olivLaw · US equity research
The Baldwin Insurance Group, Inc. BWIN
Insurance Agents, Brokers & Service · SIC 6411 · Vertical: Insurance Agents, Brokers & Service (SIC 6411)
Baldwin Insurance Group is an independent insurance distributor offering risk management, commercial and personal insurance, employee benefits and wealth management services to clients in the United States and abroad. The company has grown through partnerships and its proprietary MSI product platform, with revenues reaching 1.5 billion dollars in fiscal 2025. The second quarter of 2026 shows strong revenue growth but also significant debt pressure, amortization costs and a net loss.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, The Baldwin Insurance Group, Inc. (BWIN) stock was 32.14 USD (+0.47% on the day), with market capitalisation 1.1 bn USD, beta 0.69, 52-week range 16.50–32.49 USD. Latest reported quarter (Q2 2026): revenue of 492.9 m USD (+30.1% YoY), net income of -39.0 m USD, diluted EPS -0.42 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 62.3
- strong (55–70)
- Bollinger (20, 2)
- 31.79 – 32.05
- above the upper band · %B 1.33 · band width 0.8%
- SMA 50 / 200
- 31.50 / 25.17
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.14 / 0.17
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +0.8% | −1.1% | +1.8 pp | — |
| 3 months | +11.7% | −0.5% | +12.2 pp | — |
| 6 months | +56.1% | +4.4% | +51.7 pp | — |
| Year to date | +33.7% | +12.3% | +21.4 pp | — |
| 1 year | +39.7% | +13.5% | +26.1 pp | −3.9% |
| 3 years | +42.9% | +76.4% | −33.5 pp | +1.3% |
| 5 years | −15.8% | +63.7% | −79.5 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 338.9 m | 329.9 m | 413.4 m | 378.8 m | 365.4 m | 347.3 m | 532.2 m | 492.9 m |
| Operating income | 15.4 m | -5.5 m | 56.0 m | 27.9 m | 3.2 m | -13.2 m | -101.3 m | -8.3 m |
| Depreciation & amortisation | 28.5 m | 28.0 m | 27.5 m | 27.7 m | 32.0 m | 40.7 m | 57.1 m | 58.8 m |
| Pre-tax income | -14.5 m | -35.3 m | 24.9 m | -4.5 m | -30.2 m | -42.6 m | -146.4 m | -55.9 m |
| Income tax | 0 | -420.0 k | 0 | 685.0 k | 0 | 1.0 m | -144.5 m | 84.0 k |
| Net income | -8.4 m | -20.2 m | 13.9 m | -3.2 m | -18.7 m | -25.9 m | 2.3 m | -39.0 m |
| Diluted EPS | -0.13 | -0.31 ≈ | 0.20 | -0.05 | -0.27 | -0.37 ≈ | 0.02 | -0.42 |
| Operating cash flow | 32.4 m ≈ | -2.3 m | -64.0 m | -16.7 m ≈ | 41.0 m ≈ | 10.3 m | -6.1 m | 45.6 m ≈ |
| Capex | 10.2 m ≈ | 12.2 m | 8.9 m | 11.4 m ≈ | 8.9 m ≈ | 10.4 m | 12.7 m | 15.2 m ≈ |
| Share repurchases | — | — | 0 | 0 ≈ | — | — | 47.0 m | 79.9 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable | 567.3 m | 980.7 m | 1.2 bn | 1.4 bn | 1.5 bn |
| Revenue YoY | unavailable | unavailable | unavailable | unavailable | +72.9% | +24.3% | +14.0% | +8.3% |
| Net income | -624.0 k | -8.7 m | -15.7 m | -30.6 m | -41.8 m | -90.1 m | -24.5 m | -33.8 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | unavailable | -0.58 | -0.64 | -0.74 | -1.50 | -0.39 | -0.50 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | unavailable | unavailable | unavailable | -5.4% | -4.3% | -7.4% | -1.8% | -2.2% |
| Free cash flow | 11.3 m | 10.3 m | 31.3 m | 34.8 m | -24.4 m | -21.3 m | 10.4 m | -68.9 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 123.7 m USD
- Financial debt
- 12.6 m USD
- Net debt
- -111.1 m USD
- Equity
- 1.1 bn USD
- Total assets
- 3.9 bn USD
- Debt / equity
- 0.01x
- Current ratio
- 1.16x
- ROE
- -3.2%
- ROA
- -0.9%
- FCF margin
- -4.6%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | — | 567.3 m | 980.7 m | 1.2 bn | 1.4 bn | 1.5 bn | SEC (XBRL)· 26 Feb 2026verified |
| Operating income | -21.9 m | -31.6 m | -31.1 m | -42.6 m | 60.6 m | 73.9 m | SEC (XBRL)· 26 Feb 2026verified |
| Depreciation & amortisation | 20.2 m | 51.5 m | 86.4 m | 98.4 m | 108.9 m | 127.8 m | SEC (XBRL)· 26 Feb 2026verified |
