Subject: Re: AJG and BRO
Insurance broker Marsh McLennan (MMC.N), opens new tab reported a rise in third-quarter adjusted profit on Thursday, but flat operating margins and slowing growth in its risk and insurance business weighed on its shares, which fell about 8% in afternoon trading.

The slowdown was linked to further rate softening, an uneven economy and macro uncertainty weighing on demand from large clients - headwinds that could also weigh on the company's growth going into 2026, William Blair analysts said.

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