Financial Performance - The company achieved a revenue growth of 20% in Q3 2025, marking the 19th consecutive quarter of double-digit growth [3][4] - Adjusted EBITDA grew by 22%, with adjusted EBITDA margins expanding by 26 basis points [4] - GAAP EPS was reported at $1.76, while adjusted EPS was $2.87, which would have been $0.22 higher if adjusted for intra-quarter revenue seasonality [4] Business Segment Performance - The brokerage segment reported a revenue growth of 22%, with organic growth at 4.5% [5] - Employee benefits experienced around 1% organic growth, impacted by lower-than-expected large life cases [6] - The risk management segment, Gallagher Bassett, saw an 8% revenue growth, with organic growth at 6.7% [11][20] Market Dynamics - Global insurance renewal premium changes showed property down 5% and casualty lines up 6% overall, indicating a mixed pricing environment [8][9] - The company noted a bifurcation in renewal premium changes by client size, with smaller clients seeing a 3% increase while larger clients experienced a 1% decrease [9] - The reinsurance market remains healthy with adequate capacity to meet expected demand [10] Strategic Direction and Competitive Landscape - The company is focused on a two-pronged revenue growth strategy, emphasizing both organic growth and mergers & acquisitions [3] - The integration of AssuredPartners is seen as a significant opportunity for value creation, with a strong emphasis on collaboration and shared resources [12][13] - The company aims to leverage its extensive data and analytics capabilities to enhance competitive positioning [11] Management Commentary on Economic Environment - Management expressed confidence in the company's positioning to grow despite market conditions, citing solid client business activity and positive revenue indications [10][11] - There are no signs of an economic downturn, and the company anticipates continued organic growth in the brokerage segment [11][20] - Management highlighted the importance of addressing rising health insurance costs for clients as a key focus area [10] Other Important Information - The company completed five new mergers in the year, contributing approximately $40 million in estimated annualized revenue [13] - The pipeline for future M&A includes about 35 term sheets signed or being prepared, representing around $400 million in annualized revenue [13] Q&A Session Summary Question: Regarding AssuredPartners and new business - Revenue synergies from AssuredPartners will be credited to their P&L, while broader base contingent commissions may impact legacy Gallagher's organic growth [25] Question: Organic growth outlook for 2026 - Management is comfortable that 2026 could resemble 2025, with strong performance expected in reinsurance and P&C businesses [26] Question: M&A pipeline post-AssuredPartners acquisition - The M&A pipeline from AssuredPartners has not yet been integrated, but there is optimism about future opportunities [27][28] Question: Pricing dynamics in the market - Management noted that while casualty pricing increases are stabilizing, property pricing is experiencing downward pressure [39][45] Question: Employee benefits outlook - The fourth quarter is expected to be strong for employee benefits, driven by talent retention strategies and managing rising health insurance costs [47][48]

Financial Performance & Estimates - The brokerage segment's foreign currency impact on revenues is estimated to be approximately $52 million for full year 2025[11] - The brokerage segment's amortization of intangibles is estimated at $828 million pretax for full year 2025[11] - The risk management segment's EBITDAC margin, as adjusted, is expected to be approximately 21% for full year 2025[11] - Net after-tax cash flow from clean energy investments is estimated to be greater than $180 million in 2025 and greater than $200 million in 2026 and beyond[22] AssuredPartners Acquisition - AssuredPartners' estimated revenue for the fourth quarter of 2025 is $710 million[36] - AssuredPartners' estimated adjusted EBITDAC margin is 33% for FY 2026[36] - Gallagher expects to achieve approximately $260 to $280 million of annual run-rate synergies from the AssuredPartners acquisition by early 2028[37] Acquisition Rollover Revenues (Excluding AssuredPartners) - Brokerage segment acquisition rollover revenues are estimated to be $79 million for the fourth quarter of 2025[29] - Brokerage segment acquisition rollover revenues are estimated to be $99 million for the first quarter of 2026[29] - Risk management segment expects approximately $16 million of rollover revenue (before reimbursements) during fourth quarter 2025[30] Corporate Segment - Adjusted Full Year 2025 Net Earnings Attributable to Controlling Interests is estimated to be $(573.7) million[18]

WTW Earnings Release Supplemental Materials 2025 Third Quarter Financial Results October 30, 2025 wtwco.com © 2025 WTW. All rights reserved. WTW Forward-Looking Statements This document contains 'forward-looking statements' within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934, which are intended to be covered by the safe harbors created by those laws. These forward-looking statements include information about possible or assumed future resul ...

