How Marsh compares to the rest of the sector
Whether this pattern is Marsh-specific or sector-wide isn’t fully clear yet, since most of its peers haven’t reported Q2. Aon is due to release its Q2 2026 results on July 29 – after this piece was filed – so a direct comparison isn’t possible today. For context only, Aon’s first-quarter 2026 results, reported on May 1, showed revenue of approximately US$5 billion, up around 6% year over year, with adjusted EPS climbing 14% to roughly US$6.48 (these figures come from secondary reporting rather than Aon’s own release, so treat them as approximate). That’s a similar top-line growth rate to Marsh’s Q2, though it’s a Q1-to-Q2 comparison rather than a clean like-for-like. Given Aon Reinsurance Solutions operates in the same soft reinsurance pricing environment as Guy Carpenter, it’s a reasonable bet – though not yet a confirmed one – that Aon’s reinsurance broking revenue is under similar pressure. That’s worth revisiting once Aon’s actual Q2 numbers land, to see whether the same broking-versus-consulting split shows up there too.
