US Insurance: 2Q26: Wrapping up Week 2 Results

Research evidence excerpt

US Insurance: 2Q26: Wrapping up Week 2 Results

Global Research

27 July 2026ab

US Insurance Equities

Americas2Q26: Wrapping up Week 2 Results

Insurance

Brian Meredith

We like WTW into Week 3 Analyst

We like WTW heading into 2Q26 Week 3 of earnings results. Sentiment appears skewed brian.meredith@ubs.com

to the negative side following disappointing R&B organic revenue growth in 1Q26 +1-212-713 2492

(+2%). We expect organic growth to accelerate and exceed consensus expectations in Justin Tucker

2Q26 (UBSe 50 bps above consensus), as temporary headwinds from 1Q26 normalize. Associate Analyst

As a result, we anticipate a modest earnings beat driven by stronger-than-expected justin.tucker@ubs.com

revenues and margins. MRSH's Consulting segment reported strong organic revenue +1-212-713 2325

growth in 2Q26 last week (at 8%, above our previous estimate of 5%), which could be Leandro Leite

viewed as a positive read thru for WTW's HWC business. Associate Analyst

leandro.leite@ubs.com

For P&C and Brokers: We update our estimates for CB, GSHD, HIG, MRSH, RNR +1-212-882 5559

and WRB

For P&C and Brokers, we update our price targets for GSHD to $72 (from $70), MRSH to

$216 (from $212), RNR to $349 (from $342), and WRB to $77 (from $71), while

maintaining our respective ratings. We also maintain our PT for CB and HIG.

Trends from the recent 2Q26 earnings reports included:

CB, HIG, and WRB all showed deteriorating commercial lines underlying

underwriting margins reflective of business mix shifts (from property to

casualty) and a more competitive pricing environment. Pricing commentary in

commercial lines continues to point to softening property markets and a more

mixed outlook for casualty lines. Chubb delivered a more sobering assessment of