The Baldwin Insurance Group, Inc. · NASDAQ:BWIN
The Baldwin Insurance — Raymond James Institutional Investor Conference 2025
22 slides from The Baldwin Insurance's conference presentation, March 2025
Slide 1: The Baldwin Group
The Baldwin Group March 2025 Baldwin Group
Slide 2: Disclaimer
Disclaimer Baldwin Group is the brand name for The Baldwin Insurance Group, Inc. (“Baldwin” or the “Company”) (NASDAQ: BWIN) and its affiliates. This presentation contains various “forward-looking statements”, which represent The Baldwin Group’s expectations or beliefs concerning future events. Forw
Slide 3: The Baldwin Group Is A Fast-Growing Insurance Distribution Firm
The Baldwin Group Is A Fast-Growing Insurance Distribution Firm A Unique Approach Top 10 Permanent capital, sustainable approach to doing business Business #18 #16 #44 #32 #19 #18 Insurance Rank Invest in people and resources to drive organic growth Pro Forma Revenue ($M) (1) $1,383 Build industry l
Slide 4: Over A Decade of Transformative Growth
Over A Decade of Transformative Growth FOUNDATION FORMED NATIONAL PLATFORM TOP 10 BROKER OF THE FUTURE Inception (2011-2018) Supercharged growth since IPO (2019-current) What’s to come (2025+) • Co-founded by Lowry and Trevor Baldwin in 2011 with the vision • IPO in October 2019 to accelerate organi
Slide 5: Scaled Platform With Differentiated Offerings Across Three High Growth Segments
Scaled Platform With Differentiated Offerings Across Three High Growth Segments Insurance Advisory Solutions Underwriting, Capacity and Technology Solutions Mainstreet Insurance Solutions ($712M of 2024 PF Revenue – 49%) (1,2) ($467M 2024 of PF Revenue – 32%) (1,2) ($281M of 2024 PF Revenue – 19%) (
Slide 6: Superior Organic Revenue Growth Track Record That Is Multiples Above Peers
Superior Organic Revenue Growth Track Record That Is Multiples Above Peers Robust Organic Revenue Growth Driven by Outsized New Business Production vs. Rate & Exposure 2.9x Key Drivers of Market Leading 2.4x Organic Revenue Growth 23% 2.4x 22% ✓ Outsized new business 2.4x production (vs. rate) 5.3x
Slide 7: Track Record of Investing in People and Ramping Productivity
IAS Track Record of Investing in People and Ramping Productivity Proven Ability To Ramp Advisor Productivity ($k) Track Record of Improving Advisor New Business Production ($k) (3) Average New Business by Advisor Tenure (average 2022-2024) (1) Advisors meaningfully exceeding industry average new bus
Slide 8: Rapidly Scaling MGA Platform Generating Superior Underwriting Results
UCTS Rapidly Scaling MGA Platform Generating Superior Underwriting Results Diverse and Growing Suite of Highly Attractive Product Capabilities 2024 Current Net Written Premium (1,2) Master Tenant Management Legal Liability, 3% (3) Liability, 4% Other, 3% Real Estate $1,100M +Continued Growth in Inve
Slide 9: Differentiated Embedded Personal Lines Strategy
MIS Differentiated Embedded Personal Lines Strategy The Best-in-Class Embedded Insurance Operations Replicating Embedded Strategy In Mortgage Channel • Top 10 personal lines agency in U.S., on a standalone basis • Leveraging the Westwood playbook and proprietary industry relationships to build • ~50
Slide 10: Proven Partnership Platform Focused on Returns and High-Quality, Fast-Growing Assets
Proven Partnership Platform Focused on Returns and High- Quality, Fast-Growing Assets Discerning and effective partnership strategy Making great businesses better Strict M&A discipline Results in: • Strategic fit • Quality over quantity Organic Growth: Pre- vs. Post-Partnership (1) • Cultural alignm
Slide 11: Track Record of Strong Financial Performance
