Baldwin Insurance Group, Inc. reported a strong financial performance for the fiscal year ending December 31, 2024, with total revenues reaching $1.4 billion, marking a 14% increase from $1.2 billion in 2023. The growth was primarily driven by a $190 million rise in core commissions and fees, attributed to new and renewal business across various sectors, alongside a $6.9 million increase in profit-sharing and other revenue. However, the company faced a reduction in revenue from its Wholesale Business, which was sold in early 2024, resulting in a net loss of $41.1 million, a significant improvement from the $164 million loss reported in the previous year.
In terms of operational developments, Baldwin's employee headcount exceeded 4,000, including over 700 risk advisors, and the company expanded its geographic footprint to 24 states with approximately 110 offices. The company also emphasized its commitment to technology and innovation, particularly through its Managing General Agent (MGA) platform, which now offers over 20 proprietary insurance products. Baldwin's strategic focus on organic growth was evident, as it did not execute any partnerships in 2024, although it has successfully integrated 35 firms since 2020, contributing to its market share.
The company’s operational efficiency was reflected in its adjusted EBITDA, which increased by 20% to $312.5 million, resulting in an adjusted EBITDA margin of 22.5%, up from 20.5% in 2023. Baldwin's investment income also saw a notable increase of 77%, reaching $11.9 million, due to improved cash management strategies. The filing indicated that Baldwin's financial health remains robust, with cash and cash equivalents totaling $148.1 million and an available borrowing capacity of $588 million under its revolving credit facility.
Looking ahead, Baldwin anticipates continued growth driven by its existing business lines and the potential for future partnerships, although it expects limited partnership activity in 2025. The company is focused on enhancing its technology capabilities and expanding its MGA platform to capture a larger share of the insurance market. Baldwin's management remains optimistic about its strategic direction, emphasizing the importance of maintaining strong relationships with clients and insurance company partners to drive future success.
About Baldwin Insurance Group, Inc.
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