Key Highlights

  • Arthur J. Gallagher reported adjusted EPS of $3.00 versus $2.31, with adjusted EBITDAC up 25% to $1,253 million.
  • Ryan Specialty reported Revenue up 4.7% to $790.0 million, with organic revenue growth of 4.0%.
  • Markel Group reported adjusted Operating Income of $707.4 million and a Markel Insurance combined ratio of 91.9%.
  • Hamilton Insurance reported gross premiums written up 17.3% to $819.7 million and a 97.3% combined ratio.
  • CNO Financial Group reported operating EPS of $1.90 and raised 2026 operating EPS guidance to $5.05 to $5.15.

What Did Insurance Brokers and Specialty Carriers Report for Third Quarter 2026?

Five insurance companies reported third quarter 2026 results between October 28 and October 30, 2026. Arthur J. Gallagher (NYSE:AJG) reported revenue before reimbursements of $3,930 million, reported EPS of $1.55 and adjusted EPS of $3.00. Ryan Specialty (NYSE:RYAN) reported total revenue of $790.0 million, Net Income of $88.0 million and diluted EPS of $0.29. Markel Group (NYSE:MKL) reported operating revenues of $4.16 billion and adjusted operating income of $707.4 million. Hamilton Insurance (NYSE:HG) reported net income of $81.5 million on gross premiums written of $819.7 million. CNO Financial Group (NYSE:CNO) reported net operating income of $179.1 million, or $1.90 per diluted share.

Two of the five are brokers that earn commissions and fees, while the others carry Underwriting risk, so revenue, Margin and combined ratio figures are not directly comparable. CNO is a life, Annuity and health insurer rather than a specialty property carrier, and is included here because its single reports the only guidance raise in the group.

Arthur J. Gallagher: Is Its Streak of Double-Digit EBITDAC Growth Still Alive?

Gallagher reported adjusted EBITDAC growth of 25% to $1,253 million, which it described as the 26th consecutive quarter of double-digit growth. Combined Brokerage and Risk Management revenue grew 18%, including organic growth of 5%. Reported net Earnings were $406 million versus $273 million, and adjusted net earnings were $782 million versus $604 million.

The release notes that third quarter 2025 Brokerage results included about $76 million of incremental interest income, roughly 22 cents per share after tax, which makes the prior-year comparison harder. Adjustments in the quarter included $212 million of intangible amortization in Brokerage and $77 million of Acquisition integration costs.

Ryan Specialty: How Did Net Income Rise 40.6% on 4.7% Revenue Growth?

Ryan Specialty places hard-to-place risks, mostly in the excess and surplus lines market. Total revenue rose to $790.0 million from $754.6 million, and organic revenue growth was 4.0% against 15.0% a year earlier. Net income rose to $88.0 million from $62.6 million, helped by general and administrative expense falling 9.0% to $107.0 million and an income tax expense of $8.1 million versus a $2.8 million benefit last year.

Adjusted EBITDAC rose 3.8% to $244.4 million at a 30.9% margin, and adjusted diluted EPS was $0.51 versus $0.47. The company repurchased $450.3 million of Class A stock over nine months, compared with none a year earlier.

Markel Group: How Did Adjusted Operating Income Reach $707.4 Million?

Adjusted operating income rose from $621.0 million, while net Investment losses of $280.9 million, against gains of $432.9 million, brought net income to common shareholders to $259.3 million. Markel Insurance posted a combined ratio of 91.9% versus 92.7%, including 3.4 points from $74.6 million of Middle East conflict losses.

Industrial revenues rose to $1.18 billion from $1.05 billion, and Industrial adjusted operating income climbed to $131.1 million from $101.3 million. The Global Reinsurance division, now in run-off, recorded underwriting losses of $54.3 million. Markel repurchased $685.3 million of its common stock over nine months.

Hamilton Insurance: Why Did Premium Growth Come With a Higher Combined Ratio?

Gross premiums written grew 17.3% from $698.8 million, with the International Segment up 20.1% to $456.3 million and the Bermuda Segment up 13.9% to $363.4 million. The combined ratio rose to 97.3% from 87.8%, and Underwriting income fell to $15.5 million from $64.1 million.

Catastrophe losses including prior year development were $53.9 million, with $47.1 million tied to unfavorable Ukraine conflict development. Operating income was $179.9 million, an annualized operating return on average Equity of 24.9%.

CNO Financial Group: What Did the Raised Guidance Include?

CNO raised its 2026 operating EPS guidance to $5.05 to $5.15, with the midpoint up 9%, assuming an effective tax rate near 20.5% and free Cash Flow of $220 million to $240 million. Operating EPS of $1.90 compared with $1.29, and significant items from the actuarial review added $0.48 per share.

Total revenues were $1.086 billion versus $1.189 billion. The company repurchased 1.1 million shares for $60.0 million and has authority for another $240.4 million.

How Do the Brokers and Carriers Compare on Growth and Margin?

The figures below are calculated from reported numbers.

  • Gallagher's revenue before reimbursements grew about 18.2% from $3,325 million to $3,930 million, versus 4.7% at Ryan Specialty (calculated).
  • Gallagher's adjusted EBITDAC of $1,253 million equals about 31.9% of its $3,930 million of revenue (calculated), compared with Ryan Specialty's reported 30.9% margin.
  • Gallagher's adjusted EPS of $3.00 is about 1.94 times its reported EPS of $1.55, while Ryan Specialty's $0.51 is about 1.76 times its $0.29 (calculated).
  • Ryan Specialty's organic growth rate fell 11.0 percentage points, from 15.0% to 4.0% (calculated).
  • Hamilton's underwriting income fell about 75.8%, from $64.1 million to $15.5 million (calculated).

The two brokers reported net income or net earnings growth above 40% (calculated for Gallagher at about 48.7%) on very different revenue growth, while Hamilton's premium growth did not carry through to underwriting income.

What to Watch Next: Savings, Covers and Targets

Ryan Specialty expects total Empower Program restructuring costs of $160.0 million through December 31, 2028, with annual savings of about $80.0 million in 2029. It recorded $23.9 million of restructuring costs in the quarter. Gallagher held its call on October 29, 2026, and readers will likely focus on how organic growth compares with the 5% reported.

Markel agreed an adverse development cover on October 27, 2026 covering $4.8 billion of subject reserves, which management expects to have an immaterial effect on fourth quarter underwriting results. CNO plans to set new long-term targets in February 2027. Hamilton's nine-month combined ratio was 94.1%, and readers will likely watch whether it returns toward that level once the Ukraine related development passes.