BWIN on Nasdaq
Baldwin Insurance Group, Inc.
American insurance agents company based in Tampa, incorporated in Delaware2
In its 2026 annual report the company says: “The Baldwin Insurance Group, Inc. is a holding company and sole managing member of The Baldwin Insurance Group Holdings, LLC and its sole material asset is its ownership interest in Baldwin Holdings, through which all of our business is conducted. We are innovating the industry by taking a holistic and tailored approach to risk management, insurance and employee benefits.”6 Its shares trade on Nasdaq under the symbol BWIN.2
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Last updated Oct 21, 2026.
Overview
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- TickerBWIN on Nasdaq2
- IndustryInsurance Agents, Brokers & Service2
- HeadquartersTampa, United States2
- Incorporated inDE4
- Business address4211 W. Boy Scout Blvd., Suite 800, Tampa, Fl 336074
- Filer categoryLarge accelerated filer4
- Legal formCorporation2
- LEI5493004GCDREAQPPYG202
- StatusActive2
- LEI statusIssued and current2
- Registered addressC/O CORPORATE CREATIONS NETWORK INC., 19803 Wilmington, United States2
- Registered withDivision of Corporations, Department of State, 52318922
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The Baldwin Insurance Group, Inc. is a holding company and sole managing member of The Baldwin Insurance Group Holdings, LLC (“Baldwin Holdings”) and its sole material asset is its ownership interest in Baldwin Holdings, through which all of our business is conducted. In this Annual Report on Form 10-K, unless the context otherwise requires, the words “Baldwin,” the “Company,” “we,” “us” and “our” refer to The Baldwin Insurance Group, Inc., together with its consolidated subsidiaries, including Baldwin Holdings and its consolidated subsidiaries and affiliates.6 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Products and services
Commission Revenue brought in 79% of the revenue Baldwin Insurance Group, Inc. broke down this way in fiscal 2025.
Products and services by year
| Products and services | 2023 | 2024 | 2025 |
|---|---|---|---|
| Commission Revenue | $967.6M | $1.1B | $1.2B |
| Consulting and Service Fee Revenue | $74.6M | $78.2M | $95.4M |
| Profit Sharing Revenue | $93.4M | $95.5M | $94.1M |
| Policy Fee and Installment Fee Revenue | $65.4M | $60.7M | $78.6M |
| Earned premium [member] | $0 | $0 | $22.6M |
| Insurance, Other | $10.8M | $12.8M | $16.5M |
Business segments
Insurance Advisory Solutions brought in 46% of the revenue Baldwin Insurance Group, Inc. broke down this way in fiscal 2025.
Business segments by year
| Business segments | 2023 | 2024 | 2025 |
|---|---|---|---|
| Insurance Advisory Solutions | $646.1M | $711.9M | $727.3M |
| Underwriting, Capacity & Technology Solutions | $404.5M | $472.9M | $549.5M |
| Mainstreet Insurance Solutions | $234.7M | $281.3M | $297.7M |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Other costs100¢$1.5B
- Income tax0¢$1.7M
Out of $1.5B in revenue.3 The company lost money this year.
Financial statements
Every line of the income statement as filed: the last 3 fiscal years, latest first.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Commissions and fees | $1.5B | $1.4B | $1.2B |
| Investment income | $11.2M | $11.9M | $6.7M |
| Total revenues | $1.5B | $1.4B | $1.2B |
| Colleague compensation and benefits | $777.5M | $762.2M | $699.9M |
| Outside commissions | $279.7M | $269.8M | $211.4M |
| Other operating expenses | $240.3M | $192.4M | $190.3M |
| Amortization expense | $121.3M | $102.7M | $92.7M |
| Change in fair value of contingent consideration | $5.6M | -$4.9M | $61.1M |
| Depreciation expense | $6.5M | $6.2M | $5.7M |
| Total operating expenses | $1.4B | $1.3B | $1.3B |
| Operating income (loss) | $73.9M | $60.6M | -$42.6M |
| Interest expense, net | -$121.4M | -$123.6M | -$119.5M |
| Gain on divestitures | $290.0K | $39.0M | $0 |
| Loss on extinguishment and modification of debt | -$6.2M | -$15.1M | $0 |
| Other income (expense), net | $635.0K | -$194.0K | -$718.0K |
| Total other expense | -$126.7M | -$100.0M | -$120.2M |
| Loss before income taxes and share of net earnings of equity method investee | -$52.8M | -$39.4M | -$162.7M |
| Share of net earnings of equity method investee | $368.0K | $0 | $0 |
| Loss before income taxes | -$52.4M | -$39.4M | -$162.7M |
| Income tax expense | $1.7M | $1.7M | $1.3M |
| Net loss | -$54.2M | -$41.1M | -$164.0M |
| Less: net loss attributable to noncontrolling interests | -$20.3M | -$16.6M | -$73.9M |
| Net loss attributable to Baldwin | -$33.8M | -$24.5M | -$90.1M |
| Basic loss per share (in dollars per share) | -$0.50 | -$0.39 | -$1.50 |
| Diluted loss per share (in dollars per share) | -$0.50 | -$0.39 | -$1.50 |
| Weighted-average shares of Class A common stock outstanding, basic | 67.9M shares | 63.5M shares | 60.1M shares |
| Weighted-average shares of Class A common stock outstanding, diluted | 67.9M shares | 63.5M shares | 60.1M shares |
| Other comprehensive income | $815.0K | $0 | $0 |
| Comprehensive loss | -$53.3M | -$41.1M | -$164.0M |
| Less: comprehensive loss attributable to noncontrolling interests | -$20.0M | -$16.6M | -$73.9M |
| Comprehensive loss attributable to Baldwin | -$33.3M | -$24.5M | -$90.1M |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Cash and cash equivalents | $123.7M | $90.0M | ||
| Fiduciary cash | $223.2M | $222.7M | ||
| Fiduciary receivables | $497.0M | $418.5M | ||
| Prepaid expenses and other current assets | $13.7M | $11.6M | ||
| Property and equipment, net | $22.5M | $22.0M | ||
| Other assets | $82.4M | $48.0M | ||
| Goodwill | $1.5B | $1.4B | ||
| Fiduciary liabilities | $720.3M | $641.3M | ||
| Commissions payable | $50.9M | $73.1M | ||
| Accrued expenses and other current liabilities | $252.6M | $160.6M | ||
| Related party notes payable | $0 | $5.6M | ||
| Colleague earnout incentives | $0 | $32.8M | ||
| Current portion of contingent earnout liabilities | $9.0M | $142.9M | ||
| Total current liabilities | $1.0B | $1.1B | ||
| Revolving line of credit | $107.0M | $0 | ||
| Long-term debt, less current portion | $1.6B | $1.4B | ||
| Contingent earnout liabilities, less current portion | $14.3M | $2.6M | ||
| Other liabilities | $0 | $61.0K | ||
| Total liabilities | $2.8B | $2.5B | ||
| Redeemable noncontrolling interest | $519.0K | $453.0K | ||
| Additional paid-in capital | $844.2M | $794.0M | ||
| Accumulated deficit | -$245.2M | -$211.4M | ||
| Accumulated other comprehensive income | $492.0K | $0 | ||
| Total stockholders equity attributable to Baldwin | $600.2M | $583.2M | ||
| Noncontrolling interest | $483.7M | $425.1M | ||
| Total stockholders equity | $1.1B | $1.0B | $1.0B | $1.1B |
| Total liabilities, mezzanine equity and stockholders equity | $3.9B | $3.5B | ||
| Assumed premiums, commissions and fees receivable, net | $342.1M | $283.6M | ||
| Total current assets | $1.2B | $1.0B | ||
| Right-of-use assets | $62.0M | $72.4M | ||
| Intangible assets, net | $978.4M | $953.5M | ||
| Total assets | $3.9B | $3.5B | ||
| Operating lease liabilities, less current portion | $57.7M | $68.8M |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Cash and cash equivalents | $123.7M | $90.0M | ||
| Fiduciary cash | $223.2M | $222.7M | ||
| Fiduciary receivables | $497.0M | $418.5M | ||
| Prepaid expenses and other current assets | $13.7M | $11.6M | ||
| Property and equipment, net | $22.5M | $22.0M | ||
| Other assets | $82.4M | $48.0M | ||
| Goodwill | $1.5B | $1.4B | ||
| Fiduciary liabilities | $720.3M | $641.3M | ||
| Commissions payable | $50.9M | $73.1M | ||
| Accrued expenses and other current liabilities | $252.6M | $160.6M | ||
| Related party notes payable | $0 | $5.6M | ||
| Colleague earnout incentives | $0 | $32.8M | ||
| Current portion of contingent earnout liabilities | $9.0M | $142.9M | ||
| Total current liabilities | $1.0B | $1.1B | ||
| Revolving line of credit | $107.0M | $0 | ||
| Long-term debt, less current portion | $1.6B | $1.4B | ||
| Contingent earnout liabilities, less current portion | $14.3M | $2.6M | ||
| Other liabilities | $0 | $61.0K | ||
| Total liabilities | $2.8B | $2.5B | ||
| Redeemable noncontrolling interest | $519.0K | $453.0K | ||
| Additional paid-in capital | $844.2M | $794.0M | ||
| Accumulated deficit | -$245.2M | -$211.4M | ||
| Accumulated other comprehensive income | $492.0K | $0 | ||
| Total stockholders equity attributable to Baldwin | $600.2M | $583.2M | ||
| Noncontrolling interest | $483.7M | $425.1M | ||
| Total stockholders equity | $1.1B | $1.0B | $1.0B | $1.1B |
| Total liabilities, mezzanine equity and stockholders equity | $3.9B | $3.5B | ||
| Assumed premiums, commissions and fees receivable, net | $342.1M | $283.6M | ||
| Total current assets | $1.2B | $1.0B | ||
| Right-of-use assets | $62.0M | $72.4M | ||
| Intangible assets, net | $978.4M | $953.5M | ||
| Total assets | $3.9B | $3.5B | ||
| Operating lease liabilities, less current portion | $57.7M | $68.8M |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net loss | -$54.2M | -$41.1M | -$164.0M |
| Depreciation and amortization | $127.8M | $108.9M | $98.4M |
| Payment of contingent earnout consideration in excess of purchase price accrual | $85.8M | $23.4M | $24.3M |
| Share-based compensation expense | $71.1M | $65.5M | $60.0M |
| Change in fair value of contingent consideration | $5.6M | -$4.9M | $61.1M |
| Amortization of deferred financing costs | $5.7M | $5.8M | $5.1M |
| Gain on divestitures | -$290.0K | -$39.0M | $0 |
| Loss on extinguishment of debt | $26.0K | $1.0M | $0 |
| Other operating activity | -$602.0K | $909.0K | $2.0M |
| Assumed premiums, commissions and fees receivable, net | -$45.1M | -$42.4M | -$50.3M |
| Prepaid expenses and other current assets | -$9.7M | -$7.2M | -$6.8M |
| Right-of-use assets | $16.0M | $16.7M | $18.0M |
| Accounts payable, accrued expenses and other current liabilities | -$11.2M | -$488.0K | $6.1M |
| Colleague earnout incentives | -$32.8M | $24.8M | $8.0M |
| Operating lease liabilities | -$16.1M | -$13.8M | -$13.2M |
| Net cash provided by (used in) operating activities | -$29.4M | $51.5M | $46.0K |
| Cash consideration paid for business combinations, net of cash received | -$85.5M | $0 | $0 |
| Capital expenditures | -$39.5M | -$41.0M | -$21.4M |
| Investments in and loans to business ventures | -$16.7M | -$3.9M | -$1.7M |
| Proceeds from divestitures, net of cash transferred | $1.9M | $57.0M | $3.3M |
| Cash consideration paid for asset acquisitions | -$460.0K | -$268.0K | -$2.1M |
| Proceeds from repayment of loans to business ventures | $0 | $1.5M | $0 |
| Net cash provided by (used in) investing activities | -$140.3M | $13.3M | -$21.9M |
| Change in fiduciary assets and liabilities, net | $504.0K | $50.7M | $44.6M |
| Payment of contingent earnout consideration up to amount of purchase price accrual | -$66.2M | -$98.7M | -$27.9M |
| Proceeds from revolving line of credit | $263.0M | $106.0M | $111.0M |
| Payments on revolving line of credit | -$156.0M | -$447.0M | -$275.0M |
| Proceeds from refinancing of long-term debt | $1.9B | $1.4B | $170.0M |
| Payments relating to extinguishment and modification of long-term debt | -$1.8B | -$996.2M | $0 |
| Payments on long-term debt | -$7.2M | -$6.8M | -$9.4M |
| Payments of deferred financing costs | -$164.0K | -$18.0M | -$5.0M |
| Proceeds from the sale and settlement of interest rate caps | $0 | $2.3M | $10.9M |
| Tax distributions to Baldwin Holdings' LLC Members | $0 | -$11.1M | -$482.0K |
| Other financing activity | -$5.2M | -$264.0K | -$343.0K |
| Net cash provided by financing activities | $203.8M | $21.1M | $18.4M |
| Net increase (decrease) in cash and cash equivalents and fiduciary cash | $34.1M | $85.8M | -$3.5M |
| Cash paid for interest | $115.3M | $111.4M | $105.4M |
| Cash paid for taxes | $1.7M | $2.7M | $1.4M |
| Noncontrolling interest acquired in business combinations | $97.9M | $0 | $0 |
| Deferred payment obligations recognized in business combinations | $32.3M | $0 | $0 |
| Right-of-use assets obtained in exchange for operating lease liabilities | $3.2M | $2.8M | $6.4M |
| Capital expenditures incurred but not yet paid | $3.3M | $2.8M | $3.6M |
| Right-of-use assets increased through lease modifications and reassessments | $2.7M | $767.0K | $1.1M |
| Equity interest issued in business combinations | $863.0K | $0 | $0 |
| Contingent earnout liabilities assumed in business combinations and asset acquisitions | $18.4M | $224.0K | $723.0K |
| Conversion of contingent earnout liability to related party notes payable | $0 | $5.6M | $0 |
| Decrease in goodwill resulting from measurement period adjustments for prior year business combinations | $0 | $0 | -$211.0K |
No quarter-by-quarter statement was filed.
