Public Broker Performance Vol IV, Issue 3

MarshBerry Broker Composite Index: Market Update and Q2 2025 Earnings 

During the period from January 1, 2025, through July 31, 2025, the S&P 500 Index and the DJIA both outperformed the six public insurance brokers, as measured by the MarshBerry Broker Composite Index. 

The following publicly traded insurance brokers are included in the Index: Arthur J. Gallagher & Co. (AJG), Aon Plc. (Aon), Brown & Brown, Inc. (BRO), Marsh & McLennan Companies, Inc. (MMC), Willis Towers Watson Public Limited Company (WTW) and The Baldwin Group (BWIN). 

Q2 2025 Earnings Results 

Public insurance brokers delivered another quarter of solid performance in Q2 2025, achieving stable organic growth and margin expansion. Brokers leaned into operational discipline and strategic investments to sustain performance. 

Global commercial insurance rates continued to soften in Q2 2025, particularly in property lines, while casualty and specialty lines remained stable. Brokers cited strong client retention, new business, and targeted acquisition activity as drivers of growth. Margin expansion was a consistent theme, supported by increased efficiencies and cost optimization. 

Organic growth rates 

Organic growth figures reported in Q2 2025 by public insurance brokers were mixed compared to Q1 2025. Aon and BWIN saw increases, while others saw declines compared to Q1 2025. 

• AON reported organic revenue growth of 6% in Q2 2025, up from 5% in Q1 2025. 
• AJG posted 5.4% organic growth in Q2 2025, down from 9.5% in Q1 2025. 
• BRO reported organic growth of 3.6% in Q2 2025, down from 6.5% in Q1 2025. 
• BWIN delivered organic growth of 11% in Q2 2025, up from 10% in Q1 2025. 
• MMC posted organic growth of 4%, consistent with Q1 2025. 
• WTW posted 5% organic growth in Q2 2025, in-line with the 5% organic growth in Q1 2025. 

Insurance rates 

Pricing commentary was largely as expected, with brokers reporting a continued softening in commercial lines, particularly in property. 

Casualty remained stable. In terms of insurance pricing, BRO noted that rates for most lines moderated further in Q2 2025, with the outliers being auto, casualty and cat property. “We’re now seeing classic market softening signs for certain lines of business, where carriers can have a material difference in quoted rates for renewal business versus new business on similar insured assets,” said CEO and President J. Powell Brown. 

Macroeconomic commentary 

Overall, while some brokers commented on challenges in the insurance marketplace in 2025, others spoke of stability at the macroeconomic level with no signs of large changes or downturns. 

AJG CEO J. Patrick Gallagher noted strong client activity and reiterated confidence in the firm’s positioning on the earnings call: “So we see solid client business activity in our data and no signs of a broad, meaningful global economic downturn nor any changes from the prospect of tariffs.” 

BRO also noted that things have been steady at a macroeconomic level. Customer outlook and confidence seem to be fairly similar to the first quarter. CEO and President J. Powell Brown commented on the earnings call: “Generally, customers are cautiously optimistic that the uncertainties of tariffs and other matters will resolve in a favorable manner. We continue to see many customers investing in their businesses, while some customers are delaying investment decisions until they have a better view on growth trajectory.” 

This information is not to be construed as an offer to buy or sell or a solicitation of an offer to buy or sell or to participate in any particular trading strategy. Past performance is not necessarily indicative of future results.

Public Broker Comps

Sources: S&P Global, Company Reports, accessed 08.15.2025; Results as of Q2 2025

The MarshBerry Broker Index is a composite of market data on the following companies, sourced from Yahoo Finance: BWIN, BRO, AON, AJG, MMC, WTW. It is prepared for analytical purposes only. This information is not to be construed as an offer to buy or sell or a solicitation of an offer to buy or sell any securities, financial instruments or to participate in any particular trading strategy.  

This earnings summary has been prepared by Marsh, Berry & Co., LLC. and is not intended to provide investment recommendations on any company. It is not a research report, as such term is defined by applicable laws and regulations, and it does not contain sufficient information upon which to make an investment decision. These materials are based solely on information contained in publicly available documents and Marsh, Berry & Co., LLC has not independently attempted to investigate or to verify such information.