJG and BRO....

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