Top 11 Insurance Broker Stocks, Ranked by Marvin Scores
Brown & Brown, Marsh & McLennan and Arthur J. Gallagher lead Marvin's ranking of 11 insurance broker stocks. The ranking uses Overall scores that compare each company with others in the Insurance - Brokers industry.
Insurance brokers help people and businesses find and buy insurance. They usually earn commissions or fees for arranging coverage instead of paying the claims themselves. This guide lists 11 broker stocks that Marvin's rules selected, with the highest Overall score first, as of 2026-10-31.
The list mixes large, steady firms with smaller and younger ones. Some have strong profit margins and low debt. Others are growing fast but still lose money. Reading the figures for each company shows these differences.
Marvin's scores describe how a company compares with its industry peers today. They are not predictions or advice. Some figures, such as free cash flow, are missing for every company here, so treat each blurb as a starting point for your own research.
The list
How Marvin ranked these stocks
Marvin included companies above about $300 million in size and ranked them by Marvin scores (0-100) inside the Insurance - Brokers industry, with the highest Overall score first. The scores are relative to each company's own industry, so a high score means a company looks strong compared with other brokers, not compared with every stock in the market.
Companies above about $300 million in size, ranked by Marvin scores (0-100, relative to each company's own industry). The Insurance - Brokers industry, highest Overall score first.
The stocks, one by one
Brown & Brown, Inc. BRO
Brown & Brown has the top Overall score at 93. Revenue grew 22.8% last fiscal year, and its operating margin is 22.8%, which points to solid growth and profitability. Caution: return on equity is a modest 9.6%.
Marsh & McLennan Companies, Inc. MRSH
Marsh & McLennan scores 86 Overall. Its operating margin of 21.4% and return on equity of 27.1% suggest efficient, profitable operations. Caution: debt-to-equity is 1.61, higher than several peers here, and growth of 10.3% is more moderate.
Arthur J. Gallagher & Co. AJG
Arthur J. Gallagher has a Quality score of 87, with revenue growth of 20.7%. Debt-to-equity is 0.66, a fairly modest level. Caution: its operating margin of 12.6% and return on equity of 6.6% are lower than several peers.
CorVel Corporation CRVL
CorVel has the highest Quality score on the list at 93, plus a return on equity of 28.2% and growth of 7.0%. Caution: its Opportunity score is only 13, and operating margin and debt figures are not available.
Ryan Specialty Holdings, Inc. RYAN
Ryan Specialty grew revenue 21.3% and earns an operating margin of 14.8%, a healthy pace and profitability. Return on equity is 19.4%. Caution: debt-to-equity of 7.47 is the highest here, so debt is a notable risk.
TWFG, Inc. Common Stock TWFG
TWFG grew revenue 22.0% with an operating margin of 18.3%. Debt-to-equity is a low 0.17, and return on equity is a very high 120.6%. Caution: its Opportunity score is just 33, below most peers.
Neptune Insurance Holdings Inc. NP
Neptune Insurance grew revenue 33.7% and has an operating margin of 40.7%, the highest on this list, so it is both fast-growing and very profitable. Caution: return on equity and debt figures are missing, and its Overall score is a middling 53.
Goosehead Insurance, Inc GSHD
Goosehead Insurance has an operating margin of 23.3% and revenue growth of 16.2%, a good mix of profit and expansion. Caution: its Opportunity score is only 6, and return on equity and debt figures are not available.
Crawford & Company CRD-A
Crawford & Company has a gross margin of 27.8% and return on equity of 12.6%, both reasonable. Debt-to-equity is 1.45. Caution: revenue changed by -2.2% last fiscal year, meaning it shrank, and its Quality score is only 40.
The Baldwin Insurance Group, Inc. BWIN
Baldwin Insurance Group has a high Opportunity score of 92 and revenue growth of 8.3%. Caution: its operating margin is -15.8% and return on equity is -9.2%, so it is losing money, and its Quality score is just 32.
Ethos Technologies Inc. LIFE
Ethos Technologies grew revenue 52.0%, the fastest on the list, with a gross margin of 98.1%. Caution: its operating margin is -17.7% and return on equity is -22.4%, so it is not yet profitable, and its Overall score is 26.
Common questions
What does an insurance broker stock do?
Insurance brokers connect customers with insurance companies and advise them on coverage. They mostly earn commissions and fees, rather than taking on the risk of paying claims themselves. Their revenue depends on how many policies they place and the fees they earn on them.
Why do some brokers on this list have negative margins?
Baldwin Insurance Group and Ethos Technologies have negative operating margins and returns on equity, meaning their costs currently exceed their revenue. Fast-growing or younger companies often spend heavily to expand. This is a risk factor to weigh, and it lowers their Quality scores.
How should I read Marvin's scores?
Marvin scores run from 0 to 100 and compare a company with others in the same industry today. Overall is the main ranking score. Quality looks at the strength of the business, and Opportunity is a separate measure. A high score does not predict future results.
Keep reading
- Top 20 Insurance Stocks Ranked by Marvin Scores
- Top 20 Stocks for Beginners: Large, Profitable, Low-Debt
- Top 12 Packaging & Containers Stocks
- Top 10 Conglomerates Stocks Ranked by Marvin Score
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Marvin's scores (0-100) compare each company with others in its industry today. Growth and margin figures come from SEC filings. This is general information, not personal investment advice or a recommendation to buy or sell anything. Do your own research.