Baldwin Group Reports Strong Revenue Growth and Narrowed Losses in 2024

Baldwin Group Sees Robust Revenue Surge in Q4 2024

The Baldwin Group, a leading independent insurance distribution company, has reported a 16% increase in total revenue, reaching $329.9 million in the fourth quarter of 2024. This growth is driven by an impressive 19% organic revenue increase. For the entire year, the firm achieved a 14% rise in total revenue and a 17% organic growth, culminating in $1.4 billion in total revenues, up from $1.2 billion in 2023.

Despite the revenue gains, Baldwin reported a net loss of $34.8 million in Q4 2024, marking an improvement from the $62.5 million net loss in Q4 2023. The full-year net loss also decreased significantly to $41 million, compared to $164 million in the previous year.

Increased Operating Expenses and Narrowed Losses

Operating expenses rose year-over-year, amounting to $335 million in Q4 2024 compared to $314 million in Q4 2023. For the full year, expenses increased slightly to $1.3 billion from $1.26 billion in 2023. The firm reported an operating loss of $5.4 million in Q4 2024, an improvement from the $29.7 million loss in Q4 2023. Notably, Baldwin achieved an operating income of $60.6 million for the full year 2024, reversing the $42.5 million operating loss seen in 2023.

Significant Growth in Adjusted Net Income

For the fourth quarter of 2024, Baldwin’s adjusted net income reached $32.1 million, a rise from $16.1 million in the previous year. The full-year 2024 adjusted net income climbed to $177 million, up from $131 million in 2023.

Trevor Baldwin, the CEO of The Baldwin Group, stated, “We experienced sustained momentum across our business, with organic growth of 19% for the fourth quarter and 17% for the full year. Our success in all three segments highlights the strength of our workforce and client relationships.” He further emphasized, “Our strategic focus on operational efficiency and investments in innovative technology platforms led to a 200 basis point expansion in adjusted EBITDA margin and a 97% growth in adjusted free cash flow. With most of our earn-out obligations met, we foresee significant free cash flow generation and enhanced capital allocation flexibility to support our ongoing financial success.”