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The Baldwin Insurance Group, Inc. operates as an independent insurance distribution firm that delivers insurance and risk management solutions in the United States. The company operates through three segments: Insurance Advisory Solutions; Underwriting, Capacity & Technology Solutions; and Mainstreet Insurance Solutions. Its Insurance Advisory Solutions segment provides private risk management, commercial risk management, employee benefits, and Medicare insurance solutions for businesses and high-net-worth individuals, as well as their families. The Underwriting, Capacity & Technology Solutions segment offers MGA platform, that manufactures technology-enabled insurance product suite comprises personal, commercial, and professional lines. Its Mainstreet Insurance Solutions segment provides personal insurance, commercial insurance, and life and health solutions to individuals and businesses in communities, as well as offers reinsurance brokerage; and consultation for government assistance programs and solutions, including traditional Medicare and Medicare advantage and affordable care act to seniors and eligible individuals through a network of primarily independent contractor agents. The company was formerly known as BRP Group, Inc. and changed its name to The Baldwin Insurance Group, Inc. in May 2024. The Baldwin Insurance Group, Inc. was founded in 2011 and is headquartered in Tampa, Florida.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $1.5B | $207M | $-34M | $-69M | -5.6% | 8.1% | 37.9% |
| 2024 | $1.4B | $165M | $-25M | $10M | -4.2% | 14.0% | -72.8% |
| 2023 | $1.2B | $117M | $-90M | $-21M | -16.1% | 24.6% | 115.8% |
| 2022 | $969M | $88M | $-42M | $-24M | -6.9% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 969.49 | 1,207.74 | 1,376.24 | 1,488.35 |
| Operating Revenue | - | 969.49 | 1,207.74 | 1,376.24 | 1,488.35 |
| Cost Of Revenue | - | 719.44 | 911.35 | 1,032.05 | 1,057.24 |
| Gross Profit | - | 250.05 | 296.38 | 344.20 | 431.11 |
| Operating Expense | - | 248.84 | 277.85 | 288.50 | 351.58 |
| Total Expenses | - | 968.28 | 1,189.21 | 1,320.54 | 1,408.82 |
| Operating Income | - | 1.21 | 18.53 | 55.70 | 79.53 |
| Total Operating Income As Reported | - | -31.10 | -42.55 | 60.65 | 73.94 |
| EBITDA | - | 87.57 | 116.93 | 164.62 | 207.36 |
| Normalized EBITDA | - | 119.87 | 178.02 | 135.83 | 218.89 |
| EBIT | - | 1.21 | 18.53 | 55.70 | 79.53 |
| Interest Expense | 26.90 | 71.07 | 119.46 | - | - |
| Net Interest Income | - | -71.07 | -119.46 | -123.64 | -121.43 |
| Other Non Operating Income Expenses | - | 26.14 | -0.72 | -0.19 | 0.64 |
| Other Income Expense | - | -6.17 | -61.80 | 28.60 | -10.53 |
| Interest Expense Non Operating | 26.90 | 71.07 | 119.46 | - | - |
| Net Non Operating Interest Income Expense | - | -71.07 | -119.46 | -123.64 | -121.43 |
| Pretax Income | - | -76.03 | -162.73 | -39.35 | -52.42 |
| Tax Provision | - | 0.72 | 1.28 | 1.73 | 1.73 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -6.78 | -12.83 | 6.05 | -2.42 |
| Net Income Continuous Operations | - | -76.75 | -164.02 | -41.08 | -54.15 |
| Net Income From Continuing And Discontinued Operation | - | -41.77 | -90.14 | -24.52 | -33.81 |
| Net Income From Continuing Operation Net Minority Interest | - | -41.77 | -90.14 | -24.52 | -33.81 |
| Net Income | - | -41.77 | -90.14 | -24.52 | -33.81 |
| Net Income Common Stockholders | - | -41.77 | -90.14 | -24.52 | -33.81 |
| Net Income Including Noncontrolling Interests | - | -76.75 | -164.02 | -41.08 | -54.15 |
| Normalized Income | - | -16.25 | -41.89 | -47.26 | -24.70 |
| Diluted NI Availto Com Stockholders | - | -41.77 | -90.14 | -24.52 | -33.81 |
| Basic Average Shares | - | 56.83 | 60.13 | 63.46 | 67.94 |
| Diluted Average Shares | - | 56.83 | 60.13 | 63.46 | 67.94 |
| Reconciled Depreciation | - | 86.36 | 98.40 | 108.92 | 127.83 |
| Reconciled Cost Of Revenue | - | 719.44 | 911.35 | 1,032.05 | 1,057.24 |
| Total Unusual Items | - | -32.31 | -61.08 | 28.79 | -11.53 |
| Total Unusual Items Excluding Goodwill | - | -32.31 | -61.08 | 28.79 | -11.53 |
| Minority Interests | - | 34.98 | 73.88 | 16.56 | 20.34 |
| Special Income Charges | - | -32.31 | -61.08 | 28.79 | -11.53 |
| Gain On Sale Of Business | - | 0 | 0 | 38.95 | 0.29 |
| Other Special Charges | - | - | - | 15.11 | 6.23 |
| Restructuring And Mergern Acquisition | - | 32.31 | 61.08 | -4.95 | 5.59 |
| Depreciation Amortization Depletion Income Statement | - | 86.36 | 98.40 | 108.92 | 127.83 |
| Depreciation And Amortization In Income Statement | - | 86.36 | 98.40 | 108.92 | 127.83 |
| Total Other Finance Cost | - | 71.07 | 119.46 | 123.64 | 121.43 |
| Other Operating Expenses | - | 162.48 | 179.45 | 179.57 | 223.75 |
| Earnings From Equity Interest | - | - | 0 | 0 | 0.37 |
| Amortization | - | 81.74 | 92.70 | 102.73 | 121.32 |
| Amortization Of Intangibles Income Statement | - | 81.74 | 92.70 | 102.73 | 121.32 |
| Depreciation Income Statement | - | 4.62 | 5.70 | 6.19 | 6.51 |
Financial Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| The Baldwin Insurance Group, Inc.this co. | BWIN | $1.9B | -55.47 | 3.13 | -5.6% | 16.99 |
| OFG Bancorp | OFG | $1.9B | 9.47 | 1.40 | 14.8% | - |
| First Commonwealth Financial Corporation | FCF | $1.9B | 12.65 | 1.24 | 9.8% | - |
| Stellar Bancorp, Inc. | STEL | $1.9B | 18.53 | 1.14 | 6.2% | - |
| National Bank Holdings Corporation | NBHC |
| 2021 |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| $1.9B |
| 17.05 |
| 1.35 |
| 7.9% |
| - |
| Horace Mann Educators Corporation | HMN | $1.8B | 11.35 | 1.24 | 10.9% | - |
| Slide Insurance Holdings, Inc. | SLDE | $1.8B | 4.14 | 1.65 | 39.9% | - |
| Patria Investments Limited | PAX | $1.8B | 21.43 | 3.00 | 14.0% | 12.81 |
| 1st Source Corporation | SRCE | $1.8B | 11.35 | 1.41 | 12.4% | - |
| Peer Median | - | 12.00 | 1.37 | 11.7% | 12.81 | |