Baldwin reports 9% hike in Q1 revenue, strong organic growth

The Baldwin Insurance Group Inc., formerly BRP Group Inc., the parent company of brokerage Baldwin Risk Partners LLC, announced Tuesday its first-quarter total revenue increased 9% year-over-year to $413.4 million.

The Tampa-based brokerage reported overall organic revenue growth of 10% year-over-year with a 3% increase in organic growth in its insurance advisory unit, a 32% increase in organic growth in its underwriting, capacity and technology business and a 10% increase in organic growth in its Mainstreet insurance unit.

During its quarterly results call, CEO Trevor Baldwin said the 3% increase in organic growth in the insurance advisory unit was “anticipated” due to the timing of net new business sales. Economic uncertainty seen in the brokerage’s employee benefits business, which hinted at muted hiring trends and a cautious business outlook, as well as nearly flat renewal premium changes contributed to the single-digit growth increase, he said.

He went on to say that new business pipelines are “quite robust” and there is growing momentum for project-based work across the brokerage’s construction practice as well as continued improvement in client retention.

The increase in the underwriting, capacity and technology unit, which was up from 21% for the same period last year, was “driven by continued outperformance across our multifamily and home portfolios,” continued momentum of specialist reinsurance broker platform Juniper Re and the introduction of a multifamily captive, Mr. Baldwin said.

Baldwin reported an adjusted net income of $76.6 million, a 17% increase from the year-ago period.

Baldwin is the 16th-largest broker of U.S. business, according to the most recent Business Insurance rankings.