TD Cowen Says AI Enhances Brokerage Role

TD Cowen published a new analyst report in early 2026 asserting AI will augment rather than displace insurance brokers, especially in complex commercial and reinsurance distribution. The analysts cite a ~4% decline in global commercial P&C pricing in Q4 2025, mid-single-digit organic revenue growth, and a ~9% sector share-price drop tied to personal-insurance AI tools. They model roughly a 19% average upside across broker stocks under their cash-flow assumptions.