Looking back on insurance brokers stocks’ Q2 earnings, we examine this quarter’s best and worst performers, including Brown & Brown (NYSE: BRO) 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 satisfactory Q2. As a group, revenues beat analysts’ consensus estimates by 0.8%.
In light of this news, share prices of the companies have held steady as they are up 2.1% on average since the latest earnings results.
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 $1.68 billion, up 30.4% year on year. This print fell short of analysts’ expectations by 2.5%. Overall, it was a softer quarter for the company with EPS in line with analysts’ estimates.
Brown & Brown scored the fastest revenue growth but had the weakest performance against analyst estimates among its peers. Unsurprisingly, the stock is up 2.7% since reporting and currently trades at $71.60.
Is now the time to buy Brown & Brown? Access our full analysis of the earnings results here, it’s free.
Best Q2: 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 $916.6 million, up 7.2% year on year, outperforming analysts’ expectations by 5.3%. The business had an incredible quarter with a beat of analysts’ EPS estimates.
Ryan Specialty scored the biggest analyst estimate beat of the whole group. Although it had a fine quarter compared to its peers, the market seems unhappy with the results as the stock is down 4.5% since reporting. It currently trades at $42.13.
Is now the time to buy Ryan Specialty? Access our full analysis of the earnings results 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 $4.00 billion, up 24.3% year on year, falling short of analysts’ expectations by 0.5%. It was a mixed quarter as it posted a narrow beat of analysts’ EPS estimates.
The stock is flat since the results and currently trades at $254.50.
Read our full analysis of Arthur J. Gallagher’s results here.
Marsh (NYSE: MRSH)
With roots dating back to 1871 and a presence in over 130 countries, Marsh (NYSE: MRSH) is a global professional services firm that helps organizations manage risk, strategy, and workforce challenges through its four specialized businesses.
Marsh reported revenues of $7.40 billion, up 6.2% year on year. This print beat analysts’ expectations by 1.8%. Overall, it was a strong quarter as it also logged a solid beat of analysts’ organic revenue estimates and a beat of analysts’ EPS estimates.
Marsh had the slowest revenue growth in the group. The stock is up 5% since reporting and currently trades at $191.27.
Read our full, actionable report on Marsh here, it’s free.
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 $492.9 million, up 30.1% year on year. This number met analysts’ expectations. Taking a step back, it was a mixed quarter as it also recorded EPS in line with analysts’ estimates but a miss of analysts’ organic revenue estimates.
The stock is up 8% since reporting and currently trades at $28.83.
Read our full, actionable report on Baldwin Insurance Group here, it’s free.
Market Update
Over the past year, investors have been forced to repeatedly answer the same question: what is the market’s biggest risk? The answer has changed several times, and each shift has reshaped market leadership.
Late in 2025 and early 2026, artificial intelligence became the market’s primary uncertainty. Investors questioned whether AI would erode software pricing power and weaken competitive moats as AI made it easier to replicate once-differentiated products.
By the spring, technology took a back seat to geopolitics. The U.S. conflict with Iran briefly became the market’s dominant narrative, raising concerns about oil prices, inflation, and global growth. But as energy markets remained orderly and fears of a prolonged supply disruption faded, investors quickly turned their focus back to fundamentals.
Want to invest in winners with rock-solid fundamentals? Check out our Hidden Gem Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate.
