- Total Revenue Growth of 15% to $380.4
Million; Organic Revenue Growth(1) of 16% -
- Net Income of $39.1 Million and Diluted
Earnings Per Share of $0.33; Adjusted Diluted EPS(2) Growth of 33%
to $0.56 -
- Adjusted EBITDA(3) Growth of 29% Year Over
Year to $101.7 Million and Adjusted EBITDA Margin(3) of 27%, a 280
Basis Point Expansion Compared to the Prior-Year Period -
The Baldwin Group, the go-to-market brand name for The Baldwin
Insurance Group, Inc. (formerly BRP Group, Inc.) (“Baldwin” or the
“Company”) (NASDAQ: BRP), an independent insurance distribution
firm delivering tailored insurance solutions to a wide range of
personal and commercial Clients, today announced its results for
the first quarter ended March 31, 2024.
FIRST QUARTER 2024 HIGHLIGHTS
- Total revenue increased 15% year over year to $380.4
million
- Organic revenue growth of 16% year over year
- GAAP net income of $39.1 million and GAAP diluted earnings per
share of $0.33
- Adjusted net income(2) of $65.3 million
- Adjusted diluted EPS grew 33% year over year to $0.56
- Adjusted EBITDA grew 29% year over year to $101.7 million
- Adjusted EBITDA margin of 27%, a 280 basis point expansion
compared to 24% in the prior-year period
- Net cash provided by operating activities of $2.9 million
- Free cash flow(4) grew 51% year over year to $53.3 million
“We are thrilled with our start to 2024, as we delivered another
quarter of strong, double-digit organic growth and significantly
expanded our adjusted EBITDA margin, profitability and free cash
flow generation—a significant testament to the scalability and
earnings power of our business model,” said Trevor Baldwin, Chief
Executive Officer of The Baldwin Group. “Notably, our growth was
broad-based across our platform, led by strong net new Client
growth generated through the innovative advice, proprietary
products, and unique solutions our Colleagues continue to develop
and deliver into the marketplace, all while we continue to
thoughtfully expand our footprint, including recently entering the
multifamily insurance market in Canada. Additionally, in concert
with our integration efforts over the past couple of years, we were
excited last week to announce our official rebranding to The
Baldwin Group, which we believe better reflects our legacy and
aligns with how we are most prominently identified in the
marketplace. Looking ahead, we remain very well-positioned to
successfully deliver on our strategic priorities and generate
continued long-term value for our shareholders.”
TICKER SYMBOL CHANGE
In concert with the Company’s rebranding to The Baldwin Group,
the Company will be changing its ticker symbol to BWIN. The
ticker symbol change will not take effect until the beginning of
trading on NASDAQ on May 20, 2024.
LIQUIDITY AND CAPITAL RESOURCES
As of March 31, 2024, cash and cash equivalents were $112.1
million and the Company had $266.0 million of borrowing capacity
under its revolving credit facility.
WEBCAST AND CONFERENCE CALL INFORMATION
Baldwin will host a webcast and conference call to discuss first
quarter 2024 results today at 5:00 PM ET. A live webcast and a
slide presentation of the conference call will be available on
Baldwin’s investor relations website at ir.baldwin.com. The dial-in
number for the conference call is (877) 451-6152 (toll-free) or
(201) 389-0879 (international). Please dial the number 10 minutes
prior to the scheduled start time.
A webcast replay of the call will be available at ir.baldwin.com
for one year following the call.
ABOUT THE BALDWIN GROUP
The Baldwin Group, the go-to-market brand name for The Baldwin
Insurance Group, Inc. (NASDAQ: BRP) and its affiliates, is an
independent insurance distribution firm providing indispensable
expertise and insights that strive to give our Clients the
confidence to pursue their purpose, passion and dreams. As a team
of dedicated entrepreneurs and insurance professionals, we have
come together to help protect the possible for our Clients. We do
this by delivering bespoke Client solutions, services, and
innovation through our comprehensive and tailored approach to risk
management, insurance, and employee benefits. We support our
Clients, Colleagues, Insurance Company Partners, and communities
through the deployment of vanguard resources and capital to drive
our organic and inorganic growth. The Baldwin Group proudly
represents more than two million Clients across the United States
and internationally. For more information, please visit
www.baldwin.com.
