The Baldwin Group

What The Baldwin Group does

The Baldwin Group is an independent insurance distribution holding company headquartered in Tampa, Florida, founded in 2009 and publicly traded on NASDAQ under the ticker BWIN. Following the January 2026 merger with CAC Group and tuck-in acquisitions of Capstone Group, Obie, and Cobbs Allen Capital Holdings, the firm operates as one of the largest majority colleague-owned insurance brokers in the United States, with offices across all 50 states, a combined revenue base projected above $2 billion in 2026, and a client roster exceeding 3 million businesses and individuals. The firm operates three primary segments: Insurance Advisory Solutions (retail brokerage across business insurance, employee benefits, personal insurance, private risk, wealth management, and retirement consulting), Underwriting, Capacity & Technology Solutions (UCTS, including the MSI managing general agent platform and reinsurance brokerage), and Embedded Insurance (partnerships with mortgage lenders and real estate platforms such as Fairway Home Insurance Agency and Obie).

The firm's revenue model is commission- and fee-based across multiple streams: retail commissions from carrier partners, contingent and supplemental commissions tied to volume and profitability thresholds, client-negotiated fees, consulting compensation from carriers, MGA/wholesaler services, reinsurance brokerage, and claims handling. The company delivers proprietary market intelligence via the quarterly Market Pulse Report and the annual D&O Benchmarking Report produced in partnership with Nasdaq, and has deployed Anthropic's Claude AI firm-wide since May 2026 to support risk analysis, client information synthesis, and advisor productivity. Distribution spans direct field sales across the US, embedded insurance partnerships with mortgage lenders and homebuilders, self-service digital quoting for personal lines, and wholesale/MGA channels, while serving named enterprise clients such as the Tampa Bay Buccaneers and major industry verticals including construction, healthcare, finance, technology, real estate, government contractors, and high-net-worth individuals.

Name

The Baldwin Group

Legal name

The Baldwin Insurance Group Holdings, LLC

Website

https://baldwin.com

Company type

Public

Founded year

2009

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

The Baldwin Group is an independent, publicly traded insurance brokerage and advisory firm headquartered in Tampa, Florida, serving over 3 million business and individual clients across all 50 states through retail brokerage, employee benefits, specialty MGA, and embedded insurance distribution channels, with combined revenue projected above $2 billion in 2026.

Ownership category

akta.pro rank

Product category

Insurance Brokerage & Risk Advisory

NAICS

Insurance Agencies and Brokerages (524210)

SIC

Insurance Agents, Brokers & Service (6411)

akta.pro primary industry

Captive Insurance Advisory & Management (FSAEADAF)

Keywords

• Insurance brokerage
• Risk management
• Employee benefits
• Commercial insurance
• Wealth management

Headquarters

HQ city

Tampa

HQ country

United States

HQ region

North America

Offices63 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Others

Revenue model

1. Retail Commissions: Retail commission is paid by insurance company partners as a percentage of premium charged to the insured. Commission rates vary by insurance product type, insurance company partner selected, and applicable filed/approved rates.
2. Client Fees: Fees paid by clients for services in lieu of or in addition to retail commissions, when specifically negotiated and agreed. Fees may be credited through retail commissions for specialized placement services.
3. Insurance Company Partner Consulting Compensation: Compensation from insurance company partners for consulting, data analytics, or other services unrelated to placement of individual policies, designed to improve product offerings and enhance operational efficiency.
4. Contingent Commissions: Commissions paid when volume, profitability, retention, and/or growth thresholds are met with insurance company partners during given periods.
5. Supplemental Commissions: Additional commissions from modified commission schedules with insurance markets including Baldwin-owned intermediaries, based on profitability, volume, or retention thresholds.
6. MGA and Wholesaler Services: Compensation as wholesalers, underwriting managers, program administrators, or managing general agents, earning and retaining compensation from insurance company partners for providing insurance products and services.
7. Reinsurance Brokerage: Reinsurance brokerage services provided to insurance carrier clients, compensated separately from insurance brokerage services for retail clients.
8. Claims Handling Services: Compensation for handling and adjusting claims by insurance company partners through certain subsidiaries or affiliates.

Pricing tiers

Go-to-market motion3 records

Distribution channels5 records

Marketing channels6 records

Core offering

The Baldwin Group is an independent insurance distribution and advisory holding company that delivers commercial insurance brokerage, employee benefits, personal insurance, private risk management, wealth management, and reinsurance services to over three million businesses and individuals across the United States. The firm operates through three segments—Insurance Advisory Solutions, Underwriting Capacity & Technology Solutions (UCTS), and Embedded Insurance—supported by specialty MGA operations, embedded insurance partnerships, and proprietary market intelligence such as the Market Pulse and D&O Benchmarking Reports.

