The Baldwin Insurance Group Inc-A 2025年季度报告

Quarterly report pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934For the quarterly period endedMarch31, 2025 Large accelerated filerxAccelerated filerNon-accelerated fileroSmaller reporting company Emerging growth companyIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised Notes to Condensed Consolidated Financial Statements Management’s Discussion and Analysis of Financial Condition and Results of OperationsQuantitative and Qualitative Disclosures about Market Risk ITEM 4.Controls and ProceduresPART II. OTHER INFORMATION Legal ProceedingsITEM 1A.Risk FactorsUnregistered Sales of Equity Securities and Use of ProceedsDefaults Upon Senior SecuritiesMine Safety Disclosures Financial 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 achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements. You should specifically consider the numerous risks outlined under Part I, Item 1A. Risk Factors in our AnnualReport on Form 10-K for the year ended December31, 2024 filed with the SEC on February25, 2025.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 and See accompanying Notes to Condensed Consolidated Financial Statements. 10 Notes to Condensed Consolidated Financial Statements 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 the regional concentrations. Baldwin and its subsidiaries operate throughthreereportable segments (“operating groups”), InsuranceAdvisory Solutions, Underwriting, Capacity & Technology Solutions and Mainstreet Insurance Solutions, which are discussed in more detail in Note 14.Principles of ConsolidationThe consolidated financial statements include the accounts of Baldwin and its wholly-owned subsidiaries. All intercompanytransactions and balances have been eliminated in consolidation. “LLC Units”) held by Baldwin Holdings’ members in the Company’s consolidated financial statements. The Company has prepared these condensed consolidated financial statements in accordance with Accounting Standards Codification(“ASC”) Topic 810,Consolidation(“Topic 810”). Topic 810 requires that if an enterprise is the primary beneficiary of a variableinterest entity, the assets, liabilities, and results of operations of the variable interest entity should be included in the consolidatedfinancial statements of the enterprise. The Company has recognized certain entities as variable interest entities, of which the Company Topic 810 also requires that the equity of a noncontrolling interest shall be reported on the condensed consolidated balance sheets within total equity of the Company. Certain redeemable noncontrolling interests are reported on the condensed consolidated balancesheets as mezzanine equity. Topic 810 also requires revenues, expenses, gains, losses, net income or loss, and other comprehensiveincome or loss to be reported in the consolidated financial statements at consolidated amounts, which include amounts attributable tothe owners of the parent and the noncontrolling interests.Unaudited Interim Financial Reporting notes required by GAAP for complete consolidated financial statements. In the opinion of management, all adjustments, consisting ofrecurring accruals, considered necessary for fair presentation of the financial statements have been included. The accompanyingconsolidated balance sheet for