Baldwin reports 16% revenue increase in Q4

The Baldwin Insurance Group Inc., formerly BRP Group Inc., the parent company of brokerage Baldwin Risk Partners LLC, Tuesday reported revenue of $329.9 million for the fourth quarter ended Dec. 31, 2024, an increase of 16% from the year-earlier period.

Fourth-quarter organic revenue growth was 19%, according to the broker’s earnings statement issued after markets Tuesday.

Net loss shrank 43.9% to $34.8 million for the quarter compared with the year-earlier period.

Investment income for the fourth quarter rose 49.8% to $3.2 million.

The broker’s insurance advisory solutions segment reported fourth-quarter organic revenue growth of 16%, while its underwriting, capacity and technology solutions business reported organic growth of 25% and the Mainstreet Insurance Solutions segment reported 19% organic growth, Trevor Baldwin, CEO of Baldwin, said on an earnings call with analysts Tuesday after markets.

For the full-year 2024, total revenue increased 14% year-over-year to $1.4 billion with organic revenue growth of 17% year-over-year.

The broker’s full-year net loss shrank 7.95% to $41.1 million.

Investment income grew 43.57% to $11.9 million.

For the full year, the broker’s insurance advisory solutions segment reported fourth-quarter organic revenue growth of 11%, while its underwriting, capacity and technology solutions business reported organic growth of 27% and the Mainstreet Insurance Solutions segment reported 20% organic growth, Mr. Baldwin said.

Looking forward to the first-quarter 2025, Baldwin expects revenue of $410 million to $420 million and organic revenue growth toward the low end of its 10% to 15% long-term range, said Brad Hale, chief financial officer, speaking on the call.

For the full-year 2025, Baldwin expects organic growth to be in the lower half of the broker’s 10% to 15% long-term target range, “implying total revenue between $1.52 billion and $1.56 billion,” Mr. Hale said.