Baldwin Group Reports Q1 Revenue of $532.2M
Written by Emily J. Thompson, Senior Investment Analyst
Updated: May 04 2026
0mins
Reports Q1 revenue $532.2M, consensus $523.8M. "Our first quarter results demonstrate the durability and accelerating earnings power of our differentiated platform," said Trevor Baldwin, Chief Executive Officer of The Baldwin Group. "Total revenue grew 29% to $532.2 million and adjusted EBITDA grew 21% to $137.2 million, reflecting strong early contributions from our January partnerships-led by CAC Group-alongside continued execution across our core operating groups. CAC Group integration is meaningfully ahead of plan, with approximately 80% of targeted three-year expense synergies already actioned and revenue cross-sell wins materializing at scale more quickly than anticipated. Normalized organic growth of approximately 9%(5) inclusive of new partnerships underscores the trajectory of the business. We remain firmly on track to deliver accelerating organic growth through the year, exiting 2026 on a double-digit organic growth run rate and to continue advancing our $3B/30 Catalyst transformation program."
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Analyst Views on BWIN
Wall Street analysts forecast BWIN stock price to rise
6 Analyst Rating
2 Buy
4 Hold
0 Sell
Moderate Buy
Current: 19.010
Low
27.00
Averages
33.67
High
47.00
Current: 19.010
Low
27.00
Averages
33.67
High
47.00
About BWIN
The Baldwin Insurance Group, Inc. is an independent insurance distribution company. The Company’s business is divided into three operating groups: Insurance Advisory Solutions (IAS), Underwriting, Capacity & Technology Solutions (UCTS) and Mainstreet Insurance Solutions (MIS). The IAS operating group provides commercial risk management, employee benefits and private risk management solutions for businesses and high-net-worth individuals, as well as their families. The UCTS operating group consists of three distinct divisions: its MGA platform, MSI; its Capacity Solutions group, which consists of its reinsurance brokerage business, Juniper Re; its reinsurance MGA business, MultiStrat; and its captive management business; and the Captives. Through MSI, it manufactures proprietary, technology-enabled insurance products. The MIS operating group offers personal insurance, commercial insurance and life and health solutions to individuals and businesses in their communities.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Significant Industry Divergence: Healthcare and technology sectors continue to face the highest premiums and retentions due to their elevated exposure to securities litigation, while materials, consumer discretionary, and industrial sectors have seen the largest premium decreases, highlighting a significant correction in market pricing.
- Rising Limit Purchasing Trends: The report reveals that average D&O limits have increased to $66 million, reflecting companies reassessing their risk transfer strategies in a more favorable pricing environment, particularly with greater participation from large-cap buyers, indicating a gradual market recovery.
- IPO Activity's Market Impact: The report highlights that IPO and de-SPAC activities significantly influence D&O pricing and retention levels, and as IPO activity shows signs of recovery, it is expected to gradually reintroduce demand into the D&O market, particularly among growth-stage companies, potentially marking the next inflection point for pricing.
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- Workers' Compensation Decline: Workers' compensation insurance pricing dipped further to -0.9%, continuing a slight downward trend, which underscores the increasing importance of risk assessment in the current market environment.
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Reduction in Shareholding: Since March 6, 2026, Krystyn Elizabeth has reduced her shareholding in Baldwin Insurance Group by 119,999 shares, valued at around $2.55 million.
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- Cost and Revenue Synergies: To date, the company has realized over $34 million in cost synergies, representing nearly 80% of the three-year target of $43 million, while revenue synergies have grown to nearly $3 million, reflecting positive progress in integration and cross-selling efforts.
- Future Outlook and Guidance: The company expects Q2 revenue between $485 million and $495 million, with adjusted EBITDA anticipated between $113 million and $118 million, and despite market pressures, management remains optimistic about financial results in the second half of the year.
- Cash Flow and Leverage Status: Adjusted free cash flow for Q1 remained flat year-over-year at approximately $26 million, with a net leverage ratio of about 4.3x, demonstrating a cautious strategy in stock buybacks while maintaining financial flexibility.
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- Adjusted EBITDA Improvement: Adjusted EBITDA rose by 14% to $85.5 million, with EBITDA margin expanding by 60 basis points year-over-year to 22.6%, indicating ongoing enhancements in operational efficiency and cost management that will support future profitability.
