Quarterly guidance

Brokerage organic growth
Around 5% for the fourth quarter of 2026.
Risk Management adjusted EBITDAC margin
North of 22% for the fourth quarter of 2026.

Annual guidance

Combined organic growth
Approximately 6% for the full year 2026 for the combined Brokerage and Risk Management segments.
Risk Management adjusted EBITDAC margin
North of 22% for the full year 2026.

Outlook

Insurance rates
Insurance rates are contributing about 1 point of organic growth, with property pricing moderating and casualty remaining firmer overall.
Economic indicators
Daily revenue indications from client underlying insurance activity continue to be nicely positive, pointing to solid business activity.
M&A pipeline
The M&A pipeline remains active with over 30 term sheets signed or being prepared, representing around $300 million of annualized revenue.
Employee benefits
Some larger consulting projects were pushed out as clients focused on controlling rapidly rising medical and prescription costs.