巴德温保险集团股份有限公司——2025年季度报告

Note Regarding Forward-Looking Statements We have made statements in this report, including matters discussed under Part I, Item 2. Management’s Discussion and Analysis ofFinancial Condition and Results of Operations, Part II, Item 1. Legal Proceedings, Part II, Item 1A. Risk Factors and in other sectionsof this report, that are forward-looking statements. In some cases, you can identify these statements by forward-looking words such as“may,” “might,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential” or “continue,” thenegative of these terms and other comparable terminology. These forward-looking statements, which are subject to risks, uncertaintiesand assumptions about us, may include projections of our future financial performance, our anticipated growth strategies andanticipated trends in our business. There are important factors that could cause our actual results, level of activity, performance or Although we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results,level of activity, performance or achievements. Moreover, neither we nor any other person assumes responsibility for the accuracy andcompleteness of any of these forward-looking statements. We are under no duty to update any of these forward-looking statements Commonly Used Defined Terms The following terms have the following meanings throughout this Quarterly Report on Form 10-Q unless the context indicates orrequires otherwise: Stockholders Agreement between Baldwin and the applicable holders of LLC Units in BaldwinHoldings entered into on October 28, 2019 Our term loan facility under the 2024 Credit Facility with a principal amount of $935.8million, maturing May24, 2031 Third Amended and Restated Limited Liability Company Agreement of Baldwin Holdings, asamended Insurance policies bound by us on behalf of our clients The Baldwin Insurance Group Holdings, LLC (formerly Baldwin Risk Partners, LLC), ouroperating company and a subsidiary of Baldwin Baldwin The Baldwin Insurance Group, Inc. (formerly BRP Group, Inc.), our parent company, together,unless the context otherwise requires, with its consolidated subsidiaries, including BaldwinHoldings and its consolidated subsidiaries and affiliatesOur insureds clientscolleaguescore commissionsExchange ActGAAP Trevor Baldwin, our Chief Executive Officer; Lowry Baldwin, our Chairman; BIGH, LLC, anentity controlled by Lowry Baldwin; Elizabeth Krystyn, one of our founders; Laura Sherman,one of our founders; Daniel Galbraith, President, The Baldwin Group and CEO, RetailBrokerage Operations; Brad Hale, our Chief Financial Officer; and The Villages Invesco, LLC,and certain other historical equity holders including equity holders in companies that we haveacquired or producers QBE QBE Insurance Corporation and its affiliates Agreement with an affiliate of QBE Holdings, Inc., the prior owner of Westwood, under whichour MSI business provides program administrator services to QBE Insurance Corporation inconnection with the portion of our builder-sourced homeowners book that is underwritten byaffiliates of QBE Insurance Corporation THE BALDWIN INSURANCE GROUP, INC. THE BALDWIN INSURANCE GROUP, INC. Notes to Condensed Consolidated Financial Statements (Unaudited) 1.Business and Basis of Presentation The Baldwin Insurance Group, Inc. was incorporated in the state of Delaware onJuly 1, 2019as BRP Group, Inc. and, on May 2,2024, was renamed The Baldwin Insurance Group, Inc. The Baldwin Insurance Group, Inc. is a holding company and sole managing member of The Baldwin Insurance Group Holdings,LLC (formerly Baldwin Risk Partners, LLC) (“Baldwin Holdings”) and its sole material asset is its ownership interest in BaldwinHoldings, through which all of its business has been and is conducted. In these condensed consolidated financial statements, unless thecontext otherwise requires, the words “Baldwin,” and the “Company” refer to The Baldwin Insurance Group, Inc., together with its Baldwin is a diversified insurance agency and services organization that markets and sells insurance products and services to its clientsthroughout the U.S. A significant portion of the Company’s business is concentrated in the Southeastern U.S., with several otherregional concentrations. Baldwin and its subsidiaries operate throughthreereportable segments (“operating groups”), Insurance Principles of Consolidation The consolidated financial statements include the accounts of Baldwin and its wholly-owned subsidiaries. All intercompanytransactions and balances have been eliminated in consolidation. As the sole manager of Baldwin Holdings, Baldwin operates and controls all the business and affairs of Baldwin Holdings, and has thesole voting interest in, and controls the management of, Baldwin Holdings. Accordingly, Baldwin consolidates Baldwin Holdings in itsconsolidated financial statements, resulting in a