Baldwin Insurance Group, Inc.
For the period ended Dec 31, 2025. Filed Feb 26, 2026.
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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.
FY2025 · Filed Feb 26, 2026
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 Stockholders Agreement | Stockholders Agreement between Baldwin and the applicable holders of LLC Units in Baldwin Holdings entered into on October 30, 2024 |
| 2025 Refinancings | Amendment No. 2 and 3 to the JPM Credit Agreement, dated as of January 10, 2025 and September 18, 2025, which provided for incremental term loans of $175 million in the aggregate, repriced the term loan facility to term SOFR, plus an applicable margin of 250 bps, and repriced the revolving credit facility to term SOFR, plus a credit spread adjustment of 10 bps, plus an applicable margin of 175 bps to 250 bps |
| 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, our operating company and a subsidiary of Baldwin |
| Baldwin | The Baldwin Insurance Group, Inc., our parent company, together, unless the context otherwise requires, with its consolidated subsidiaries, including Baldwin Holdings and its consolidated subsidiaries and affiliates |
| CAC Group | Cobbs Allen Capital Holdings, LLC, a January 2026 partnership |
| CAC Group Transaction | Our partnership with CAC Group, a nationally recognized specialty and middle-market insurance brokerage firm on January 1, 2026 |
| 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 |
| Hippo’s Homebuilder Distribution Network | Various entities comprising Hippo Holdings, Inc.'s homebuilder distribution network, a Mainstreet Insurance Solutions partner effective July 1, 2025 |
| insurance company partners | Insurance companies with which we have a contractual relationship |
| JPM 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, Amendment No. 2 to Amended and Restated Credit Agreement, dated as of January 10, 2025, Amendment No. 3 to Amended and Restated Credit Agreement, dated as of September 18, 2025, and Amendment No. 4 to Amended and Restated Credit Agreement, dated as of January 2, 2026 |
| JPM Credit Facility | The Revolving Facility and Term Loans established pursuant to the JPM Credit Agreement |
| LLC Units | Membership interests of Baldwin Holdings |
| MGA | Managing General Agent |
| MSI | Millennial Specialty Insurance, our MGA platform |
| MultiStrat | Entities used in the operation of Bermuda-based reinsurance underwriting platform MultiStrat Group, an Underwriting, Capacity & Technology Solutions partner effective April 1, 2025 |
|---|---|
| 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 |
| reinsurance company partners | Reinsurance companies with which we have a contractual relationship |
| risk advisors | Our producers |
| Revolving Facility | Our revolving credit facility under the JPM Credit Facility with commitments in an aggregate principal amount of $600 million, maturing May 24, 2029 |
| 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 |
| Term Loans | Our term loan facility under the JPM Credit Facility with a principal amount of $1.006 billion as of December 31, 2025, maturing May 24, 2031 |
| 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.