How does Marsh compare to the rest of the sector?
Whether this pattern is Marsh-specific or sector-wide is not yet entirely clear, as most of its peers have not reported Q2. Aon is scheduled to release its Q2 2026 results on July 29 – after this piece was filed – so a direct comparison isn’t possible today. Just for reference, Aon’s Q1 2026 results, reported on May 1, showed revenues of nearly US$5 billion, up nearly 6% year over year, with adjusted EPS climbing 14% to about US$6.48 (these figures come from secondary reporting rather than Aon’s own release, so consider them approximate). That’s the same top-line growth rate as Marsh’s second quarter, though it’s a Q1-to-Q2 comparison rather than a neat like-for-like comparison. Given that Aon Reinsurance Solutions operates in the same soft reinsurance pricing environment as Guy Carpenter, it’s a fair bet – although not yet confirmed – that Aon’s reinsurance broking revenues are under similar pressure. It’s worth checking back once Aon’s actual Q2 numbers come out to see if the same broking-vs-consulting split shows up there as well.
