The Baldwin Insurance 2026年季度报告

(Mark One) Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended June30, 2026 Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934For the transition period from ________ to _________Commission File Number: 001-39095_________________________________________ The Baldwin Insurance Group, Inc. (Exact name of registrant as specified in its charter)_________________________________________ Delaware(State or other jurisdiction ofincorporation or organization) 61-1937225 (I.R.S. Employer Identification No.) 4211 W. Boy Scout Blvd., Suite 800, Tampa, Florida 33607(Address of principal executive offices) (Zip Code) (866) 279-0698(Registrant’s telephone number, including area code) Not Applicable(Former name, former address and former fiscal year, if changed since last report) Securities registered pursuant to Section 12(b) of the Act: Name of each exchange on which registered Trading Symbol(s) Nasdaq Global Select Market BWIN Class A Common Stock, par value $0.01 per share Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d) of the Securities Exchange Act of 1934 during thepreceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)has been subject to such filing requirements for the past 90days. YesNo Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T(§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).YesNo Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerginggrowth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of theExchange Act. If 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 revisedfinancial accounting standards provided pursuant to Section13(a) of the Exchange Act. Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YesNo THE BALDWIN INSURANCE GROUP, INC. INDEX PART I. FINANCIAL INFORMATIONITEM 1.Financial Statements (Unaudited)Condensed Consolidated Balance Sheets as of June 30, 2026 and December 31, 2025Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Six MonthsEnded June 30, 2026 and 2025Condensed Consolidated Statements of Stockholders’ Equity and Mezzanine Equity for the Three and SixMonths Ended June 30, 2026 and 2025Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2026 and 202511Notes to Condensed Consolidated Financial Statements13ITEM 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations38ITEM 3.Quantitative and Qualitative Disclosures about Market Risk58ITEM 4.Controls and Procedures59PART II. OTHER INFORMATIONITEM 1.Legal Proceedings60ITEM 1A.Risk Factors60ITEM 2.Unregistered Sales of Equity Securities and Use of Proceeds60ITEM 3.Defaults Upon Senior Securities60ITEM 4.Mine Safety Disclosures60ITEM 5.Other Information60ITEM 6.Exhibits61 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, including,for example, our strategy with respect to future capital allocation and anticipated trends in our business. There are important factorsthat 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 numerousrisks outlined under Part I, Item 1A. Risk Factors in our Annual Report on Form 10-K for the year ended December31, 2025 filedwith the SEC on February26, 2026. Although we believe the expectations reflected in the forward