Wrapping up Q1 earnings, we look at the numbers and key takeaways for the insurance brokers stocks, including Marsh (NYSE: MRSH) 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 Q1. As a group, revenues beat analysts’ consensus estimates by 1.7%.

Luckily, insurance brokers stocks have performed well with share prices up 15.9% on average since the latest earnings results.

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 $7.60 billion, up 7.6% year on year. This print exceeded analysts’ expectations by 2.9%. Overall, it was a strong quarter for the company with a narrow beat of analysts’ organic revenue and EPS estimates.

John Doyle, President and CEO, said: "We had a solid start to the year, and I am pleased with our execution in a dynamic and challenging environment. For the quarter, we generated 8% overall revenue growth, 4% underlying revenue growth, 8% adjusted operating income growth, and 8% adjusted EPS growth."

Marsh delivered the slowest revenue growth of the whole group. Interestingly, the stock is up 3.8% since reporting and currently trades at $181.58.

We think Marsh is a good business, but is it a buy today? Read our full report here, it’s free.

Best Q1: 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 $795.2 million, up 15.2% year on year, outperforming analysts’ expectations by 2.1%. The business had a very strong quarter with a beat of analysts’ EPS estimates.

The market seems happy with the results as the stock is up 20.1% since reporting. It currently trades at $41.77.

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

Weakest Q1: 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 $1.90 billion, up 35.4% year on year, in line with analysts’ expectations. It was a slower quarter as it posted a significant miss of analysts’ organic revenue estimates.

Interestingly, the stock is up 4.6% since the results and currently trades at $69.19.

Read our full analysis of Brown & Brown’s results here.

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 $4.75 billion, up 27.7% year on year. This result met analysts’ expectations. However, it was a mixed quarter as its performance in some other areas of the business was disappointing.

Arthur J. Gallagher had the weakest performance against analyst estimates among its peers. The stock is up 26.6% since reporting and currently trades at $261.28.

Read our full, actionable report on Arthur J. Gallagher 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 $532.2 million, up 28.7% year on year. This print beat analysts’ expectations by 3.2%. Aside from that, it was a satisfactory quarter as it also logged EPS in line with analysts’ estimates but a slight miss of analysts’ organic revenue estimates.

Baldwin Insurance Group scored the biggest analyst estimate beat in the group. The stock is up 24.3% since reporting and currently trades at $27.31.

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 Top 5 Quality Compounder Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate.