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1. Think of it like an Expedia for all kinds of insurance, helping businesses and individuals find and manage their policies.

2. Similar to Charles Schwab, but instead of investments, it's an advisor and broker for a wide array of insurance and risk management solutions.

3. Essentially a diversified insurance brokerage firm, like a Marsh McLennan with a strong emphasis on technology and proprietary product development.

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• Commercial Risk Management & Insurance: Provides comprehensive risk management and insurance solutions for businesses, including general commercial and specialty wholesale coverage.
• Employee Benefits Consulting: Offers advisory services and solutions for employee benefit programs.
• Private Client Solutions: Delivers tailored risk management and insurance for high-net-worth individuals and their families.
• Technology-Enabled Insurance Products (Future Platform): Manufactures and distributes technology-driven personal, commercial, and specialty insurance products.
• Reinsurance Brokerage: Facilitates the placement of reinsurance coverage for other insurers.
• Mainstreet Personal & Life/Health Insurance: Provides personal insurance, life insurance, and health insurance solutions to individuals and families in local communities.

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Baldwin Insurance (BWIN) serves a diverse range of clients across its three segments. The company operates as an independent insurance distribution firm, meaning its customers are primarily entities seeking insurance and risk management solutions. Its major customer categories include:

• Businesses: This broad category includes commercial clients seeking risk management solutions, employee benefits, general commercial insurance, and specialized solutions for niche industry businesses and professionals. This spans small to large enterprises across various sectors.

• Individuals and Families: Baldwin Insurance serves individuals with personal insurance needs, life and health solutions, and provides private risk management solutions specifically tailored for high-net-worth individuals and their families.

• Other Insurance Companies: Through its Underwriting, Capacity & Technology Solutions segment, Baldwin Insurance offers reinsurance brokerage services, where other insurance companies are the direct customers for these specialized services.

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Trevor Baldwin, Chief Executive Officer

Trevor Baldwin joined The Baldwin Group in 2009 and ascended to the role of Chief Executive Officer in May 2019, leading the company through its initial public offering in October 2019. Prior to joining The Baldwin Group, he honed his investment and operational skills at HealthEdge Investment Partners, LLC, a private equity firm. He also co-founded Adventec Solutions, Inc., a national Professional Employer Organization, in 1997.

Bradford Hale, Chief Financial Officer

Bradford Hale has served as Chief Financial Officer of The Baldwin Group since April 2021, after initially joining the company in 2019 as Chief Accounting Officer. Before his tenure at The Baldwin Group, Mr. Hale was a Managing Director and Shareholder at CBIZ MHM, LLC, where he led the Accounting Advisory group, focusing on technical accounting projects. His prior experience also includes serving as Director of Accounting & Risk Management at Bloomin' Brands, Inc. and working at Deloitte, LLP.

Daniel Galbraith, President, The Baldwin Group and Chief Executive Officer, Retail Brokerage Operations

Daniel Galbraith is responsible for overseeing the integration of partner firms, establishing a national platform, and implementing The Baldwin Group's specialization strategy across its Commercial Risk Management, Employee Benefits, and Private Risk Management lines of business. He also led the development of a sustainable shared services infrastructure.

Jim Roche, President, The Baldwin Group and Chief Executive Officer, Underwriting, Capacity & Technology Operations

Jim Roche has been instrumental in building the Underwriting, Capacity & Technology Solutions (UCTS) operating group. He is slated to transition to the role of Executive Chairman of UCTS effective January 1, 2027.

Seth Cohen, General Counsel and Corporate Secretary

Seth Cohen leads The Baldwin Group's legal, compliance, and regulatory functions. He joined the company in February 2020, previously serving as Deputy General Counsel, Legal Operations & Strategic Initiatives, and Chief Information Security Officer. Mr. Cohen brings more than 20 years of experience from various industries.

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Key Risks to Baldwin Insurance (BWIN)

1. Financial Health and High Leverage: The Baldwin Insurance Group exhibits poor financial strength, characterized by a high debt-to-equity ratio (2.81) and elevated leverage, which was near 4.5x following a recent acquisition. The company has a low interest coverage of 0.55, indicating insufficient earnings to cover interest expenses, and a negative net margin of -1.91%. An Altman Z-Score of 0.9 places the company in a financial distress zone, suggesting a potential risk of bankruptcy. This financial strain leads to limited liquidity, pressured margins, and prioritizes debt reduction over other financial activities.
2. Integration and Execution Risks from Acquisitions: Baldwin Insurance Group has pursued a growth strategy that includes significant acquisitions, such as the $1.03 billion acquisition of CAC Group. A primary risk associated with such mergers is the potential for key agents and advisors to depart, taking their client relationships and business with them. The company also faces general integration risks and execution challenges when incorporating new digital tools and workflows into existing operations.
3. Regulatory Complexity and Compliance Burden: As an independent insurance distribution firm, Baldwin Insurance Group operates within a highly regulated industry that is subject to continuous changes at both federal and state levels. Evolving regulations pertaining to insurance sales practices, licensing requirements, agent compensation, data privacy, and consumer protection can lead to increased operational costs, restrict business activities, and expose the company to potential legal penalties, fines, or reputational damage due to non-compliance.

