Baldwin Insurance Group, Inc.
BWIN · Insurance Agents, Brokers & Service · 34.0M shares · +30%/yr ↑ dilution · EDGAR filings ↗
Reference price $20.01 · est. market cap ~$680M — last insider sale, 2026-05-14 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
C58Baldwin Insurance Group — fast-growing insurance brokerage, net loss from amortization/leverage.
Strengths
- Revenue +8.5%; net income improving (57th pct); scaling brokerage platform
Risks
- Net loss; negative ROE (24th) from acquisition amortization/leverage
- Integration and contingent-earnout risk
Notable findings
- Restatement2 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 8-K ↗
- Net lossNet loss (net margin -2.2%)
- Exec changeRecent 8-K item 5.02 8-K ↗
- Chronic dilutionShare count +30%/yr over 3y (dilution, book value/share -55%)
- Strong balance sheetStrong balance sheet — $124M cash & investments
- Insider buyingInsider buying — 2 open-market buy(s) by 1 insider(s) (~$1M, last 6mo) Form 4 ↗
- Insider sellingInsider selling — 7 open-market sale(s) by 2 insider(s) (cluster of 2 insiders, ~$7M, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Operating margin
4.9%
Net margin
-2.2%
Return on equity
-5.6%
Return on assets
-0.9%
Revenue growth (QoQ)
53.3%
Current ratio
1.2×
EBITDA
$202M
Tangible book value
-$1.9B
Cash & investments
$124M
Stock comp / revenue
4.7%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-05-14 | Cohen Seth Bala | Sell | 15K | $20.01 |
| 2026-05-07 | Krystyn Elizabeth | Sell | 32K | $21.18 |
| 2026-05-07 | Krystyn Elizabeth | Sell | 98K | $21.20 |
| 2026-05-06 | Krystyn Elizabeth | Conversion | 50K | — |
| 2026-05-06 | Krystyn Elizabeth | Sell | 18K | $21.20 |
| 2026-05-06 | Krystyn Elizabeth | Conversion | 152K | — |
| 2026-05-06 | Krystyn Elizabeth | Conversion | 152K | — |
| 2026-05-06 | Krystyn Elizabeth | Sell | 54K | $21.19 |
| 2026-05-06 | Krystyn Elizabeth | Conversion | 50K | — |
| 2026-04-01 | Matas Barbara Ruth | Grant | 1.2K | — |
| 2026-04-01 | Shook Ellyn | Grant | 1.2K | — |
| 2026-04-01 | SULLIVAN CHRIS THOMAS | Grant | 1.2K | — |
| 2026-04-01 | KADOW JOSEPH JOHN | Grant | 1.2K | — |
| 2026-04-01 | Sparks Paul Eugene | Grant | 2.3K | — |
| 2026-04-01 | Sparks Paul Eugene | Tax withheld | 784 | $21.53 |
| 2026-04-01 | Muthukrishnan Sathish | Grant | 1.2K | — |
| 2026-04-01 | Parasuraman Sunita | Grant | 1.2K | — |
| 2026-04-01 | Williams Myron K | Grant | 1.2K | — |
| 2026-04-01 | Cohen Jay A | Grant | 1.2K | — |
| 2026-04-01 | Lichon Corbyn N. | Grant | 2.0K | — |
| 2026-04-01 | Hale Bradford | Tax withheld | 9.8K | $21.53 |
