Baldwin Insurance Group, Inc. (NASDAQ: BWIN)

The Baldwin Insurance Group Inc is a holding company whose sole material asset is its ownership interest in Baldwin Holdings through which all business is conducted. Baldwin is an independent insurance distribution firm that provides expertise and insights to give clients confidence to pursue their purpose passion and dreams. The firm brings together entrepreneurs and insurance professionals to help protect the possible for clients by delivering bespoke client services and innovation through a comprehensive tailored approach to risk management insurance and employee benefits. Baldwin supports clients colleagues insurance company partners and communities by deploying vanguard resources and capital to drive organic and inorganic growth. When the company consistently executes for these stakeholders it believes the outcome is increased value for stockholders. Baldwin innovates the industry by taking a holistic and tailored approach to risk management insurance and employee benefits. Its growth plan includes recruiting training and developing industry leading talent adding geographic representation insurance product expertise and end client industry expertise via partnership strategy and building out MSI which delivers proprietary technology enabled insurance solutions to internal risk advisors and external distribution partners. Baldwin is a destination employer supported by an award winning culture powered by exceptional people and fueled by industry leading growth and innovation. The firm represents over three million clients across the United States and internationally and employs approximately five thousand colleagues including those who joined through January 2026 partnerships. Among these colleagues are approximately nine hundred risk advisors who are fiercely independent relentlessly competitive and insurance geeks. Baldwin operates roughly one hundred twenty five offices in twenty four states all equipped to provide diversified products and services to empower clients at every stage through its three operating groups. In 2011 the company adopted the Azimuth as its corporate and cultural constitution named after a historical navigation tool used to find true north the Azimuth asserts core values business basics and stakeholder promises. The ideals of the Azimuth support the mission to deliver indispensable tailored insurance and risk management insights and solutions to clients. Baldwin strives to be regarded as the preeminent insurance advisory firm fueled by relationships powered by people and exemplified by client adoption and loyalty. This environment is upheld by the distinct vernacular the firm uses to describe its services and culture calling itself a firm rather than an agency colleagues rather than employees and risk advisors rather than producers agents serving clients rather than customers and referring to strategic acquisitions as partnerships. The firm encourages community involvement by providing three days of paid volunteer time off each year and supporting initiatives such as the Baldwin Group True North Colleague Fund.

The company generates revenue primarily as a distributor of insurance products including commercial property and casualty insurance employee benefits insurance personal lines insurance wealth management and retirement services and Medicare. As a distributor Baldwin earns commissions that are generally a percentage of the premiums paid by insureds and that follow premium levels. In addition to commissions the firm receives fees for management and consulting services related to risk management employee benefits wealth management and retirement planning. The firm also derives revenue from its proprietary technology enabled insurance solutions offered through the MSI platform which are distributed internally to risk advisors and externally to select distribution partners. Revenue is further supplemented by income from captive insurance activities and from the Attorney in Fact arrangement associated with the Texas domiciled reciprocal insurance exchange. Contingent commissions which fluctuate based on underwriting performance also contribute to the firm's revenue. Overall Baldwin’s revenue model relies on commission based income fee based income and income from technology enabled insurance solutions.

The company operates through the following segments Insurance Advisory Solutions Underwriting Capacity & Technology Solutions and Mainstreet Insurance Solutions.

• Insurance Advisory Solutions provides expertly designed commercial risk management employee benefits and private risk management solutions for businesses and high net worth individuals and their families by selling a wide variety of commercial and personal lines insurance products that mitigate risks and by offering health plans dental plans and retirement accounts while partnering with high quality independent insurance brokers to build industry focused practice groups and product centers of excellence.

• Underwriting Capacity & Technology Solutions manufactures proprietary technology enabled insurance products through its MSI division distributes them internally via risk advisors and externally via select distribution partners focuses on sheltered channels such as the national embedded renters insurance sold at point of lease through property management software integrations expands its MGA suite to over twenty products across commercial personal and professional lines launched two new middle market commercial lines in 2025 maintains a pipeline includes the Capacity Solutions group with Juniper Re MultiStrat captive management sold its Wholesale Business in Q1 2024 received approval to form a Texas domiciled reciprocal insurance exchange holds an investment in Builder Risk Management LLC as Attorney in Fact for the reciprocal which began writing business in Q2 2025 and is accounted for as an equity method investment and includes TBG Assurance Company LLC a protected cell captive that enables multiple independent cells within TBG Assurance Company LLC with the MSI Multifamily Series Protected Cell effective January 1 2025.

• Mainstreet Insurance Solutions offers personal insurance commercial insurance and life and health solutions to individuals and businesses in their communities by accessing clients via sheltered distribution channels such as new home builders realtors mortgage originators lenders master planned communities and community centers of influence invests in talent technology and capabilities including Westwoods homeowners solutions embedded in top home builders nationwide expands its distribution footprint via the National Mortgage and Real Estate Channel enhances digital capabilities to improve risk advisor and client experience and provides consultation for government assistance programs including traditional Medicare Medicare Advantage and the Affordable Care Act to seniors and eligible individuals through a network of primarily independent contractor agents.

Baldwin holds a competitive position in the highly fragmented insurance brokerage industry where it faces large global participants as well as numerous regional and community based firms. The company competes on the basis of reputation client service program and product offerings and its ability to tailor products and services to meet the specific needs of clients. Its main competitors include public companies such as Aon plc Marsh & McLennan Companies Inc Willis Towers Watson plc Arthur J Gallagher & Co and Brown & Brown Inc private firms such as Hub International Limited and USI Inc and in the personal lines space Goosehead Insurance Inc and The Woodlands Financial Group. Baldwin’s competitive advantages stem from its reputation for expertise its client centric service model its ability to deliver tailored solutions its technology driven MSI platform its partnership strategy that brings in high quality independent firms and its award winning culture that attracts and retains top talent. These strengths enable the firm to win new business expand its geographic footprint increase its share of economics from insurance transactions and generate sustainable growth. The firm’s partnership strategy has enabled it to acquire 37 firms since 2020 adding approximately $909 million of acquired revenue and giving access to new talent and geographic reach.

Baldwin serves a highly diversified client base that includes individuals professionals businesses operating in niche industries and specialty insurers. The firm does not rely on any single client or a small group of clients as evidenced by the fact that its largest single client accounted for less than one percent of core commissions and fees in 2025. Baldwin maintains relationships with a significant number of insurance company partners that contribute to its commissions and fees with two such partners together representing approximately seventeen percent of core commissions and fees in 2025. Overall the company represents over three million clients across the United States and internationally and continues to grow its client base through organic initiatives and its partnership strategy. The firm also works with a variety of specialty insurers and niche industry businesses to provide tailored risk management solutions.