Corporate structure
Baldwin Insurance Group, Inc. sits at the top of its group. 86 entities, 5 countries on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of Baldwin Insurance Group, Inc.
- FMR LLC Filed SCHEDULE 13G/A on Baldwin Insurance Group, Inc., latest Oct 7, 2026 (7 filings since Feb 9, 2022)
- GLAZER CAPITAL, LLC Filed SCHEDULE 13G on Baldwin Insurance Group, Inc., latest Sep 25, 2026
- Capital International Investors Filed SCHEDULE 13G/A on Baldwin Insurance Group, Inc., latest May 14, 2026 (2 filings since Feb 13, 2026)
- Lowry Baldwin Filed SCHEDULE 13G/A on Baldwin Insurance Group, Inc., latest May 8, 2026 (6 filings since Feb 11, 2022)
- WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC Filed SCHEDULE 13G/A on Baldwin Insurance Group, Inc., latest May 7, 2026 (3 filings since Feb 12, 2025)
- VANGUARD GROUP INC Filed SCHEDULE 13G/A on Baldwin Insurance Group, Inc., latest Mar 26, 2026 (4 filings since Feb 9, 2022)
- Capital Research Global Investors Filed SCHEDULE 13G/A on Baldwin Insurance Group, Inc., latest Feb 12, 2026 (2 filings since Aug 13, 2025)
- Champlain Investment Partners, LLC Filed SCHEDULE 13G on Baldwin Insurance Group, Inc., latest Feb 12, 2026 (5 filings since Feb 13, 2023)
- BAMCO INC /NY/ Filed SCHEDULE 13G/A on Baldwin Insurance Group, Inc., latest Nov 14, 2024 (4 filings since Feb 14, 2022)
- Macquarie Group Filed SC 13G/A on Baldwin Insurance Group, Inc., latest Nov 1, 2024 (2 filings since Feb 14, 2024)
- T. Rowe Price Investment Management, Inc. Filed SC 13G/A on Baldwin Insurance Group, Inc., latest Feb 16, 2024 (3 filings since Feb 14, 2023)
- BlackRock Filed SC 13G/A on Baldwin Insurance Group, Inc., latest Jan 26, 2024 (3 filings since Feb 3, 2022)
- Baldwin Insurance Group, Inc. Tampa, Florida, United States
- 360 Rx Solutions, LLC Subsidiary · Florida, United States
- AHT GovCon Risk, LLC Subsidiary · Florida, United States
- Baldwin AIF Holdings, LLC Subsidiary · Florida, United States
- Baldwin Risk Partners (Genuine), LLC Subsidiary · Florida, United States
- BKS MS, LLC Subsidiary · Florida, United States
- BKS Partners Galati Marine Solutions, LLC Subsidiary · Florida, United States
- BKS Smith, LLC Subsidiary · Florida, United States
- BRP Colleague II, Inc. Subsidiary · Florida, United States
- BRP Effective Coverage, LLC Subsidiary · Florida, United States
- BRP Insurance I, LLC Subsidiary · Florida, United States
- BRP Insurance Intermediary Holdings, LLC Subsidiary · Florida, United States
- BRP Main Street Insurance Holdings, LLC Subsidiary · Florida, United States
- BRP Medicare Insurance Holdings, LLC Subsidiary · Florida, United States
- Bubble Insurance Solutions, LLC Subsidiary · Florida, United States
- Bubble Technologies, LLC Subsidiary · Florida, United States
- Builder Risk Management, LLC Subsidiary · Texas, United States
- Burnham Risk and Insurance Solutions, LLC Subsidiary · Florida, United States
- CA Transportation, LLC Subsidiary · Alabama, United States
- CAC Group Life, LLC Subsidiary · Delaware, United States
- CAC Holdings, LLC Subsidiary · Delaware, United States
- CAC NR, LLC Subsidiary · Delaware, United States
- CACH Acquisition, LLC Subsidiary · Delaware, United States
- CACH Foreign Holdings, LLC Subsidiary · Delaware, United States
- CACH Media Guarantors Insurance Solutions, LLC Subsidiary · Delaware, United States
- CACH MG Canada Holdings, ULC Subsidiary · Canada
- and 60 more
Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What Baldwin Insurance Group, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Property and equipment
| Item | Latest | A year before | Change |
|---|---|---|---|
| Property and equipment, before depreciation | $44.8M3 Dec 31, 2025 | $42.0M3 Dec 31, 2024 | +6.6% |
| Accumulated depreciation | $22.3M3 Dec 31, 2025 | $20.1M3 Dec 31, 2024 | +11.1% |
| Property and equipment, net | $22.5M3 Dec 31, 2025 | $22.0M3 Dec 31, 2024 | +2.4% |
| Operating-lease assets (leased space) | $62.0M3 Dec 31, 2025 | $72.4M3 Dec 31, 2024 | −14.4% |
Investments
| Item | Latest | A year before | Change |
|---|---|---|---|
| Cash and cash equivalents | $123.7M3 Dec 31, 2025 | $90.0M3 Dec 31, 2024 | +37.3% |
Intangibles and goodwill
| Item | Latest | A year before | Change |
|---|---|---|---|
| Goodwill | $1.5B3 Dec 31, 2025 | $1.4B3 Dec 31, 2024 | +7.4% |
| Intangible assets, net (excluding goodwill) | $978.4M3 Dec 31, 2025 | $953.5M3 Dec 31, 2024 | +2.6% |
| Finite-lived intangibles, gross | $1.4B3 Dec 31, 2025 | $1.3B3 Dec 31, 2024 | +11.0% |
| Accumulated amortization | $466.9M3 Dec 31, 2025 | $348.9M3 Dec 31, 2024 | +33.8% |
| Finite-lived intangibles, net | $978.4M3 Dec 31, 2025 | $953.5M3 Dec 31, 2024 | +2.6% |
Properties, in its own words
Our corporate headquarters is located in leased offices in Tampa, Florida. The leases consist of approximately 105,000 square feet and expire in August 2030. Our insurance brokerage business leases office space in approximately 125 operating locations located in 24 states throughout the U.S. These offices are generally located in shopping centers, small office parks and office buildings, with lease terms expiring through the next ten years. These facilities are suitable for our needs and we believe that they are well maintained.
Item 2 of the 10-K filed Feb 26, 2026.6
Leadership
Who has led Baldwin Insurance Group, Inc., and when. Pick a name to see everywhere that person has worked.
Chief executive
Chief financial officer
Chief operating officer
20202025
- Chief executive officerTrevor Baldwin Oct 23, 2019 to now17
- ChairLowry Baldwin Oct 23, 2019 to Aug 21, 202318
- Chief financial officerBradford Hale Mar 16, 2023 to now19
- Chief financial officerKristopher Aaron Wiebeck Oct 23, 2019 to Oct 23, 201920
- Chief operating officerDaniel Galbraith Oct 23, 2019 to Sep 6, 202321
Board members and other officers (21)
- Interim CAOWillis Johnathan Daniel Jun 17, 2026 to now22
- OfficerJames Morgan Roche Jan 26, 2024 to now23
- OfficerDaniel Galbraith Mar 15, 2024 to now24
- Chief Strategy OfficerKristopher Aaron Wiebeck Mar 16, 2023 to Aug 21, 202325
- Chief Accounting OfficerCorbyn N. Galloway Apr 5, 2021 to now26
- Chief Accounting OfficerBradford Hale Oct 23, 2019 to Oct 23, 201927
- Chief Partnership OfficerJohn A. Valentine Oct 23, 2019 to Nov 13, 202328
- Board memberPaul Eugene Sparks Jan 6, 2026 to now29
- Board memberSathish Muthukrishnan Jun 9, 2023 to now30
- Board memberLowry Baldwin Sep 8, 2023 to now31
- Board memberEllyn Shook Jan 4, 2022 to now32
- Board memberMyron K. Williams Jan 4, 2022 to now33
- Board memberSunita Parasuraman Jan 4, 2022 to now34
- Board memberKristopher Aaron Wiebeck Mar 8, 2022 to Aug 21, 202335
- Board memberJay A. Cohen Jun 17, 2021 to now36
- Board memberBarbara Ruth Matas Feb 13, 2020 to now37
- Board memberJoseph John Kadow Feb 13, 2020 to now38
- Board memberChris T. Sullivan Oct 23, 2019 to now39
- Board memberPhillip E. Casey Oct 23, 2019 to Apr 4, 202340
- Board memberRobert D. Eddy Oct 23, 2019 to Apr 5, 202141
- Board memberTrevor Baldwin Oct 23, 2019 to now17
Named in SEC Form D filings
People the company listed in its private-offering notices.
Subsidiaries and ownership
Subsidiaries (Exhibit 21)
- 360 Rx Solutions, LLC Florida5
- AHT GovCon Risk, LLC Florida5
- BKS MS, LLC Florida5
- BKS Partners Galati Marine Solutions, LLC Florida5
- BKS Smith, LLC Florida5
- BRP Colleague II, Inc. Florida5
- BRP Effective Coverage, LLC Florida5
- BRP Insurance I, LLC Florida5
- BRP Insurance Intermediary Holdings, LLC Florida5
- BRP Main Street Insurance Holdings, LLC Florida5
- BRP Medicare Insurance Holdings, LLC Florida5
- Baldwin AIF Holdings, LLC Florida5
- Baldwin Risk Partners (Genuine), LLC Florida5
- Bubble Insurance Solutions, LLC Florida5
- Bubble Technologies, LLC Florida5
- Builder Risk Management, LLC Texas5
- Burnham Risk and Insurance Solutions, LLC Florida5
- CA Transportation, LLC Alabama5
- CAC Group Life, LLC Delaware5
- CAC Holdings, LLC Delaware5
- CAC NR, LLC Delaware5
- CACH Acquisition, LLC Delaware5
- CACH Foreign Holdings, LLC Delaware5
- CACH MG Canada Holdings, ULC Canada5
All 86 listed subsidiaries
- CACH MGIS Bond Pty, Ltd. Australia5
- CACH Media Guarantors Insurance Solutions, LLC Delaware5
- CAH Advisors, LLC Delaware5
- CAH Holdings, LLC Delaware5
- Cobbs Allen Capital, LLC Delaware5
- Cobbs, Allen & Hall, LLC Delaware5
- Connected Captive Solutions, LLC Florida5
- Creisoft, LLC Delaware5
- DP Inv, LLC New York5
- DP Palisade, LLC Delaware5
- Dorset Peak Capital, LLC Delaware5
- Dorset Peak Global, LLC Delaware5
- Dorset Peak Investments, LLC Delaware5
- Emerald Bay Insurance Group, LLC Florida5
- Hill Administrative Services, LLC Delaware5
- Hovanian Insurance Agency, LLC Texas5
- Insgroup Dallas, LLC Florida5
- Juniper Re Bermuda, Ltd. Bermuda5
- Juniper Re UK, Ltd. United Kingdom5
- Juniper Re, LLC Florida5
- Laureate Insurance Partners, LLC Florida5
- Lennar Insurance Agency, LLC Texas5
- MSI Homeowners Series Protected Cell Tennessee5
- MSI Multifamily Series Protected Cell Tennessee5
- MSI of New York, LLC New York5
- Mattamy Insurance Agency, LLC Texas5
- Millennial Specialty Insurance, LLC Florida5
- MultiStrat (ISAC), Ltd. Bermuda5
- MultiStrat Advisors, LLC Delaware5
- MultiStrat Advisors, Ltd. Bermuda5
- MultiStrat Re, LLC Tennessee5
- North American Advantage Insurance Services, LLC Texas5
- Obie Insurance Group, LLC Delaware5
- Obie Insurance Services, LLC Delaware5
- Outfront Prevention, LLC Alabama5
- Palisade Executive Services, LLC Delaware5
- Partners Air, LLC Alabama5
- Preferred Property Program, LLC Illinois5
- Preferred Property Risk Purchasing Group, LLC Florida5
- RentSure Agency, LLC Florida5
- TB2 Insurance Agency, LLC Texas5
- TBG Assurance Company, LLC Tennessee5
- The Baldwin Group Asset & Income Protection, LLC Florida5
- The Baldwin Group Colleague, Inc. Florida5
- The Baldwin Group Financial Services Holdings, LLC Florida5
- The Baldwin Group Health Insurance II, LLC Florida5
- The Baldwin Group Health Insurance, LLC Florida5
- The Baldwin Group Insurance Advisory Solutions Holdings, LLC Florida5
- The Baldwin Group Mid-Atlantic, LLC Florida5
- The Baldwin Group Northeast, LLC Florida5
- The Baldwin Group Personal Insurance, LLC Florida5
- The Baldwin Group Practice Centers, LLC New York5
- The Baldwin Group Securities, LLC Florida5
- The Baldwin Group Southeast, LLC Florida5
- The Baldwin Group Southwest, LLC Florida5
- The Baldwin Group Specialty Industry, LLC New Jersey5
- The Baldwin Group Specialty Solutions, LLC Florida5
- The Baldwin Group Venture Investments, LLC Florida5
- The Baldwin Group Wealth Advisors, LLC Florida5
- The Baldwin Group West, LLC Florida5
- The Baldwin Insurance Group Holdings, LLC Delaware5
- Westwood Builder Insurance Agency, LLC Texas5
The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.
