Marsh kept its place as the world’s largest insurance broker in 2025, with brokerage revenue rising 10.9% to $26.66 billion. The headline gain masks a slower pace underneath: underlying revenue growth fell to 4% from 7% in 2024 and held at 4% in the first quarter of 2026.
That slowdown reflects a softer commercial market and intensifying competition for producers. Marsh’s growth has lagged some publicly traded peers as property and reinsurance pricing eased and talent turnover weighed on performance, according to J. Paul Newsome Jr., managing director at Piper Sandler & Co. He said moves by producers can reduce productivity while teams adjust to new roles.
Leadership shift amid softer pricing
Nick Studer took over as president and CEO of Marsh Risk in March, succeeding Martin South, who had led the brokerage since 2022. South became chief client officer of the parent company. Studer previously led Oliver Wyman and Marsh Management Consulting.
Studer’s brief is to find growth in a slower market by strengthening client advocacy, widening access to risk capital and bringing the firm’s risk advice together more closely. Commercial insurance prices are falling across most lines, with U.S. excess casualty an exception. “We are seeing in some cases record new sales volumes, but the pricing indices are down,” he said.
Clients are also delaying some construction projects and other investments amid economic uncertainty. Studer said he sees those decisions as a question of timing: clients recognize opportunities but may wait for more favorable conditions to act.
Yaron Kinar, managing director and senior equity research analyst for North America insurance at Mizuho Americas, said slower growth was to be expected as market conditions normalize. But he cautioned that Marsh needs to keep pace with peers: “It’s okay to see growth slow. I don’t think any of us expected 8% to 10% organic growth as the new normal, but you can’t be at three when others are at five, or four when others are at six.”
Technology, advice and cost reductions
Marsh is investing in technology, data and artificial intelligence as it looks to expand the services it offers clients. The firm has equipped employees with general-purpose AI tools, strengthened claims analytics and introduced renewal companion and captive companion tools.
“We’ve talked for several years about wanting to be the risk adviser of the future, and I completely subscribe to that ambition, with just one small exception, which is the future is now. We don’t have time to get there, so we need to move swiftly,” Studer said.
For Studer, the opportunity extends beyond traditional brokerage. Clients increasingly want advice on risk, capital and balance sheet management, blurring the lines between brokerage, consulting and advisory work. “A lot of growth will be driven by that advisory-led dialog,” he said.
The company also launched Thrive, a multiyear cost program announced in October that aims to deliver $400 million in annual savings through process changes, technology investment and workforce reductions. A new business and client services unit brings together technology, data and operations teams.
Hiring pressure and acquisitions
Recruiting competition has been especially visible in the United States, where London-based Howden recruited more than 100 Marsh producers as part of its expansion. Those hires included former Florida zone leader Mike Parrish, and litigation over the moves is ongoing.
Studer said Marsh Risk retains more than 95% of its senior producers and top performers and continues to attract talent. He acknowledged that large recruiting raids can disrupt client relationships, while arguing that the brokerage’s depth has helped it retain business.
Acquisitions added to growth: Marsh completed 20 deals for $857 million in 2025, many through its middle-market brokerage business. That followed 17 acquisitions totaling $9.4 billion in 2024, including the purchase of McGriff.
The company also shortened its parent name from Marsh McLennan to Marsh and renamed its commercial brokerage business Marsh Risk. With pricing pressure and producer competition continuing, the firm’s near-term growth will depend on how effectively it turns technology, acquisitions and broader risk advice into client demand.