Citigroup analysts lowered its earnings estimates for insurancebrokers to reflect “persistent” weakness in the pricing forproperty-casualty insurance products, but two brokers with globalreach will continue to outperform their peers.

“Specifically, we view Aon and Willis as the only two brokersthat should be able to grow organic revenues, margins and earningsper share over the next three years,” the report said.

The two brokers, the report notes, will perform better becausetheir exposure to Asia will continue to provide growth despite theweak pricing environment and they have a larger percentage ofrecurring fee-based income revenue compared to the commission-basedrevenues regional brokers are more dependent on.

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