Willis Towers Watson’s first-quarter results point to steady but modest growth in the core broking and advisory business that is most relevant to Bermuda’s re/insurance sector.

Organic revenue growth was relatively muted at 3 per cent overall, with risk and broking — the segment most closely tied to Bermuda — growing just 2 per cent organically.

Executives said it reflects what the global market already knows — that there is more competition, much capacity and continued pricing pressure.

Despite that softer top-line growth, WTW’s results point to profitability and discipline in the brokerage division that supports Bermuda carriers.

Revenue rose 8 per cent to $2.4 billion, while net income jumped 27 per cent and diluted earnings per share surged 33 per cent, helped by efficiency gains and margin expansion.

The risk and broking division itself posted revenue growth of 9 per cent (2 per cent organic) and improved margins, supported by strong client retention and new business globally.

Brokers like WTW play a central role in placing large reinsurance risks into the island’s market. Retention and new business flow suggest Bermuda is still benefiting from solid deal activity, despite pricing pressures.

In its results, WTW also touted its ongoing investment in artificial intelligence, data and innovation, alongside acquisitions like Newfront, which will feed into both its broking and advisory platforms.