Marsh & McLennan (MMC) may see a slower organic growth setup in 2026 as the global property and casualty pricing environment softens and competition increases across its reinsurance brokerage operations, RBC Capital Markets said Monday in a report.

With consensus expectations of about 4% organic growth next year, RBC said it sees "elevated risk" of outlook in the low-mid single digits, reflecting industry commentary pointing to softer 1/1 renewals and increased underwriting competition.

The firm noted that Marsh's new three-year "Thrive" cost program should support further margin expansion even as top-line growth moderates. RBC also flagged that Street assumptions for Q4 share repurchases appear low relative to its own forecast.

RBC resumed coverage of Marsh & McLennan with a sector perform rating and a $200 price target.

Shares of Marsh & McLennan were up 1.24% in recent Tuesday trading.

Price: 181.58, Change: +1.99, Percent Change: +1.11