FOOTNOTES
(1)
Organic revenue for the three months ended
March 31, 2023 used to calculate organic revenue growth for the
three months ended March 31, 2024 was $327.0 million, which is
adjusted to exclude commissions and fees from divestitures. Organic
revenue and organic revenue growth are non-GAAP measures.
Reconciliation of organic revenue and organic revenue growth to
commissions and fees, the most directly comparable GAAP financial
measure, is set forth in the reconciliation table accompanying this
release.
(2)
Adjusted net income and adjusted diluted
EPS are non-GAAP measures. Reconciliation of adjusted net income to
net income (loss) attributable to Baldwin and reconciliation of
adjusted diluted EPS to diluted earnings (loss) per share, the most
directly comparable GAAP financial measures, is set forth in the
reconciliation table accompanying this release.
(3)
Adjusted EBITDA and adjusted EBITDA margin
are non-GAAP measures. Reconciliation of adjusted EBITDA and
adjusted EBITDA margin to net income (loss), the most directly
comparable GAAP financial measure, is set forth in the
reconciliation table accompanying this release.
(4)
Free cash flow is a non-GAAP measure.
Reconciliation of free cash flow to net cash provided by (used in)
operating activities, the most directly comparable GAAP financial
measure, is set forth in the reconciliation table accompanying this
release.
NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release may contain various “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995, which represent Baldwin’s expectations or
beliefs concerning future events. Forward-looking statements are
statements other than historical facts and may include statements
that address future operating, financial or business performance or
Baldwin’s strategies or expectations. In some cases, you can
identify these statements by forward-looking words such as “may,”
“might,” “will,” “should,” “expects,” “plans,” “anticipates,”
“believes,” “estimates,” “predicts,” “projects,” “potential,”
“outlook” or “continue,” or the negative of these terms or other
comparable terminology. Forward-looking statements are based on
management’s current expectations and beliefs and involve
significant risks and uncertainties that could cause actual
results, developments and business decisions to differ materially
from those contemplated by these statements.
Factors that could cause actual results or performance to differ
from the expectations expressed or implied in such forward-looking
statements include, but are not limited to, those described under
the caption “Risk Factors” in Baldwin’s Annual Report on Form 10-K
for the year ended December 31, 2023 and in Baldwin’s other filings
with the SEC, which are available free of charge on the SEC's
website at: www.sec.gov, including those risks and other factors
relevant to the business, financial condition and results of
operations of Baldwin. Should one or more of these risks or
uncertainties materialize, or should underlying assumptions prove
incorrect, actual results may vary materially from those indicated.
All forward-looking statements and all subsequent written and oral
forward-looking statements attributable to Baldwin or to persons
acting on behalf of Baldwin are expressly qualified in their
entirety by reference to these risks and uncertainties. You should
not place undue reliance on forward-looking statements.
Forward-looking statements speak only as of the date they are made,
and Baldwin does not undertake any obligation to update them in
light of new information, future developments or otherwise, except
as may be required under applicable law.
THE BALDWIN INSURANCE GROUP,
INC.
Condensed Consolidated
Statements of Comprehensive Income (Loss)
(Unaudited)
For the Three Months
Ended March 31,
(in thousands, except share and per
share data)
2024
2023
Revenues:
Commissions and fees
$
378,096
$
329,523
Investment income
2,271
923
Total revenues
380,367
330,446
Operating expenses:
Commissions, employee compensation and
benefits
262,092
230,954
Other operating expenses
45,795
46,604
Amortization expense
24,041
23,163
Change in fair value of contingent
consideration
12,676
24,758
Depreciation expense
1,505
1,348
Total operating expenses
346,109
326,827
Operating income
34,258
3,619
Other income (expense):
Interest expense, net
(31,545
)
(27,884
)
Gain on divestitures
36,516
—
Other income (expense), net
538
(1,511
)
Total other income (expense), net
5,509
(29,395
)
Income (loss) before income taxes
39,767
(25,776
)
Income tax expense
667
78
Net income (loss)
39,100
(25,854
)
Less: net income (loss) attributable to
noncontrolling interests
17,522
(11,722
)
Net income (loss) attributable to
Baldwin
$
21,578
$
(14,132
)
Comprehensive income (loss)
$
39,100
$
(25,854
)
Comprehensive income (loss) attributable
to noncontrolling interests
17,522
(11,722
)
Comprehensive income (loss) attributable
to Baldwin
21,578
(14,132
)
Basic earnings (loss) per share
$
0.35
$
(0.24
)
Diluted earnings (loss) per share
$
0.33
$
(0.24
)
Weighted-average shares of Class A common
stock outstanding - basic
61,856,147
58,711,798
Weighted-average shares of Class A common
stock outstanding - diluted
65,314,248
58,711,798
THE BALDWIN INSURANCE GROUP,
INC.