Track Record of Strong Financial Performance Total Revenue ($M) PF Adj. EBITDA ($M) (1) PF Adj. EBITDA Margin (1) Low point from absorption of integration spend and hiring super- Organic cycle (spring loaded Revenue margin accretion) Growth (1) 26% $1,389 $311 24% 22% 22% $1,219 21% $250 20% $981 $2
Slide 12: Approaching a Meaningful Inflection Point in Financial Profile
Approaching a Meaningful Inflection Point in Financial Profile Drivers of Free Cash Flow Inflection Scaling Margin and Free Cash Flow Profile ($M) • Adj. EBITDA and Adj. EBITDA margin expected to PF Adj. EBITDA (2) $345 - $360 $311 continue to scale PF Adj. EBITDA Margin (2) FCF Conversion as a % of
Slide 13: Path Forward to Accelerating Growth and Value Creation
Path Forward to Accelerating Growth and Value Creation Copyright © 2022 The Baldwin Group. All rights reserved. Continue to Invest in resources to Continue to onboard build and channel product expertise exceptional talent and drive organic growth build on reputation as a and industry “destination” e
Slide 14: Appendix
Appendix
Slide 15: IAS at a Glance
IAS IAS at a Glance Key statistics (FY 2024) 10% ~1.5x 410+ ~2,000+ Segment Organic Revenue Growth (1) Organic Revenue Growth Rate vs. Peers (1,2) Risk Advisors Colleagues FY 2024 Pro Forma IAS Revenue (1): Pro Forma IAS Revenue ($M) (1) $712M Other Commercial risk Private Risk 1% (3) management, em
Slide 16: UCTS at a Glance
UCTS UCTS at a Glance Key statistics (FY 2024) $1.1B+ Top 5 15+ < 55% Current Net Written Premium (1) Largest Non-Carrier Owned MGA in the US (2) # Insurance Product Lines Aggregate Loss Ratio (3) Current Net Written Premium (1) Pro Forma UCTS Revenue ($M) (6) Tech-enabled MGA Master $467 Tenant Man
Slide 17: MIS at a Glance
MIS MIS at a Glance Key statistics (FY 2024) 20% 40+ 325+ 5,400+ Segment Organic Revenue Growth (1) Embedded Distribution Partners Mainstreet Risk Advisors Medicare Agents FY2024 Pro Forma Revenue (1): ~$281M Pro Forma MIS Revenue ($M) Medicare 20% $281 $235 $189 MainStreet $54 $63 $40 80% Mainstree
Slide 18: Unique Culture Enables Durability of Results
Unique Culture Enables Durability of Results Our colleagues are crucial in helping us achieve our business Our risk management framework, and relevant policies(1) and procedures goals — we invest in our current and future colleagues to ensure we can support our sustainability and long-term success:
Slide 19: Summary Financials and Revenue Reconciliations
Summary Financials and Revenue Reconciliations Pro Forma Revenue Reconciliation ($M) IAS Pro Forma Revenue Reconciliation ($M) 2019 2020 2021 2022 2023 2024 LTM 6/30/19 2019 2020 2021 2022 2023 2024 Total Revenue $137.8 $240.9 $567.3 $980.7 $1,218.6 $1,389.0 $102.3 Total Revenue $56.4 $103.4 $363.8
Slide 20: Summary Financials and Revenue Reconciliations, cont’d
Summary Financials and Revenue Reconciliations, cont’d Organic Revenue Growth Reconciliation ($M) IAS Segment Organic Revenue Growth Reconciliation ($M) 2019 2020 2021 2022 2023 2024 2019 2020 2021 2022 2023 2024 Commissions and fees $56.4 $103.4 $363.8 $558.8 $626.8 $706.2 Commissions and fees $137
Slide 21: Net Leverage Reconciliation
Net Leverage Reconciliation Credit Agreement Adjusted EBITDA bridge & leverage calculations ($M) Investments Amounts in 000's 2019 2020 2021 2022 2023 2024 Pro forma revenue 152.6 426.2 719.3 1,014.5 1,218.6 1,382.8 1• Partnership costs – Primarily third-party Pro forma net income (loss) (22.9) (4.7
Slide 22: The Baldwin Group
The Baldwin Group
The Baldwin Insurance Group — Raymond James Institutional Investor Conference 2025 on 6ix