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]

Financial Data and Key Metrics Changes - Consolidated revenue increased by 11% to $6.4 billion, with underlying growth of 4% despite headwinds from fiduciary interest income [11][14] - Adjusted operating income rose by 13% year-over-year, with an adjusted operating margin increase of 30 basis points to 22.7% [14][23] - Adjusted EPS grew by 11% to $1.85, while GAAP EPS was reported at $1.51 [14][23] 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% [14][15] - Marsh's revenue increased by 16% to $3.4 billion, with 4% underlying growth [15][16] - Consulting segment revenue was $2.5 billion, up 9% or 5% on an underlying basis [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 [9][10] - Global casualty rates increased by 3%, with U.S. excess casualty up 16% [10] - Dedicated reinsurance capital is projected to reach approximately $650 billion by year-end 2025 [10] Company Strategy and Development Direction - The company will change its brand to Marsh in January 2026, aiming to enhance visibility and strengthen its value proposition [4][5] - The Thrive program aims to generate approximately $400 million in savings over three years, with a focus on automation and efficiency [5][20] - The company is investing in AI and technology to improve client service and operational efficiency [6][21] Management's Comments on Operating Environment and Future Outlook - Management anticipates mid-single-digit underlying revenue growth for 2025, despite economic uncertainties and pricing pressures [12][24] - The company is confident in its ability to navigate different economic cycles and maintain growth [28][41] - Management noted that the current economic environment is uneven, impacting client behavior and growth rates [41][56] Other Important Information - The company repurchased $400 million of its stock in the quarter and plans to deploy approximately $4.5 billion of capital in 2025 across dividends, acquisitions, and share repurchases [12][23] - Interest expense increased to $237 million from $154 million year-over-year [22][23] Q&A Session Summary Question: Impact of government shutdown on growth outlook - Management acknowledged the potential for low to mid-single-digit growth due to macroeconomic pressures but expressed confidence in their positioning and execution [28] Question: Details on the new wholesale business - The company clarified that it is not looking to build a third-party wholesale business but will develop internal capabilities where necessary [30][32] Question: Thrive program cost and savings ratio - Management highlighted a favorable cost-to-savings ratio for the Thrive program and expressed confidence in achieving the projected savings [34][36] Question: Organic growth expectations in the U.S. - Management indicated that organic growth in the U.S. is expected to remain stable despite economic uncertainties [40][41] Question: Oliver Wyman's growth amid economic uncertainty - Management reported strong growth at Oliver Wyman and expressed optimism about the demand pipeline despite a complex operating environment [44][46] Question: International pricing sensitivity - Management noted that pricing dynamics vary by geography, with a competitive market impacting overall rates [59][60] Question: M&A environment and appetite for larger deals - Management confirmed ongoing interest in M&A, focusing on cultural fit and strategic alignment rather than just size [69][70]

Group 1: Miller Appointments - Miller appointed Rodolphe Menn as head of France to enhance its presence in the country [2][4] - Menn has over 25 years of industry experience, previously serving as managing director of Intact's French operations since 2019 [3] - His responsibilities include executing Miller's French business strategy and fostering collaboration with the global network [4][5] Group 2: Aon Appointments - Aon UK promoted Michelle Beverely to chief broking officer and Lucy Gleeson to head of Products and Facilities [5][6] - Beverely has over 20 years of experience and will shape the UK Commercial Risk broking strategy [6][7] - Gleeson, who joined Aon in 2022, previously led the Structured Portfolio Solutions team and will enhance Aon's client offerings [8]

Core Insights - Marsh McLennan plans to rebrand as Marsh starting January 2026, aiming to unify its services under a single brand identity [1] - The rebranding will include marketing Marsh and Mercer under the Marsh brand, Guy Carpenter as Marsh Re, and Oliver Wyman as a business of Marsh [2] - A new division, Business and Client Services (BCS), will be established to enhance client services through AI and technology [3] Rebranding Strategy - The rebranding is intended to consolidate the company's expertise in reinsurance, risk, investment, and consulting services [1] - The stock ticker will change to 'MRSH' in January 2026 [2] - The Oliver Wyman Group will be renamed Marsh Management Consulting [2] Business and Client Services Division - BCS will be led by Paul Beswick, focusing on creating a cohesive data and technology environment [3] - The division aims to improve operational efficiency and client services through the use of AI [4] - The integration of AI is expected to unlock new opportunities for clients and enhance service quality [4][5] Innovation and Client Value - The company emphasizes the role of AI in simplifying operations and driving innovation [5] - A recent initiative, BrokerSafe, was introduced in collaboration with Oliver Wyman to provide auto liability coverage for freight brokers [5]