Baldwin revenue increases 14% in Q2

The Baldwin Insurance Group Inc., formerly BRP Group Inc., the parent company of brokerage Baldwin Risk Partners LLC, Tuesday reported revenue of $339.8 million for the second quarter ended June 30, 2024, an increase of 14% from the year-ago period.

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

Net loss shrank 29.3% to $30.8 million for the quarter compared with the year-ago period.

Investment income for the second quarter rose 66.9% to $2.7 million.

The broker’s insurance advisory solutions segment reported second-quarter organic revenue growth of 8%, while its underwriting, capacity and technology solutions business reported organic growth of 37% and the Mainstreet Insurance Solutions segment reported 25% organic growth, Trevor Baldwin, CEO of Baldwin, said on an earnings call with analysts.

Mr. Baldwin also noted that “we are starting to see early signs of a softening rate environment.”

For third-quarter 2024, Baldwin expects revenue of $340 million to $350 million and organic growth toward the high end of its 10% to 15% long-term range, said Brad Hale, chief financial officer, speaking on the call.

Full-year 2024 guidance was updated with expected revenue in the range of $1.38 billion to $1.40 billion and organic growth toward the upper end of the 10% to 15% range, Mr. Hale said.