Condensed Consolidated Balance
Sheets
(Unaudited)
(in thousands, except share and per
share data)
March 31, 2024
December 31, 2023
Assets
Current assets:
Cash and cash equivalents
$
112,113
$
116,209
Restricted cash
122,204
104,824
Premiums, commissions and fees receivable,
net
701,892
627,791
Prepaid expenses and other current
assets
14,909
12,730
Assets held for sale
—
64,351
Total current assets
951,118
925,905
Property and equipment, net
22,994
22,713
Right-of-use assets
83,461
85,473
Other assets
39,777
38,134
Intangible assets, net
1,000,274
1,017,343
Goodwill
1,412,369
1,412,369
Total assets
$
3,509,993
$
3,501,937
Liabilities, Mezzanine Equity
and Stockholders’ Equity
Current liabilities:
Premiums payable to insurance
companies
$
599,828
$
555,569
Producer commissions payable
85,687
64,304
Accrued expenses and other current
liabilities
132,234
152,954
Related party notes payable
5,691
1,525
Current portion of contingent earnout
liabilities
229,529
215,157
Liabilities held for sale
—
43,931
Total current liabilities
1,052,969
1,033,440
Revolving line of credit
334,000
341,000
Long-term debt, less current portion
966,962
968,183
Contingent earnout liabilities, less
current portion
6,336
61,310
Operating lease liabilities, less current
portion
77,830
78,999
Other liabilities
123
123
Total liabilities
2,438,220
2,483,055
Commitments and contingencies
Mezzanine equity:
Redeemable noncontrolling interest
455
394
Stockholders’ equity:
Class A common stock, par value $0.01 per
share, 300,000,000 shares authorized; 65,205,532 and 64,133,950
shares issued and outstanding at March 31, 2024 and December 31,
2023, respectively
652
641
Class B common stock, par value $0.0001
per share, 100,000,000 shares authorized; 51,622,192 and 52,422,494
shares issued and outstanding at March 31, 2024 and December 31,
2023, respectively
5
5
Additional paid-in capital
762,609
746,671
Accumulated deficit
(165,327
)
(186,905
)
Total stockholders’ equity attributable to
Baldwin
597,939
560,412
Noncontrolling interest
473,379
458,076
Total stockholders’ equity
1,071,318
1,018,488
Total liabilities, mezzanine equity and
stockholders’ equity
$
3,509,993
$
3,501,937
THE BALDWIN INSURANCE GROUP,
INC.
Condensed Consolidated
Statements of Cash Flows
(Unaudited)
For the Three Months
Ended March 31,
(in thousands)
2024
2023
Cash flows from operating activities:
Net income (loss)
$
39,100
$
(25,854
)
Adjustments to reconcile net income (loss)
to net cash provided by (used in) operating activities:
Depreciation and amortization
25,546
24,511
Change in fair value of contingent
consideration
12,676
24,758
Share-based compensation expense
14,094
13,281
Payment of contingent earnout
consideration in excess of purchase price accrual
(16,318
)
(857
)
Gain on divestitures
(36,516
)
—
Amortization of deferred financing
costs
1,552
1,239
Loss on interest rate caps
26
1,407
Other (gain) loss
(4
)
100
Changes in operating assets and
liabilities:
Premiums, commissions and fees receivable,
net
(73,558
)
(48,351
)
Prepaid expenses and other current
assets
(4,629
)
(4,860
)
Right-of-use assets
4,186
1,149
Accounts payable, accrued expenses and
other current liabilities
39,451
(163
)
Operating lease liabilities
(2,712
)
(468
)
Other liabilities
—
77
Net cash provided by (used in) operating
activities
2,894
(14,031
)
Cash flows from investing activities:
Proceeds from divestitures, net of cash
transferred
54,448
—
Capital expenditures
(8,146
)
(3,499
)
Investments in and loans for business
ventures
(3,189
)
(100
)
Proceeds from repayment of related party
loans
1,500
—
Cash consideration paid for asset
acquisitions
—
(1,500
)
Net cash provided by (used in) investing
activities
44,613
(5,099
)
Cash flows from financing activities:
Payment of contingent earnout
consideration up to amount of purchase price accrual
(32,794
)
(4,680
)
Proceeds from revolving line of credit
70,000
50,000
Payments on revolving line of credit
(77,000
)
(70,000
)
Payments on long-term debt
(2,561
)
(2,127
)
Proceeds from the settlement of interest
rate caps
2,300
2,275
Tax distributions to Baldwin Holdings LLC
members
(98
)
(11
)
Proceeds from repayment of stockholder
notes receivable
—
21
Net cash used in financing activities
(40,153
)
(24,522
)
Net increase (decrease) in cash and cash
equivalents and restricted cash
7,354
(43,652
)
Cash and cash equivalents and restricted
cash at beginning of period
226,963
230,471
Cash and cash equivalents and restricted
cash at end of period
$
234,317
$
186,819
NON-GAAP FINANCIAL MEASURES
Adjusted EBITDA, adjusted EBITDA margin, organic revenue,
organic revenue growth, adjusted net income, adjusted diluted
earnings per share (“EPS”) and adjusted net cash provided by