Former names
- BRP Group, Inc.Aug 19, 2019 to Apr 25, 20244
Timeline
- Oct 9, 20268-K Financial statements and exhibits45
- Sep 21, 20268-K Executive or director change46
- Sep 14, 20268-K Entered a material agreement; Regulation FD disclosure47
- Jul 30, 20268-K Results of operations48
- Jun 4, 20268-K Executive or director change; Shareholder vote49
- May 4, 20268-K Results of operations50
- Feb 26, 20268-K Results of operations51
- Jan 2, 20268-K Entered a material agreement; Completed an acquisition or sale; New debt or obligation52
- Jan 2, 20268-K Financial statements and exhibits53
- Dec 2, 20258-K Entered a material agreement; Unregistered sale of shares; Regulation FD disclosure54
- Nov 4, 20258-K Results of operations55
- Sep 18, 20258-K Entered a material agreement; New debt or obligation56
- Oct 23, 2019New chief executive Trevor Baldwin becomes CEO17
- Oct 23, 2012Founded Baldwin Insurance Group, Inc. is founded2
Calendar
Coming up
- Nov 3, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported $0.16 a share, on Nov 4, 2025.57
When it reported results
- Jul 30, 2026Reported quarterly or annual results48
- May 4, 2026Reported quarterly or annual results50
- Feb 26, 2026Reported quarterly or annual results51
- Nov 4, 2025Reported quarterly or annual results55
- Aug 5, 2025Reported quarterly or annual results58
- May 6, 2025Reported quarterly or annual results59
- Feb 25, 2025Reported quarterly or annual results60
- Nov 4, 2024Reported quarterly or annual results61
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
584 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 47 major events, 363 insider forms, 45 large holders, 12 private raises, 97 other. The latest 20:
- Oct 15, 2026SC 13E3 EDGAR
- Oct 15, 2026PREM14A EDGAR
- Oct 9, 20268-K EDGAR
- Oct 7, 2026SCHEDULE 13G/A EDGAR
- Oct 2, 20264 EDGAR
- Oct 2, 20264 EDGAR
- Oct 2, 20264 EDGAR
- Oct 2, 20264 EDGAR
- Oct 2, 20264 EDGAR
- Oct 2, 20264 EDGAR
- Oct 2, 20264 EDGAR
- Oct 2, 20264 EDGAR
- Oct 2, 20264 EDGAR
- Sep 25, 2026SCHEDULE 13G EDGAR
- Sep 21, 20268-K EDGAR
- Sep 14, 2026DEFA14A EDGAR
- Sep 14, 2026DEFA14A EDGAR
- Sep 14, 2026DEFA14A EDGAR
- Sep 14, 2026DEFA14A EDGAR
- Sep 14, 20268-K EDGAR
The 584 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Insider trades
98 open-market trades by officers, directors and large owners since October 2021: 17 buys and 81 sales. Grants, option exercises and gifts are left out.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| May 14, 2026 | Cohen Seth BalaGeneral Counsel | Sale | 15,000 | $20.01 | $300.1K | Form 4 |
| May 7, 2026 | Krystyn Elizabeth | Sale | 130,018 | $21.20 | $2.8M | Form 4 |
| May 6, 2026 | Krystyn Elizabeth | Sale | 71,982 | $21.19 | $1.5M | Form 4 |
| Mar 6, 2026 | Krystyn Elizabeth | Sale | 119,987 | $21.25 | $2.5M | Form 4 |
| Mar 3, 2026 | Sparks Paul EugeneDirector | Buy | 15,200 | $22.10 | $335.9K | Form 4 |
| Mar 2, 2026 | Sparks Paul EugeneDirector | Buy | 29,000 | $22.96 | $665.8K | Form 4 |
| Dec 15, 2025 | Roche James MorganSee Remarks | Sale | 80,000 | $24.03 | $1.9M | Form 4 |
| Dec 12, 2025 | Roche James MorganSee Remarks | Sale | 100,000 | $24.20 | $2.4M | Form 4 |
| Dec 11, 2025 | Roche James MorganSee Remarks | Sale | 60,000 | $23.34 | $1.4M | Form 4 |
| Dec 5, 2025 | Roche James MorganSee Remarks | Sale | 15,000 | $25.08 | $376.2K | Form 4 |
| Aug 13, 2025 | Cohen Seth BalaGeneral Counsel | Sale | 2,775 | $34.00 | $94.3K | Form 4 |
| Aug 7, 2025 | Hale BradfordChief Financial Officer | Buy | 10,000 | $28.72 | $287.2K | Form 4 |
| Jun 13, 2025 | Roche James MorganSee Remarks | Sale | 26,679 | $40.07 | $1.1M | Form 4 |
| Jun 12, 2025 | Baldwin TrevorChief Executive Officer | Sale | 117,000 | $39.83 | $4.7M | Form 4 |
| Jun 12, 2025 | Roche James MorganSee Remarks | Sale | 10,894 | $40.03 | $436.1K | Form 4 |
| Jun 11, 2025 | Baldwin TrevorChief Executive Officer | Sale | 58,000 | $38.48 | $2.2M | Form 4 |
| Jun 9, 2025 | Baldwin LowryDirector | Sale | 50,000 | $38.98 | $1.9M | Form 4 |
| Jun 4, 2025 | Roche James MorganSee Remarks | Sale | 7,142 | $40.08 | $286.3K | Form 4 |
| Jun 3, 2025 | Cohen Seth BalaGeneral Counsel | Sale | 4,496 | $39.58 | $178.0K | Form 4 |
| May 28, 2025 | Baldwin LowryDirector | Sale | 62,500 | $38.32 | $2.4M | Form 4 |
All 98 trades can be filtered by person here when JavaScript is on.
