Baldwin Insurance Group (BWIN) Company Report

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.

3 days ago

Baldwin Group Announces Definitive Merger Agreement with CAC Group

BWIN

M&A

Revenue Acceleration/Inflection

New Projects/Investments

The Baldwin Group has signed a definitive merger agreement with CAC Group, which will create the largest majority-college-owned publicly traded insurance broker with north of $2 billion of combined expected 2026 revenue.
The total upfront consideration for CAC Group is slightly over $1 billion, comprising $438 million in cash and $589 million in Class A shares.
The transaction is expected to be more than 20% accretive to 2025 adjusted EPS based on targeted full run rate synergies, and is anticipated to generate approximately $60 million in synergies over the first three years post-closing.
CAC Group is projected to deliver $345 million of gross revenue and $90 million of Adjusted EBITDA in 2026, which includes $10 million of synergies.

3 days ago

Baldwin Group Announces Merger Agreement with CAC Group

BWIN

M&A

Revenue Acceleration/Inflection

Debt Issuance

The Baldwin Group has signed a definitive merger agreement with CAC Group, an insurance brokerage and advisory platform, which is expected to create a combined entity with north of $2 billion of expected 2026 revenue and nearly 5,000 colleagues.
The transaction's upfront consideration totals slightly over $1 billion, comprising $438 million in cash and $589 million in Class A shares. The maximum total enterprise value is approximately $1.34 billion, including up to a $250 million earnout and a $70 million deferred cash payment.
CAC Group is projected to contribute $345 million in gross revenue and $90 million in Adjusted EBITDA in 2026, inclusive of $10 million in synergies. Since 2020, CAC has achieved a compound annual organic revenue growth rate of nearly 30%.
The merger is anticipated to be more than 20% accretive to 2025 adjusted EPS based on targeted full run rate synergies, with approximately $60 million in synergies expected over the first three years post-closing. The transaction is also expected to be net leverage neutral at close and accelerate deleveraging.
98% of CAC's risk advisors and 100% of CAC colleagues will become shareholders in Baldwin as part of the transaction, with the majority of rollover equity subject to a four-year pro rata lockup.

3 days ago

BWIN Reports Q3 2025 Results, Initiates Transformation Program, and Announces Share Buyback Plan

BWIN

Earnings

Guidance Update

Share Buyback

BWIN reported Q3 2025 organic revenue growth of 5% and adjusted EBITDA of $72.5 million, which was flat year-over-year. Adjusted diluted earnings per share for the quarter was $0.31.
The company is experiencing temporary headwinds from a procedural accounting change in its Insurance Advisory Solutions segment and reduced commissions from QBE, which are expected to persist through the first half of 2026.
BWIN launched the 3B30 CADLIST program in Q3 2025, a three-year transformation initiative with anticipated cumulative charges of ~$40 million and cumulative savings of ~$50 million by the end of 2028.
For Q4 2025, BWIN expects revenue between $345 million and $355 million, adjusted EBITDA between $68 million and $73 million, and adjusted diluted EPS between $0.28 and $0.32.
The board intends to authorize a share buyback plan of up to $200 million once net leverage is comfortably below 4 times.

Nov 4, 2025, 10:00 PM

Baldwin Group Announces Third Quarter 2025 Financial Results

BWIN

Earnings

Revenue Acceleration/Inflection

The Baldwin Group reported total revenue of $365.4 million for Q3 2025, an 8% increase year-over-year, with organic revenue growth of 5%. Year-to-date, total revenue grew 9% to $1.158 billion, and organic revenue growth was 9%.
For Q3 2025, the company recorded a net loss of $30.2 million and a diluted loss per share of $0.27. Adjusted diluted EPS for the quarter was $0.31, representing a 6% decrease year-over-year.
Adjusted EBITDA for Q3 2025 was $72.5 million, with an Adjusted EBITDA margin of 19.8%. Year-to-date, Adjusted EBITDA increased 9% to $271.8 million, maintaining an Adjusted EBITDA margin of 23.5%.
Net cash provided by operating activities for Q3 2025 was $41.0 million, and adjusted free cash flow increased 26% year-over-year to $41.8 million. As of September 30, 2025, cash and cash equivalents totaled $89.7 million.

Nov 4, 2025, 9:15 PM

Baldwin Insurance Group Amends Credit Agreement

BWIN

Debt Issuance

Accounting Changes

The Baldwin Insurance Group, Inc. (BWIN) filed an 8-K on September 18, 2025, reporting Amendment No. 3 to its Amended and Restated Credit Agreement.
This amendment, dated September 18, 2025, updates the credit agreement originally established on May 24, 2024, for The Baldwin Insurance Group Holdings, LLC.
The document details financial covenants, including a limit on Indebtedness for Non-Loan Parties not exceeding the greater of $70,000,000 and 25.0% of Consolidated EBITDA.
It also sets limitations on asset dispositions, where the aggregate fair market value of assets sold in a single or related series of transactions cannot exceed the greater of $13,000,000 and 4.5% of Consolidated EBITDA.
The agreement involves several financial institutions, including JPMorgan Chase Bank, N.A. as Administrative Agent, Joint Lead Arranger, and Joint Bookrunner.

Sep 18, 2025, 8:05 PM

Baldwin Insurance Group outlines strategic growth at William Blair Conference

BWIN

Revenue Acceleration/Inflection

M&A

New Projects/Investments

Baldwin Insurance Group highlighted its rapid organic growth, scaling its vertically integrated insurance platform at a rate at least 2x that of industry peers, emphasizing a strong focus on leveraging technology and unified operational systems.
The company detailed its strategic path toward achieving $33 billion in revenue and 30% adjusted EBITDA margin over the next five years, underscoring margin expansion and improved free cash flow conversion post-investment ramp-up in 2022.
A clear emphasis was placed on enhancing market competitiveness in the homeowners insurance space through its embedded personal insurance strategy, innovative new home product integrations, and selective, accretive M&A activity.