operating activities (“free cash flow”) are not measures of
financial performance under GAAP and should not be considered
substitutes for GAAP measures, including commissions and fees (for
organic revenue and organic revenue growth), net income (loss) (for
adjusted EBITDA and adjusted EBITDA margin), net income (loss)
attributable to Baldwin (for adjusted net income), diluted earnings
(loss) per share (for adjusted diluted EPS) or net cash provided by
(used in) operating activities (for free cash flow), which we
consider to be the most directly comparable GAAP measures. These
non-GAAP financial measures have limitations as analytical tools,
and when assessing our operating performance, you should not
consider these non-GAAP financial measures in isolation or as
substitutes for commissions and fees, net income (loss), net income
(loss) attributable to Baldwin, diluted earnings (loss) per share,
net cash provided by (used in) operating activities or other
consolidated income statement data prepared in accordance with
GAAP. Other companies in our industry may define or calculate these
non-GAAP financial measures differently than we do, and
accordingly, these measures may not be comparable to similarly
titled measures used by other companies.
We define adjusted EBITDA as net income (loss) before interest,
taxes, depreciation, amortization, change in fair value of
contingent consideration and certain items of income and expense,
including share-based compensation expense, transaction-related
Partnership and integration expenses, severance, and certain
non-recurring items, including those related to raising capital. We
believe that adjusted EBITDA is an appropriate measure of operating
performance because it eliminates the impact of income and expenses
that do not relate to business performance, and that the
presentation of this measure enhances an investor’s understanding
of our financial performance.
Adjusted EBITDA margin is adjusted EBITDA divided by total
revenue. Adjusted EBITDA margin is a key metric used by management
and our board of directors to assess our financial performance. We
believe that adjusted EBITDA margin is an appropriate measure of
operating performance because it eliminates the impact of income
and expenses that do not relate to business performance, and that
the presentation of this measure enhances an investor’s
understanding of our financial performance. We believe that
adjusted EBITDA margin is helpful in measuring profitability of
operations on a consolidated level.
Adjusted EBITDA and adjusted EBITDA margin have important
limitations as analytical tools. For example, adjusted EBITDA and
adjusted EBITDA margin:
- do not reflect any cash capital expenditure requirements for
the assets being depreciated and amortized that may have to be
replaced in the future;
- do not reflect changes in, or cash requirements for, our
working capital needs;
- do not reflect the impact of certain cash charges resulting
from matters we consider not to be indicative of our ongoing
operations;
- do not reflect the interest expense or the cash requirements
necessary to service interest or principal payments on our
debt;
- do not reflect share-based compensation expense and other
non-cash charges; and
- exclude certain tax payments that may represent a reduction in
cash available to us.
We calculate organic revenue based on commissions and fees for
the relevant period by excluding (i) the first twelve months of
commissions and fees generated from new Partners and (ii)
commissions and fees from divestitures. Organic revenue growth is
the change in organic revenue period-to-period, with prior period
results adjusted to (i) include commissions and fees that were
excluded from organic revenue in the prior period because the
relevant Partners had not yet reached the twelve-month owned mark,
but which have reached the twelve-month owned mark in the current
period, and (ii) exclude commissions and fees related to
divestitures from organic revenue. For example, commissions and
fees from a Partner acquired on June 1, 2023 are excluded from
organic revenue for 2023. However, after June 1, 2024, results from
June 1, 2023 to December 31, 2023 for such Partners are compared to
results from June 1, 2024 to December 31, 2024 for purposes of
calculating organic revenue growth in 2024. Organic revenue growth
is a key metric used by management and our board of directors to
assess our financial performance. We believe that organic revenue
and organic revenue growth are appropriate measures of operating
performance as they allow investors to measure, analyze and compare
growth in a meaningful and consistent manner.