From Forms 4 filed with the SEC.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- FMR LLCSCHEDULE 13G/A, 7 filings Feb 9, 2022 to Oct 7, 202662
- GLAZER CAPITAL, LLCSCHEDULE 13G, 1 filing Sep 25, 202663
- Capital International InvestorsSCHEDULE 13G/A, 2 filings Feb 13, 2026 to May 14, 202664
- Lowry BaldwinSCHEDULE 13G/A, 6 filings Feb 11, 2022 to May 8, 202665
- WILLIAM BLAIR INVESTMENT MANAGEMENT, LLCSCHEDULE 13G/A, 3 filings Feb 12, 2025 to May 7, 202666
- VANGUARD GROUP INCSCHEDULE 13G/A, 4 filings Feb 9, 2022 to Mar 26, 202667
- Capital Research Global InvestorsSCHEDULE 13G/A, 2 filings Aug 13, 2025 to Feb 12, 202668
- Champlain Investment Partners, LLCSCHEDULE 13G, 5 filings Feb 13, 2023 to Feb 12, 202669
- BAMCO INC /NY/SCHEDULE 13G/A, 4 filings Feb 14, 2022 to Nov 14, 202470
- Macquarie GroupSC 13G/A, 2 filings Feb 14, 2024 to Nov 1, 202471
- T. Rowe Price Investment Management, Inc.SC 13G/A, 3 filings Feb 14, 2023 to Feb 16, 202472
- BlackRockSC 13G/A, 3 filings Feb 3, 2022 to Jan 26, 202473
- PRICE T ROWE ASSOCIATES INC /MD/SC 13G/A, 2 filings Feb 14, 2022 to Feb 14, 202374
- MACKENZIE FINANCIAL CORPSC 13G/A, 1 filing Feb 4, 202275
Executive pay
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
| Year | Executive | Age | Salary | Total pay |
|---|---|---|---|---|
| 2025 | Trevor BaldwinChief Executive Officer | $400.0K | $5.3M76 | |
| 2025 | Jim RochePresident, The Baldwin Group and CEO, Underwriting, Capacity & Technology Operations | $300.0K | $2.5M76 | |
| 2025 | Daniel GalbraithPresident, The Baldwin Group and CEO, Retail Brokerage Operations | $300.0K | $2.4M76 | |
| 2025 | Bradford HaleChief Financial Officer | $300.0K | $2.4M76 | |
| 2025 | Seth CohenGeneral Counsel | $300.0K | $1.4M76 | |
| 2024 | Trevor BaldwinChief Executive Officer | $400.0K | $5.7M76 | |
| 2024 | Daniel GalbraithPresident, The Baldwin Group and CEO, Retail Brokerage Operations | $300.0K | $3.6M76 | |
| 2024 | Bradford HaleChief Financial Officer | $300.0K | $2.8M76 | |
| 2024 | Jim RochePresident, The Baldwin Group and CEO, Underwriting, Capacity & Technology Operations | $300.0K | $2.8M76 | |
| 2024 | Seth CohenGeneral Counsel | $300.0K | $1.4M76 | |
| 2023 | Trevor BaldwinChief Executive Officer | $400.0K | $6.4M76 | |
| 2023 | Bradford HaleChief Financial Officer | $300.0K | $3.2M76 | |
| 2023 | Daniel GalbraithPresident, The Baldwin Group and CEO, Retail Brokerage Operations | $300.0K | $3.1M76 |
Money raised
Private offerings the company reported to the SEC on Form D.
- Jan 2, 2026Raised $8.4 million in a private offering of equity Form D: 1 investor so far Form D
- Jan 2, 2026Raised $9.4 million in a private offering of equity Form D: 2 investors so far Form D
- Jan 2, 2026Raised $551.7 million in a private offering of equity Form D: 267 investors so far Form D
- Apr 1, 2025Raised $1 million in a private offering of equity Form D: 3 investors so far Form D
- Aug 1, 2022Raised $3.5 million in a private offering of equity Form D: 1 investor so far Form D
- Jun 3, 2022Raised $2.6 million in a private offering of equity Form D: 1 investor so far Form D
- Dec 7, 2021Raised $4.4 million in a private offering of equity Form D: 1 investor so far Form D
- Dec 1, 2021Raised $33.1 million in a private offering of equity Form D: 1 investor so far Form D
- Dec 1, 2021Raised $31.8 million in a private offering of equity Form D: 5 investors so far Form D
- Oct 1, 2021Raised $34.3 million in a private offering of equity Form D: 1 investor so far Form D
- Oct 1, 2021Raised $61.3 million in a private offering of equity Form D: 1 investor so far Form D
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
| Fund | Shares | Value | Share of the fund | Change |
|---|---|---|---|---|
| Fmr LLC | 14,752,216 | $392.1M | 0.0% | +798,154 |
| BlackRock, Inc. | 7,251,950 | $192.8M | 0.0% | +600,650 |
| William Blair Investment Management, LLC | 6,732,965 | $179.0M | 0.5% | −61,527 |
| Vanguard Portfolio Management LLC | 3,262,912 | $86.7M | 0.0% | −212,219 |
| Vanguard Capital Management LLC | 3,166,381 | $84.2M | 0.0% | −298,538 |
| Bank of New York Mellon Corp | 3,077,351 | $81.8M | 0.0% | −840,736 |
| Bamco Inc /ny/ | 2,712,386 | $72.1M | 0.1% | +2,318 |
| State Street Corp | 2,665,874 | $70.8M | 0.0% | +192,620 |
| Geode Capital Management, LLC | 2,339,453 | $62.2M | 0.0% | +188,420 |
| Morgan Stanley | 2,277,033 | $60.5M | 0.0% | +473,826 |
| Woodline Partners LP | 2,264,135 | $60.2M | 0.2% | +1,774,195 |
| Frontier Capital Management Co LLC | 2,097,658 | $55.8M | 0.5% | +995,206 |
| Westwood Holdings Group Inc | 1,938,370 | $51.5M | 0.4% | −638,826 |
| Nomura Asset Management International Inc. | 1,912,711 | $50.8M | 0.1% | −67,172 |
| Capital International Investors | 1,690,697 | $44.9M | 0.0% | +47,140 |
| UBS Group AG | 1,641,349 | $43.6M | 0.0% | +374,524 |
| Annis Gardner Whiting Capital Advisors, LLC | 1,582,587 | $42.1M | 6.3% | −134,951 |
| Dimensional Fund Advisors LP | 1,346,168 | $35.8M | 0.0% | +12,297 |
| Capital Research Global Investors | 1,308,203 | $34.8M | 0.0% | −234,646 |
| Boston Partners | 1,192,820 | $31.7M | 0.0% | +420,117 |
| Bank Of America Corp /de/ | 1,184,085 | $31.5M | 0.0% | +335,678 |
| Point72 Asset Management, L.P. | 1,038,190 | $27.6M | 0.0% | +591,212 |
| Champlain Investment Partners, LLC | 863,038 | $22.9M | 0.6% | −171,222 |
| Northern Trust Corp | 810,264 | $21.5M | 0.0% | +58,938 |
| Bridgewater Advisors Inc. | 728,743 | $21.5M | 1.2% | New |
13F reports cover disclosed long positions in U.S. stocks only.
Members of Congress who traded it
6 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.
| Date | Member | Trade | Amount | Vs S&P since | Filing |
|---|---|---|---|---|---|
| Oct 3, 2025 | Gilbert Ray Cisneros, Jr.Democratic, House | Sale | $1,001 - $15,000 | +4.5% | Report |
| Sep 23, 2025 | Josh GottheimerDemocratic, House | Sale | $1,001 - $15,000 | +9.4% | Report |
| Apr 10, 2025 | Scott FranklinRepublican, House | Partial sale | $500,001 - $1,000,000 | +70.6% | Report |
| Feb 7, 2025 | Scott FranklinRepublican, House | Partial sale | $1,000,001 - $5,000,000 | +53.0% | Report |
| Feb 6, 2025 | Scott FranklinRepublican, House | Partial sale | $15,001 - $50,000 | +49.7% | Report |
| May 29, 2024 | Josh GottheimerDemocratic, House | Buy | $1,001 - $15,000 | −55.0% | Report |
Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).
