Baldwin Insurance Group (BWIN) Raymond James & Associates’ 46th Annual Institutional Investors Conference 2025 summary

Business performance and growth

• Achieved 10x revenue growth and 11x EBITDA growth over five years, scaling from $138M to $1.4B in revenue and $28M to $312M in EBITDA.

• Expanded headcount from 500 to over 4,000, transforming from a regional to a national presence.

• MGA business grew from one product and $60M premium to nearly 20 products and $1.1B premium, supported by proprietary technology.

• Embedded personal insurance business now leads with 72% market share among top 25 home builders.

• Completed 35 acquisitions in the first three years as a public company.

Financial momentum and margin trends

• Achieved 200 basis points of margin accretion in 2024, with underlying improvements masked by outside commission expense.

• Compensation and benefits ratio improved by 490 basis points; OpEx leverage improved by 150 basis points.

• Margin accretion expected to accelerate as new MGA products mature and outside commission expense normalizes.

• Five-year plan targets $3B revenue and 30% margin, with annual margin accretion but not in a linear fashion.

• Margin headwinds in 2024 include $25M from QBE replatforming and reinsurance cost increases.

Organic growth drivers and business unit performance

• IS business achieved 21.5% sales velocity, far exceeding industry median of 11.5%.

• UCTS business leverages data to build proprietary products, achieving 32% premium growth and sub-55% loss ratios.

• Main Street business holds exclusive partnerships with over 70% of top 25 home builders, winning six new top 50 builders last year.

• Despite $35M in headwinds, guidance remains for double-digit organic growth.