The Baldwin Group: insurance broker profile

Overview

The Baldwin Group is the brand name of The Baldwin Insurance Group, Inc. (Nasdaq: BWIN) and its affiliates. It was formerly Baldwin Risk Partners (BRP Group). The company describes itself as an independent insurance distribution firm offering risk management, insurance and employee benefits services. According to its February 2026 results release, 2025 total revenue was $1,504.9 million, up 8% from $1,389.0 million in 2024, with $1,493.7 million coming from commissions and fees. The company reported a full-year GAAP net loss of $54.2 million. Trevor Baldwin is chief executive. The Form 10-K says Baldwin has about 5,000 colleagues, counting those who joined in January 2026, plus more than 8,300 independent contracted agents, mainly in its Medicare business.

History

Baldwin Risk Partners was founded in Tampa, Florida, in 2011 and went public in 2019. In May 2024 it renamed itself The Baldwin Group, and trade press reported that its roughly 40 regional retail brands would adopt the Baldwin name. Revenue had grown from $140 million in 2019 to $1.2 billion in 2023, according to that coverage. The company moved from BaldwinRiskPartners.com to Baldwin.com. Brands such as Insgroup, The Capital Group and Burnham Benefits followed with their own rebrands in 2024 and 2025.

The 10-K lists three reportable operating groups: Insurance Advisory Solutions, Underwriting, Capacity & Technology Solutions, and Mainstreet Insurance Solutions.

Services

Insurance Advisory Solutions provides commercial risk management, employee benefits and private risk services for businesses and high-net-worth families. The underwriting group has three divisions: MSI, which designs technology-enabled insurance products for Baldwin's advisors and select outside partners; Capacity Solutions, which includes the reinsurance brokerage Juniper Re, the reinsurance MGA MultiStrat and captive management; and a protected-cell captive, TBG Assurance Company, that lets Baldwin share in the underwriting results of some of its MGA programs (see Managing general agents (MGAs): what they are and what they mean for buyers and wholesale brokers and surplus lines placement: how hard risks get insured). Mainstreet Insurance Solutions covers its Medicare distribution through contracted agents. The Baldwin website also lists wealth management and personal insurance for individuals.

Who it serves

Baldwin serves businesses of many sizes, employers needing benefits advice, and individuals and families. Its release says it represents over three million clients in the U.S. and abroad, a count that includes consumers. Small businesses will often encounter the firm through a local brand that now carries the Baldwin name. The practical differences between this kind of national group and a local agent are covered in independent agent, broker, captive agent or direct? and how to choose a commercial insurance broker.

How it is paid

The 2025 Form 10-K says Baldwin earns revenue mainly from three sources:

• Commissions: a percentage of the premium the insured pays, so they generally follow premium levels.
• Fees: charged for management and consulting services.
• Profit-sharing (contingent) revenue: paid by insurer partners based on performance.

Because Baldwin also owns an MGA, a captive that shares in underwriting results, and a reinsurance brokerage, a client may deal with a Baldwin company on both the distribution and underwriting sides of a placement. Clients can ask for written disclosure of every form of compensation on their account, and how commercial insurance brokers get paid explains the industry arrangements. The release does not break out the dollar amount of profit-sharing revenue for 2025, and we did not find it in the portion of the 10-K we read.

Recent deals

• CAC Group merger: announced in December 2025 and completed January 2, 2026. Trade press reported upfront consideration of about $1.026 billion ($438 million in cash and 23.2 million Baldwin shares valued at $589 million), plus up to $250 million of earnouts and a $70 million deferred payment. CAC describes itself as employee-owned and a top-40 U.S. broker, with CAC Specialty, CAC Agency and CAC Capital divisions. Baldwin projected over $2 billion of combined gross revenue in 2026. Quarterly revenue reached $492.9 million in the second quarter of 2026, up 30% from a year earlier, partly because of CAC.
• Take-private: on September 14, 2026 Baldwin announced it would be bought for $32.50 per share in cash by Sequence Holdings and DFO Management, the family investment office of Michael Dell. The deal values the equity at about $4.6 billion and the enterprise at about $7.7 billion, including about $3.1 billion of net debt. Eligible employee shareholders can keep a significant minority stake. The deal needs shareholder and regulatory approvals and is expected to close in the first quarter of 2027, after which Baldwin would leave Nasdaq. Until it closes, the company remains public.
• Other 2026 moves: trade headlines mention a majority stake in MultiStrat Re and an Azimuth Re program for construction firms. We did not verify their terms.

See private equity and the consolidation of insurance brokers and the largest commercial insurance brokers, ranked by 2025 revenue for the wider context.

Strengths and weaknesses

• Strengths: public disclosure of revenue and compensation sources; a mix of distribution, underwriting and reinsurance capabilities; scale added by CAC.
• Weaknesses: integration of CAC alongside dozens of rebranded agencies; a GAAP net loss in 2025; organic growth reported at 3% in the fourth quarter of 2025 and 2% in the second quarter of 2026; the pending change of control and reliance on leverage.

How to contact The Baldwin Group