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Baldwin Insurance Group vs Accelerant: BWIN and ARX compared
Baldwin Insurance Group is the larger company: $493M of revenue in its latest quarter (Q2 2026) against $357M for Accelerant (Q2 2026). Accelerant is growing faster (+63% against +30% a year earlier). Accelerant is more profitable, with an operating margin of 24.5% against -1.7%.
Where the money goes: BWIN and ARX
Baldwin Insurance Group (BWIN) · Q2 2026
Baldwin Insurance Group, Q2 2026: revenue $493M (+30% year over year), operating margin -1.7%, net loss $56.0M, operating cash flow $45.6M. The chart follows the revenue to costs, profit and cash.
Accelerant (ARX) · Q2 2026
Accelerant, Q2 2026: revenue $357M (+63% year over year), operating margin 24.5%, net earnings $78.7M, operating cash flow −$68.6M. The chart follows the revenue to costs, profit and cash.
| Baldwin Insurance Group (BWIN) | Accelerant (ARX) | |
|---|---|---|
| Latest quarter | Q2 2026 | Q2 2026 |
| Revenue | $493M | $357M |
| Revenue growth, Y/Y | +30% | +63% |
| Operating margin | -1.7% | 24.5% |
| Net earnings | −$56.0M | $78.7M |
| Net margin | -11.4% | 22.1% |
| Operating cash flow | $45.6M | −$68.6M |
| Free cash flow | $30.4M | — |
| Market value | $3.0B | $4.4B |
| Analysts’ mean target | $32.42 | $20.25 |
Where the revenue comes from
Baldwin Insurance Group
- Commissions revenue: $373M (76%)
- Consulting and service fee revenue: $44.9M (9%)
- Profit-sharing revenue: $29.5M (6%)
- Policy fee and installment fee revenue: $21.2M (4%)
Questions
Which is bigger, Baldwin Insurance Group or Accelerant?
Baldwin Insurance Group is the larger company: $493M of revenue in its latest quarter (Q2 2026) against $357M for Accelerant (Q2 2026).
Is Baldwin Insurance Group or Accelerant growing faster?
Accelerant is growing faster (+63% against +30% a year earlier).
Which is more profitable, Baldwin Insurance Group or Accelerant?
Accelerant is more profitable, with an operating margin of 24.5% against -1.7%.
More: Baldwin Insurance Group earnings · how Baldwin Insurance Group makes money · Accelerant earnings · how Accelerant makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Jul 30, 2026; 10-Q filed Aug 13, 2026). Fiscal quarters can end on different dates. Not investment advice.