v3.26.1
Segment Information (Notes)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Information Segment Information
Baldwin’s business is divided into three operating groups: Insurance Advisory Solutions, Underwriting, Capacity & Technology Solutions and Mainstreet Insurance Solutions.
•The Insurance Advisory Solutions (“IAS”) operating group provides expertly-designed commercial risk management, employee benefits and private risk management solutions for businesses and high-net-worth individuals, as well as their families, through its national footprint which has assimilated some of the highest quality independent insurance brokers in the country with vast and varied strategic capabilities and expertise.
•The Underwriting, Capacity & Technology Solutions (“UCTS”) operating group consists of three distinct divisions—its MGA platform, MSI; its Capacity Solutions group (which consists of its reinsurance brokerage business, Juniper Re; its reinsurance MGA business, MultiStrat; and its captive management business); and the Captive. Through MSI, the Company manufactures proprietary, technology-enabled insurance products that are then distributed (in many instances via technology and/or API integrations) internally via risk advisors across its other operating groups and externally via select distribution partners, with a focus on sheltered channels where its products deliver speed, ease of use and certainty of execution, an example of which is the national embedded renters insurance product sold at point of lease via integrations with property management software providers.
•The Mainstreet Insurance Solutions (“MIS”) operating group offers personal insurance, commercial insurance and life and health solutions to individuals and businesses in their communities, with a focus on accessing clients via sheltered distribution channels, which include, but are not limited to, new home builders, realtors, mortgage originators/lenders, master planned communities, and various other community centers of influence. The MIS operating group also offers consultation for government assistance programs and solutions, including traditional Medicare, Medicare Advantage and Affordable Care Act, to seniors and eligible individuals through a network of primarily independent contractor agents.
In all its operating groups, the Company generates commissions from insurance placement under both agency bill and direct bill arrangements, and profit-sharing income based on either the underlying book of business or performance, such as loss ratios. All operating groups also generate other ancillary income.
In the IAS and UCTS operating groups, the Company generates fees from service fee and consulting arrangements. Service fee arrangements are in place with certain clients for providing insurance placement services.
In the UCTS operating group, the Company generates fees from policy fee and installment fee arrangements. Policy fee revenue is earned for acting in the capacity of an MGA and providing payment processing services and other administrative functions on behalf of insurance company partners. Additionally, the UCTS operating group generates assumed premium earned through the Captive business.
In the MIS operating group, the Company generates commissions and fees from marketing income, which is earned through co-branded Medicare marketing campaigns with the Company’s insurance company partners.
In addition, the Company generates investment income in all its operating groups and the Corporate and Other non-reportable segment.
The Company’s chief operating decision maker, the chief executive officer, evaluates the performance of its reportable segments based on net income (loss) and adjusted EBITDA. The chief operating decision maker considers actual, actual-to-prior year variances, and budget-to-actual variances on a monthly basis for both profit measures to manage resources and make decisions about the business. However, only segment net income (loss), as the measure of segment profit or loss that is most consistent with GAAP measurement principles, is disclosed below.
Summarized financial information regarding the Company’s operating groups is shown in the following tables. Corporate and Other includes any expenses not allocated to the operating groups and corporate-related items, including interest expense. Intersegment revenue and expenses are eliminated through Corporate and Other. Service center expenses and other overhead are allocated to the Company’s operating groups based on either revenue or headcount as applicable to each expense.
For the Three Months Ended June 30, 2026
(in thousands)Insurance Advisory SolutionsUnderwriting, Capacity &
Technology Solutions		Mainstreet Insurance Solutions Corporate
and Other		 Total
Revenues:
Commission revenue(1)
$208,847 $114,990 $67,250 $(18,027)$373,060 
Profit-sharing revenue17,833 5,310 6,391 — 29,534 
Consulting and service fee revenue42,935 1,872 76 — 44,883 
Policy fee and installment fee revenue— 21,201 — — 21,201 
Assumed premium earned— 15,309 — — 15,309 
Other income3,269 140 1,589 (196)4,802 
Investment income2,459 1,425 21 245 4,150 
Total revenues275,343 160,247 75,327 (17,978)492,939 
Expenses:
Inside advisor commissions66,039 727 8,145 — 74,911 
Fixed compensation76,404 19,319 10,527 2,670 108,920 
Benefits and other34,858 9,802 7,257 1,967 53,884 
Share-based compensation9,257 4,472 1,369 5,603 20,701 
Severance3,586 490 957 874 5,907 
Colleague compensation and benefits190,144 34,810 28,255 11,114 264,323 
Outside commissions(1)
3,953 66,551 19,517 (18,223)71,798 
Selling expense11,571 2,477 2,949 2,646 19,643 
Operating expense28,093 30,171 5,875 9,261 73,400 
Administrative expense35,186 14,790 13,222 42,412 105,610 
All other (income) expense, net(2)
7,675 4,755 1,745 (29)14,146 
Total expense276,622 153,554 71,563 47,181 548,920 
Net income (loss)$(1,279)$6,693 $3,764 $(65,159)$(55,981)
Other segment disclosures:
Loss on change in fair value of contingent consideration$5,105 $5,446 $1,752 $— $12,303 
Depreciation and amortization expense32,946 10,821 13,170 1,863 58,800 
Interest expense, net1,797 3,642 3 40,224 45,666 
Loss on extinguishment and modification of debt— — — 129 129 
Share of net earnings of equity method investee— 664 — — 664 
__________
(1)    During the three months ended June 30, 2026, the IAS operating group recorded commission revenue shared with other operating groups of $0.2 million and the UCTS operating group recorded commission revenue shared with other operating groups of $18.0 million. Commission revenue shared with other operating groups, and the related outside commissions, are eliminated through Corporate and Other.