| EBITDA | -1.8 m ≈ | 19.9 m ≈ | 55.3 m ≈ | 55.9 m ≈ | 169.6 m ≈ | 201.8 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Pre-tax income | -29.9 m | -58.1 m | -76.0 m | -162.7 m | -39.4 m | -52.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Income tax | -5.0 k | 19.0 k | 715.0 k | 1.3 m | 1.7 m | 1.7 m | SEC (XBRL)· 26 Feb 2026verified |
| Net income | -15.7 m | -30.6 m | -41.8 m | -90.1 m | -24.5 m | -33.8 m | SEC (XBRL)· 26 Feb 2026verified |
| Diluted EPS | -0.58 | -0.64 | -0.74 | -1.50 | -0.39 | -0.50 | SEC (XBRL)· 26 Feb 2026verified |
| Weighted average diluted shares | 27.2 m | 47.6 m | 56.8 m | 60.1 m | 63.5 m | 67.9 m | SEC (XBRL)· 26 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 108.5 m | 138.3 m | 118.1 m | 116.2 m | 90.0 m | 123.7 m | SEC (XBRL)· 26 Feb 2026verified |
| Current assets | 302.0 m | 578.4 m | 772.4 m | 925.9 m | 1.0 bn | 1.2 bn | SEC (XBRL)· 26 Feb 2026verified |
| Property, plant & equipment, net | 11.0 m | 17.5 m | 25.4 m | 22.7 m | 22.0 m | 22.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Goodwill | 651.5 m | 1.2 bn | 1.4 bn | 1.4 bn | 1.4 bn | 1.5 bn | SEC (XBRL)· 26 Feb 2026verified |
| Intangibles (excl. goodwill) | 554.3 m | 944.5 m | 1.1 bn | 1.0 bn | 953.5 m | 978.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Total assets | 1.5 bn | 2.9 bn | 3.5 bn | 3.5 bn | 3.5 bn | 3.9 bn | SEC (XBRL)· 26 Feb 2026verified |
| Accounts payable | 51.5 m | 92.2 m | 125.7 m | 144.9 m | 160.6 m | 252.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Short-term debt | 4.0 m | 8.5 m | 8.5 m | 10.2 m | 8.4 m | 12.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Long-term debt | 399.0 m | — | — | — | — | — | SEC (XBRL)· 11 Mar 2021verified |
| Current liabilities | 217.4 m | 540.7 m | 699.2 m | 1.0 bn | 1.1 bn | 1.0 bn | SEC (XBRL)· 26 Feb 2026verified |
| Total liabilities | 759.9 m | 1.7 bn | 2.3 bn | 2.5 bn | 2.5 bn | 2.8 bn | SEC (XBRL)· 26 Feb 2026verified |
| Equity | 769.9 m | 1.2 bn | 1.1 bn | 1.0 bn | 1.0 bn | 1.1 bn | SEC (XBRL)· 26 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 36.8 m | 40.1 m | -2.5 m | 46.0 k | 51.5 m | -29.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Capex | 5.5 m | 5.3 m | 22.0 m | 21.4 m | 41.0 m | 39.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Free cash flow | 31.3 m ≈ | 34.8 m ≈ | -24.4 m ≈ | -21.3 m ≈ | 10.4 m ≈ | -68.9 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Investing cash flow | -677.8 m | -678.5 m | -414.4 m | -21.9 m | 13.3 m | -140.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Financing cash flow | 711.9 m | 724.1 m | 419.6 m | 18.4 m | 21.1 m | 203.8 m | SEC (XBRL)· 26 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 58.3% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 1.1 bn USD
Key indicators
Coverage and freshness
Score by group
58% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 23.68 – 37.83 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDA23.68 – 37.83 (Mid 33.33)3 companies used · median multiple 14.0x · quartiles 9.2x – 16.2xGSHD, MRSH, SLQT
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 58.3% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -9.1% | 14 (vs peers) | 18% |
| Net margin · Quality | -4.7% | 31 (vs peers) | 11% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 15.3% | 100 (on a fixed band) | 14% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | -2.4x | 83 (vs peers) | 18% |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.1x | 23 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | 13.4x | 80 (vs peers) | 18% |
| FCF yield · Valuation | 4.0% | 50 (on a fixed band) | 14% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet66/100 · 2/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality21/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation67/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
The Baldwin Insurance Group, Inc. (BWIN). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 1.5 bn USD in 2025; YoY growth 8.3%; net margin -4.7%; ROE -10.7%; net debt/EBITDA -2.4x.
