Earnings summaries and quarterly performance for Baldwin Insurance Group.
Executive leadership at Baldwin Insurance Group.
Trevor Baldwin
Detailed
Chief Executive Officer
CEO
BH
Bradford Hale
Detailed
Chief Financial Officer
CL
Corbyn Lichon
Detailed
Chief Accounting Officer
DG
Daniel Galbraith
Detailed
President, The Baldwin Group and Chief Executive Officer, Retail Brokerage Operations
JR
Jim Roche
Detailed
President, The Baldwin Group and Chief Executive Officer, Underwriting, Capacity & Technology Operations
SC
Seth Cohen
Detailed
General Counsel and Corporate Secretary
Board of directors at Baldwin Insurance Group.
BM
Barbara Matas
Detailed
Director
CS
Chris Sullivan
Detailed
Lead Independent Director
ES
Ellyn Shook
Detailed
Director
JC
Jay Cohen
Detailed
Director
JK
Joseph Kadow
Detailed
Director
LB
Lowry Baldwin
Detailed
Board Chair
MW
Myron Williams
Detailed
Director
SM
Sathish Muthukrishnan
Detailed
Director
SP
Sunita Parasuraman
Detailed
Director
Research analysts who have asked questions during Baldwin Insurance Group earnings calls.
Charlie Lederer
BMO Capital Markets
4 questions for BWIN
Also covers: AHL, AJG, ARX +5 more
Josh Shanker
Bank of America
4 questions for BWIN
Also covers: ACGL, ALL, AXS +12 more
PS
Pablo Singzon
JPMorgan Chase & Co.
4 questions for BWIN
Also covers: ASIC, BOW, FIHL +5 more
TM
Tommy McJoynt
Keefe, Bruyette & Woods (KBW)
4 questions for BWIN
Also covers: AGO, AII, AIZ +11 more
Andrew Andersen
Jefferies
2 questions for BWIN
Also covers: ACGL, AFG, AHL +21 more
AK
Andrew Kligerman
TD Cowen
2 questions for BWIN
Also covers: ABL, ACGL, AJG +22 more
CG
C. Gregory Peters
Raymond James
2 questions for BWIN
Also covers: ACIC, AFG, AII +21 more
EG
Elyse Greenspan
Wells Fargo
2 questions for BWIN
Also covers: ACGL, AFL, AHL +32 more
GP
Gregory Peters
Raymond James Financial, Inc.
2 questions for BWIN
Also covers: AFG, AII, AJG +7 more
Hristian Getsov
Wells Fargo
2 questions for BWIN
Also covers: AFG, ALL, AXS +3 more
Recent press releases and 8-K filings for BWIN.
Baldwin Insurance Group Updates on 2025 Performance, Strategic Acquisitions, and Market Outlook
BWIN
M&A
Guidance Update
Revenue Acceleration/Inflection
- Baldwin Insurance Group (BWIN) reported significant growth from 2019 to 2025, with revenue increasing from $135 million to over $1.5 billion and adjusted EBITDA from $35 million to $340 million. In 2025, the company achieved 7% organic growth, which would have been 10% when normalizing for $30 million in adjusted EBITDA impact from specific headwinds.
- The company's sales velocity in 2025 was 19%, exceeding the industry median of 11.5% and top quartile of 15.5%. Client retention improved by nearly 300 basis points year-over-year in Q4 2025, with expectations for this trend to continue, supporting a double-digit growth platform.
- On January 1st, BWIN closed three partnerships, notably the acquisition of CAC, which had a five-year organic growth CAGR of nearly 30% and over $300 million in revenue. Within 60 days, over $25 million of the identified $43 million in expected cost synergies were actioned, and CAC reported over $32 million in closed new business as of mid-February 2026.
- Free cash flow conversion from adjusted EBITDA is currently 25%-30%, below peers (65%-70%), primarily due to leverage and integration costs, with another year of CAC integration costs expected. For 2026, BWIN anticipates property rates to remain deeply competitive and casualty pricing pressure to ebb, foreseeing a few years of competitive pricing.
Mar 2, 2026, 1:40 PM
Baldwin Insurance Group Discusses 2025 Performance, Strategic Growth, and Market Outlook
BWIN
Revenue Acceleration/Inflection
M&A
Guidance Update
- The Baldwin Group reported significant growth, with revenue increasing from $135 million in 2019 to over $1.5 billion in 2025, and adjusted EBITDA growing from $35 million to $340 million over the same period, achieving a CAGR of approximately 50% on both top and bottom lines.
