MEDIUMOutside partyCounterparty
limited number of Carriers
“10-K Item 1A: 'We derive a significant portion of our commission revenues from a limited number of Carriers'”
GSHD · Concentration risk · 10-K extracted
Goosehead Insurance (GSHD) concentration risks
Updated
The most significant concentration Goosehead Insurance discloses is limited number of Carriers, classified MEDIUM by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: Goosehead Insurance’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 1 disclosed concentration
HIGH0
MEDIUM1
LOW0
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-06-24The company's disclosed concentration profile is defined by a single moderate-share counterparty dependency: commission revenues are derived from a limited number of insurance carriers. As an independent insurance agency, the business earns its income by placing clients with third-party carriers and collecting commissions — a model that inherently depends on maintaining access to a working set of carrier relationships, with the most commercially significant carriers representing a disproportionate share of the commission revenue mix. The character of this exposure is one of dependency rather than a structural feature of end-market demand. If a major carrier were to change its commission rates, restrict the company's agent access, exit certain product lines or geographies, or be acquired in a way that altered its distribution strategy, the revenue contribution from that relationship could decline rapidly. Unlike a direct insurer that retains underwriting risk and premium volume internally, an agency's economics are entirely contingent on the willingness of third-party carriers to maintain favorable terms. No geographic, product-type, or individual-carrier names are disclosed beyond the characterization of limited carrier concentration. The moderate-share size band indicates the exposure is real and worth monitoring but does not approach a single-carrier dependency of the kind that would be existential. There are no compounding customer, supplier, or geographic disclosures in the profile. The disclosed risk is narrow and industry-typical for an insurance distribution platform at this stage, and the primary variable to watch is carrier relationship continuity and commission rate developments.
For the engine’s reasoning on GSHD’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Insurance Brokers
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| ARX | Accelerant Holdings | 0 | 2 | 0 | 2 |
| BWIN | The Baldwin Insurance Group, In | 0 | 1 | 1 | 2 |
| GSHD● | Goosehead Insurance, Inc. | 0 | 1 | 0 | 1 |
| BRO | Brown & Brown, Inc. | 0 | 0 | 1 | 1 |
| AJG | Arthur J. Gallagher & Co. | 0 | 0 | 0 | 0 |
| AON | Aon plc | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.