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The clear emerging threats to Baldwin Insurance (BWIN), an independent insurance distribution firm, stem from the increasing disintermediation of traditional insurance brokers and agents:

• Direct-to-consumer (D2C) Insurtech platforms: These technology-driven platforms provide individuals and businesses with the ability to purchase insurance directly from carriers or digital brokers, often through user-friendly online interfaces, mobile apps, and AI-powered advice. This trend bypasses the need for traditional advisory and brokerage services, which are central to Baldwin's Insurance Advisory Solutions and Mainstreet Insurance Solutions segments.
• Embedded insurance models: This involves integrating insurance seamlessly into the purchase of other products or services, often at the point of sale (e.g., travel insurance when booking a flight, warranty insurance when buying electronics, or auto insurance bundled with vehicle financing). This approach removes the traditional role of an independent broker, as the insurance product is bundled by a primary service provider, directly impacting Baldwin's distribution model.

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Baldwin Insurance (symbol: BWIN) operates in several addressable markets within the United States for its main products and services:

• Commercial Risk Management and Commercial Insurance: The aggregated premiums for commercial business lines in the U.S. were approximately $502.35 billion in 2024.
• Employee Benefits Solutions (Brokerage): The U.S. insurance brokerage market for employee benefits was valued at $34.74 billion in 2022 and is projected to reach $70.11 billion by 2032.
• Private Risk Management and Personal Insurance:
  • Life Insurance: The U.S. life insurance market generated revenues of approximately $504.37 billion in 2020.
  • Individual Health Insurance: The U.S. individual health insurance market was valued at $1.6 trillion in 2022 and is projected to reach $2.54 trillion by 2030.
  • Personal Lines Property/Casualty Insurance (e.g., auto, homeowners): Based on U.S. insurance industry net premiums written, personal lines property/casualty premiums were estimated to be approximately $400.35 billion in 2024 (derived from total property/casualty premiums of $902.7 billion and commercial premiums of $502.35 billion).
• Reinsurance Brokerage Services: The broker segment of the U.S. reinsurance market represented approximately 72% of the total U.S. reinsurance market in 2025, which had an estimated revenue of $137.7 billion. This indicates an addressable market for reinsurance brokerage of approximately $99.14 billion in 2025.

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Baldwin Insurance (BWIN) is expected to drive future revenue growth over the next 2-3 years through several key initiatives:

1. Strategic Acquisitions and Partnerships: The company's merger agreement with CAC Group, along with other partnerships, is projected to significantly boost revenue. The CAC Group alone is anticipated to contribute approximately $345 million in gross revenue and $90 million in Adjusted EBITDA in 2026. Additionally, a 10-year exclusive agreement with Fairway Independent Mortgage Corporation, set to launch in Q2 2026, is expected to enhance its embedded distribution strategy.
2. Sustained Organic Growth through Client Retention and Sales Velocity: Baldwin Insurance is targeting mid-single digit or higher organic growth for the full year 2026, with a goal of achieving double-digit organic growth on a run-rate basis by Q4 2026. This growth is supported by improved client retention, which increased by nearly 300 basis points year-over-year in Q4 2025, and a strong sales velocity that reached 19% in 2025, outperforming the industry median.
3. Expansion and Leverage of Technology-Enabled and Embedded Insurance Platforms: The company is focused on its technology-enabled distribution platforms, such as Westwood, which generated $190 million in pro forma revenue in 2025 and is integrated with major U.S. homebuilders. Furthermore, accelerating AI integration and workflow automation are expected to enhance productivity and agility, particularly in its personal lines business. The success of its Founder Shield digital platform and the renters insurance platform (which wrote over $280 million in premium in 2025 into proprietary products) also highlight the potential from these technological investments.
4. Strong Performance and Growth within the Underwriting, Capacity & Technology Solutions (UCTS) Segment: The UCTS segment has been a significant growth driver, achieving 21% organic growth for the full year 2025 and 16% in Q4 2025. Continued momentum from initiatives like Juniper Re and the introduction of a multifamily captive are expected to further bolster organic growth within this segment.

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Share Repurchases

• In February 2026, Baldwin Insurance's Board of Directors authorized a new share repurchase program of up to $250 million of its common stock.
• Management has indicated that share repurchases are considered the best use of capital in the near term, citing the company's valuation at 8x EBITDA.

Share Issuance

• As part of the acquisition of CAC Group, Baldwin issued 23.2 million shares, valued at approximately $589 million, in a deal that was expected to close in Q1 2026.
• In January 2026, Baldwin filed a Form D related to a $551.7 million equity issuance, involving Class A common stock priced at $23.78 per share, in connection with a business combination transaction.
• In September 2021, BRP Group (now Baldwin Insurance) priced an offering of 8,000,000 shares of its Class A common stock at $30.50 per share, with proceeds intended for general corporate purposes, including funding acquisitions.

Inbound Investments

• In March 2025, an affiliate of Gallatin Point Capital LLC provided $95 million in surplus financing for the launch of Baldwin's debut Builder Reciprocal Insurance Exchange (BRIE), as part of a $110 million note purchase agreement.

Outbound Investments

• Baldwin completed a merger transaction with CAC Group in March 2026 (announced December 2025) for a total upfront consideration of $1.03 billion.
• In January 2026, Baldwin completed the acquisition of Capstone Group, an insurance brokerage firm, to strengthen its national platform and expand regional expertise.
• The company also completed the acquisition of Westwood Insurance Agency in April 2022.

Capital Expenditures

• Baldwin Insurance makes significant investments in technology and talent development, such as its MSI platform and sales training programs, to support organic growth and enhance its competitive advantage.
• As of December 31, 2025, capital expenditures were reported at $10.4 million.