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Baldwin Insurance Group vs Hagerty: BWIN and HGTY compared
Baldwin Insurance Group is the larger company: $493M of revenue in its latest quarter (Q2 2026) against $354M for Hagerty (Q3 2026). Baldwin Insurance Group is growing faster (+30% against -10% a year earlier). Hagerty is more profitable, with an operating margin of 11.7% against -1.7%.
Where the money goes: BWIN and HGTY
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.
Hagerty (HGTY) · Q3 2026
Hagerty, Q3 2026: revenue $354M (-10% year over year), operating margin 11.7%, net earnings $10.2M, operating cash flow $94.0M. The chart follows the revenue to costs, profit and cash.
| Baldwin Insurance Group (BWIN) | Hagerty (HGTY) | |
|---|---|---|
| Latest quarter | Q2 2026 | Q3 2026 |
| Revenue | $493M | $354M |
| Revenue growth, Y/Y | +30% | -10% |
| Operating margin | -1.7% | 11.7% |
| Net earnings | −$56.0M | $10.2M |
| Net margin | -11.4% | 2.9% |
| Operating cash flow | $45.6M | $94.0M |
| Free cash flow | $30.4M | $86.4M |
| Market value | $3.0B | $6.2B |
| P/E | — | 103.7× |
| Analysts’ mean target | $32.42 | $16.00 |
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%)
Hagerty
- Insurance: $322M (91%)
- Marketplace: $32.6M (9%)
Questions
Which is bigger, Baldwin Insurance Group or Hagerty?
Baldwin Insurance Group is the larger company: $493M of revenue in its latest quarter (Q2 2026) against $354M for Hagerty (Q3 2026).
Is Baldwin Insurance Group or Hagerty growing faster?
Baldwin Insurance Group is growing faster (+30% against -10% a year earlier).
Which is more profitable, Baldwin Insurance Group or Hagerty?
Hagerty is more profitable, with an operating margin of 11.7% against -1.7%.
More: Baldwin Insurance Group earnings · how Baldwin Insurance Group makes money · Hagerty earnings · how Hagerty makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Jul 30, 2026; 10-Q filed Nov 3, 2026). Fiscal quarters can end on different dates. Not investment advice.