Aon reinsurance growth accelerated to 7% on an organic revenue basis in the third quarter of 2026, as Deputy CEO Andy Marcell pointed to risk capital services and diversification as drivers of the business.

Aon reinsurance growth and quarterly results

Organic revenue growth at Reinsurance Solutions rose from 4% in the first quarter of 2026 to 5% in the second and 7% in the third. The measure is non-GAAP.

In its third-quarter results, Aon said the latest quarter benefited from strong treaty placements, driven by new business and client retention, as well as a favorable reversal of a constraint applied to prior-period revenue. The company said the net market impact was unfavorable.

Reinsurance Solutions revenue was $572 million, compared with $537 million in the third quarter of 2025. Across Aon, total revenue rose 3% to $4.101 billion, while organic revenue growth was 6%.

Diversification beyond reinsurance transactions

On the earnings call, Marcell highlighted international double-digit growth in Aon’s facultative reinsurance platform, developed in partnership with its Commercial Risk business. He also cited work with insurers and alternative capital providers on digital infrastructure.

Marcell said the company had won new treaty business, particularly involving managing general agents. He also pointed to capital advisory, Lloyd’s capital formations, sidecars and catastrophe bonds as parts of its diversification strategy.

Beyond transactions, Aon has expanded its strategy and technology work, including analytics and actuarial advice for property and casualty insurers and life advisory services using its PathWise tool, Marcell said.

Management’s view through the cycle

An analyst asked management how reinsurance growth might develop in 2027 given expectations of further softening at renewals. Marcell acknowledged that the market was soft but said diversification positioned the business for mid-single-digit growth or better through the cycle. That was his longer-term view, not a reported result or a specific 2027 forecast.

Update — 2026-10-28

Aon’s third-quarter operating income fell 1% to $809 million from $816 million a year earlier, according to Aon’s third-quarter results. Operating margin declined to 19.7% from 20.4%, a decrease of 70 basis points. Net income attributable to Aon shareholders rose 4% to $476 million from $458 million.

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