Product overview

The Baldwin Group is an independent insurance distribution holding company delivering advisory and brokerage services rather than a single unified software product. The company operates through multiple business segments: Insurance Advisory Solutions (retail insurance brokerage for business and individual clients), Underwriting Capacity & Technology Solutions (UCTS - including MGA operations, reinsurance brokerage, and specialty programs), and Embedded Insurance. Key products include Business Insurance, Employee Benefits, Personal Insurance, Private Risk, Wealth Management, and Retirement Consulting. The company has built proprietary research and intelligence tools including the D&O Benchmarking Report (produced with Nasdaq) and the quarterly Market Pulse Report tracking commercial insurance pricing trends. Recent acquisitions include CAC Group (specialty and middle-market insurance with CAC Specialty, CAC Agency, and CAC Capital), Obie (embedded insurance for real estate investors), and Capstone Group (Philadelphia-based broker). The company has also launched new products including Azimuth Re (construction contractor captive) and Fairway Home Insurance Agency (embedded mortgage insurance). AI capabilities are deployed internally through Anthropic's Claude for risk analysis and workflow optimization, with API-connected placement tools developed for cyber insurance operations.

Differentiator

Problem solved

Functional benefit

Brands

• The Baldwin Group: Parent brand for insurance and risk management services including business insurance, employee benefits, personal insurance, private risk, and wealth management
• CAC Specialty
• CAC Agency
• CAC Capital
• Obie
• MSI

Products and services

• Business Insurance Comprehensive commercial insurance brokerage including property and casualty, cyber, government contracting, international, management liability, mergers & acquisitions, and surety coverages. Serves mid-market and enterprise businesses across construction, energy, healthcare, manufacturing, real estate, and transportation sectors.
• Employee Benefits Strategic employee benefits advisory including health insurance, ancillary benefits, retirement plan consulting, alternative funding, analytics and underwriting, benefits compliance, communications and engagement, pharmacy benefit consulting, and population health management for employer clients.
• Personal Insurance Personal lines coverage for individuals and families including auto and vehicle insurance, home and property insurance, individual health insurance, Medicare, and life insurance distributed through self-service digital quoting and call-center sales.
• Private Risk High-net-worth personal risk management including luxury and collector car insurance, collections and valuables, farm and equine, high-value homes, marine and mega yacht, and personal umbrella excess liability coverage.
• Wealth Management Financial advisory services including asset management and wealth planning to build, protect, and grow client wealth.
• Reinsurance Brokerage Reinsurance brokerage services provided to insurance carrier clients, compensated separately from retail brokerage.
• Specialty MGA Managing general agent operations providing specialty insurance products and underwriting capabilities through the MSI platform within the Underwriting, Capacity & Technology Solutions (UCTS) segment.
• Embedded Insurance Embedded insurance distribution capabilities enabling integration of insurance products into partner platforms and processes, including the Fairway Home Insurance Agency and the Obie real estate investor platform.
• Retirement Consulting Retirement plan design and consulting services to help businesses create tailored strategies that meet organizational goals and support employee financial security.
• Azimuth Re Ltd. Member-owned group captive launched in partnership with Innovative Captive Strategies, targeted at high-premium construction contractors for risk management and safety promotion as an alternative risk financing solution.
• Fairway Home Insurance Agency Embedded home and personal insurance agency launched in partnership with Fairway Independent Mortgage Corporation, integrating coverage recommendations into Fairway's mortgage origination process starting Q2 2026 using Baldwin's proprietary technology platform and national insurance carrier relationships.

Quantifiable outcome

• 29% revenue growth in Q1 2026 to $532.2 million
• +4 more outcomes

Named customers7 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

AI capability4 records

Feature5 records

Partnerships

Twelve partnerships are on record, tiered core and minor.

