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Insurance brokerage

The 27 companies in this industry listed on the NYSE and Nasdaq are worth $315 bn combined; the largest are Marsh & McLennan (MRSH), Arthur J. Gallagher (AJG) and Aon plc (AON). For each one: what it does, revenue, margin, free cash flow over the last five years and a score from 0 to 10.

Data as of October 2026

Open contest
27 companies value 315 bn revenue 97 bn margin — free cash flow — avg. score 3.8
MRSH holds 28.5% of the group's value, 1.4x the runner-up
Rank Ticker Company Share Value Revenue Margin FCF 5 years FCF/px Yield What it does · why it is here
1 MRSH Marsh & McLennan
United States · score 6.3
 28% 90 bn 28 bn 14.2% 4.2 bn 4.6% 2.0% Risk brokerage, reinsurance and consulting · World's largest insurance broker and risk consultancy
2 AJG Arthur J. Gallagher
United States · score 5.1
 21% 65 bn 16 bn 10.0% 2.3 bn 3.5% 1.1% Insurance brokerage and benefits consulting · Consolidator of the brokerage market, growing through acquisitions
3 AON Aon plc
Ireland/United States · score 6.3
 20% 62 bn 18 bn 22.3% 3.3 bn 5.3% 1.1% Risk and insurance brokerage and human capital consulting · 2nd largest; asset-light model with no underwriting risk
4 WTW Willis Towers Watson
United Kingdom · score 6.0
 9% 29 bn 10 bn 15.5% 1.7 bn 5.8% 1.2% Insurance brokerage, reinsurance and benefits consulting · World's 3rd largest insurance broker and actuarial consultancy
5 BRO Brown & Brown
United States · score 5.5
 7% 23 bn 6.8 bn 17.7% 1.4 bn 6.2% 0.9% Insurance brokerage · Broker with the highest operating margin in the sector
6 ERIE ERIE INDEMNITY CO
United States · score 6.5
 4% 11 bn 4.1 bn 14.0% 0.6 bn 4.9% 2.4% Management services for the Erie Insurance Exchange, since 1925 · Pennsylvania — revenue of $4.1bn
7 RYAN RYAN SPECIALTY HOLDINGS, INC.
United States · score 4.3
 3% 10 bn 3.2 bn 3.1% 0.6 bn 5.3% 0.6% Wholesale insurance brokerage and delegated underwriting · Illinois — revenue of $3.2bn
8 BWIN Baldwin Insurance Group, Inc.
United States · score 0.9
 1% 4.4 bn 1.7 bn -4.7% 0.0 bn 1.0% — Insurance brokerage holding company · Florida — revenue of $1.7bn
9 ARX Accelerant Holdings
Cayman Islands · score 1.7
 1% 4.3 bn 1.1 bn -112.6% 0.1 bn 1.1% 0.1% Risk exchange connecting specialty insurers with investors · Cayman Islands — revenue of $1.1bn
10 CRVL CORVEL CORP
United States · score 5.6
 1% 4.0 bn 1.0 bn 11.7% 0.1 bn 2.8% — Medical cost containment for workers' comp and insurance · Oregon — revenue of $984m
11 NP Neptune Insurance Holdings Inc.
United States · score 3.9
 1% 4.0 bn 0.2 bn 21.5% 0.1 bn 1.8% — Flood insurance for homes and businesses · Florida — revenue of $182m
12 LIFE Ethos Technologies Inc.
United States · score 2.4
 1% 2.5 bn 0.6 bn -18.1% 0.1 bn 3.1% — Life insurance sold direct to consumers through a digital platform · Texas — revenue of $587m
13 GSHD Goosehead Insurance, Inc.
United States · score 4.0
 1% 1.6 bn 0.4 bn 8.8% 0.1 bn 4.9% — Independent personal lines insurance agency · Texas — revenue of $402m
14 TWFG TWFG, Inc.
United States · score 5.5
 0% 1.4 bn 0.3 bn 18.9% 0.1 bn 4.3% — Network of insurance agencies with technology and carrier access · Texas — revenue of $295m
15 CRD-A CRAWFORD & CO
United States · score 5.7
 0% 0.6 bn 1.3 bn 1.8% 0.1 bn 16.2% 2.5% Claims adjusting and risk management for insurers · Georgia — revenue of $1.3bn
16 AIFU AIFU Inc.
China · score 0.4
 0% 0.6 bn 0.1 bn -408.8% 0.0 bn -0.4% — Insurance distribution through advisors and a digital platform, in China · China — revenue of $80m
17 YB Yuanbao Inc.
China · score 7.0
 0% 0.5 bn 0.7 bn 29.9% 0.2 bn 41.3% — Digital insurance brokerage in China · China — revenue of $655m
18 WDH Waterdrop Inc.
China · score 7.5
 0% 0.4 bn 0.6 bn 14.2% 0.0 bn 8.4% 5.1% Insurance platform with third-party customer acquisition · China — revenue of $569m
19 XHG XChange TEC.INC
China · score 0.0
 0% 0.2 bn 0.1 bn -25.7% 0.0 bn -1.1% — Insurance brokerage and digital services in China · China — revenue of $56m
20 SLQT SelectQuote, Inc.
United States · score 5.6
 0% 0.1 bn 1.6 bn 3.8% 0.0 bn 49.3% — Direct-to-consumer distribution of insurance and healthcare services · Kansas — revenue of $1.6bn
21 RDZN Roadzen Inc.
United States · score 0.0
 0% 0.1 bn 0.1 bn -46.9% -0.0 bn -27.9% — Auto insurance insurtech powered by AI · California — revenue of $60m
22 EHTH eHealth, Inc.
United States · score 4.1
 0% 0.0 bn 0.5 bn 5.4% -0.0 bn -171.9% — Marketplace for Medicare plans and health insurance · Indiana — revenue of $502m
23 HUIZ Huize Holding Ltd
China · score 4.5
 0% 0.0 bn 0.2 bn 0.3% 0.0 bn 6.9% — Digital insurance brokerage in China · China — revenue of $226m
24 HIT Health In Tech, Inc.
United States · score 1.0
 0% 0.0 bn 0.0 bn -12.0% -0.0 bn -12.3% — AI-powered insurance technology platform · Florida — revenue of $33m
25 CCG Cheche Group Inc.
China · score 1.2
 — — 0.4 bn -1.4% -0.0 bn — — Digital auto insurance brokerage in China · China — revenue of $381m
26 ZBAO Zhibao Technology Inc.
China · score 1.0
 — — 0.1 bn -17.7% -0.0 bn — — Digital insurance brokerage in China · China — revenue of $48m
27 EZRA Reliance Global Group, Inc.
United States · score 1.1
 — — 0.0 bn -54.3% 0.0 bn — — Insurance brokerage with a digital platform · New Jersey — revenue of $11m

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What this is. A catalogue, not a guide. Every industry with stocks listed on the NYSE or NASDAQ, the companies contending for its leadership, what each one does according to its own annual report, and the balance sheet it filed with the SEC.

The score runs from 0 to 10 and compares each company with every other one in the almanac on cash generation, profitability, debt, dividends and consistency over the last five years. The higher it is, the better the company fares in that comparison. Curious how much each part weighs? Ask at the bottom of the page.

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