Core Insights - Brown & Brown (BRO) reported a revenue of $1.61 billion for the quarter ended September 2025, reflecting a year-over-year increase of 35.4% [1] - The earnings per share (EPS) for the quarter was $1.05, up from $0.91 in the same quarter last year, indicating a strong performance [1] - The reported revenue exceeded the Zacks Consensus Estimate of $1.51 billion by 6.61%, and the EPS also surpassed the consensus estimate of $0.90 by 16.67% [1] Financial Performance Metrics - Total organic growth was recorded at 3.5%, slightly below the estimated 4% by analysts [4] - Revenues from commissions and fees reached $1.55 billion, exceeding the average estimate of $1.47 billion, with a year-over-year increase of 34.2% [4] - Investment income was reported at $56 million, significantly higher than the estimated $32.98 million, marking an 80.7% increase compared to the previous year [4] - Other revenues totaled $42 million, surpassing the average estimate of $26.15 million, and showing a remarkable year-over-year growth of 100% [4] - Retail commissions and fees amounted to $877 million, compared to the average estimate of $835.95 million [4] - Income before income taxes from other segments was reported at -$108 million, worse than the average estimate of -$74.7 million [4] - Retail income before income taxes was $164 million, slightly below the average estimate of $169.55 million [4] Stock Performance - Over the past month, shares of Brown & Brown have returned -5.7%, contrasting with the Zacks S&P 500 composite's increase of 3.6% [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3]

CHICAGO--(BUSINESS WIRE)--EPIC expands Midwest footprint with fourth-generation family-owned firm, strengthening Private Client practice for HNW families and businesses. ...

Core Insights - Brown & Brown, Inc. reported a revenue of $1.6 billion for Q3 2025, marking a 35.4% increase year-over-year, with commissions and fees rising by 34.2% and organic revenue growing by 3.5% [2][3] - The company's net income attributable to the Company was $227 million, a decrease of 3.0% compared to the previous year, while diluted net income per share fell to $0.68, down 16.0% [2][3] - For the nine months ending September 30, 2025, total revenues reached $4.3 billion, an 18.6% increase from the same period in 2024, with net income attributable to the Company increasing by 0.9% to $790 million [3][11] Financial Performance - Income before income taxes for Q3 2025 was $311 million, a slight decrease of 1.9% from the prior year, with the income before income taxes margin dropping to 19.4% from 26.7% [2][9] - EBITDAC - Adjusted for Q3 2025 was $587 million, reflecting a 41.8% increase year-over-year, with the EBITDAC margin - Adjusted rising to 36.6% from 34.9% [2][9] - For the nine-month period, EBITDAC - Adjusted was $1.6 billion, a 22.6% increase, with the EBITDAC margin - Adjusted improving to 37.1% from 35.9% [3][9] Operational Highlights - The company welcomed over 5,000 new employees in Q3 2025, enhancing its operational capabilities [4] - The increase in cash and cash equivalents was significant, with total current assets reaching $8.1 billion as of September 30, 2025, compared to $6.9 billion at the end of 2024 [13][14] - The company reported a total of $29 million and $42 million in interest income for Q3 and the nine months ended September 30, 2025, respectively, from its follow-on common stock offering and senior notes issuance [10] Market Position - Brown & Brown, Inc. operates as a leading insurance brokerage firm with a global presence across 700+ locations and a workforce of over 23,000 professionals [19] - The company continues to focus on delivering comprehensive and customized insurance solutions, indicating a strong commitment to growth and customer service [19]

Core Insights - Aon has restructured its executive team in the Reinsurance Solutions division to enhance growth in the EMEA region [1][4] - Andrew Secker has been appointed as the EMEA chief client officer, while Daniele De Bosini becomes the EMEA chief broking officer [1][2] Executive Appointments - Secker's role will focus on improving service delivery to insurance clients in the EMEA region [2] - De Bosini will work on aligning client needs with global reinsurance capacity and enhancing the EMEA broking teams' alignment with regional strategy [2][3] Leadership and Strategy - Both executives will report to Tomas Novotny, the EMEA CEO and Reinsurance Solution international chairman [3] - Novotny emphasized that these appointments reflect Aon's commitment to exceptional client outcomes and strengthening broking capabilities in the EMEA region [4] Future Leadership - Simon Chisholm has been appointed as the chairman of Asia for Reinsurance Solutions, effective January 1, 2026, focusing on the Global Clients Segment in Asian markets, particularly Japan and Thailand [4][5]

