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Marsh Q2 revenue rises 6%, while Guy Carpenter reinsurance revenue falls 2%

Marsh said lower organic growth at Guy Carpenter reflected a softer catastrophe reinsurance market and cedent consolidation, with U.S. catastrophe reinsurance rates for non-loss impacted accounts down 15% to 20% at June 1 renewals.

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Marsh reported consolidated revenue of $7.4 billion in the second quarter, up 6% versus the prior-year quarter, or 5% on an underlying (organic) basis. Q2 operating income increased 4% to $1.9 billion, while net income attributable to the company was $1.3 billion, and earnings per share rose to $2.63 from $2.45.

For the first half of 2026, Marsh posted consolidated revenue of $15.0 billion, up 7% on a GAAP basis and 4% on an organic basis compared with the prior-year period.

Marsh’s Risk and Insurance Services segment, which includes Marsh Risk and reinsurance broker Guy Carpenter, generated Q2 revenue of $4.8 billion, up 4% or 3% on an organic basis. RIS operating income increased 2% to $1.5 billion, and adjusted operating income rose 3% to $1.7 billion.

Guy Carpenter’s reinsurance unit reported Q2 revenue of $664 million, down 2% on both a GAAP and organic basis, with the decline attributed to softer catastrophe reinsurance market conditions and cedent consolidation. A related market commentary cited U.S. catastrophe reinsurance rates for non-loss impacted accounts falling 15% to 20% during the June 1 renewals, and Marsh’s property-catastrophe rate on-line decrease accelerating to -16% at June 1 from -12% at January 1.

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