As the Q4 earnings season comes to a close, it’s time to take stock of this quarter’s best and worst performers in the insurance brokers industry, including Baldwin Insurance Group (NASDAQ: BWIN) and its peers.

The insurance brokerage industry, while influenced by insurance pricing cycles, benefits from durable secular tailwinds as rising risk complexity (climate, data privacy), regulatory scrutiny, and insurance pricing inflation. These increase demand for professional risk-management advice. Brokers operate models that rely on commissions and fees tied to premium volumes and growing contributions from recurring advisory, benefits, and compliance services. Scale is a key advantage, enabling better carrier access, stronger data and benchmarking, and efficient deployment of technology and compliance investments, which in turn supports ongoing industry consolidation. The headwinds are labor intensity and wage inflation for producers, regulatory complexity (this cuts both ways, as you can see), and execution risk when integrating new digital tools into legacy workflows.

The 5 insurance brokers stocks we track reported a slower Q4. As a group, revenues missed analysts’ consensus estimates by 1.1%.

Amidst this news, share prices of the companies have had a rough stretch. On average, they are down 5.9% since the latest earnings results.

Baldwin Insurance Group (NASDAQ: BWIN)

Rebranded from BRP Group in May 2024, Baldwin Insurance Group (NASDAQ: BWIN) is an independent insurance distribution company that provides tailored insurance, risk management, and employee benefits solutions to businesses and individuals.

Baldwin Insurance Group reported revenues of $347.3 million, up 5.3% year on year. This print fell short of analysts’ expectations by 1.4%. Overall, it was a slower quarter for the company with a slight miss of analysts’ revenue estimates and a miss of analysts’ organic revenue estimates.

"2025 was a year of significant progress for The Baldwin Group. We delivered our sixth consecutive year of top-of-industry organic growth, expanded margins, and grew adjusted diluted EPS by double digits," said Trevor Baldwin, CEO, The Baldwin Group

Baldwin Insurance Group delivered the slowest revenue growth of the whole group. Interestingly, the stock is up 7.2% since reporting and currently trades at $19.83.

Is now the time to buy Baldwin Insurance Group? Access our full analysis of the earnings results here, it’s free.

Best Q4: Marsh & McLennan (NYSE: MRSH)

With roots dating back to 1871 and a presence in over 130 countries, Marsh & McLennan (NYSE: MRSH) is a global professional services firm that helps organizations manage risk, strategy, and workforce challenges through its four specialized businesses.

Marsh & McLennan reported revenues of $6.60 billion, up 8.7% year on year, outperforming analysts’ expectations by 0.7%. The business had a strong quarter with a beat of analysts’ EPS estimates and a narrow beat of analysts’ organic revenue estimates.

Marsh & McLennan delivered the biggest analyst estimates beat among its peers. However, the results were likely priced into the stock as it’s traded sideways since reporting. Shares currently sit at $179.79.

Is now the time to buy Marsh & McLennan? Access our full analysis of the earnings results here, it’s free.

Weakest Q4: Ryan Specialty (NYSE: RYAN)

Founded in 2010 by insurance industry veteran Patrick Ryan, Ryan Specialty (NYSE: RYAN) is a wholesale insurance broker and underwriting manager that helps retail brokers place complex or hard-to-place risks with insurance carriers.

Ryan Specialty reported revenues of $751.2 million, up 13.2% year on year, falling short of analysts’ expectations by 2.6%. It was a disappointing quarter as it posted a significant miss of analysts’ revenue estimates and a significant miss of analysts’ EPS estimates.

Ryan Specialty delivered the weakest performance against analyst estimates in the group. As expected, the stock is down 15.4% since the results and currently trades at $37.56.

Read our full analysis of Ryan Specialty’s results here.

Brown & Brown (NYSE: BRO)

With roots dating back to 1939 and operations spanning 44 U.S. states and 14 countries, Brown & Brown (NYSE: BRO) is an insurance brokerage and risk management firm that markets and sells insurance products across property, casualty, and employee benefits sectors.

Brown & Brown reported revenues of $1.61 billion, up 35.7% year on year. This result lagged analysts' expectations by 2.2%. It was a softer quarter as it also recorded a significant miss of analysts’ revenue estimates and a significant miss of analysts’ organic revenue estimates.

Brown & Brown delivered the fastest revenue growth among its peers. The stock is down 10.7% since reporting and currently trades at $71.10.

Read our full, actionable report on Brown & Brown here, it’s free.

Arthur J. Gallagher (NYSE: AJG)

Founded in 1927 and operating in approximately 130 countries through direct operations and correspondent networks, Arthur J. Gallagher (NYSE: AJG) provides insurance brokerage, reinsurance, consulting, and third-party claims settlement services to businesses and individuals worldwide.

Arthur J. Gallagher reported revenues of $3.61 billion, up 34.8% year on year. This number was in line with analysts’ expectations. Taking a step back, it was a mixed quarter as its performance in some other areas of the business was disappointing.

The stock is down 11.8% since reporting and currently trades at $216.95.

Read our full, actionable report on Arthur J. Gallagher here, it’s free.

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