(2)    All other (income) expense, net includes change in fair value of contingent consideration, other income (expense), net, share of net earnings of equity method investee and income tax expense (benefit).
For the Three Months Ended June 30, 2025
(in thousands)Insurance Advisory SolutionsUnderwriting, Capacity &
Technology Solutions		Mainstreet Insurance SolutionsCorporate
and Other		Total
Revenues:
Commission revenue(1)
$139,680 $117,060 $61,309 $(18,806)$299,243 
Profit-sharing revenue14,003 2,038 3,919 — 19,960 
Consulting and service fee revenue25,993 1,382 — — 27,375 
Policy fee and installment fee revenue— 19,684 — — 19,684 
Assumed premium earned— 5,488 — — 5,488 
Other income2,677 723 1,280 (181)4,499 
Investment income912 1,135 56 459 2,562 
Total revenues183,265 147,510 66,564 (18,528)378,811 
Expenses:
Inside advisor commissions41,031 180 7,920 — 49,131 
Fixed compensation54,340 16,016 9,995 2,801 83,152 
Benefits and other23,793 10,022 6,241 3,072 43,128 
Share-based compensation5,904 3,397 1,655 5,996 16,952 
Severance732 723 39 124 1,618 
Colleague earnout incentives1,490 — — — 1,490 
Colleague compensation and benefits127,290 30,338 25,850 11,993 195,471 
Outside commissions(1)
2,800 70,716 19,057 (18,987)73,586 
Selling expense6,424 1,591 3,828 2,206 14,049 
Operating expense14,420 13,976 5,828 6,930 41,154 
Administrative expense13,885 5,339 7,744 32,920 59,888 
All other (income) expense, net(2)
668 (1,565)34 667 (196)
Total expense165,487 120,395 62,341 35,729 383,952 
Net income (loss)$17,778 $27,115 $4,223 $(54,257)$(5,141)
Other segment disclosures:
Loss (gain) on change in fair value of contingent consideration$(468)$(1,554)$65 $— $(1,957)
Depreciation and amortization expense13,519 5,102 7,583 1,448 27,652 
Interest (income) expense, net(1)110 24 31,187 31,320 
Loss (gain) on divestitures(500)— — 1,611 1,111 
__________
(1)    During the three months ended June 30, 2025, the IAS operating group recorded commission revenue shared with other operating groups of $0.2 million and the UCTS operating group recorded commission revenue shared with other operating groups of $18.8 million. Commission revenue shared with other operating groups, and the related outside commissions, are eliminated through Corporate and Other.
(2)    All other (income) expense, net includes change in fair value of contingent consideration, gain (loss) on divestitures, other income (expense), net and income tax expense (benefit).
