Public Broker Performance Vol IV, Issue 4

MarshBerry Broker Composite Index: Market Update And Q3 2025 Earnings

During the period from January 1, 2025, through October 31, 2025, the S&P 500 Index and the Dow Jones Industrial Average (DJIA) both outperformed the six public insurance brokers, as measured by MarshBerry’s Broker Index.

The following publicly traded insurance brokers are included in the Broker 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).  

Q3 2025 earnings results 

Public insurance brokers once again had solid results in Q3 2025, achieving stable organic growth and margin expansion. Amid a more difficult rate environment, brokers focused on operational discipline and strategic investments to sustain performance.

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.

Organic growth rates 

Overall organic growth figures reported in Q3 2025 by public insurance brokers tended to be slightly lower to flat compared to those in Q2 2025. Aon saw a slight increase, while the rest saw either flat or declining organic growth rates compared to Q2 2025.

• AON delivered 7% organic revenue growth in Q3 2025, compared to the 6% organic growth reported in Q2 2025.
• 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.
• BRO posted 3.5% organic growth in Q3 2025, compared to the 3.6% organic growth in Q2 2025.
• BWIN delivered Q3 2025 organic growth of 5% compared to 11% organic growth in Q2 2025.
• MMC reported Q3 2025 organic growth of 4%, matching Q2’s 4% organic growth.
• WTW posted 5% organic growth in Q3 2025 (in-line with the 5% organic growth in Q2 2025).

Insurance rates

Third quarter earnings generally reflected moderating rates, with brokers seeing a continued softening in commercial lines, particularly in property. Casualty remained more stable.

In terms of commercial insurance pricing, BRO noted that rates in Q3 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 increases. “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%.”  

Macroeconomic commentary

Overall, while brokers noted some challenges in the insurance brokerage sector, others spoke of stable growth with little signs of large changes or downturns.

AJG CEO J. Patrick Gallagher noted solid client activity on the earnings call: “While the U.S. government shutdown has halted economic data releases, our proprietary data, which has been an excellent indicator of the economy, continues to show solid client business activity. Third quarter revenue indications from audits, endorsements and cancellations remain nicely positive.”

BRO saw economic growth going into Q4 being similar to that of the last few quarters. J. Powell Brown commented on the Q3 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.” 

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

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.