SEC filer profile
How Baldwin Insurance Group, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
- Name on EDGARBaldwin Insurance Group, Inc.1
- CIK0001781755
- Employer ID (EIN)61-19372256
- Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company6
- Incorporated inDelaware6
- Fiscal year endsDecember 311
- Industry code (SIC)6411 Insurance Agents, Brokers & Service1
- SEC reviewing officeOffice of Finance, Division of Corporation Finance1
- Business address4211 W. Boy Scout Blvd., Suite 800, Tampa, FL 336071
- Phone(866) 279-06981
- Shares outstanding96,721,068 Common Class A shares; 46,136,333 Common Class B shares as of Feb 20, 20266
- Public float$3.6B as of Jun 30, 20256
- AuditorPricewaterhouseCoopers LLP, Tampa, Florida PCAOB ID 238; it also attests to the company’s internal control over financial reporting6
- On EDGAR sinceAug 19, 20191
- Filings876 in all: 4 (454), 8-K (85), 144 (65), 3 (40), SC 13G/A (38), D (33), 10-Q (21), SC 13G (21)1
All 37 form types
CORRESP (11), SCHEDULE 13G/A (11), DEFA14A (10), S-8 (10), 3/A (8), 10-K (7), DEF 14A (7), SCHEDULE 13G (7), 8-K/A (5), UPLOAD (5), 424B5 (4), ARS (4), 4/A (3), FWP (3), 144/A (2), 424B4 (2), 8-A12B (2), CERT (2), DRS (2), EFFECT (2), S-1 (2), S-1/A (2), S-3ASR (2), 424B7 (1), D/A (1), DEF 14C (1), PRE 14C (1), PREM14A (1), SC 13E3 (1)
- Latest filingsAnnual report (10-K) Feb 26, 2026
Quarterly report (10-Q) Jul 30, 2026
Proxy statement (DEF 14A) Apr 22, 2026
Latest 8-K (8-K) Oct 9, 2026
Securities registered for trading
| Class | Symbol | Exchange |
|---|---|---|
| Class A Common Stock, par value $0.01 per share | BWIN | Nasdaq Global Select Market |
From the cover page of the 10-K filed Feb 26, 2026 (Section 12(b) of the Exchange Act).6
Risk factors and legal proceedings
The risks Baldwin Insurance Group, Inc. names in Item 1A of its 10-K filed Feb 26, 2026: 59 risks under these headings, as written.6
- Risks Relating to our Business Operations and Industry
- We may not have sufficient cash flows from operating activities, cash on hand and available capital sources to service any indebtedness, pay contingent earnout liabilities, or finance other working capital needs, which could force us to sell assets, cease operations or take other detrimental actions for our business.
- We have debt outstanding that could adversely affect our financial flexibility and subjects us to restrictions and limitations that could significantly impact our ability to effectively operate our business.
- We may incur significant additional indebtedness, which may affect our ability to satisfy our obligations under the JPM Credit Agreement and indenture governing our Senior Secured Notes.
- Downgrades in our credit ratings could increase future debt financing costs and limit the future availability of debt financing.
- Macroeconomic conditions, political events, other market conditions in the U.S. and around the world and a decline in economic activity could have a material adverse effect on our financial condition and results of operations.
- Volatility or declines in premiums or other adverse trends in the insurance industry may seriously undermine our profitability.
- Because the commissions and fees we earn on the sale of certain insurance products are based on premiums and commission rates set by our insurance and reinsurance company partners, any decreases in these premiums or commission rates, or actions by our insurance company partners seeking repayment of commissions, could result in commissions and fees decreases or expenses to us.
- Quarterly and annual variations in our commissions that result from the timing of policy renewals and the net effect of new and lost business production may have unexpected effects on our results of operations.
- Conditions impacting our insurance company partners or other parties with whom we do business may impact us.
- If we are unable to apply technology effectively in driving value for our clients through technology-based solutions or gain internal efficiencies through the application of technology and related tools, our results of operations, client relationships, growth and compliance programs could be adversely affected.
- We utilize artificial intelligence, which could expose us to liability or adversely affect our business.
The other 48 risks
- Competition in our industry is intense and, if we are unable to compete effectively, we may lose clients and our business, financial condition and results of operations may be negatively affected.
- Our inability to retain or hire qualified colleagues, as well as the loss of any of our executive officers or senior leaders, could negatively impact our reputation and/or ability to retain existing business and generate new business.
- The occurrence of natural or man-made disasters, health epidemics and pandemics and associated governmental responses, could result in declines in business and increases in claims that could adversely affect our business, financial condition and results of operations.
- Our inability to successfully recover should we experience a disaster or other business continuity problem could cause material financial loss, loss of human capital, regulatory actions, reputational harm or legal liability.
- Our ownership of one or more protected cells in certain captive insurance companies (and/or other ownership or participation in similar risk-bearing structures or facilities) will subject us to limited underwriting risk through such ownership and/or participation and may also subject us to limited claims expenses.
- If our ability to enroll individuals during enrollment periods is impeded, our business, results of operations and financial condition could be harmed.
- Partnerships have been, and may in the future continue to be, important to our growth. We may not be able to successfully identify and acquire partners or integrate partners into our company, and we may become subject to certain liabilities assumed or incurred in connection with our partnerships that could harm our business, results of operations and financial condition.
- We are exposed to risk of impairment of goodwill. An impairment of goodwill could have a material adverse effect on our financial condition and results of operations.
- In connection with the implementation of our corporate strategies, we face risks associated with the entry into new lines of business and the growth and development of these businesses.
- Our business had historically been highly concentrated in the Southeastern United States. While we still maintain a concentration in the Southeastern United States, our rapid growth has resulted in our having several regional concentrations of our business, such that adverse economic conditions, natural disasters, loss trends or regulatory changes in one of these regions could adversely affect our financial condition.
- We derive a significant portion of our commissions and fees from a limited number of our insurance company partners, the loss of which could result in additional expense and loss of market share.
- Our business may be harmed if we lose our relationships with insurance and reinsurance company partners, referral partners or other trading partners, fail to maintain good relationships with insurance and reinsurance company partners, referral partners or other trading partners, become dependent upon a limited number of insurance and reinsurance company partners, referral partners or other trading partners or fail to develop new insurance and reinsurance company partner, referral partner or other trading partner relationships.
- Our business, and therefore our results of operations and financial condition, may be adversely affected by conditions that result in reduced insurer and/or reinsurer capacity.
- We rely on third parties to perform key functions of our business operations, enabling our provision of services to our clients. These third parties may act in ways that could harm our business.
- We rely on a single vendor or a limited number of vendors to provide certain key products or services to us, and the inability of these key vendors to meet our needs could have a material adverse effect on our business.
