Revenue +30% on Accession close; organic growth stalls at -0.7% as $500M buyback executed

Filed July 27, 2026 · Period ending June 30, 2026 · Compared to 10-Q Jul 28, 2025 · ~2 min read

Key Changes

• high

  Total revenue grew 30.4% to $1.7B, driven entirely by the Accession acquisition (closed Aug 2025); underlying Organic Revenue declined 0.7% in Q2 vs +3.6% prior year, reflecting slowing rate increases and a $18M litigation-related revenue headwind.

  MD&A: Revenue & Organic Growth verify on EDGAR →
• high

  Company executed $500M in share repurchases ($250M ASR in Q1, $250M open-market in Q2), acquiring 7.85M shares and reducing count from 336M to 330M; $900M authorization remains.

  MD&A: Capital Allocation verify on EDGAR →
• high

  Contingent commissions surged $40M (+89%) in Q2, driven by improved carrier underwriting results, premium volume growth, and the enhanced carrier engagement model; now 4.4% of total revenue vs 3.6% three-year average.

  MD&A: Contingents verify on EDGAR →