The Baldwin Insurance Group, Inc.
- Open
- 30.85
- Day high
- 31.53
- Day low
- 30.50
- Prev close
- 30.85
- Volume
- 134K
- Mkt cap
- $3.0B
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 3.4
- P/S
- 1.8
- Yield
- —
- Per share
- —
The Baldwin Insurance Group, Inc. (BWIN) is a Financial Services company listed on NASDAQ. The stock is down 2% over the past year.
The Baldwin Insurance Group, Inc. (BWIN) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 5 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
BWIN earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 30, 2026 | $0.47 | $0.48 | +2.0% | $493M | +0.1% |
| May 4, 2026 | $0.64 | $0.63 | -1.6% | $532M | +1.6% |
| Nov 4, 2025 | $0.30 | $0.31 | +3.3% | $365M | +3.9% |
| Feb 25, 2025 | $0.27 | $0.27 | +0.0% | $323M | -1.2% |
| Mar 4, 2024 | $0.11 | $0.14 | +27.3% | $285M | +1.4% |
BWIN insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 2, 2026 | Shook Ellyndirector | Grant | 1,207 | — |
| Jul 2, 2026 | Sparks Paul Eugenedirector | Grant | 1,207 | — |
| Jul 2, 2026 | Sparks Paul Eugenedirector | Tax | 416 | $26.91 |
| Jul 2, 2026 | Parasuraman Sunitadirector | Grant | 1,207 | — |
| Jul 2, 2026 | Muthukrishnan Sathishdirector | Grant | 1,207 | — |
| Jul 2, 2026 | Matas Barbara Ruthdirector | Grant | 1,207 | — |
| Jul 2, 2026 | Cohen Jay Adirector | Grant | 1,207 | — |
| Jul 2, 2026 | KADOW JOSEPH JOHNdirector | Grant | 1,207 | — |
| Jul 2, 2026 | SULLIVAN CHRIS THOMASdirector | Grant | 1,207 | — |
| Jul 2, 2026 | Williams Myron Kdirector | Grant | 1,207 | — |
| May 15, 2026 | Cohen Seth Balaofficer: General Counsel | Sell | 15,000 | $20.01 |
| May 8, 2026 | Krystyn Elizabethother: Member of 10% Owner Group | Sell | 31,740 | $21.18 |
| May 8, 2026 | Krystyn Elizabethother: Member of 10% Owner Group | Sell | 18,260 | $21.20 |
| May 8, 2026 | Krystyn Elizabethother: Member of 10% Owner Group | Sell | 98,278 | $21.20 |
| May 8, 2026 | Krystyn Elizabethother: Member of 10% Owner Group | Sell | 53,722 | $21.19 |
Source: BWIN SEC Form 4 filings, latest Jul 2, 2026. For informational purposes only — not investment advice.
See the full BWIN insider & 13F page →The Baldwin Insurance Group, Inc. company profile
Overview
The Baldwin Insurance Group, Inc. (NYSE:BWIN) is an independent insurance distribution firm founded in 2011 and headquartered in Tampa, Florida. The company went public in October 2019, originally under the name BRP Group, Inc., before rebranding to The Baldwin Insurance Group in May 2024. Baldwin operates as a comprehensive insurance intermediary, connecting businesses and individuals with insurance carriers while providing risk management solutions across the United States. The company has grown through both organic expansion and strategic acquisitions to become a significant player in the insurance brokerage industry.
Business
Baldwin Insurance Group operates in the insurance brokerage industry, serving as an intermediary between insurance buyers and insurance carriers. Insurance brokers are essential middlemen in the insurance ecosystem who help clients navigate complex insurance markets, negotiate coverage terms, and manage claims processes. Unlike insurance agents who typically represent specific carriers, brokers work on behalf of their clients to find the best coverage from multiple insurance companies. The company operates through three distinct business segments that collectively generated $1.38 billion in revenue for fiscal year 2024: **Insurance Advisory Solutions (IAS)** represents the largest segment, providing traditional commercial risk management, employee benefits, and private risk management solutions for businesses and high-net-worth individuals. This segment focuses on complex commercial insurance needs, including property and casualty coverage, workers' compensation, and comprehensive employee benefit packages. IAS serves as the core brokerage business, earning commissions from placing insurance coverage with carriers. **Underwriting, Capacity & Technology Solutions (UCTS)** is the fastest-growing segment, operating as a Managing General Agent (MGA) that actually underwrites and manufactures insurance products. This segment includes the Future platform, which creates technology-enabled insurance products across personal, commercial, and specialty lines. UCTS also operates specialty wholesale brokerage services and reinsurance brokerage through Juniper Re. The segment has achieved remarkable growth, with over $1.1 billion in gross written premium by 2024. **Mainstreet Insurance Solutions (MIS)** focuses on personal insurance, commercial insurance, and life and health solutions for individuals and small businesses in local communities. This segment operates more like traditional retail insurance agencies, serving smaller clients with standard insurance products. MIS has shown consistent double-digit organic growth, expanding its market presence across various geographic regions.