• AnthropiccoreTechnology or Integration · 4 May 2026Expanded enterprise partnership to deploy Claude AI across entire firm following successful limited deployment. AI platform used to analyze risk, synthesize client information, and support insurance solutions for advisors and client teams. Comparable deployments at HUB International reported 85% productivity increase.
• Innovative Captive StrategiesminorStrategic or Co-development Partner · 9 April 2026Launch of Azimuth Re Ltd., a member-owned group captive targeted at high-premium construction contractors. Partnership aims to manage risk and promote safety as alternative risk financing solution.
• Fairway Independent Mortgage CorporationcoreStrategic or Co-development Partner · 25 February 2026Launch of Fairway Home Insurance Agency, embedded insurance unit integrating home and personal insurance into mortgage origination process starting Q2 2026. Fairway originated over 67,000 loans in 2024, ranked sixth largest independent mortgage lender in the US.
• Obie (Creisoft, Inc.)coreStrategic or Co-development Partner · 13 January 2026Acquisition of Chicago-based embedded insurance distribution platform serving landlords and real estate investors. Obie has grown revenue over 2,100% since 2021 while maintaining loss ratio below 50%. Expands Baldwin's property distribution capabilities through MSI MGA subsidiary.
• Paul SparkscoreOthers · 12 January 2026Executive Chairman of CAC Group appointed to Baldwin's Board of Directors effective January 1, 2026. Brings nearly 40 years of insurance experience, having led CAC since founding in 2019 with approximately 30% CAGR organic revenue growth.
• Capstone GroupcoreStrategic or Co-development Partner · 9 January 2026Acquisition of Philadelphia-area multi-line independent insurance brokerage headquartered in Lower Gwynedd Township, Pennsylvania. Expands Mid-Atlantic footprint and strengthens capabilities across multiple insurance lines.
• Capstone GroupcoreStrategic or Co-development Partner · 8 January 2026Acquisition of Philadelphia-area multi-line independent insurance brokerage founded in 2013. Capstone specializes in risk management, group health and ancillary benefits, and property and casualty insurance with double-digit organic growth serving healthcare, finance, construction, manufacturing, private equity, and technology sectors.
• CAC GroupcoreStrategic or Co-development Partner · 2 January 2026Merger completed January 2026 creating one of the largest independent insurance advisory and distribution platforms in the United States. Transaction valued at $1.026 billion. CAC Group comprises CAC Specialty, CAC Agency, and CAC Capital, ranked among top 40 U.S. brokerage firms. Combined entity projected to generate over $2 billion in revenue in 2026.
• Cobbs Allen Capital HoldingscoreStrategic or Co-development Partner · 10 December 2025Acquisition for $438 million in cash plus 23.2 million shares of Class A common stock alongside $600 million incremental term loan. Expands Baldwin's capabilities in insurance advisory and distribution.
• NasdaqcoreStrategic or Co-development Partner · 2 December 2025Partnership to produce annual D&O Benchmarking Report, now in fifth edition. Report provides Directors & Officers insurance market analysis and benchmarking data for companies across industries.
• WürkminorStrategic or Co-development Partner · 9 October 2024Partnership to unveil employee benefit captive program for cannabis industry operators. Baldwin provides insurance expertise and captive program administration through the partnership.
• Tampa Bay BuccaneersminorGTM or Marketing Partner · 1 January 2024Official insurance broker sponsorship and title sponsor of Buccaneer Luxury Suite Concierge program. Partnership provides commercial risk management and employee benefits for the NFL team.

Scale indicators15 records

Recent moves6 records

Expansion highlights7 records

Emerging players

• BroadStreet Partners: PE-backed U.S. insurance brokerage platform consolidating regional commercial agencies. Smaller scale but same roll-up playbook targeting the same fragmented mid-market brokerage landscape Baldwin addresses.

Direct peers

• AssuredPartners: PE-backed large U.S. insurance brokerage focused on middle-market commercial and personal lines. Directly comparable acquisition-led growth strategy and client profile.
• Arthur J. Gallagher & Co. Large publicly traded global insurance brokerage and risk management firm (NYSE: AJG) directly competing with Baldwin in retail, specialty, and reinsurance brokerage. Highly comparable business model and acquisition-led growth approach.
• Brown & Brown: Publicly traded insurance brokerage and risk management firm (NYSE: BRO) with comparable retail and specialty insurance distribution, similar acquisition-driven growth strategy, and overlapping middle-market customer base. Direct competitor in the U.S. insurance brokerage space.
• Acrisure: Fast-growing privately held insurance brokerage leveraging technology and aggressive M&A. Comparable middle-market commercial brokerage focus, though differentiated by heavier tech/AI platform emphasis and partnership with private equity.
• Lockton: World's largest privately held insurance brokerage with comparable specialty and middle-market capabilities. Directly competes for large commercial accounts and benefits business; both firms emphasize independent, employee-influenced culture.
• Hub International: Privately held large North American insurance brokerage with similar mid-market and specialty focus. Directly comparable in client mix, geographic footprint, and acquisition strategy; notably also a Claude AI enterprise deployment comparable.

Broad incumbents

• Willis Towers Watson: Global advisory, broking, and solutions firm (NASDAQ: WTW) competing with Baldwin's Insurance Advisory Solutions and Reinsurance segments. Larger scale and broader HR/benefits consulting footprint.
• Aon plc: Global insurance brokerage and advisory firm (NYSE: AON) directly competing with Baldwin in commercial risk, reinsurance, and benefits. Operates at much larger scale with broader consulting capabilities.
• Marsh McLennan: Global #1 insurance brokerage and risk advisory firm (NYSE: MMC) operating Marsh, Guy Carpenter, Mercer, and Oliver Wyman. Overlaps with Baldwin's advisory and reinsurance brokerage capabilities but at much larger scale and broader service portfolio.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks5 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/thebaldwingroupinsurance
• LinkedInlinkedin.com/company/thebaldwingroup
• Instagraminstagram.com/the_baldwin_group
• Xx.com/brp_tweets

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles16 records

Subsidiaries10 records

Funding overview

Funding rounds6 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A11 records

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about The Baldwin Group