| 2026-03-15 | Galbraith Daniel | Tax withheld | 402 | $21.06 |
| 2026-03-15 | Cohen Seth Bala | Tax withheld | 254 | $21.06 |
| 2026-03-15 | Cohen Seth Bala | Tax withheld | 283 | $21.06 |
| 2026-03-15 | Cohen Seth Bala | Tax withheld | 263 | $21.06 |
| 2026-03-15 | Lichon Corbyn N. | Tax withheld | 102 | $21.06 |
| 2026-03-15 | Lichon Corbyn N. | Tax withheld | 121 | $21.06 |
| 2026-03-15 | Lichon Corbyn N. | Tax withheld | 96 | $21.06 |
| 2026-03-15 | Lichon Corbyn N. | Tax withheld | 70 | $21.06 |
| 2026-03-15 | Roche James Morgan | Tax withheld | 501 | $21.06 |
| 2026-03-15 | Baldwin Trevor | Tax withheld | 1.3K | $21.06 |
| 2026-03-15 | Baldwin Trevor | Tax withheld | 670 | $21.06 |
| 2026-03-15 | Galbraith Daniel | Tax withheld | 556 | $21.06 |
| 2026-03-15 | Hale Bradford | Tax withheld | 556 | $21.06 |
| 2026-03-15 | Hale Bradford | Tax withheld | 402 | $21.06 |
| 2026-03-06 | Krystyn Elizabeth | Conversion | 91K | — |
| 2026-03-06 | Krystyn Elizabeth | Conversion | 91K | — |
| 2026-03-06 | Krystyn Elizabeth | Sell | 91K | $21.25 |
| 2026-03-06 | Krystyn Elizabeth | Conversion | 29K | — |
| 2026-03-06 | Krystyn Elizabeth | Conversion | 29K | — |
| 2026-03-06 | Krystyn Elizabeth | Sell | 29K | $21.25 |
| 2026-03-03 | Roche James Morgan | Tax withheld | 15K | $22.29 |
| 2026-03-03 | Baldwin Trevor | Grant | 77K | — |
| 2026-03-03 | Baldwin Trevor | Tax withheld | 30K | $22.29 |
| 2026-03-03 | Galbraith Daniel | Grant | 29K | — |
| 2026-03-03 | Galbraith Daniel | Tax withheld | 10K | $22.29 |
| 2026-03-03 | Sparks Paul Eugene | Buy | 15K | $22.10 |
| 2026-03-03 | Hale Bradford | Tax withheld | 10K | $22.29 |
| 2026-03-03 | Hale Bradford | Grant | 29K | — |
| 2026-03-03 | Cohen Seth Bala | Grant | 19K | — |
| 2026-03-03 | Cohen Seth Bala | Tax withheld | 7.2K | $22.29 |
| 2026-03-03 | Lichon Corbyn N. | Grant | 9.5K | — |
| 2026-03-03 | Lichon Corbyn N. | Tax withheld | 3.4K | $22.29 |
| 2026-03-03 | Roche James Morgan | Grant | 35K | — |
| 2026-03-02 | Sparks Paul Eugene | Buy | 29K | $22.96 |
| 2026-03-02 | Sparks Paul Eugene | Gift | 30K | — |
| 2026-03-02 | Baldwin Lowry | Other | 35K | — |
| 2026-03-02 | BIGH, LLC | Other | 35K | — |
| 2026-02-26 | Roche James Morgan | Grant | 240K | — |
| 2026-02-23 | Cohen Seth Bala | Grant | 10K | — |
| 2026-02-23 | Cohen Seth Bala | Tax withheld | 2.9K | $16.57 |
| 2026-02-23 | Lichon Corbyn N. | Grant | 4.7K | — |
| 2026-02-23 | Lichon Corbyn N. | Tax withheld | 1.9K | $16.57 |
| 2026-02-23 | Roche James Morgan | Grant | 30K | — |
| 2026-02-23 | Roche James Morgan | Tax withheld | 8.8K | $16.57 |
