How does the 11% YoY revenue increase compare to the performance of key competitors in the insurance distribution space?
Answer Overview
The Baldwin Group (NASDAQ: BWIN) reported that its total revenue for the second quarter of 2025 rose 11 % year‑over‑year (YoY) to $378.8 million, driven by the same 11 % organic revenue growth rate. This represents solid top‑line momentum for the company.
However, the press release you provided does not include any information about the performance of key competitors in the insurance‑distribution market. Consequently, it isn’t possible to make a direct, data‑driven comparison between Baldwin’s 11 % revenue growth and the growth rates or financial results of other firms that operate in the same space (e.g., AON, Willis Towers Watson, Marsh & McLennan, BB&T (now Truist), or other specialty insurers and distribution platforms).
Below is a structured explanation of what can be concluded from the available information, followed by suggestions on how you can obtain comparable competitor data and what metrics you typically want to examine.
1. What the Baldwin Group’s 11 % YoY Revenue Increase Means
| Metric | Value (Q2 2025) | YoY Change |
|---|---|---|
| Total Revenue | $378.8 M | +11 % |
| Organic Revenue Growth | – | +11 % |
Drivers: While the press release does not detail the revenue drivers, an 11 % YoY increase in both total and organic revenue usually indicates that both premium volumes and average pricing have risen, and that the company successfully captured market share or benefited from favorable pricing/market conditions.
Financial Health Implications: A double‑digit revenue growth rate places Baldwin in a growth trajectory that is generally above the pace of the broader US insurance sector, which historically has seen single‑digit to low‑double‑digit growth rates in a relatively flat market environment.
2. Why a Direct Comparison to Competitors Is Not Possible with the Current Data
| Required Comparison Element | Available in the Baldwin Press Release? | Reason for limitation |
|---|---|---|
| Competitor revenue growth percentages (YoY) for Q2 2025 | No | The release only includes Baldwin’s own results. |
| Key financial metrics (e.g., net income, margin, EPS) | Partially ( GAAP net ... is truncated ) | Not enough detail for a comprehensive comparison. |
| Market share or volume figures | No | Required to assess whether the 11 % reflects organic market share gain. |
| Competitive set definition | No | No mention of peer group, making benchmarking ambiguous. |
Because the press release contains only Baldwin’s numbers, the best we can do is outline what information would be required to conduct a proper comparison, and then point you toward sources where you can obtain that data.
3. How to Obtain Comparable Competitor Data
To compare Baldwin’s 11 % YoY revenue increase against peers, you will need to collect the same metric (quarter‑over‑quarter or year‑over‑year revenue) for the key competitors you want to benchmark against. Below are the standard steps and data sources:
| Source | What You’ll Get | How to Access |
|---|---|---|
| SEC Form 10‑Q / 10‑K filings for each competitor (e.g., AON (AON), Marsh & McLennan (MMC), Alliant Insurance Services, etc.) | Detailed revenue, segment breakdown, and Yo‑Y growth calculations. | SEC’s EDGAR database. |
| ** earnings press releases** (usually posted on each company’s Investor Relations website | Revenue, net income, EPS, commentary on growth drivers. | Company websites; business‑wire or other news distributors. |
| Industry reports (e.g., A.M. Best, S&P Global Market Intelligence, McKinsey or Deloitte “Insurance Distribution” sector analysis) | Benchmarks, market‑share snapshots, consensus growth rates for the sector. | Subscription services or free excerpt sections. |
| Analyst research (e.g., Bloomberg, Thomson Reuters, FactSet) | Consensus estimates, relative performance metrics, and sometimes a “peer set”. | Bloomberg terminal, FactSet, or brokerage research portals. |
| Aggregated market data (e.g., NAIC, U.S. Department of Commerce) | Aggregate premium and revenue trends across the insurance distributor market. | NAIC annual statements. |
When pulling data for the *same quarter** (Q2 2025), make sure you compare like‑for‑like periods (i.e., results for the quarter ending June 30, 2025). Adjust for any quarter‑specific seasonality if relevant (e.g., seasonal spikes in certain lines like auto or property).*
4. Typical Metrics to Evaluate in a competitor comparison
| Metric | Why It Matters |
|---|---|
| Revenue YoY% | Direct growth comparison. |
| Revenue per employee / per broker | Efficiency and scale. |
| Net Income Margin (Net Income / Revenue) | Profitability of growth. |
| Combined Ratio (if the company is a carrier) | Underlying underwriting profitability. |
| Expense Ratio | Cost structure — indicates how efficiently the company runs its distribution network. |
| New Business Premium (NBP) growth | Future revenue pipeline. |
| Retention & Renewal Rates | Quality of the client base. |
| Geographic/Segmental mix | Different segments may have varying growth rates (e.g., personal lines vs. commercial). |
| Organic vs. acquired growth | Quality of growth (organic is generally more sustainable). |
5. A Template Comparison (once you have competitor data)
Below is a sample format you can use once you obtain the figures. Replace the placeholders with actual numbers:
| Company | Q2 2025 Revenue (US$ M) | YoY Revenue Change | Comment on Growth Driver |
|---|---|---|---|
| The Baldwin Group (BWIN) | 378.8 | +11 % | 11 % organic growth suggests strong market adoption of its tailored solutions. |
| AON (AON) | 2,900 | +5 % | Growth from acquisition of a niche broker network. |
| Marsh & McLennan (MMC) | 7,400 | +8 % | Driven by commercial lines pricing; moderate organic growth. |
| Alliant (ALLIANT) | 1,200 | +3 % | Slower growth; focus on cost improvement. |
| XYZ Insurance Distribution | 450 | +12 % (if available) | Aggressive expansion in digital distribution. |
These numbers are illustrative only; replace them with actual figures.
6. Bottom‑Line Takeaway
- Baldwin’s 11 % YoY revenue increase is a strong growth result for an insurance distribution firm in an industry that frequently sees single‑digit growth.
- Without competitor data from the same period, no definitive ranking or performance assessment relative to peers can be made just from the information provided.
Recommendation: Gather the Q2 2025 revenue data (and related financial metrics) from the SEC filings and earnings releases of the principal competitors you are interested in. Then place those numbers into a comparative table (like the one above) to see whether Baldwin’s 11 % growth is above, near, or below the industry peers’ growth rates for the same quarter. This will give you a clear, data‑backed answer to the original question.