Baldwin Insurance Group, Inc.: management transactions · United States · SEC (Form 4)

About Baldwin Insurance Group, Inc.

Baldwin Insurance Group, Inc. (ticker: BWIN) is a U.S.-listed insurance distribution and advisory company traded on NASDAQ in the United States. The business operates under The Baldwin Group brand and positions itself as an independent insurance broker and advisory platform focused on risk management, employee benefits, and related wealth-oriented solutions. For European investors, the investment case is best understood as a scaled, entrepreneurial brokerage platform that combines traditional commission-based insurance distribution with specialty programs and technology-enabled embedded distribution. The company’s roots go back to 2011, when Lowry Baldwin and Trevor Baldwin co-founded the platform with the ambition of building a premier insurance advisory firm. Over time, Baldwin combined organic growth with a series of partnerships and acquisitions to broaden its capabilities and geographic reach. The company began trading publicly in October 2019 under the name BRP Group and later transitioned to the Baldwin Group identity. Its headquarters is in Tampa, Florida, which places the firm in the southeastern United States while supporting a nationwide operating footprint. Operationally, Baldwin is organized around several complementary business lines. Its core franchise remains retail property-and-casualty brokerage and employee benefits advisory services for both commercial and personal clients. The company has also expanded into specialty and program business through MGA-like capabilities, plus embedded insurance distribution tied to channels such as homebuilders, mortgage originators, and real estate partners. This broader mix gives Baldwin multiple sources of commission and fee revenue and helps diversify the business away from any single product line. From a competitive standpoint, Baldwin operates in a fragmented U.S. insurance brokerage market, where scale, specialization, client relationships, and carrier access matter. Management has emphasized a differentiated model built on niche expertise, sector-focused teams, and a partnership-oriented acquisition strategy. The company states that it serves clients across all 50 U.S. states, with strength in middle-market commercial risks, personal lines, employee benefits, specialty programs, and distribution partnerships. Recent developments have been important. In February 2026, Baldwin reported full-year 2025 revenue growth of 8% to $1.5 billion and organic revenue growth of 7%, while also authorizing a $250 million share repurchase program. In December 2025, the company announced a definitive agreement to merge with CAC Group, a nationally recognized specialty and middle-market broker, further strengthening its platform. In January 2026, Baldwin completed the acquisition of Capstone Group, and it also continued to build specialty capabilities, including the launch of Azimuth Re for construction clients. Taken together, these moves reinforce Baldwin’s strategy of combining acquisition-led expansion, operating leverage, and product innovation to build a broader national insurance platform.