- We have experienced significant growth in recent periods, and our recent growth rates may not be indicative of our future growth. As our costs increase, we may not be able to generate sufficient revenue to achieve and, if achieved, maintain profitability.
- Certain of our results of operations and financial metrics may be difficult to predict as a result of seasonality.
- Damage to our reputation could have a material adverse effect on our business.
- Increasing scrutiny and changing expectations from investors, clients and our colleagues with respect to our environmental, social and governance (“ESG”) practices may impose additional costs on us or expose us to new or additional risks.
- The provision of advisory services to clients with respect to captive insurance, and specifically, utilization of an 831(b) election, is subject to numerous, complex and frequently changing laws, regulations and governmental interpretations of the same, and non-compliance or changes in laws and regulations or governmental interpretations of the same, could harm our business, results of operations and financial condition.
- If we fail to manage future growth effectively, our business could be materially adversely affected.
- Our corporate culture has contributed to our success, and if we cannot maintain this culture, or if we experience a change in management, management philosophy or business strategy, our business may be harmed.
- Our results may be adversely affected by changes in the mode of compensation in the insurance industry.
- Climate risks, risks associated with the physical effects of climate events, and risks associated with governmental responses to climate risks, could adversely affect our business, results of operations and financial condition.
- Risks Relating to Legal, Compliance and Regulatory Matters
- E&O claims against us, and other incidents, claims, risks, exposures and/or liabilities that require us to make claims against our insurance policies, may negatively affect our business, financial condition and results of operations.
- Non-compliance with or changes in laws, regulations or licensing requirements applicable to us could restrict our ability to conduct our business and/or could adversely affect our business, financial condition and results of operations.
- Proposed tort reform legislation, if enacted, could decrease demand for casualty insurance, thereby reducing our commission revenues.
- Regulations affecting insurance company partners with which we place insurance affect how we conduct our operations.
- The marketing and sale of Medicare plans are subject to numerous, complex and frequently changing laws and regulations, and non-compliance or changes in laws and regulations could harm our business, results of operations and financial condition.
- Efforts to reduce healthcare costs and alter healthcare financing practices could adversely affect our business.
- Risks Relating to Intellectual Property and Cybersecurity
- Our business depends on information processing systems. Data breaches or other security incidents with respect to our or our vendors' information processing systems may hurt our business, financial condition and results of operations.
- Our business depends on a strong brand, and any failure to maintain, protect, defend and enhance our brand would hurt our ability to grow our business, particularly in new markets where we have limited brand recognition.
- Failure to obtain, maintain, protect, defend or enforce our intellectual property rights, or allegations that we have infringed, misappropriated or otherwise violated the intellectual property rights of others, could harm our reputation, ability to compete effectively, business, financial condition and results of operations.
- A failure or disruption of our operational processes or systems, whether due to technological error or human error or misconduct, could negatively impact our reputation, customers, clients, businesses or results of operations and financial condition.
- We rely on the availability and performance of information technology services provided by third parties.
- Risks Relating to our Organizational Structure
- We are a holding company with our principal asset being our 61% ownership interest in Baldwin Holdings, and our Pre-IPO LLC Members, whose interest in our business may be different from yours, have approval rights over certain transactions and actions taken by us or Baldwin Holdings.
- In certain circumstances, Baldwin Holdings will be required to make distributions to us and the other holders of LLC Units, and the distributions that Baldwin Holdings will be required to make may be substantial.
- We will be required to pay Baldwin Holdings’ LLC Members and any other persons that become parties to the Tax Receivable Agreement for certain tax benefits we may receive, and the amounts we may pay could be significant.
- We are dependent upon distributions from Baldwin Holdings to pay dividends, if any, and taxes, make payments under the Tax Receivable Agreement and pay other expenses.
- Risks Relating to Ownership of our Class A Common Stock
- Some provisions of Delaware law and our certificate of incorporation and by-laws may deter third parties from acquiring us and diminish the value of our Class A common stock.
- Certain statutory provisions afforded to stockholders are not applicable to us.
- Provisions of state insurance law, applicable to the AIF and any protected cells we may own from time to time in certain captive insurance companies (and/or other ownership or participation in similar risk-bearing structures or facilities), requiring prior approval of change of control may render more difficult or discourage takeover attempts that you may believe are in your best interests or that might result in a substantial profit to you.
- We may issue a substantial amount of our common stock in the future, which could cause dilution to investors and otherwise adversely affect the price of our Class A common stock.
- We expect that the price of our Class A common stock will be volatile, which could cause the value of your investment to decline, and you may not be able to resell your shares for a profit.
- Our ability to pay dividends to our Class A common stockholders may be limited by our holding company structure, contractual restrictions and regulatory requirements.
- Short selling could increase the volatility of the price of our Class A Common Stock.
- If securities analysts do not publish research or reports about our business or if they publish negative evaluations of our Class A common stock, the price of our Class A common stock could decline.
- If we experience material weaknesses or significant deficiencies in the future, or otherwise fail to maintain an effective environment of internal controls, we may not be able to accurately or timely report our financial condition or results of operations, which may adversely affect investor confidence in us and, as a result, the value of our common stock.
Legal proceedings
Please refer to Note 22 to our consolidated financial statements included in Part II, Item 8. Financial Statements and Supplementary Data of this report for a discussion of legal proceedings to which the Company is subject.
The opening of Item 3, Legal Proceedings.6
Sources
The numbers on this page point here. Each one links to the record it came from.
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- 18SEC EDGARLowry Baldwin, Chair
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- 22SEC EDGARWillis Johnathan Daniel, Interim CAO
- 23SEC EDGARJames Morgan Roche, Officer
- 24SEC EDGARDaniel Galbraith, Officer
- 25
- 26
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- 29SEC EDGARPaul Eugene Sparks, Board member
- 30SEC EDGARSathish Muthukrishnan, Board member
- 31SEC EDGARLowry Baldwin, Board member
- 32SEC EDGAREllyn Shook, Board member
- 33SEC EDGARMyron K. Williams, Board member
- 34SEC EDGARSunita Parasuraman, Board member
- 35
- 36SEC EDGARJay A. Cohen, Board member
- 37SEC EDGARBarbara Ruth Matas, Board member
- 38SEC EDGARJoseph John Kadow, Board member
- 39SEC EDGARChris T. Sullivan, Board member
- 40SEC EDGARPhillip E. Casey, Board member
- 41SEC EDGARRobert D. Eddy, Board member
- 42
- 43
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- 45SEC EDGARFinancial statements and exhibits
- 46SEC EDGARExecutive or director change
- 47
- 48SEC EDGARResults of operations
- 49
- 50SEC EDGARResults of operations
- 51SEC EDGARResults of operations
- 52
- 53SEC EDGARFinancial statements and exhibits
- 54
- 55SEC EDGARResults of operations
- 56
- 57NasdaqNasdaq calendar
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- 73
- 74
- 75
- 76