| 2026-02-23 | Baldwin Trevor | Grant | 66K | — |
| 2026-02-23 | Baldwin Trevor | Tax withheld | 17K | $16.57 |
| 2026-02-23 | Galbraith Daniel | Grant | 30K | — |
| 2026-02-23 | Galbraith Daniel | Tax withheld | 7.6K | $16.57 |
| 2026-02-23 | Hale Bradford | Tax withheld | 7.6K | $16.57 |
| 2026-02-23 | Hale Bradford | Grant | 30K | — |
| 2026-01-02 | Sparks Paul Eugene | Grant | 983K | — |
| 2026-01-02 | Sparks Paul Eugene | Grant | 18K | — |
| 2026-01-02 | Sparks Paul Eugene | Grant | 97K | — |
| 2026-01-01 | Lichon Corbyn N. | Tax withheld | 85 | $24.03 |
| 2026-01-01 | KADOW JOSEPH JOHN | Grant | 1.1K | — |
| 2026-01-01 | SULLIVAN CHRIS THOMAS | Grant | 1.1K | — |
| 2026-01-01 | Cohen Jay A | Grant | 1.1K | — |
| 2026-01-01 | Muthukrishnan Sathish | Grant | 1.1K | — |
| 2026-01-01 | Parasuraman Sunita | Grant | 1.1K | — |
| 2026-01-01 | Williams Myron K | Grant | 1.1K | — |
| 2026-01-01 | Matas Barbara Ruth | Grant | 1.1K | — |
| 2026-01-01 | Shook Ellyn | Grant | 1.1K | — |
| 2025-12-15 | Roche James Morgan | Sell | 74K | $23.98 |
| 2025-12-15 | Roche James Morgan | Sell | 6.0K | $24.70 |
| 2025-12-12 | Roche James Morgan | Sell | 100K | $24.20 |
| 2025-12-11 | Roche James Morgan | Conversion | 240K | — |
| 2025-12-11 | Roche James Morgan | Conversion | 240K | — |
| 2025-12-11 | Roche James Morgan | Sell | 60K | $23.34 |
| 2025-12-05 | Roche James Morgan | Conversion | 15K | — |
| 2025-12-05 | Roche James Morgan | Conversion | 15K | — |
| 2025-12-05 | Roche James Morgan | Sell | 15K | $25.08 |
| 2025-10-01 | Muthukrishnan Sathish | Grant | 861 | — |
| 2025-10-01 | Parasuraman Sunita | Grant | 861 | — |
| 2025-10-01 | Williams Myron K | Grant | 861 | — |
| 2025-10-01 | Cohen Jay A | Grant | 861 | — |
| 2025-10-01 | Matas Barbara Ruth | Grant | 861 | — |
| 2025-10-01 | Shook Ellyn | Grant | 861 | — |
| 2025-10-01 | KADOW JOSEPH JOHN | Grant | 861 | — |
| 2025-10-01 | SULLIVAN CHRIS THOMAS | Grant | 861 | — |
| 2025-08-13 | Cohen Seth Bala | Sell | 2.8K | $34.00 |
| 2025-08-07 | Hale Bradford | Buy | 10K | $28.72 |
| 2025-07-01 | Cohen Jay A | Grant | 645 | — |
| 2025-07-01 | Williams Myron K | Grant | 645 | — |
| 2025-07-01 | KADOW JOSEPH JOHN | Grant | 645 | — |
| 2025-07-01 | SULLIVAN CHRIS THOMAS | Grant | 645 | — |
| 2025-07-01 | Shook Ellyn | Grant | 645 | — |
| 2025-07-01 | Parasuraman Sunita | Grant | 645 | — |
| 2025-07-01 | Muthukrishnan Sathish | Grant | 645 | — |
| 2025-07-01 | Matas Barbara Ruth | Grant | 645 | — |
| 2025-06-13 | Roche James Morgan | Sell | 27K | $40.07 |
| 2025-06-12 | Roche James Morgan | Sell | 11K | $40.03 |
