Baldwin reports 11% increase in Q3 revenue

The Baldwin Insurance Group Inc., formerly BRP Group Inc., the parent company of brokerage Baldwin Risk Partners LLC, Monday reported revenue of $338.9 million for the third quarter ended Sept. 30, 2024, an increase of 11% from the year-earlier period.

Third-quarter organic revenue growth was 14%, according to the broker’s earnings statement issued after markets Monday.

Net loss shrank 54.8% to $14.5 million for the quarter compared with the year-earlier period.

Investment income for the third quarter rose 82.9% to $3.7 million.

The broker’s insurance advisory solutions segment reported second-quarter organic revenue growth of 7%, while its underwriting, capacity and technology solutions business reported organic growth of 26% and the Mainstreet Insurance Solutions segment reported 14% organic growth, Trevor Baldwin, CEO of Baldwin, said on an earnings call with analysts Monday.

For fourth-quarter 2024, Baldwin expects revenue of $325 million to $335 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.

Mr. Hale said the company would also share its “broad initial view of 2025 financial expectations,” with a preliminary forecast of 2025 yearly organic growth toward the midpoint of the broker’s 10% to 15% long-term target range.