The Baldwin Insurance Group, In (BWIN) Stock Price & How to Invest
Last updated July 2026
Short answer
The Baldwin Insurance Group (BWIN) is a fast-growing independent insurance brokerage and advisory firm, and its stock is essentially a bet on continued organic growth, acquisition-fueled scale, and the firm's push toward higher margins even as it currently runs at a GAAP net loss.
BWIN stock price
As of 2026-07-10, The Baldwin Insurance Group, In (BWIN) last closed at $26.50, down 35.0% over the past year. Over the past 52 weeks it has traded between $16.50 and $42.99.
Prices are daily closing prices from Yahoo Finance and may be delayed. For the live quote, check your broker or The Baldwin Insurance Group, In's investor relations page. Walnut is informational, not investment advice.
What does The Baldwin Insurance Group, In (BWIN) do?
The Baldwin Insurance Group, Inc. (formerly BRP Group) is an independent insurance brokerage and advisory firm headquartered in Tampa, Florida, and founded in 2011. It distributes personal and commercial insurance through three operating groups: Insurance Advisory Solutions (middle-market and larger commercial clients), Mainstreet Insurance Solutions (personal lines and Medicare), and Underwriting Capacity and Technology Solutions, which houses managing general agent (MGA) programs that let Baldwin design its own specialty products and capture more of each transaction's economics. Its advisors assess client risk and place coverage across a broad carrier network, blending traditional brokerage with technology-enabled product development.
The investment picture centers on rapid top-line growth from both organic expansion and acquisitions, set against thin GAAP profitability. Full-year 2025 revenue grew about 8 percent to roughly $1.5 billion, while the company posted a net loss, and adjusted EBITDA margin ran around 23 percent. In early 2026 the CAC Group merger drove a 29 percent revenue jump in the first quarter, though organic growth cooled to about 2 percent. Management's 3B30 plan targets $3 billion of revenue and a 30 percent EBITDA margin by 2029, so the stock is largely a bet on Baldwin sustaining growth and lifting margins while integrating deals and carrying meaningful debt.
What's driving The Baldwin Insurance Group, In (BWIN)?
1. Organic growth across operating groups
Baldwin has historically posted double-digit organic revenue growth, though the pace slowed to about 2 percent in the first quarter of 2026. Sustained mid-to-high single-digit or better organic growth across its middle-market, personal lines, Medicare, and specialty MGA businesses is the core driver, since organic expansion carries higher-quality economics than acquired revenue.
2. Acquisitions and partnership integration
The company has grown substantially through mergers, most recently completing its combination with CAC Group in January 2026, which added specialty and middle-market capabilities and powered a 29 percent jump in first-quarter 2026 revenue to about $532 million. Successfully integrating acquired firms and cross-selling across the platform is central to Baldwin's scale story.
3. Margin expansion and the 3B30 plan
Management's 3B30 target aims for roughly $3 billion of revenue and a 30 percent adjusted EBITDA margin by 2029, up from about a 23 to 26 percent margin recently. The plan leans on AI, automation, and operating leverage. Progress toward these goals, and closing the gap between adjusted and GAAP earnings, is a key part of the thesis.
4. Specialty MGA and underwriting economics
Through its Underwriting Capacity and Technology Solutions group, Baldwin builds its own insurance products via MGA platforms, capturing more economics per transaction than pure brokerage. Growth in proprietary specialty programs can lift margins and differentiate Baldwin, though it also ties results more closely to underwriting and carrier-capacity conditions.
What are the risks to The Baldwin Insurance Group, In (BWIN)?
Baldwin runs at a GAAP net loss while reporting positive adjusted earnings, so the gap between the two, driven by amortization, interest, and deal costs, is a meaningful risk if adjusted metrics do not eventually convert to reported profit. The company carries substantial debt from its acquisition strategy, making it sensitive to interest rates and integration missteps. Organic growth has decelerated recently, and a slowdown would pressure the valuation. Results also depend on insurance pricing cycles, carrier capacity, and competition from much larger, better-capitalized brokers. Free cash flow has at times been near breakeven, which limits financial flexibility.
How is The Baldwin Insurance Group, In (BWIN) valued? (approximate, July 2026)
A simple financial snapshot. These are approximations and refresh quarterly; for current figures see The Baldwin Insurance Group, In's investor relations page or your broker.