| 2025-06-12 | Baldwin Trevor | Sell | 93K | $39.79 |
| 2025-06-12 | Baldwin Trevor | Sell | 24K | $39.99 |
| 2025-06-11 | Baldwin Trevor | Conversion | 175K | — |
| 2025-06-11 | Baldwin Trevor | Sell | 58K | $38.48 |
| 2025-06-11 | Baldwin Trevor | Conversion | 175K | — |
| 2025-06-09 | Baldwin Lowry | Sell | 50K | $38.98 |
| 2025-06-09 | BIGH, LLC | Other | 50K | — |
| 2025-06-09 | Baldwin Lowry | Other | 50K | — |
| 2025-06-09 | Baldwin Lowry | Conversion | 50K | — |
| 2025-06-09 | Baldwin Lowry | Conversion | 50K | — |
| 2025-06-09 | Baldwin Lowry | Other | 50K | — |
| 2025-06-04 | Roche James Morgan | Sell | 7.1K | $40.08 |
| 2025-06-03 | Cohen Seth Bala | Sell | 4.5K | $39.58 |
| 2025-05-28 | Baldwin Lowry | Sell | 31K | $38.32 |
| 2025-05-28 | Baldwin Lowry | Conversion | 31K | — |
| 2025-05-28 | Baldwin Lowry | Conversion | 31K | — |
| 2025-05-28 | Baldwin Lowry | Sell | 31K | $38.32 |
| 2025-05-28 | Baldwin Lowry | Conversion | 31K | — |
| 2025-05-28 | Baldwin Lowry | Conversion | 31K | — |
| 2025-05-16 | Roche James Morgan | Sell | 3.6K | $40.04 |
| 2025-05-15 | Roche James Morgan | Sell | 14K | $40.01 |
| 2025-05-13 | Roche James Morgan | Sell | 13K | $40.02 |
| 2025-05-13 | Galbraith Daniel | Sell | 39K | $40.00 |
| 2025-05-12 | Baldwin Lowry | Sell | 20K | $38.79 |
| 2025-05-12 | Baldwin Lowry | Other | 30K | — |
| 2025-05-12 | Baldwin Lowry | Other | 62K | — |
| 2025-05-12 | Baldwin Lowry | Other | 62K | — |
| 2025-05-12 | Baldwin Lowry | Other | 62K | — |
| 2025-05-12 | Baldwin Lowry | Other | 62K | — |
| 2025-05-12 | Baldwin Lowry | Conversion | 31K | — |
| 2025-05-12 | Baldwin Lowry | Conversion | 31K | — |
| 2025-05-12 | Baldwin Lowry | Conversion | 31K | — |
| 2025-05-12 | Baldwin Lowry | Conversion | 31K | — |
| 2025-05-12 | Baldwin Lowry | Sell | 20K | $38.79 |
| 2025-05-12 | Baldwin Lowry | Sell | 11K | $39.38 |
| 2025-05-12 | Baldwin Lowry | Sell | 11K | $39.38 |
| 2025-05-12 | BIGH, LLC | Other | 30K | — |
| 2025-05-12 | BIGH, LLC | Other | 62K | — |
| 2025-05-12 | BIGH, LLC | Other | 62K | — |
| 2025-05-08 | Roche James Morgan | Sell | 21K | $40.05 |
| 2025-04-01 | Sherman Laura | Other | 186 | $43.93 |
| 2025-04-01 | Cohen Seth Bala | Other | 98 | $43.93 |
| 2025-04-01 | Lichon Corbyn N. | Tax withheld | 858 | $43.93 |
| 2025-04-01 | Williams Myron K | Grant | 624 | — |
| 2025-04-01 | SULLIVAN CHRIS THOMAS | Grant | 624 | — |
| 2025-04-01 | Shook Ellyn | Grant | 624 | — |
| 2025-04-01 | Parasuraman Sunita | Grant | 624 | — |
| 2025-04-01 | Muthukrishnan Sathish | Grant | 624 | — |
| 2025-04-01 | Matas Barbara Ruth | Grant | 624 | — |