The estimated value range is 23.68–37.83 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 33.33 USD, the price of 32.14 USD leaves a potential of 3.7% (value / price − 1) and a margin of safety of 3.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 58.3% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 15.3%
- Net debt / EBITDA: -2.4x
- EV/EBITDA: 13.4x
What contradicts it
- ROIC: -9.1%
- Current ratio: 1.1x
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, Interest coverage, P/E (TTM), Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Insurance Agents, Brokers & Service (SIC 6411) · same industry (4-digit SIC) · compared with 29 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| MRSHMarsh & Mclennan Companies, Inc. | 100.0 bn | 25.2 | 26.7% | 14.2% | +10.3% | +15% / +5% |
| XHGXChange TEC.INC | 85.9 bn | — | — | -204.9% | +24.9% | +253% / −100% |
| AJGArthur J. Gallagher & Co. | 73.9 bn | 47.1 | 6.7% | 10.0% | +20.7% | +16% / +16% |
| AONAon plc | 73.1 bn | 18.9 | 43.6% | 22.2% | +9.4% | −3% / +5% |
| WTWWillis Towers Watson PLC | 31.1 bn | 20.5 | 20.2% | 15.2% | −2.2% | +5% / +37% |
| BROBrown & Brown, Inc. | 24.5 bn | 22.1 | 9.7% | 17.6% | +22.8% | −8% / −1% |
| EQHEquitable Holdings, Inc. | 15.3 bn | — | -508.8% | -8.7% | −6.1% | +20% / +83% |
| AIFUAIFU Inc. | 10.5 bn | — | -155.9% | -408.8% | −67.9% | −84% / −100% |
| ACTEnact Holdings, Inc. | 6.6 bn | 10.7 | 12.7% | 53.8% | +2.8% | +25% / +74% |
| HGTYHagerty, Inc. | 6.5 bn | 108.0 | 25.6% | 4.4% | +17.3% | +40% / +121% |
| RYANRyan Specialty Holdings, Inc. | 5.2 bn | 49.9 | 19.4% | 3.2% | +21.3% | −18% / +4% |
| CRVLCorvel Corporation | 4.4 bn | 38.9 | 30.7% | 11.7% | +7.0% | +19% / +26% |
| WDHWaterdrop Inc. | 3.6 bn | 50.5 | 11.6% | 14.2% | +49.8% | −44% / −16% |
| ARXAccelerant Holdings | 3.3 bn | — | -241.6% | -112.1% | +51.5% | +36% / unavailable |
| NPNeptune Insurance Holdings Inc. | 2.7 bn | 91.6 | — | 22.7% | +33.7% | +22% / unavailable |
| GSHDGoosehead Insurance, Inc. | 1.2 bn | 33.8 | — | 8.8% | +16.2% | −21% / −23% |
| HUIZHuize Holding Limited | 1.1 bn | — | 1.0% | 0.3% | +32.2% | −31% / −48% |
| BWINThe Baldwin Insurance Group, Inc. | 1.1 bn | — | -10.7% | -4.7% | +8.3% | +40% / +43% |
| RDZNRoadzen Inc. | 92.8 m | — | — | -46.9% | +24.2% | −37% / −78% |
| SLQTSelectQuote, Inc. | 88.1 m | 7.3 | 23.4% | 4.6% | +6.0% | −66% / −61% |
| EHTHeHealth, Inc | 20.3 m | — | 5.0% | 5.4% | +4.1% | −84% / −91% |
| EZRAReliance Global Group, Inc. | 2.4 m | — | -123.4% | -54.3% | −11.6% | −91% / −100% |
| LIFEEthos Technologies Inc. | 0 | — | -50.8% | -16.2% | +52.0% | unavailable / unavailable |
| CRD-ACrawford & Co | — | — | 14.0% | 2.0% | −2.2% | +7% / +7% |
| YBYuanbao Inc. | — | — | 152.7% | 29.9% | +33.1% | −43% / unavailable |
1- and 3-year price returns: for BWIN from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Jul 2026; since then the company filed 8-K (27 Oct 2026 · results).
