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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 | -3.1% | 8.1% | - |
| 2024 | $1.4B | $165M | $-25M | $10M | -2.4% | 14.0% | - |
| 2023 | $1.2B | $117M | $-90M | $-21M | -8.8% | 24.6% | - |
| 2022 | $969M | $88M | $-42M | $-24M | -3.7% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 969.49 | 1,207.74 | 1,376.24 | 1,488.35 |
| Cost Of Revenue | 719.45 | 911.35 | 1,032.05 | 1,057.24 |
| Gross Profit | 250.05 | 296.38 | 344.19 | 431.11 |
| Operating Expense | 248.84 | 277.85 | 288.50 | 351.58 |
| Operating Income | 1.21 | 18.53 | 55.70 | 79.53 |
| EBITDA | 87.57 | 116.93 | 164.62 | 207.36 |
| EBIT | 1.21 | 18.53 | 55.70 | 79.53 |
| Pretax Income | -76.03 | -162.73 | -39.35 | -52.42 |
| Tax Provision | 0.71 | 1.28 | 1.73 | 1.73 |
| Net Income | -41.77 | -90.14 | -24.52 | -33.81 |
| Net Income Common Stockholders | -41.77 | -90.14 | -24.52 | -33.81 |
| Total Expenses | 968.28 | 1,189.21 | 1,320.54 | 1,408.82 |
| Interest Expense | 71.07 | 119.47 | 0 | 0 |
| Normalized EBITDA | 119.87 | 178.02 | 135.83 | 218.89 |
| Normalized Income | -16.25 | -41.89 | -47.26 | -24.70 |
| Basic EPS | -0.74 | -1.50 | -0.39 | 0 |
| Diluted EPS | -0.74 | -1.50 | -0.39 | 0 |
| Tax Effect Of Unusual Items | -6.78 | -12.83 | 6.05 | -2.42 |
| Tax Rate For Calcs | 0.21 | 0.21 | 0.21 | 0.21 |
| Total Unusual Items | -32.31 | -61.08 | 28.79 | -11.53 |
| Total Unusual Items Excluding Goodwill | -32.31 | -61.08 | 28.79 | -11.53 |
| Net Income From Continuing Operation Net Minority Interest | -41.77 | -90.14 | -24.52 | -33.81 |
| Reconciled Depreciation | 86.36 | 98.40 | 108.92 | 127.83 |
| Reconciled Cost Of Revenue | 719.45 | 911.35 | 1,032.05 | 1,057.24 |
| Net Interest Income | -71.07 | -119.47 | -123.64 | -121.43 |
| Net Income From Continuing And Discontinued Operation | -41.77 | -90.14 | -24.52 | -33.81 |
| Total Operating Income As Reported | -31.10 | -42.55 | 60.65 | 73.94 |
| Diluted Average Shares | 56.83 | 60.13 | 63.46 | 0 |
| Basic Average Shares | 56.83 | 60.13 | 63.46 | 0 |
| Diluted NI Availto Com Stockholders | -41.77 | -90.14 | -24.52 | -33.81 |
| Minority Interests | 34.98 | 73.88 | 16.56 | 20.34 |
| Net Income Including Noncontrolling Interests | -76.75 | -164.02 | -41.08 | -54.15 |
| Net Income Continuous Operations | -76.75 | -164.02 | -41.08 | -54.15 |
| Other Income Expense | -6.17 | -61.80 | 28.59 | -10.53 |
| Other Non Operating Income Expenses | 26.14 | -0.72 | -0.19 | 0.64 |
| 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 | 0 | 0 | 15.11 | 6.23 |
| Restructuring And Mergern Acquisition | 32.31 | 61.08 | -4.95 | 5.59 |
| Earnings From Equity Interest | 0 | 0 | 0 | 0.37 |
| Net Non Operating Interest Income Expense | -71.07 | -119.47 | -123.64 | -121.43 |
| Total Other Finance Cost | 71.07 | 119.47 | 123.64 | 121.43 |
| Interest Expense Non Operating | 71.07 | 119.47 | 0 | 0 |
| Other Operating Expenses | 162.48 | 179.45 | 179.57 | 223.75 |
| 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 |
| 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 |
| Operating Revenue | 969.49 | 1,207.74 | 1,376.24 | 1,488.35 |
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 | $2.3B | - | 2.79 | -3.1% | 20.43 |
| First Merchants Corporation | FRME | $2.5B | 11.75 | 0.94 | 9.2% | - |
| First Busey Corporation | BUSE | $2.2B | 10.60 | 0.91 | 5.5% | - |
| The Bank of N.T. Butterfield & Son Limited | NTB | $2.2B | 9.46 | 1.91 | 20.3% | - |
| Slide Insurance Holdings, Inc. | SLDE |
| $2.1B |
| 5.06 |
| 2.05 |
| 39.9% |
| 1.96 |
| Enterprise Financial Services Corp | EFSC | $2.1B | 10.86 | 1.08 | 9.9% | - |
| Pathward Financial, Inc. | CASH | $2.1B | 10.10 | 2.19 | 21.7% | - |
| Kemper Corporation | KMPR | $2.0B | 13.47 | 0.72 | 5.3% | - |
| OFG Bancorp | OFG | $2.0B | 9.38 | 1.38 | 14.8% | - |
| Peer Median | - | 10.35 | 1.23 | 12.3% | 1.96 | |