- In 2025, the company achieved 7% organic growth, which would have been 10% when normalized for specific headwinds that resulted in a $30 million adjusted EBITDA impact. Its sales velocity reached 19% in 2025, significantly surpassing the industry median of 11.5%.
- On January 1st, Baldwin closed three partnerships, notably CAC, its largest transaction since April 2022. CAC, which had over $300 million of revenue and a five-year organic growth CAGR of nearly 30%, has already generated over $32 million of closed new business and actioned over $25 million of identified $43 million expected cost synergies within 60 days.
- The company's free cash flow conversion rate stands at 25%-30% from adjusted EBITDA, lower than peers due to leverage and substantial investments, including close to $100 million in internal software development over the past 3-4 years to integrate AI capabilities.
- Baldwin's 2026 guidance does not foresee a rapid recovery in the property casualty pricing environment, anticipating that property rates will remain deeply competitive and casualty pricing pressure will ease, leading to a few years of competitive pricing.
Mar 2, 2026, 1:40 PM
Baldwin Insurance Group Reports Q4 and Full Year 2025 Results, Issues 2026 Guidance
BWIN
Earnings
Guidance Update
Share Buyback
- Baldwin Insurance Group (BWIN) reported Q4 2025 revenue of $347M with 3% organic revenue growth and Adjusted Diluted EPS of $0.31. For the full year 2025, revenue reached $1,505M with 7% organic revenue growth and Adjusted Diluted EPS of $1.67.
- For FY 2025, the Underwriting, Capacity & Technology Solutions (UCTS) segment showed strong performance with 21% organic growth, while Insurance Advisory Solutions (IAS) grew 3% and Mainstreet Insurance Solutions (MIS) grew 1%.
- The company provided Full Year 2026 guidance, projecting total revenue of $2.01B-$2.05B, Adjusted EBITDA of $460M-$480M, and Adjusted Diluted EPS of $2.00-$2.10.
- BWIN also announced a $250M share repurchase plan and reported a year-end 2025 Net Leverage of 4.1x.
Feb 26, 2026, 10:00 PM
Baldwin Group Reports Q4 and Full Year 2025 Results, Details AI Strategy and 2026 Outlook
BWIN
Earnings
Guidance Update
M&A
- Baldwin Group reported Q4 2025 total organic revenue growth of 3% and adjusted diluted earnings per share of $0.31, representing 15% growth. For the full year 2025, total organic revenue growth was 7% and adjusted diluted EPS was $1.67, an 11% increase.
- The company views AI as a "step function multiplier" for productivity and agility, particularly in its personal lines business, which comprises approximately 38% of total pro forma revenue and relies on embedded insurance distribution platforms like Westwood, which generated $190 million in pro forma revenue in 2025.
- Baldwin Group closed partnerships with CAC Group, OBE, and Capstone on January 1, 2026, which are expected to contribute approximately $400 million of revenue and $110 million of adjusted EBITDA post synergies in 2026. The company has already actioned $25 million of the $43 million expected cost synergies from the CAC integration.
- For 2026, the company expects continued market headwinds but anticipates achieving a mid-single digit or higher organic growth rate, culminating in double-digit organic growth on a run rate basis by Q4 2026. Strategic priorities include accelerating performance, deleveraging the business, and improving free cash flow conversion, with a long-term target leverage of 3 to 4 times.
Feb 26, 2026, 10:00 PM
Baldwin Group Reports Q4 and Full Year 2025 Results, Provides 2026 Guidance, and Announces Share Repurchase Plan
BWIN
Earnings
Guidance Update
Share Buyback
- Baldwin Group reported full year 2025 total organic revenue growth of 7% and adjusted diluted EPS growth of 11% to $1.67 per share, with Q4 2025 adjusted diluted EPS growing 15% to $0.31 per share.
- For full year 2026, the company expects total revenue between $2.01 billion and $2.05 billion, organic growth of mid-single digits or higher, adjusted EBITDA between $460 million and $480 million, and adjusted diluted EPS between $2 and $2.10.
- On January 1st, the company closed partnerships with CAC Group, OBE, and Capstone, which are projected to contribute approximately $400 million of revenue and $110 million of adjusted EBITDA post synergies in 2026.
- The Board of Directors authorized an accelerated and expanded $250 million share repurchase plan, with management stating they will be actively buying stock at 8x EBITDA.
- Management views AI as a "step function multiplier" for the company, particularly benefiting its embedded insurance distribution platforms, which constitute approximately 38% of total pro forma revenue.
