Baldwin Insurance Group, Inc. (BWIN)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$1.7B

Revenue growth

18.9%

Net income, last twelve months

-$81.2M

Earnings per share

-$1.04

Operating margin

-6.9%

Net margin

-4.7%

Return on equity

-9.2%

Market value

$3.0B

Cash

$184.5M

Debt

$1.6B

Debt to equity

2.67

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the third quarter 2026 results, filed 27 October 2026.

• Revenue rose 31% year over year. Total revenue was $480.3 million, up from $365.4 million in the prior-year quarter. Organic revenue growth was 6% for the quarter.
• Net loss widened to $81.6 million. The GAAP net loss was $81.6 million, a net loss margin of 17%. The prior-year quarter showed a net loss of $30.2 million.
• Adjusted EBITDA rose 47%. Adjusted EBITDA was $106.9 million, up from $72.5 million in the prior-year quarter, a non-GAAP measure.
• Nine-month results against prior year. For the nine months, revenue was $1,505.4 million against $1,157.6 million, and the net loss was $139.5 million against $10.5 million. Adjusted EBITDA was $360.8 million.
• Organic revenue grew 6%. Organic revenue was $383.8 million for the quarter against $350.1 million a year earlier. Nine-month organic revenue growth was 3%. The prior-year base was adjusted for divestitures.
• Partnership commissions excluded from organic. Partnership commissions and fees of $91.7 million were excluded from organic revenue in the quarter, against $12.2 million a year earlier.
• Amortization rose to $56.4 million. Amortization expense was $56.4 million in the quarter, against $30.4 million a year earlier. Nine-month amortization was $167.5 million against $82.3 million.
• Go-private costs recorded this quarter. Go-private costs of $21.0 million were added back to adjusted EBITDA in the quarter. No such costs appear in the prior-year quarter.
• Contingent consideration charge increased. The change in fair value of contingent consideration was $17.6 million in the quarter, against $2.0 million a year earlier.
• Interest expense rose to $43.6 million. Net interest expense was $43.6 million in the quarter, against $32.0 million a year earlier. Nine-month net interest expense was $129.0 million.
• Catalyst Program transformation costs. Transformation costs of $2.9 million in the quarter relate to the $3B/30 Catalyst Program, which the company describes as aimed at automation, process optimization and artificial intelligence.
• Adjusted EBITDA margin expanded 240 basis points. Adjusted EBITDA margin was 22.2%, compared with 19.8% in the prior-year quarter.
• Operating cash flow of $54.2 million. Net cash provided by operating activities was $54.2 million in the quarter, against $41.0 million in the prior-year quarter.
• Adjusted free cash flow up 33%. Adjusted free cash flow was $55.6 million, up 33% year over year. Nine-month adjusted free cash flow was $101.8 million against $76.3 million.

Revenue by segment

As the company reports it in the segment note of its annual report.

By business, FY2025

By product, FY2025

Company events

The newest 8-K filings of 85 held.

Every filing

The newest filings with the SEC of 217 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Trades by members of the House

From each member's periodic transaction report.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

253 funds held it at 30 Jun 2026: 97 added and 76 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Marsh & McLennan Companies, Inc. (MRSH): revenue $28.5B, market value $91.4B
• Aon plc (AON): revenue $17.7B, market value $67.0B
• Arthur J. Gallagher & Co. (AJG): revenue $15.8B, market value $66.8B
• Willis Towers Watson plc (WTW): revenue $10.1B, market value $29.9B
• Brown & Brown, Inc. (BRO): revenue $6.9B, market value $21.5B
• Equitable Holdings, Inc. (EQH): revenue $10.6B, market value $14.9B
• Erie Indemnity Co. (ERIE): revenue $4.1B, market value $12.9B
• Enact Holdings, Inc. (ACT): revenue $1.3B, market value $6.6B
• Hagerty, Inc. (HGTY): revenue –, market value $5.4B
• Corvel Corp. (CRVL): revenue $983.7M, market value $4.1B

What the company does

The Baldwin Insurance Group, Inc. is an independent insurance distribution firm that provides risk management, insurance and employee benefits services. It is a holding company, and all of its business is conducted through The Baldwin Insurance Group Holdings, LLC and that company's subsidiaries and affiliates. The firm represents over three million clients across the United States and internationally. It has approximately 5,000 colleagues, including approximately 900 risk advisors, working from approximately 125 offices in 24 states.