In brief
Baldwin Insurance Group is an independent insurance distributor offering risk management, commercial and personal insurance, employee benefits and wealth management services to clients in the United States and abroad. The company has grown through partnerships and its proprietary MSI product platform, with revenues reaching 1.5 billion dollars in fiscal 2025 1. The second quarter of 2026 shows strong revenue growth but also significant debt pressure, amortization costs and a net loss 3.
SWOT
Strengths
- The company has a proprietary product platform, MSI, which lets it capture a larger share of the economics of each insurance policy 1.
- Its partnership strategy has brought in new firms and extended geography and expertise, supported by a formal integration process 1.
- No material part of the business depends on a single client, and the largest client represents a very small share of commissions 1.
Weaknesses
- Total debt is large and debt servicing costs were high in fiscal 2025, which reduces financial flexibility 1.
- Net results were negative in the periods reviewed, and amortization linked to partnerships has risen sharply 13.
- Organic revenue growth has slowed in the latest quarter, while much of the top-line growth comes from acquisitions 3.
Opportunities
- The fragmented brokerage market could offer new partnerships as smaller firms seek consolidation 1.
- If the MSI platform and MGA products expand, the company could sell more directly through its advisors and external distributors 12.
- Integrating the specialty capabilities from the CAC Group partnership could open new commercial client segments 1.
Threats
- A soft premium market could reduce commissions, and high debt would make that impact harder to absorb 1.
- Competition from large brokers and private firms could reduce gains from new clients and partners 1.
- Legislative changes, including tort reform, could reduce demand for liability insurance and related commissions 1.
Risks
- High leveragehigh
Consolidated debt is large and secured by substantially all company assets, and debt service could limit investment and partnerships 1.
- Deferred and contingent payments for partnershipshigh
The company has conditional and deferred payment obligations tied to partnerships, including the deferred payment and earnout linked to the CAC Group deal 1.
- Dependence on premium levelsmedium
Commissions follow premium rates set by insurers, and a soft market could reduce revenue 1.
- Goodwill impairment riskmedium
Successive acquisitions have created significant goodwill, and an impairment could affect results and the balance sheet 1.
- Technology and artificial intelligencemedium
Reliance on information systems and artificial intelligence tools could expose the company to security breaches and liability 1.
Investment thesis
What would need to be true (bull case)
- If organic growth improves in the second half of 2026, as management suggests, results could better reflect the underlying business 3.
- The proprietary MSI platform and MGA product expansion could support better margins over the long term 12.
- The fragmented market leaves room for new partnerships, and the company has shown it can attract quality firms 1.
What would break the thesis
- The debt burden and deferred payments could limit financial flexibility and the ability to keep pursuing acquisitions 1.
- Negative net results and high amortization could persist if partnership integration takes longer than expected 13.
- A slowdown in organic growth or a soft premium market could weaken commission revenue 13.
What to watch
- Trend in organic revenue growth and the effect of the CAC Group partnershipQ3 2026
- Debt level and interest costs following the January 2026 refinancingQ3 2026
- Pace of new partnerships and the related conditional payments2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Jul 2026; since then the company filed 8-K (27 Oct 2026 · results).
The business
Baldwin presents itself as an insurance advisory firm rather than an agency, serving more than three million clients with about 5,000 colleagues and about 800 risk advisors by mid-2026 2. Its activity runs through three operating groups: Insurance Advisory Solutions, Underwriting, Capacity & Technology Solutions and Mainstreet Insurance Solutions 1. The growth model combines organic investment with a partnership strategy that brings new firms into the group and broadens geography and product expertise 1.
Revenue comes mainly from commissions and fees tied to placing insurance, while major expenses are colleague compensation and outside commissions 1. The company also runs proprietary products through MSI and a captive, which allows it to capture a larger share of the economics of an insurance transaction 1. Beyond brokerage, Baldwin advises on government health programs, including Medicare, through networks of independent agents 1.
