Key Highlights

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

What Were the Third Quarter 2026 Results for Brokers and Specialty Carriers?

Five insurance companies released 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 report is the only one in the group with a guidance raise.

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

Gallagher said adjusted EBITDAC grew 25% to $1,253 million, marking its 26th straight quarter of double-digit growth. Combined Brokerage and Risk Management revenue rose 18%, with organic growth at 5%. Reported net Earnings came in at $406 million, up from $273 million, while adjusted net earnings were $782 million against $604 million.

According to the release, third quarter 2025 Brokerage results contained roughly $76 million of extra interest income, about 22 cents per share after tax, so the prior-year comparison is tougher. The quarter's adjustments covered $212 million of intangible amortization in Brokerage and $77 million of Acquisition integration costs.

Ryan Specialty: What Lifted Net Income 40.6% on Revenue Growth of 4.7%?

Ryan Specialty places hard-to-place risks, mostly within the excess and surplus lines market. Total revenue increased to $790.0 million from $754.6 million, while organic revenue growth came in at 4.0%, compared with 15.0% a year earlier. Net income climbed to $88.0 million from $62.6 million, aided by a 9.0% drop in general and administrative expense to $107.0 million and by an income tax expense of $8.1 million, versus a $2.8 million benefit a year ago.

Adjusted EBITDAC increased 3.8% to $244.4 million, a 30.9% margin, and adjusted diluted EPS was $0.51 against $0.47. Over nine months the company bought back $450.3 million of Class A stock, while it had repurchased none a year earlier.

Markel Group: What Pushed Adjusted Operating Income to $707.4 Million?

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

Industrial revenues grew to $1.18 billion from $1.05 billion, and Industrial adjusted operating income reached $131.1 million, up from $101.3 million. The Global Reinsurance division, which is now in run-off, posted underwriting losses of $54.3 million. Over nine months, Markel bought back $685.3 million of its common stock.

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

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

Catastrophe losses, including prior year development, totaled $53.9 million, and $47.1 million of that related to unfavorable Ukraine conflict development. Operating income reached $179.9 million, which equates to an annualized operating return on average Equity of 24.9%.

CNO Financial Group: What Was Inside the Raised Guidance?

CNO lifted its 2026 operating EPS guidance to $5.05 to $5.15, which puts the midpoint 9% higher. The guidance assumes an effective tax rate near 20.5% and free Cash Flow of $220 million to $240 million. Operating EPS was $1.90 against $1.29, and significant items from the actuarial review contributed $0.48 per share.

Total revenues came to $1.086 billion, compared with $1.189 billion. CNO bought back 1.1 million shares for $60.0 million and still has authority to repurchase another $240.4 million.

How Do Brokers and Carriers Stack Up on Growth and Margin?

The figures below are calculated from the 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).

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

What to Watch Next: Savings, Protection Covers and Targets

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

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