For the Six Months Ended June 30, 2026
(in thousands)Insurance Advisory SolutionsUnderwriting, Capacity &
Technology Solutions		Mainstreet Insurance Solutions Corporate
and Other		 Total
Revenues:
Commission revenue(1)
$474,884 $209,460 $143,114 $(33,844)$793,614 
Profit-sharing revenue36,859 8,072 10,714 — 55,645 
Consulting and service fee revenue85,000 3,280 76 — 88,356 
Policy fee and installment fee revenue— 41,943 — — 41,943 
Assumed premium earned— 29,500 — — 29,500 
Other income5,789 176 3,029 (402)8,592 
Investment income4,007 2,759 52 706 7,524 
Total revenues606,539 295,190 156,985 (33,540)1,025,174 
Expenses:
Inside advisor commissions151,753 1,380 17,024 — 170,157 
Fixed compensation154,418 37,788 20,752 5,071 218,029 
Benefits and other72,052 21,930 14,499 5,518 113,999 
Share-based compensation14,919 7,437 2,785 8,378 33,519 
Severance8,926 515 1,815 975 12,231 
Colleague compensation and benefits402,068 69,050 56,875 19,942 547,935 
Outside commissions(1)
8,629 124,311 39,783 (34,246)138,477 
Selling expense23,236 4,616 5,963 4,443 38,258 
Operating expense56,173 57,491 11,745 152,872 278,281 
Administrative expense67,484 25,347 26,128 90,705 209,664 
All other (income) expense, net(2)
7,946 5,176 1,905 (144,591)(129,564)
Total expense565,536 285,991 142,399 89,125 1,083,051 
Net income (loss)$41,003 $9,199 $14,586 $(122,665)$(57,877)
Other segment disclosures:
Loss on change in fair value of contingent consideration$5,403 $6,880 $1,989 $— $14,272 
Depreciation and amortization expense65,201 21,057 26,050 3,570 115,878 
Interest expense, net1,663 3,721 14 79,168 84,566 
Loss on extinguishment and modification of debt— — — 7,538 7,538 
Share of net earnings of equity method investee— 1,175 — — 1,175 
Capital expenditures4,661 14,464 7,002 1,721 27,848 
At June 30, 2026
Total assets$4,222,844 $1,184,295 $694,213 $73,372 $6,174,724 
__________
(1)    During the six months ended June 30, 2026, the IAS operating group recorded commission revenue shared with other operating groups of $0.4 million and the UCTS operating group recorded commission revenue shared with other operating groups of $33.8 million. Commission revenue shared with other operating groups, and the related outside commissions, are eliminated through Corporate and Other.
(2)    All other (income) expense, net includes change in fair value of contingent consideration, other income (expense), net, share of net earnings of equity method investee and income tax expense (benefit).
For the Six Months Ended June 30, 2025
(in thousands)Insurance Advisory SolutionsUnderwriting, Capacity &
Technology Solutions		Mainstreet Insurance SolutionsCorporate
and Other		Total
Revenues:
Commission revenue(1)
$330,008 $212,009 $132,959 $(36,871)$638,105 
Profit-sharing revenue28,973 7,313 8,014 — 44,300 
Consulting and service fee revenue44,580 2,951 — — 47,531 
Policy fee and installment fee revenue— 37,664 — — 37,664 
Assumed premium earned— 9,805 — — 9,805 
Other income5,441 769 3,346 (181)9,375 
Investment income1,936 2,173 114 1,213 5,436 
Total revenues410,938 272,684 144,433 (35,839)792,216 
Expenses:
Inside advisor commissions96,794 315 16,261 — 113,370 
Fixed compensation107,480 29,960 19,521 4,762 161,723 
Benefits and other49,664 18,572 12,689 6,672 87,597 
Share-based compensation10,757 5,678 2,908 10,412 29,755 
Severance1,218 930 495 182 2,825 
Colleague earnout incentives(1,671)(108)— — (1,779)
Colleague compensation and benefits264,242 55,347 51,874 22,028 393,491 
Outside commissions(1)
6,438 131,879 38,144 (37,052)139,409 
Selling expense12,522 3,145 7,860 4,357 27,884 
Operating expense29,036 28,511 11,300 15,978 84,825 
Administrative expense27,881 10,154 15,356 66,845 120,236 
All other (income) expense, net(2)
5,956 (831)742 747 6,614 
Total expense346,075 228,205 125,276 72,903 772,459 
Net income (loss)$64,863 $44,479 $19,157 $(108,742)$19,757 
Other segment disclosures:
Loss (gain) on change in fair value of contingent consideration$6,670 $(845)$279 $— $6,104 
Depreciation and amortization expense27,385 9,743 15,139 2,850 55,117 
Interest (income) expense, net(1)219 34 61,044 61,296 
Loss (gain) on divestitures(1,901)— — 1,611 (290)
Loss on extinguishment and modification of debt— — — 2,394 2,394 
Capital expenditures2,689 7,924 5,712 3,985 20,310 
At December 31, 2025
Total assets$2,293,873 $758,085 $712,639 $97,623 $3,862,220 
__________
(1)    During the six months ended June 30, 2025, the IAS operating group recorded commission revenue shared with other operating groups of $0.2 million and the UCTS operating group recorded commission revenue shared with other operating groups of $36.9 million. Commission revenue shared with other operating groups, and the related outside commissions, are eliminated through Corporate and Other.
(2)    All other (income) expense, net includes change in fair value of contingent consideration, gain (loss) on divestitures, other income (expense), net and income tax expense (benefit).