| 2025-04-01 | KADOW JOSEPH JOHN | Grant | 624 | — |
| 2025-04-01 | Cohen Jay A | Grant | 624 | — |
| 2025-03-17 | Galbraith Daniel | Tax withheld | 402 | $39.97 |
| 2025-03-17 | Lichon Corbyn N. | Tax withheld | 102 | $39.97 |
| 2025-03-17 | Lichon Corbyn N. | Tax withheld | 121 | $39.97 |
| 2025-03-17 | Lichon Corbyn N. | Tax withheld | 97 | $39.97 |
| 2025-03-17 | Lichon Corbyn N. | Tax withheld | 70 | $39.97 |
| 2025-03-17 | Roche James Morgan | Tax withheld | 501 | $39.97 |
| 2025-03-17 | Cohen Seth Bala | Tax withheld | 268 | $39.97 |
| 2025-03-17 | Cohen Seth Bala | Tax withheld | 299 | $39.97 |
| 2025-03-17 | Cohen Seth Bala | Tax withheld | 277 | $39.97 |
| 2025-03-17 | Galbraith Daniel | Tax withheld | 556 | $39.97 |
| 2025-03-17 | Hale Bradford | Tax withheld | 556 | $39.97 |
| 2025-03-17 | Hale Bradford | Tax withheld | 402 | $39.97 |
| 2025-03-17 | Baldwin Trevor | Tax withheld | 1.3K | $39.97 |
| 2025-03-17 | Baldwin Trevor | Tax withheld | 671 | $39.97 |
| 2025-03-14 | Baldwin Trevor | Sell | 16K | $39.33 |
| 2025-03-13 | Baldwin Trevor | Sell | 39K | $39.22 |
| 2025-03-13 | Baldwin Trevor | Sell | 12K | $40.03 |
| 2025-03-12 | Baldwin Trevor | Sell | 3.0K | $41.13 |
| 2025-03-12 | Baldwin Trevor | Sell | 66K | $40.58 |
| 2025-03-12 | SULLIVAN CHRIS THOMAS | Gift | 4.2K | — |
| 2025-03-04 | Baldwin Lowry | Sell | 10K | $40.64 |
| 2025-03-04 | Baldwin Lowry | Sell | 43K | $38.56 |
| 2025-03-04 | Baldwin Lowry | Sell | 36K | $39.82 |
| 2025-03-03 | Baldwin Lowry | Other | 50K | — |
| 2025-03-03 | Baldwin Lowry | Other | 25K | — |
| 2025-03-03 | Baldwin Lowry | Other | 125K | — |
| 2025-03-03 | Baldwin Lowry | Other | 125K | — |
| 2025-03-03 | Baldwin Lowry | Conversion | 125K | — |
| 2025-03-03 | Baldwin Lowry | Conversion | 125K | — |
| 2025-03-03 | Baldwin Lowry | Sell | 16K | $39.29 |
| 2025-03-03 | Baldwin Lowry | Sell | 19K | $41.05 |
| 2025-03-03 | BIGH, LLC | Other | 50K | — |
| 2025-03-03 | BIGH, LLC | Other | 25K | — |
| 2025-03-03 | BIGH, LLC | Other | 125K | — |
| 2025-02-28 | Lichon Corbyn N. | Tax withheld | 2.8K | $41.14 |
| 2025-02-28 | Lichon Corbyn N. | Grant | 8.0K | — |
| 2025-02-28 | Lichon Corbyn N. | Grant | 1.1K | — |
| 2025-02-28 | Roche James Morgan | Grant | 27K | — |
| 2025-02-28 | Roche James Morgan | Tax withheld | 12K | $41.14 |
| 2025-02-28 | Galbraith Daniel | Grant | 28K | — |
| 2025-02-28 | Galbraith Daniel | Tax withheld | 11K | $41.14 |
| 2025-02-28 | Hale Bradford | Grant | 27K | — |
| 2025-02-28 | Hale Bradford | Tax withheld | 11K | $41.14 |
| 2025-02-28 | Baldwin Trevor | Grant | 54K | — |
