Baldwin Insurance Group Inc
For the period ended Dec 31, 2024. Filed Feb 25, 2025.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2024 · Filed Feb 25, 2025
BWIN$32.15+0.5%Stored close · as of Nov 9, 2026
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Commonly Used Defined Terms
The following terms have the following meanings throughout this Annual Report on Form 10-K unless the context indicates or requires otherwise:
| 2019 Stockholders Agreement | Stockholders Agreement between Baldwin and the applicable holders of LLC Units in Baldwin Holdings entered into on October 28, 2019 |
|---|---|
| 2024 Credit Agreement | Amended and Restated Credit Agreement, dated as of May 24, 2024, which is attached as Annex I to the Amendment and Restatement Agreement, dated May 24, 2024, between Baldwin Holdings, as borrower, JPMorgan Chase Bank, N.A., as the Administrative Agent, the Guarantors party thereto and the Lenders party thereto, as amended by Amendment No. 1 to Amended and Restated Credit Agreement, dated as of December 4, 2024, and Amendment No. 2 to Amended and Restated Credit Agreement, dated as of January 10, 2025 |
| 2024 Credit Facility | The 2024 Revolving Facility and 2024 Term Loan established pursuant to the 2024 Credit Agreement |
| 2024 Revolving Facility | Our revolving credit facility under the 2024 Credit Facility with commitments in an aggregate principal amount of $600 million, maturing May 24, 2029 |
| 2024 Stockholders Agreement | Stockholders Agreement between Baldwin and the applicable holders of LLC Units in Baldwin Holdings entered into on October 30, 2024 |
| 2024 Term Loan | Our term loan facility under the 2024 Credit Facility with a principal amount of $840 million as of December 31, 2024, maturing May 24, 2031 |
| Amended LLC Agreement | Third Amended and Restated Limited Liability Company Agreement of Baldwin Holdings, as amended |
| API | Application programming interface |
| book of business | Insurance policies bound by us on behalf of our clients |
| bps | Basis points |
| Baldwin Holdings | The Baldwin Insurance Group Holdings, LLC (formerly Baldwin Risk Partners, LLC), our operating company and a subsidiary of Baldwin |
| Baldwin | The Baldwin Insurance Group, Inc. (formerly BRP Group, Inc.), our parent company, together, unless the context otherwise requires, with its consolidated subsidiaries, including Baldwin Holdings and its consolidated subsidiaries and affiliates |
| clients | Our insureds |
| colleagues | Our employees |
| core commissions | Commissions and fees revenue excluding profit-sharing revenue and other income |
| Exchange Act | Securities Exchange Act of 1934, as amended |
| GAAP | Accounting principles generally accepted in the United States of America |
| insurance company partners | Insurance companies with which we have a contractual relationship |
| LLC Units | Membership interests of Baldwin Holdings |
| MGA | Managing General Agent |
| MSI | Our MGA platform |
| operating groups | Our reportable segments |
| partners | Companies that we have acquired, or in the case of asset acquisitions, the producers |
| partnerships | Strategic acquisitions made by the Company |
| Pre-IPO LLC Members | Trevor Baldwin, our Chief Executive Officer; Lowry Baldwin, our Chairman; BIGH, LLC, an entity controlled by Lowry Baldwin; Elizabeth Krystyn, one of our founders; Laura Sherman, one of our founders; Daniel Galbraith, President, The Baldwin Group and CEO, Retail Brokerage Operations; Brad Hale, our Chief Financial Officer; and The Villages Invesco, LLC, and certain other historical equity holders including equity holders in companies that we have acquired or producers |
| QBE | QBE Insurance Corporation and its affiliates |
|---|---|
| QBE Program Administrator Agreement | Agreement with an affiliate of QBE Holdings, Inc., the prior owner of Westwood, under which our MSI business provides program administrator services to QBE Insurance Corporation in connection with the portion of our builder-sourced homeowners book that is underwritten by affiliates of QBE Insurance Corporation |
| reinsurance company partners | Reinsurance companies with which we have a contractual relationship |
| risk advisors | Our producers |
| SEC | U.S. Securities and Exchange Commission |
| Securities Act | Securities Act of 1933, as amended |
| Senior Secured Notes | 7.125% senior secured notes with an aggregate principal amount of $600 million due May 15, 2031 |
| SOFR | Secured Overnight Financing Rate |
| Tax Receivable Agreement | Tax Receivable Agreement between Baldwin and certain holders of LLC Units in Baldwin Holdings entered into on October 28, 2019 |
| Westwood | Westwood Insurance Agency, a 2022 partner |
| Wholesale Business | Our specialty wholesale broker business, which was sold on March 1, 2024 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.