Revenue model
Baldwin Insurance Group generates revenue primarily through commissions and fees paid by insurance carriers when policies are sold or renewed. In the traditional brokerage model used by IAS and MIS segments, the company earns a percentage commission (typically 10-15%) of the insurance premiums paid by clients. These commissions are paid by the insurance carriers, not directly by the clients, making Baldwin's services essentially "free" to the end customer from a cash flow perspective. The UCTS segment operates under a different model as a Managing General Agent, where Baldwin actually underwrites insurance policies and retains a larger portion of the premium revenue. This model provides higher margins but also involves taking on underwriting risk. The segment also earns fees from reinsurance brokerage services and technology platform licensing. Several factors influence Baldwin's profitability and margins. **Positive margin drivers** include the company's focus on specialty and complex insurance lines that command higher commission rates, operational leverage from technology investments that reduce manual processes, and the shift toward higher-margin MGA business in UCTS. The company's scale allows it to negotiate better commission rates with carriers and spread fixed costs across a larger revenue base. **Margin pressures** come from competitive dynamics in the brokerage industry, where larger competitors like Marsh McLennan and Aon can leverage their scale for better terms. Economic downturns can reduce client insurance spending and impact renewal rates. Additionally, "rate and exposure compression" occurs when insurance premiums decline due to improved market conditions or reduced business activity, directly impacting commission revenue. The company has experienced headwinds from property insurance rate compression, particularly in commercial real estate, as market conditions have normalized after previous hard market cycles.
Competitive moat
Baldwin Insurance Group operates in a moderately defensible position within the insurance brokerage industry, though its moat is not exceptionally strong. The company's primary competitive advantages stem from **relationship-based business dynamics** and **specialized expertise** in certain verticals. Insurance brokerage is fundamentally a relationship business where clients develop trust with their brokers over time, creating switching costs and client stickiness. Baldwin maintains over 90% client retention rates, indicating strong relationships. The company has built **specialized capabilities** in certain niches, particularly through its Westwood franchise that serves homebuilders (working with 18 of the top 25 U.S. homebuilders) and its growing MGA platform that underwrites specialized insurance products. These specializations create barriers to entry for competitors who lack the specific industry knowledge and carrier relationships. However, Baldwin faces significant competitive threats from much larger players like Marsh McLennan, Aon, and Willis Towers Watson, who possess greater scale, broader geographic reach, and stronger negotiating power with carriers. The insurance brokerage industry has been consolidating, with larger firms acquiring smaller players to gain scale advantages. Additionally, **technology disruption** poses a long-term threat as insurtech companies attempt to digitize and automate traditional brokerage functions, potentially disintermediating brokers for simpler insurance products. Baldwin's **UCTS segment** provides the strongest moat through its MGA capabilities, where the company actually manufactures insurance products rather than just distributing them. This vertical integration creates higher barriers to entry and better margins, but also requires significant capital and expertise to execute successfully. The company's technology investments and embedded insurance initiatives represent attempts to strengthen its competitive position, though these are still in early stages.
Risks & safety
Baldwin Insurance Group presents **moderate financial risk** with concerning leverage levels but improving operational trends. **Debt and Solvency Concerns:** - High debt-to-equity ratio of 2.64x as of Q1 2025, indicating significant leverage - Net leverage at approximately 4.1x EBITDA, above comfortable levels for most investors - Negative free cash flow of -$73 million in Q1 2025, though this was seasonally impacted - Current ratio of 1.13x provides minimal liquidity cushion - Company expects to reduce net leverage below 4x by Q3 2025 **Valuation Metrics:** - Trading at 52.9x trailing P/E ratio, reflecting recent profitability challenges - EV/EBITDA of 12.3x based on Q1 2025 run-rate, reasonable for growth profile - Price-to-book ratio of 4.76x indicates premium valuation - Graham number suggests significant overvaluation at current levels **Other Considerations:** - Recent S&P credit rating upgrade to B stable shows improving credit profile - Strong organic revenue growth of 17% in 2024 demonstrates business momentum - Post-earnout period reduces future cash obligations from acquisitions - Seasonal cash flow patterns typical for insurance brokerage business
Recent development
Over the past few years, Baldwin Insurance Group has undergone significant strategic transformation focused on **vertical integration** and **technology-enabled growth**. The company completed its post-earnout phase in 2024, marking the end of major acquisition-related payments that had pressured cash flows. This milestone allowed management to focus on organic growth and operational efficiency rather than integration activities. The most significant development has been the rapid expansion of the **UCTS segment**, particularly the MGA platform that grew from startup to over $1.1 billion in gross written premium. The company launched new insurance products including homeowners and multifamily programs, and established **Juniper Re** as a reinsurance platform. In 2024, Baldwin received approval to launch a Texas-domiciled reciprocal insurance exchange and introduced a multifamily captive insurance program. **Technology initiatives** have become increasingly important, with the launch of digital embedded insurance products and the Future platform for manufacturing technology-enabled insurance solutions. The Westwood franchise has expanded significantly, now powering home insurance for 18 of the top 25 U.S. homebuilders, representing a major embedded insurance success story. The company underwent a **corporate rebranding** from BRP Group to The Baldwin Insurance Group in May 2024, reflecting its evolution and growth. Management has also been restructured with the promotion of co-presidents to support the expanded operations. Baldwin has shifted its M&A strategy to be more selective and episodic, focusing on deleveraging and organic growth rather than aggressive acquisition activity that characterized earlier years. **Financial discipline** has improved markedly, with adjusted EBITDA margins expanding 200 basis points to 22.5% in 2024 and management targeting 30% margins within five years as part of a strategic plan to reach $3 billion in revenue.
BWIN company profile · for informational purposes only — not investment advice.
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