| 2025-02-28 | Baldwin Trevor | Tax withheld | 21K | $41.14 |
| 2025-02-28 | Cohen Seth Bala | Grant | 14K | — |
| 2025-02-28 | Cohen Seth Bala | Tax withheld | 4.4K | $41.14 |
| 2025-02-27 | Cohen Seth Bala | Sell | 12K | $41.54 |
| 2025-02-19 | Hale Bradford | Grant | 33K | — |
| 2025-02-19 | Hale Bradford | Tax withheld | 12K | $40.85 |
| 2025-02-19 | Lichon Corbyn N. | Grant | 6.6K | — |
| 2025-02-19 | Lichon Corbyn N. | Tax withheld | 2.4K | $40.85 |
| 2025-02-19 | Galbraith Daniel | Grant | 33K | — |
| 2025-02-19 | Galbraith Daniel | Tax withheld | 12K | $40.85 |
| 2025-02-19 | Cohen Seth Bala | Grant | 16K | — |
| 2025-02-19 | Cohen Seth Bala | Tax withheld | 4.2K | $40.85 |
| 2025-02-19 | Roche James Morgan | Grant | 27K | — |
| 2025-02-19 | Roche James Morgan | Tax withheld | 11K | $40.85 |
| 2025-02-19 | Baldwin Trevor | Grant | 77K | — |
| 2025-02-19 | Baldwin Trevor | Tax withheld | 27K | $40.85 |
| 2025-01-01 | KADOW JOSEPH JOHN | Grant | 614 | — |
| 2025-01-01 | Matas Barbara Ruth | Grant | 614 | — |
| 2025-01-01 | Parasuraman Sunita | Grant | 614 | — |
| 2025-01-01 | Muthukrishnan Sathish | Grant | 614 | — |
| 2025-01-01 | Shook Ellyn | Grant | 614 | — |
| 2025-01-01 | SULLIVAN CHRIS THOMAS | Grant | 614 | — |
| 2025-01-01 | Williams Myron K | Grant | 614 | — |
| 2025-01-01 | Cohen Jay A | Grant | 614 | — |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-04 | Exec/director changeShareholder vote | filing ↗ |
| 2026-05-04 | ResultsExhibits | filing ↗ |
| 2026-02-26 | ResultsExhibits | filing ↗ |
| 2026-01-02 | Exhibits | filing ↗ |
| 2026-01-02 | Material agreementAcquisition/dispositionDebt obligation3.02Exec/director changeExhibits | filing ↗ |
| 2025-12-02 | Material agreement3.02Reg FDExhibits | filing ↗ |
| 2025-11-04 | ResultsExhibits | filing ↗ |
| 2025-09-18 | Material agreementDebt obligationExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-04 | 2026-06-04 | 0001781755-26-000042 ↗ |
| 8-K | 2026-05-04 | 2026-05-04 | 0001781755-26-000032 ↗ |
| 10-Q | 2026-05-04 | 2026-03-31 | 0001781755-26-000034 ↗ |
| 10-K | 2026-02-26 | 2025-12-31 | 0001781755-26-000018 ↗ |
| 8-K | 2026-02-26 | 2026-02-26 | 0001781755-26-000015 ↗ |
| 8-K | 2026-01-02 | 2026-01-02 | 0001781755-26-000005 ↗ |
| 8-K | 2026-01-02 | 2026-01-01 | 0001781755-26-000004 ↗ |
| 8-K | 2025-12-02 | 2025-12-02 | 0001781755-25-000114 ↗ |
| 8-K | 2025-11-04 | 2025-11-04 | 0001781755-25-000107 ↗ |
| 10-Q | 2025-11-04 | 2025-09-30 | 0001781755-25-000109 ↗ |
| 8-K | 2025-09-18 | 2025-09-18 | 0001193125-25-207391 ↗ |
| 10-Q | 2025-08-05 | 2025-06-30 | 0001781755-25-000096 ↗ |