Top insurance brokers, No. 1: Marsh

2025 brokerage revenue: $26.66B
Percent increase: 10.9%

Marsh retained its long-held position as the world’s largest insurance broker in 2025, increasing investments in technology, data and artificial intelligence capabilities.

The brokerage delivered mid-single-digit organic growth as commercial insurance pricing softened and competition for talent intensified.

Marsh was among the brokerages targeted by recruiting raids over the past year as competitors, most prominently Howden, sought to expand their U.S. operations.

Marsh’s commercial brokerage arm underwent a leadership transition in March when Nick Studer succeeded Martin South as president and CEO of Marsh Risk, formerly known as Marsh. Mr. Studer had previously led Oliver Wyman and Marsh Management Consulting. Mr. South, who was named chief client officer of the parent company, had headed the brokerage business since 2022.

Mr. Studer said his mandate is to drive Marsh Risk’s growth in a softer market by strengthening client advocacy, broadening access to risk capital and accelerating its strategy to become a more integrated risk adviser. The brokerage has expanded its use of AI, equipping employees with general-purpose AI tools, strengthening claims analytics and launching its 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,” he said.

Marsh’s 2025 brokerage revenue of $26.66 billion was up 10.9% from the prior year. Underlying revenue growth slowed to 4% in 2025 from 7% a year earlier and remained at 4% in the first quarter of 2026.

Commercial insurance pricing is declining across most lines outside U.S. excess casualty, Mr. Studer said. “We are seeing in some cases record new sales volumes, but the pricing indices are down,” he said.

Economic uncertainty is causing some clients to delay construction projects and other investments. “In my view, it’s more a matter of when, as opposed to yes or no,” Mr. Studer said. “People see the economic opportunity; they’re taking it, but they’ll want to take it at opportune times in general.”

Marsh’s growth has trailed some publicly traded brokerage peers as softer property and reinsurance pricing and ongoing competition for talent weigh on results, said J. Paul Newsome Jr., a Minneapolis-based managing director at Piper Sandler & Co.

Slower growth is not unexpected as market conditions normalize, said Yaron Kinar, Chicago-based managing director and senior equity research analyst — North America insurance, at Mizuho Americas. “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,” he said.

The company rebranded during the year, shortening parent company Marsh McLennan’s name to Marsh and renaming its commercial brokerage business Marsh Risk.

The distinction between traditional brokerage, advisory and consulting services is blurring as clients seek broader advice on risk, capital and balance sheet management, Mr. Studer said. “A lot of growth will be driven by that advisory-led dialog,” he said.

Last October, the company announced Thrive, a multiyear cost-cutting program targeting $400 million in annual savings through process improvements, technology investments and workforce reductions. Marsh also launched business and client services, a unit combining its technology, data and operations teams.

Producer turnover can weigh on broker performance, analysts say. “Whenever you have producers moving, you’re going to have less productivity, just because it takes time for people to adjust when they get into a new seat,” Mr. Newsome said.

London-based Howden recruited more than 100 Marsh producers, including former Florida zone leader Mike Parrish, as part of its U.S. expansion. Litigation over the hires is ongoing.

Marsh Risk retains more than 95% of its senior producers and top performers and continues to attract talent, Mr. Studer said. Large-scale recruiting raids can be disruptive for clients, but the brokerage’s depth has helped it retain client business, he said.

Acquisitions continued to contribute to growth last year, with Marsh completing 20 acquisitions for $857 million in 2025, many through its middle-market brokerage business, following 17 acquisitions totaling $9.4 billion in 2024, including the purchase of McGriff.