2Q26 P&C Broker Preview: Known Headwinds, But With More Balanced Expectations

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2Q26 P&C Broker Preview: Known Headwinds, But With More Balanced Expectations

USA | P&C Insurance/Insurtech EquityJulyResearch1, 2026

KEY STOCKS FEATURED INCLUDE:2Q26 P&C Broker Preview: Known Headwinds,

TICKER RATING PRICE TARGETBut With More Balanced Expectations

AON BUY $378.00

With P&C pricing moderation continuing and now largely understood, 2Q26 WTW BUY $343.00

should be less of a surprise despite ongoing pressure from weaker property GSHD BUY $74.00

renewals. While this has driven another quarter of negative EPS revisions, AJG BUY $273.00

improving visibility supports more stable organic trends into 2H as headwinds BRO HOLD $72.00

fade. Multiples appear to be finding a level, with increasing divergence toward

names with stronger mix and organic growth. Reiterate Buy on AJG/AON/

GSHD/WTW.

KEY CHANGES INCLUDE:

Thoughts on Buy rated names: AON: We continue to expect stronger-than-peer organic growth TICKER RATING PRICE TARGET

with margin expansion with valuation capturing much of this outlook. WTW: Following the weakest AON BUY $378.00 ($368.00)

T3m share performance in our coverage, we see a set-up for slight QoQ organic growth acceleration

WTW BUY $343.00 ($334.00)

and improved R&B margins following an idiosyncratic headwind in 1Q26. AJG: Investor Day helped

de-risk set-up into the print with guidance unchanged. GSHD: Seasonality and tech investments put GSHD BUY $74.00 ($73.00)

margin ests at risk while headline core growth was guided to decelerate QoQ (stable on adj. basis) AJG BUY $273.00 ($265.00)

before accelerating in 2H. BRO HOLD $72.00 ($70.00)

P&C pricing continues to moderate. Aggregate P&C commercial lines pricing continues to be

pressured by weakness in property lines, which has deteriorated further. Similar to 1Q, property