Baldwin Insurance Group (BWIN) 47th Annual Raymond James Institutional Investor Conference summary

Business performance and strategy

• Achieved rapid growth from $135M revenue in 2019 to over $1.5B projected for 2025, with a 50% CAGR and 35% annual EPS growth.

• Operates across three core groups: Insurance Advisory Solutions (serving complex, large clients), embedded insurance solutions (notably in home and mortgage channels), and vertically integrated proprietary insurance products.

• Embedded insurance business partners with 20 of the top 25 US home builders and recently secured a 10-year exclusive deal with Fairway Mortgage.

• Proprietary products and vertical integration create a defensible moat and reduce disintermediation risk.

• AI and technology investments, including the Coverage Navigator platform and internal orchestration layer, are expected to drive future productivity and margin expansion.

Financial results and outlook

• Delivered 7% organic growth in 2025 despite headwinds; normalized for one-offs, organic growth would have been 10%.

• Three major headwinds (builder book transition, accounting changes, Medicare disruption) had a $30M EBITDA impact but are expected to reverse into tailwinds.

• Sales velocity reached 19% in 2025, well above industry averages, and client retention improved by 300 basis points in Q4.

• Free cash flow conversion is currently 25–30% of adjusted EBITDA, below peers due to leverage and integration costs, but expected to improve as integration costs subside.

• Significant investment in internal software (~$100M over 3–4 years) positions the company for future efficiency gains.

Talent and culture

• Vanguard colleague retention (top performers) was 94% in 2025, consistently above 90% since inception.

• Increased investment in frontline talent by 44% in IS business; no regrettable producer losses in 2025.

• Over 50% of the company is owned by employees, aligning interests and fostering a strong ownership culture.

• Stock price volatility in 2025 was seen as an opportunity for employees to increase ownership.