Segments
Insurance Advisory Solutions (IAS)
IAS covers commercial risk management, employee benefits and private risk management for businesses and high-net-worth individuals, including wealth management and retirement planning services 1. The group is being extended by the announced partnership with CAC Group, which adds specialty capabilities 1.
Underwriting, Capacity & Technology Solutions (UCTS)
UCTS includes the MSI platform, which produces proprietary technology-enabled insurance, a capacity division with reinsurance brokerage and captive management, and the Captive business 2. The MGA platform has grown to more than 20 products, and the group is described as an important growth driver 2.
Market context
The insurance brokerage industry is described as fragmented, with large global participants alongside numerous regional and local intermediaries, leaving room for further partner acquisitions 1. Commission revenue follows premium levels, and premiums are cyclical: in a hard market they tend to support commissions, while in a soft market they could exert pressure in the opposite direction 1.
The Medicare market is split between Original Medicare and Medicare Advantage, with the latter growing rapidly 1. Demand for employee benefits consulting has risen since the Affordable Care Act, and the company says it has positioned itself through steady investment in this area 1.
Trends
- Insurance pricing cyclemixed
A shift from a soft to a hard market could support the company's commissions, while a soft market could reduce commission revenue 1.
- Growth of Medicare Advantagetailwind
The private Medicare segment is growing quickly and could bring more demand for MIS advisory work if seniors increasingly seek help choosing plans 1.
- Cost of debt and financingheadwind
High interest rates and a large debt load could limit the company's ability to fund new partnerships and raise interest costs 12.
- Automation and technologytailwind
Investment in technology and the MSI platform could reduce operating costs and increase the share of insurance economics the firm captures 1.
Competitive position
Competition is intense, and Baldwin competes with large public brokers and private advisory firms, as listed in its annual report 1. In personal lines it also competes with specialised firms such as Goosehead Insurance 1.
The company differentiates itself on reputation, client service, proprietary products and its ability to tailor solutions, rather than on price 1. Larger competitors have greater scale, and Baldwin could gain market share if it keeps its service and product advantage 1.
- Aon plcAON
Large public insurance broker named as a competitor in the annual report 1.
- Marsh & McLennan Companies, Inc.MMC
Public brokerage and consulting group, a main competitor in commercial insurance 1.
- Arthur J. Gallagher & Co.AJG
Public insurance broker with broad commercial and benefits activity 1.
- Brown & Brown Inc.BRO
Public insurance broker competing in regional and niche markets 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- The Global Office: How Globalisation’s Frontier is Shifting from Factories to Offices -- by Richard BaldwinNBER — New Working Papers · 02 Nov 2026 · EN
- Scott, Baldwin ask FTC to investigate Amazon, Walmart AI over ‘Made in USA’ fraud detectionThe Hill · 17 Sept 2026 · EN
- Baldwin Group to go private in $7.7bn Sequence-Dell dealYahoo Finance — News · 15 Sept 2026 · EN
- Dell's DFO Management and Sequence to take Baldwin private in $7.7 billion dealCNA (Channel NewsAsia) · 14 Sept 2026 · EN
- Dell’s DFO-Led Consortium Taking Baldwin Group Private for Enterprise Value of $7.7 BillionYahoo Finance — News · 14 Sept 2026 · EN
- Michael Dell's DFO Management nears $7.7B Baldwin Insurance dealYahoo Finance — News · 14 Sept 2026 · EN
- Welcome to Night Vale host Cecil Baldwin shares his tech pet peevesThe Verge · 30 May 2026 · EN
SEC filings
- Current report27 Oct 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report09 Oct 2026Financial statements and exhibits
- Current report21 Sept 2026Departure or appointment of officers
- Current report14 Sept 2026Material agreement · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report30 Jul 2026
- Current report30 Jul 2026Results of operations · Financial statements and exhibits
- Current report04 Jun 2026Departure or appointment of officers · Shareholder vote
- Quarterly report04 May 2026
- Current report04 May 2026Results of operations · Financial statements and exhibits
- Proxy statement22 Apr 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / The Baldwin Insurance Group, Inc. · 26 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / The Baldwin Insurance Group, Inc. · 30 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / The Baldwin Insurance Group, Inc. · 30 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.