- Revenue (2025): ~$1.5B
- Q1 2026 revenue: ~$532M
- Q1 2026 organic growth: ~2%
- Adjusted EBITDA margin (Q1 2026): ~26%
- Market cap: ~$4B
- GAAP EPS: net loss
As of July 2026, BWIN trades around a $4 billion market cap with shares near the high-$20s, and its trailing GAAP P/E is negative because the company reports a net loss. Investors instead value it on adjusted earnings (adjusted diluted EPS was about $0.63 in the first quarter of 2026) and on revenue and EBITDA growth, so the multiple reflects a growth-and-margin story rather than current GAAP profitability.
Who competes with The Baldwin Insurance Group, In (BWIN)?
Large public insurance brokers
Marsh and McLennan, Aon, Arthur J. Gallagher, Brown and Brown, and Willis Towers Watson are far larger, better-capitalized brokers that compete with Baldwin for commercial and specialty clients and for acquisition targets. They set the pricing and scale benchmarks Baldwin measures itself against.
Private and consolidator brokers
AssuredPartners, Hub International, and USI are large privately held brokers that, like Baldwin, grow through acquisitions and compete for both clients and independent agencies. They pressure deal valuations in the roll-up market Baldwin operates in.
Personal lines and tech-enabled distributors
In personal lines and direct-to-consumer channels, Baldwin competes with firms such as Goosehead Insurance and other technology-forward distributors. These rivals compete on digital experience, agent productivity, and Medicare and homeowners placement.
How to invest in The Baldwin Insurance Group, In (BWIN)
There are three common ways to get BWIN exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic basket, so BWIN sits alongside other stocks that express the same thesis.
Walnut takes the basket route. Describe a thesis where BWIN fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.
The bottom line on The Baldwin Insurance Group, In (BWIN)
BWIN is an acquisitive, growth-oriented insurance distributor whose stock tracks organic revenue growth, deal integration, and progress toward its 3B30 margin targets, priced on adjusted earnings rather than GAAP profit.
More on The Baldwin Insurance Group, In (BWIN)
Whether BWIN is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is BWIN a buy?, and where the stock could go from here in the BWIN stock forecast.
For income investors, whether BWIN pays a dividend and how the payout looks is covered in does BWIN pay a dividend?
Build a basket around BWIN with Walnut
Use The Baldwin Insurance Group, In as one constituent in a thematic basket Walnut's AI helps you assemble. Describe a thesis you believe in, the AI proposes the holdings and weights, and you approve before any broker order.
FAQ
What does The Baldwin Insurance Group do?
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Baldwin is an independent insurance brokerage and advisory firm. It places personal and commercial insurance for clients across a network of carriers, and through its MGA platform it also designs its own specialty insurance products to capture more of each transaction's economics.
Is BWIN the same company as BRP Group?
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Yes. The company was formerly known as BRP Group, Inc. and changed its name to The Baldwin Insurance Group, Inc. in May 2024. It is now listed on the Nasdaq under the ticker BWIN.
How does Baldwin make money?
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It earns commissions and fees for placing insurance coverage between clients and carriers across middle-market, personal lines, and Medicare segments. Its specialty MGA programs generate additional underwriting-related economics by building proprietary insurance products.
Why does BWIN show a negative P/E ratio?
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Baldwin has been reporting a GAAP net loss, driven by items such as amortization of acquired intangibles, interest expense, and deal-related costs, which produces a negative trailing P/E. The company still reports positive adjusted earnings and adjusted EBITDA.
What is Baldwin's 3B30 plan?
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3B30 is management's strategic target to reach roughly $3 billion in revenue and a 30 percent adjusted EBITDA margin by 2029. It relies on continued organic growth, acquisitions, and efficiency gains from AI and automation.
How did Baldwin perform in the first quarter of 2026?
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Total revenue grew about 29 percent to roughly $532 million, largely from the CAC Group merger, while organic growth was about 2 percent. Adjusted EBITDA rose about 21 percent with a margin near 26 percent, though the company posted a small GAAP net loss.
Who are Baldwin's main competitors?
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It competes with large public brokers like Marsh and McLennan, Aon, Arthur J. Gallagher, and Brown and Brown, private consolidators such as Hub International, USI, and AssuredPartners, and personal lines players like Goosehead Insurance.
What are the main risks with BWIN?
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Key risks include its GAAP net losses, substantial acquisition-related debt and interest-rate sensitivity, recently slowing organic growth, integration risk from frequent deals, and competition from far larger brokers. Insurance pricing cycles and carrier capacity also affect results.
Walnut is informational, not investment advice. Financial figures on this page are approximations; always verify current numbers with The Baldwin Insurance Group, In's investor relations page or your broker before making investment decisions.