How the business is organised

Baldwin runs three operating groups. Its core products are commercial property and casualty insurance, employee benefits insurance, personal lines insurance, wealth management and retirement services, and Medicare.

Insurance Advisory Solutions (IAS) provides commercial risk management, employee benefits and private risk management for businesses and high-net-worth individuals and their families. It also houses the wealth management and retirement services work.

Underwriting, Capacity & Technology Solutions (UCTS) has three divisions. MSI makes proprietary, technology-enabled insurance products, and its managing general agent (MGA) product suite has more than 20 products across commercial, personal and professional lines. One example is a renters insurance product sold at point of lease through property management software. The Capacity Solutions group includes the reinsurance brokerage Juniper Re, the reinsurance MGA MultiStrat and a captive management business. The third division is the Captive, which includes TBG Assurance Company, LLC, a protected cell captive insurance company domiciled in Tennessee. UCTS also holds an investment in Builder Risk Management, LLC, which serves as attorney-in-fact for a Texas-domiciled reciprocal insurance exchange.

Mainstreet Insurance Solutions (MIS) sells personal insurance, commercial insurance, and life and health solutions through channels such as new home builders, realtors and mortgage lenders. It also advises seniors on Medicare, Medicare Advantage and Affordable Care Act coverage through a network of primarily independent contractor agents.

How it makes money

Commissions are usually a percentage of the premium the insured pays. They depend on the type of insurance, the insurance company partner and the services provided. Some clients pay negotiated service fees for placement work. Acting as an MGA, Baldwin earns policy fees for administrative tasks such as delivering policy documents and processing payments. The Captive earns revenue from assumed premium. Insurance company partners may also pay profit-sharing commissions, which are generally based on underwriting results but can also reflect volume, growth or retention. MIS earns marketing income from Medicare campaigns.

Commission revenue is recorded when bound coverage takes effect. The filing describes a hard market, with rising premium rates, as tending to help commission revenues, and a soft market, with flat or falling rates, as putting downward pressure on them. Revenues are generally highest in the first quarter, because many employee benefits, commercial and Medicare policies start or renew then.

Who it works with

Clients include individuals, professionals, businesses and specialty insurers. No material part of the business depends on a single client, and the largest client represented less than 1% of core commissions and fees. Baldwin has relationships with many insurance company partners and says it depends on none of them. Two of them together accounted for approximately 17% of core commissions and fees.

How it grows

Baldwin pursues organic growth and what it calls partnerships, its term for acquisitions of insurance brokerages. It has completed partnerships with 37 firms since the beginning of 2020, including nine "Top 100" firms. Effective 1 January 2026 it acquired CAC Group, a specialty and middle-market insurance brokerage. The company says this partnership will expand the specialty capabilities of IAS. Substantially all partnerships include earnout provisions tied to the acquired firm's future performance. The company says it offers new partners retained business decision-making autonomy.

How it competes and is regulated

Baldwin competes on reputation, client service, product offerings and its ability to tailor services, and to a lesser extent on price. Named competitors include Aon plc, Marsh & McLennan Companies, Inc., Willis Towers Watson plc, Arthur J. Gallagher & Co., Brown & Brown Inc., Hub International Limited and USI, Inc. In personal lines they include Goosehead Insurance, Inc. and The Woodlands Financial Group.

State insurance regulators license its brokers and agents. Its health and Medicare business is also subject to the Affordable Care Act and rules from the Centers for Medicare & Medicaid Services, and privacy rules under HIPAA and the Gramm-Leach-Bliley Act. Its registered investment advisors are registered with the SEC, and its limited purpose broker dealer is registered with the SEC and FINRA. The firm operates in the U.K. and Bermuda as well as the United States.

Its people

Of its colleagues, 4,955 are full-time, which is 99% of the total, and 65 are part-time. Baldwin also partners with over 8,300 independent contracted agents, mainly supporting its Medicare business. Women make up 59% of colleagues and 52% of leadership positions, and annual colleague retention was 81% for 2025. Every newly hired colleague is granted shares of Baldwin common stock. New and developing risk advisors in IAS take SCORE, a 10-week training program.

*From Baldwin's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1781755/000178175526000018/bwin-20251231.htm)*

From the company's 10-K.