We define adjusted net income as net income (loss) attributable
to Baldwin adjusted for depreciation, amortization, change in fair
value of contingent consideration and certain items of income and
expense, including share-based compensation expense,
transaction-related Partnership and integration expenses,
severance, and certain non-recurring costs that, in the opinion of
management, significantly affect the period-over-period assessment
of operating results, and the related tax effect of those
adjustments. We believe that adjusted net income is an appropriate
measure of operating performance because it eliminates the impact
of income and expenses that do not relate to business
performance.
Adjusted diluted EPS measures our per share earnings excluding
certain expenses as discussed above for adjusted net income and
assuming all shares of Class B common stock were exchanged for
Class A common stock on a one-for-one basis. Adjusted diluted EPS
is calculated as adjusted net income divided by adjusted diluted
weighted-average shares outstanding. We believe adjusted diluted
EPS is useful to investors because it enables them to better
evaluate per share operating performance across reporting
periods.
We calculate free cash flow because we hold fiduciary cash
designated for our Insurance Company Partners on behalf of our
Clients and incur substantial earnout liabilities in conjunction
with our Partnership strategy. Free cash flow is calculated as net
cash provided by (used in) operating activities excluding the
impact of: (i) the change in premiums, commissions and fees
receivable, net; (ii) the change in accounts payable, accrued
expenses and other current liabilities; and (iii) the payment of
contingent earnout consideration in excess of purchase price
accrual. We believe that free cash flow is an important financial
measure for use in evaluating financial performance because it
measures our ability to generate additional cash from our business
operations.
Reconciliation of guidance regarding adjusted EBITDA, organic
revenue growth, adjusted diluted EPS and free cash flow to the most
directly comparable GAAP measures is not available without
unreasonable efforts on a forward-looking basis due to the high
variability, complexity, and low visibility with respect to
commissions and fees, net income (loss), diluted earnings (loss)
per share or other consolidated income statement data prepared in
accordance with GAAP. The Company is currently unable to predict
with a reasonable degree of certainty the type and extent of items
that would be expected to impact these GAAP financial measures for
these periods. The unavailable information could have a significant
impact on the non-GAAP measures.
Adjusted EBITDA and Adjusted EBITDA Margin
The following table reconciles adjusted EBITDA and adjusted
EBITDA margin to net income (loss), which we consider to be the
most directly comparable GAAP financial measure:
For the Three Months
Ended March 31,
(in thousands, except
percentages)
2024
2023
Revenues
$
380,367
$
330,446
Net income (loss)
$
39,100
$
(25,854
)
Adjustments to net income (loss):
Gain on divestitures
(36,516
)
—
Interest expense, net
31,545
27,884
Amortization expense
24,041
23,163
Share-based compensation
14,094
13,281
Change in fair value of contingent
consideration
12,676
24,758
Transaction-related Partnership and
integration expenses
4,904
5,432
Colleague earnout incentives
3,583
—
Severance
1,689
167
Depreciation expense
1,505
1,348
Income and other taxes
1,501
78
Loss on interest rate caps
26
1,407
Other(1)
3,538
7,342
Adjusted EBITDA
$
101,686
$
79,006
Adjusted EBITDA margin
27
%
24
%
___________________
(1)
Other addbacks to adjusted EBITDA include
certain expenses that are considered to be non-recurring or
non-operational, including certain recruiting costs, professional
fees, litigation costs and bonuses.
Organic Revenue and Organic Revenue Growth
The following table reconciles organic revenue and organic
revenue growth to commissions and fees, which we consider to be the
most directly comparable GAAP financial measure:
For the Three Months
Ended March 31,
(in thousands, except
percentages)
2024
2023
Commissions and fees
$
378,096
$
329,523
Partnership commissions and fees(1)
—
(30,871
)
Organic revenue
$
378,096
$
298,652
Organic revenue growth(2)
$
51,051
$
55,804
Organic revenue growth %(2)
16
%
23
%
___________________
(1)
Includes the first twelve months of such
commissions and fees generated from newly acquired Partners.
