The Baldwin Insurance Group, Inc.

ir.baldwin.com

What Do They Do?

Distributes commercial and personal insurance, employee benefits and risk-management services to businesses, individuals and families.

How Do They Make Money?

Most revenue comes from commissions for placing insurance: insured clients or insurance company partners pay a percentage of premiums, billed near the policy start or in installments during its term. Baldwin also earns negotiated placement and consulting fees, policy-administration and payment-processing fees, and insurers’ profit-sharing bonuses.

revenue

Segment	Share	How money arrives
Commission revenue Sold outright	79% FY2022: 80%	Sold outright
Profit-sharing revenue	6.3% FY2022: 6.7%
Consulting and service fee revenue	6.4% FY2022: 6.2%
Policy fee and installment fee revenue	5.3% FY2022: 5.7%
Assumed premium earned Recurring	1.5%	Recurring
Other income	1.1% FY2022: 1.1%

Who Are Their Customers?

Businesses, individuals and specialty insurers use Baldwin’s insurance and advisory services; its products reach clients through advisors, selected distribution partners and community channels, while Medicare guidance is provided through independent agents.

Do Revenues Turn Into Profits?

No. It lost $33.8M in FY2025.

Operating income, FY2025

5% of revenue

▲ +22% vs FY2024 ($60.6M, 4%)

Net income, FY2025

−2% of revenue

▲ +38% (Loss) vs FY2024 (−$24.5M, −2%)

Free cash flow, FY2025

−5% of revenue

▼ Now a loss vs FY2024 ($10.4M, 1%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +30%; vs $378.8M in Q2 FY2025
Net income: ▲ +1132% (Loss); vs −$3.2M in Q2 FY2025

Commissions revenue share of revenue from contract with customer, excluding assessed tax vs 79.5% in Q2 FY2025

Sep 14, 2026 Agrees to be acquired and become privately held Shareholders are to receive $32.50 in cash per share; closing is expected in Q1 2027, subject to approvals and other conditions.

Growing. Revenue grew 2.7x in 4 years, from $567.3M in FY2021 to $1.5B in FY2025, about 28% a year.

Wholesale brokerage sold The earlier Specialty group included specialty wholesale brokerage alongside proprietary insurance products; the latest report says the wholesale business was sold and describes reinsurance and captive operations in its underwriting and capacity group.

Product lines broadened The earlier report described proprietary insurance products across commercial and personal lines; the latest describes the product suite across commercial, personal and professional lines.

Revenue over time

Commission revenue Profit-sharing revenue Consulting and service fee revenue Policy fee and installment fee revenue Assumed premium earned Other income

$2B$1B$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Aon, Marsh & McLennan, Willis Towers Watson, Arthur J. Gallagher, Brown & Brown, Hub International, USI, Goosehead Insurance, and The Woodlands Financial Group

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