Baldwin (BWIN)
Insurance brokerage platform spanning advisory, MGA products, and embedded distribution.
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Sells commercial, employee-benefits, personal, wealth, retirement, and Medicare insurance services across the United States, with a Southeastern concentration. Three operating groups combine advisory brokerage, underwriting and capacity solutions, and community or embedded insurance distribution.
Markets insurance products and services across the United States, with a significant concentration in the Southeast. Core lines include commercial property and casualty, employee benefits, personal lines, wealth management and retirement services, and Medicare.
Insurance Advisory Solutions serves businesses, high-net-worth individuals, and families; Underwriting, Capacity & Technology Solutions includes MSI, capacity solutions, reinsurance, and captive management; Mainstreet Insurance Solutions uses community, home-builder, lender, and other sheltered channels.
Growth depends on insurance-premium conditions, continued partner acquisitions and integration, and competition from brokers, direct insurers, financial-services firms, technology companies, Insurtech startups, and public insurance exchanges.
Company facts
Target rangeAs of Sep 22, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Sep 23, 2026 | Raymond James | Downgrade | ||
| Sep 15, 2026 | BMO Capital | Reiterate | Rating: —Target: $33 | Target: $32.50 |
| Sep 14, 2026 | William Blair | Downgrade | ||
| Aug 3, 2026 | UBS | Reiterate | Rating: —Target: $35 | Target: $37 |
| Jun 22, 2026 | Morgan Stanley | Target | Target: — | Target: $28 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $184.5M · Total debt $2.69B · Total assets $6.17B · Shareholders' equity $884.4M
- Revenue
- $492.9M
- Operating income
- −$8.3M
- Net income
- −$39.0M
No dividends on record.
| Insiders | 20.10% | 28.04M shares | |
|---|---|---|---|
| 18 holders · as of Jul 2, 2026 | |||
| Strategic holders | 11.05% | 15.41M shares | |
| 2 holders · as of Mar 4, 2026 | |||
| Other | 68.85% | 96.04M shares | |
| remainder | |||
139.50M company shares as of Sep 23, 2026 · holders as of their latest filing
Two share counts disagree (139.50M in the company's Sep 23, 2026 report, 81.06M elsewhere); stakes use the report.
This company has 2 share classes; every stake here is a share of the whole company.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Lowry Baldwin1,2Insiderdirector, 10 percent owner, other: See Remarks | 14.29% | 19.94M A | filed May 8, 2026 |
Bigh, LLCStrategic10 percent owner, other: Member of 10% Owner Group | 8.99% | 12.54M B | filed Mar 4, 2026 |
William Blair Investment Management, LLCInstitution | 4.87% | 6.79M | filed May 7, 2026 |
BlackRock, Inc.Strategic | 2.06% | 2.88M | filed Feb 2, 2021 |
T. Rowe Price Associates, Inc.Institution | 1.73% | 2.41M | filed Feb 16, 2021 |
- Lowry Baldwin's transaction reports restate only vehicles that traded; the 2026 ownership statement (19.94M) is used instead.
- Lowry Baldwin reports a block also reported by Bigh, LLC; it is counted once, under Bigh, LLC.
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| May 14, 2026 | Seth Bala Cohen | officer: General Counsel | −15,000 | $20.01 |
| May 7, 2026 | Elizabeth Krystyn | other: Member of 10% Owner Group | −130,018 | $21.20 |
| May 6, 2026 | Elizabeth Krystyn | other: Member of 10% Owner Group | −71,982 | $21.19 |
| Mar 6, 2026 | Elizabeth Krystyn | other: Member of 10% Owner Group | −29,431 | $21.25 |
| Mar 2, 2026 | Paul Eugene Sparks | director | +29,000 | $22.96 |
- Brown & Brown
Retail brokerage and specialty distribution overlap across P&C and benefits
- Arthur J. Gallagher
Global brokerage, benefits, risk management, and M&A-led agency scale
- Ryan Specialty
Specialty wholesale, binding authority, and underwriting management overlap
- Marsh McLennan
Global risk, reinsurance, benefits, and advisory scale
- Aon
Risk capital and human capital services overlap in risk and benefits
- Willis Towers Watson
Risk broking, health benefits, retirement, and Medicare-market overlap
- Goosehead Insurance
Personal-lines agency distribution overlap in home and auto insurance
- TWFG
Independent personal and commercial distribution platform overlap
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Baldwin | $31.91 | −0.14% | $2.59B | — | 14.0 | 1.5 | +31.7% |
| Brown & Brown | $62.09 | −0.56% | $20.89B | 18.5 | 13.4 | 3.0 | +34.2% |
| Arthur J. Gallagher | $229.06 | −0.60% | $59.20B | 38.2 | 16.2 | 3.8 | +22.8% |
| Ryan Specialty | $37.84 | −1.57% | $4.98B | 49.4 | 16.6 | 1.5 | +7.2% |
| Marsh McLennan | $170.26 | +0.15% | $81.13B | 20.8 | 15.5 | 2.9 | +6.2% |
| Aon | $283.89 | −0.77% | $60.69B | 15.8 | 14.5 | 3.5 | +2.2% |
| Willis Towers Watson | $300.71 | −0.34% | $28.02B | 18.6 | 14.4 | 2.8 | +9.1% |
| Goosehead Insurance | $44.06 | −3.73% | $1.71B | 33.4 | 19.7 | 4.3 | +20.6% |
| TWFG | $24.95 | +2.72% | $315.7M | 65.9 | 23.0 | 1.1 | +51.2% |
| Median | 27.1 | 15.9 | 3.0 | +14.8% |