Recent Updates — BWIN
The Baldwin Insurance Group, Inc. announced preliminary third-quarter 2026 financial results showing total revenue of $480.3 million, a 31% increase from the prior-year period, driven by organic growth of 6%. The company reported a GAAP net loss of $81.6 million and adjusted EBITDA of $106.9 million, up 47% year-over-year with an adjusted EBITDA margin expansion to 22.2%. Net cash provided by operating activities was $54.2 million, while adjusted free cash flow increased 33% to $55.6 million. Additionally, the company reaffirmed its proposed all-cash take-private merger agreement with an investor group led by Sequence Holdings and DFO Management, LLC, under which shareholders will receive $32.50 per share in cash. The transaction is expected to close during the first quarter of 2027, subject to shareholder approval and regulatory conditions. Baldwin Insurance Group operates as an independent insurance distribution firm delivering tailored insurance solutions to personal and commercial clients.
Baldwin Insurance Group filed this report to provide the audited historical financial statements of Cobbs Allen Capital Holdings (CAC) for 2024 and 2025, along with unaudited pro forma combined financial information reflecting CAC's acquisition. The transaction closed on January 1, 2026, following a definitive agreement signed in December 2025. Baldwin also incurred $600 million in incremental term loans to fund the deal and related acquisitions of Creisoft and Capstone. This filing supplements earlier disclosures by providing detailed financial data for the acquired entity and pro forma results assuming the transactions occurred earlier. The company operates as a diversified insurance brokerage and advisory firm.
On September 14, 2026, Baldwin Insurance Group entered into a definitive Agreement and Plan of Merger to be acquired by Square Acquisition Parent, Inc., an entity formed by Sequence Holdings and DFO Management (the Dell family office). The all-cash transaction values the company at approximately $7.7 billion in enterprise value, implying an equity purchase price of roughly $4.6 billion. Each outstanding share of Class A common stock will be converted into the right to receive $32.50 in cash, representing an 88% premium to the unaffected closing price on June 17, 2026. Class B shares will be canceled for no consideration. The deal requires shareholder approval and regulatory clearances, including Hart-Scott-Rodino, with a target close date in Q1 2027. Upon completion, Baldwin will delist from Nasdaq and become a privately held subsidiary. The company operates as an independent insurance distribution firm providing risk management, insurance, and employee benefits solutions.
The Baldwin Insurance Group, Inc. reported financial results for the quarter ended June 30, 2026. Total revenue increased 30% year-over-year to $492.9 million, driven by a 23% growth in CAC Group total revenue and 2% organic revenue growth. The company recorded a GAAP net loss of $56.0 million, or $0.42 per diluted share, compared to a net loss of $5.1 million in the prior-year period. Adjusted EBITDA grew 37% to $116.7 million with an adjusted margin of 23.7%. Adjusted net income was $68.5 million, resulting in adjusted diluted EPS of $0.48. Net cash provided by operating activities was $45.6 million, and adjusted free cash flow increased 437% to $46.4 million. As of June 30, 2026, the company held $184.5 million in cash and had $259.4 million available under its revolving credit facility. The Baldwin Insurance Group operates as an independent insurance distribution firm delivering tailored risk management, insurance, and employee benefits solutions to personal and commercial clients.