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Baldwin Insurance (BWIN) Q2 2025 Earnings Call Transcript
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- Market Stability Improvement: The 2026 D&O Benchmarking Report indicates that approximately 54% of companies maintained premiums within ±10% year-over-year, signaling a stabilization in the market, although 30% of companies experienced moderate decreases of 10-30%, reflecting a more cautious approach from insurers in risk management.
- Significant Industry Divergence: Healthcare and technology sectors continue to face the highest premiums and retentions due to their elevated exposure to securities litigation, while materials, consumer discretionary, and industrial sectors have seen the largest premium decreases, highlighting a significant correction in market pricing.
- Rising Limit Purchasing Trends: The report reveals that average D&O limits have increased to $66 million, reflecting companies reassessing their risk transfer strategies in a more favorable pricing environment, particularly with greater participation from large-cap buyers, indicating a gradual market recovery.
- IPO Activity's Market Impact: The report highlights that IPO and de-SPAC activities significantly influence D&O pricing and retention levels, and as IPO activity shows signs of recovery, it is expected to gradually reintroduce demand into the D&O market, particularly among growth-stage companies, potentially marking the next inflection point for pricing.
See More
Divergence in Commercial Insurance Market Trends
- Market Divergence: The Baldwin Group's Q1 2026 Market Pulse Report reveals a 7.1% decline in commercial property insurance pricing, marking the sharpest drop since Q4 2024, indicating intensified competition and excess supply in the market.
- Workers' Compensation Decline: Workers' compensation insurance pricing dipped further to -0.9%, continuing a slight downward trend, which underscores the increasing importance of risk assessment in the current market environment.
- Liability Insurance Fluctuations: General liability insurance pricing pulled back from 9.3% to 6.1%, reflecting ongoing pressures from social inflation and litigation trends that are impacting insurers' pricing strategies.
- Cyber Insurance Recovery: Cyber insurance pricing returned to positive at 1.1%, signaling early signs of market recovery amid rising threat activity, potentially providing new growth opportunities for insurers.
See More
Baldwin Insurance Group (BWIN.US) Officer Plans to Sell $4.36 Million in Common Stock via Form 144
Stock Sale Announcement: Krystyn Elizabeth, an officer at Baldwin Insurance Group (BWIN.US), plans to sell 202,000 shares of its common stock on May 6, with an estimated market value of approximately $4.36 million.
Reduction in Shareholding: Since March 6, 2026, Krystyn Elizabeth has reduced her shareholding in Baldwin Insurance Group by 119,999 shares, valued at around $2.55 million.
See More
Baldwin Insurance Group Q1 2026 Earnings Call Highlights
- Revenue and Profit Performance: Baldwin Insurance Group reported total revenue of $532 million in Q1 2026, with adjusted EBITDA of $137 million and an EBITDA margin of 26%, indicating stability in revenue growth and profitability.
- Cost and Revenue Synergies: To date, the company has realized over $34 million in cost synergies, representing nearly 80% of the three-year target of $43 million, while revenue synergies have grown to nearly $3 million, reflecting positive progress in integration and cross-selling efforts.
- Future Outlook and Guidance: The company expects Q2 revenue between $485 million and $495 million, with adjusted EBITDA anticipated between $113 million and $118 million, and despite market pressures, management remains optimistic about financial results in the second half of the year.
- Cash Flow and Leverage Status: Adjusted free cash flow for Q1 remained flat year-over-year at approximately $26 million, with a net leverage ratio of about 4.3x, demonstrating a cautious strategy in stock buybacks while maintaining financial flexibility.
See More
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- Adjusted EBITDA Improvement: Adjusted EBITDA rose by 14% to $85.5 million, with EBITDA margin expanding by 60 basis points year-over-year to 22.6%, indicating ongoing enhancements in operational efficiency and cost management that will support future profitability.
- Strong New Business Generation: The Insurance Advisory Solutions (IAS) segment saw sales velocity increase from 14% in Q1 to 22% in Q2, with year-to-date sales velocity at 18%, placing Baldwin in the top decile of the industry and showcasing its competitive edge in new business generation.
- Strategic Investment and Acquisition: The company completed the acquisition of Hippo's homebuilder distribution network, adding 8 new builder partners, which is expected to drive future revenue growth and enhance insurance capacity with builder partners, further expanding market share.
See More
Baldwin Insurance (BWIN) Q2 2025 Earnings Call Transcript
See More