(2)
Organic revenue for the three months ended
March 31, 2023 used to calculate organic revenue growth for the
three months ended March 31, 2024 was $327.0 million, which is
adjusted to exclude commissions and fees from divestitures.
Adjusted Net Income and Adjusted Diluted EPS
The following table reconciles adjusted net income to net income
(loss) attributable to Baldwin and reconciles adjusted diluted EPS
to diluted earnings (loss) per share, which we consider to be the
most directly comparable GAAP financial measures:
For the Three Months
Ended March 31,
(in thousands, except per share
data)
2024
2023
Net income (loss) attributable to
Baldwin
$
21,578
$
(14,132
)
Net income (loss) attributable to
noncontrolling interests
17,522
(11,722
)
Gain on divestitures
(36,516
)
—
Amortization expense
24,041
23,163
Share-based compensation
14,094
13,281
Change in fair value of contingent
consideration
12,676
24,758
Transaction-related Partnership and
integration expenses
4,904
5,432
Colleague earnout incentives
3,583
—
Loss on interest rate caps, net of cash
settlements
2,326
3,682
Severance
1,689
167
Amortization of deferred financing
costs
1,552
1,239
Depreciation
1,505
1,348
Other(1)
3,538
7,342
Adjusted pre-tax income
72,492
54,558
Adjusted income taxes(2)
7,177
5,401
Adjusted net income
$
65,315
$
49,157
Weighted-average shares of Class A common
stock outstanding - diluted
65,314
58,712
Dilutive weighted-average shares of Class
A common stock
—
3,603
Exchange of Class B common stock(3)
51,994
54,094
Adjusted diluted weighted-average shares
outstanding
117,308
116,409
Adjusted diluted EPS
$
0.56
$
0.42
Diluted earnings (loss) per share
$
0.33
$
(0.24
)
Effect of exchange of Class B common stock
and net income (loss) attributable to noncontrolling interests per
share
—
0.02
Other adjustments to earnings (loss) per
share
0.29
0.69
Adjusted income taxes per share
(0.06
)
(0.05
)
Adjusted diluted EPS
$
0.56
$
0.42
_____________________
(1)
Other addbacks to adjusted net income
include certain expenses that are considered to be non-recurring or
non-operational, including certain recruiting costs, professional
fees, litigation costs and bonuses.
(2)
Represents corporate income taxes at an
assumed effective tax rate of 9.9% applied to adjusted pre-tax
income.
(3)
Assumes the full exchange of Class B
common stock for Class A common stock pursuant to the Amended LLC
Agreement.
Adjusted Net Cash Provided by Operating Activities (“Free
Cash Flow”)
The following table reconciles free cash flow to net cash
provided by (used in) operating activities, which we consider to be
the most directly comparable GAAP financial measure:
For the Three Months
Ended March 31,
(in thousands)
2024
2023
Net cash provided by (used in) operating
activities
$
2,894
$
(14,031
)
Adjustments to net cash provided by (used
in) operating activities:
Change in premiums, commissions and fees
receivable, net
73,558
48,351
Change in accounts payable, accrued
expenses and other current liabilities
(39,451
)
163
Payment of contingent earnout
consideration in excess of purchase price accrual
16,318
857
Free cash flow
$
53,319
$
35,340
COMMONLY USED DEFINED TERMS
The following terms have the following meanings throughout this
press release unless the context indicates or requires
otherwise:
Amended LLC Agreement
Third Amended and Restated Limited
Liability Company Agreement of The Baldwin Insurance Group
Holdings, LLC (formerly Baldwin Risk Partners, LLC), as amended
Clients
Our insureds
Colleagues
Our employees
GAAP
Accounting principles generally accepted
in the United States of America
Insurance Company Partners
Insurance companies with which we have a
contractual relationship
Partners
Companies that we have acquired, or in the
case of asset acquisitions, the producers
Partnerships
Strategic acquisitions made by the
Company
SEC
U.S. Securities and Exchange
Commission
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240507502108/en/
MEDIA RELATIONS Anna Rozenich, Senior Director,
Enterprise Communications The Baldwin Group (630) 561-5907 |
anna.rozenich@baldwin.com INVESTOR RELATIONS Bonnie Bishop,
Executive Director, Investor Relations The Baldwin Group (813)
259-8032 | IR@baldwin.com
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