Feb 26, 2026, 10:00 PM
Baldwin Group Reports Q4 and Full Year 2025 Results, Details AI Strategy and Major Acquisitions
BWIN
Earnings
M&A
Share Buyback
- Baldwin Group reported Q4 2025 total organic revenue growth of 3% and adjusted diluted EPS growth of 15% to $0.31, with full-year 2025 total organic revenue growth at 7% and adjusted diluted EPS growth at 11%.
- The company emphasized its strategic positioning against AI disintermediation through embedded insurance distribution platforms, which comprise 80% of its personal lines pro forma revenue, and announced a 10-year exclusive agreement with Fairway Independent Mortgage Corporation.
- On January 1, 2026, Baldwin closed partnerships with CAC Group, OBE, and Capstone, which generated approximately $350 million in 2025 pro forma revenue and are projected to contribute roughly $400 million in revenue and $110 million in adjusted EBITDA post synergies in 2026.
- Management stated that at 8 times EBITDA, there is no better use of capital than buying its own shares, and the company will be actively buying its stock under the authorized share repurchase program.
Feb 26, 2026, 10:00 PM
Baldwin Group Announces Fourth Quarter and Full Year 2025 Results and $250 Million Share Repurchase Program
BWIN
Earnings
Share Buyback
- The Baldwin Group reported full year 2025 total revenue growth of 8% to $1.5 billion, with organic revenue growth of 7%. The company recorded a net loss of $54.2 million and a diluted loss per share of $0.50, while adjusted diluted EPS was $1.67.
- For the fourth quarter of 2025, total revenue increased 5% year-over-year to $347.3 million, with organic revenue growth of 3%. GAAP net loss was $43.7 million, and adjusted diluted EPS grew 15% year-over-year to $0.31.
- The company's Board of Directors authorized the repurchase of up to $250 million of its outstanding common stock.
- As of December 31, 2025, cash and cash equivalents stood at $123.7 million, and the company had $477.0 million of borrowing capacity under its revolving credit facility.
Feb 26, 2026, 9:18 PM
Baldwin Group Completes Acquisition of Obie
BWIN
M&A
New Projects/Investments
Revenue Acceleration/Inflection
- The Baldwin Group (BWIN) completed the acquisition of Obie (Creisoft, Inc.), a Chicago-based embedded insurance distribution business specializing in insurance solutions for landlords and real estate investors, on January 13, 2026.
- This acquisition strengthens Baldwin’s property distribution network and expands its suite of insurance solutions across the real estate ecosystem.
- Since 2021, Obie has achieved revenue growth of over 2,100% while maintaining a fully reserved loss ratio below 50%.
Jan 13, 2026, 1:30 PM
Baldwin Group Appoints Paul Sparks to Board of Directors
BWIN
Board Change
M&A
- Paul Sparks, Executive Chairman of CAC Group, was appointed as a director to The Baldwin Group's Board of Directors, effective January 1, 2026.
- This appointment is in connection with the recently announced merger between Baldwin and CAC, which has formed one of the largest independent insurance advisory and distribution platforms in the United States.
- Mr. Sparks previously led CAC Group as its Executive Chairman since 2019, during which time its organic revenue expanded at a nearly 30% compound annual rate.
- Lowry Baldwin, Chairman of the Board, stated that Mr. Sparks' experience will be invaluable in stewarding strategies to achieve ambitious growth, margin, and free cash flow expansion goals.
Jan 12, 2026, 1:30 PM
Baldwin Group Announces Merger Agreement with CAC Group
BWIN
M&A
Revenue Acceleration/Inflection
New Projects/Investments
- The Baldwin Group announced a definitive merger agreement with CAC Group, aiming to create the largest majority-college-owned publicly traded insurance broker with over $2 billion of combined expected 2026 revenue and nearly 5,000 colleagues.
- The total upfront consideration for the acquisition is slightly over $1 billion, comprising $438 million in cash and approximately $589 million in Class A shares.
- CAC Group is eligible for an earnout of up to $250 million based on performance thresholds, with payments potentially starting in Q1 2027, and a $70 million cash deferred payment on the fourth anniversary of closing.
- The maximum total enterprise value is approximately $1.34 billion, representing 10.4 times 2025 Pro Forma Adjusted EBITDA inclusive of expected synergies.
- The transaction is projected to be more than 20% accretive to 2025 adjusted EPS based on full run rate synergies, with CAC expected to contribute $345 million of gross revenue and $90 million of Adjusted EBITDA in 2026, including $10 million in synergies. Total synergies are anticipated to be approximately $60 million over the first three years post-closing.
Dec 3, 2025, 1:30 PM
Quarterly earnings call transcripts for Baldwin Insurance Group.
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