Core Insights - Howden has appointed Ben Hanback as Executive Vice President (EVP) for Howden US, indicating a strategic move to enhance its leadership team and expand its operations in the US market [1][2] Group 1: Appointment Details - Ben Hanback will be based in Nashville, Tennessee, and will report to Mike Parrish, CEO of Howden US [2] - His role will focus on rapidly expanding Howden's US Health & Benefits team and supporting growth in Tennessee and the broader Mid-South region [2] Group 2: Experience and Background - Hanback brings nearly 35 years of industry experience, having previously worked at Aon for almost 10 years as Managing Director and Market Leader [3] - His prior roles include Senior Vice President of Employee Benefits at Regions Financial Corporation and leadership positions at Hanback, Colonial Life, and Unum [3] Group 3: Strategic Vision - CEO Mike Parrish emphasized that Hanback will help build a new business in the US, contributing to the company's mission of providing clients and carriers with greater choice and flexibility [4] - Hanback expressed enthusiasm for Howden's employee ownership and people-first culture, highlighting the company's ambition to create a brokerage with global capabilities and top-tier talent [5]

Core Insights - Marsh & McLennan Companies Inc reported better-than-expected earnings for Q3, with earnings of $1.85 per share, surpassing the analyst consensus estimate of $1.79 per share [1] - The company achieved quarterly sales of $6.351 billion, exceeding the analyst consensus estimate of $6.323 billion [1] Financial Performance - The company generated 11% revenue growth, or 4% on an underlying basis [2] - Adjusted operating income grew by 13%, and adjusted EPS increased by 11% [2] Stock Performance and Analyst Ratings - Marsh & McLennan shares traded at $187.50 following the earnings announcement [2] - Keefe, Bruyette & Woods analyst upgraded the stock from Underperform to Market Perform, lowering the price target from $209 to $191 [4] - Wells Fargo analyst maintained an Equal-Weight rating, reducing the price target from $222 to $212 [4]

Financial Data and Key Metrics Changes - Consolidated revenue increased by 11% to $6.4 billion, with underlying growth of 4% [12][15] - Adjusted operating income rose by 13% year-over-year, with adjusted EPS growing by 11% to $1.85 [5][13] - Adjusted operating margin increased by 30 basis points to 22.7% [15][24] Business Line Data and Key Metrics Changes - Risk and insurance services revenue was $3.9 billion, up 13% year-over-year, with underlying growth of 3% [15][16] - Consulting segment revenue increased by 9% to $2.5 billion, with underlying growth of 5% [17][19] - Marsh's revenue grew by 16% to $3.4 billion, with underlying growth of 4% [16][17] Market Data and Key Metrics Changes - Global commercial insurance rates decreased by 4% in Q3, with property rates down 8% year-over-year [10][11] - U.S. rates were down by 1%, while Canada saw a 3% decline [10] - Global casualty rates increased by 3%, with U.S. excess casualty up 16% [11] Company Strategy and Development Direction - The company will rebrand from Marsh & McLennan Companies to Marsh in January, aiming to enhance visibility and strengthen its value proposition [5][6] - The Thrive program aims to generate approximately $400 million in savings over three years, with a focus on automation and efficiency [6][21] - The company is investing in AI and technology to improve client service and operational efficiency [7][22] Management's Comments on Operating Environment and Future Outlook - Management anticipates mid-single-digit underlying revenue growth for 2025, despite economic uncertainties [13][25] - The company is confident in its ability to navigate different economic cycles and pricing pressures [30][44] - Management noted that the current economic environment is uneven, impacting client behavior and growth [62] Other Important Information - The company repurchased $400 million of its stock in the quarter [13][24] - Total debt at the end of the quarter was $19.6 billion, with a cash position of $2.5 billion [24] Q&A Session Summary Question: Impact of government shutdown on growth outlook - Management acknowledged potential pressures from the macro environment but remains confident in their growth strategy and execution [30] Question: Details on the new wholesale business - The company is not looking to build a third-party wholesale business but will develop internal capabilities where necessary [33] Question: Thrive program cost and savings ratio - Management highlighted a favorable cost-to-savings ratio and expressed confidence in achieving the projected savings [37][39] Question: Organic growth expectations in the U.S. - Management indicated that organic growth in the U.S. may remain stable despite economic uncertainties [42][44] Question: Performance of Oliver Wyman amid economic uncertainty - Management expressed satisfaction with Oliver Wyman's growth and noted strong demand for their services [47][50] Question: M&A environment in insurance brokerage - Management confirmed ongoing appetite for M&A and noted a potential widening of bid-ask spreads in the current market [77][79]